Bharti AXA Life Insurance Annual Report 2020-21

BHARTI AXA LIFE INSURANCE COMPANY LIMITED
TH
16 ANNUAL REPORT 2020-21
1
CORPORATE INFORMATION
BOARD OF DIRECTORS APPOINTED ACTUARY

Mr. Rakesh Bharti Mittal Mr. Mudit Kumar (till 30.10.2020)
DIN: 00042494 Mr. Varun Gupta (w.e.f. 09.02.2021)
Chairman and Non-executive Director
CHIEF FINANCIAL OFFICER
Mr. Akhil Kumar Gupta Mr. Nilesh Kothari
DIN: 00028728
Non-executive Director HEAD – COMPLIANCE AND COMPANY
SECRETARY
Mr. Harjeet Singh Kohli Mr. Vinod D’souza
DIN: 07575784
Non-executive Director
CHIEF RISK OFFICER
Mr. Rajesh Sud Mr. Rishin Rai (till 04.12.2020)
DIN: 02395182 Mr. Vipul Sharma (w.e.f. 01.04.2021)
CONTACT US
Tel No.: (022) 40306300
Mr. Jean Paul Dominique Louis Drouffe Fax No.: (022) 40306347
DIN: 0737383856 Website: www.bharti-axalife.com
Non-executive Director Email: [email protected]
Mr. Marc Pierre Charles Audrin (till 24.03.2021)

DIN: 08420079 REGISTERED OFFICE
th
Non-executive Director Unit No. 1904, 19 floor, Parinee
Crescenzo, Bandra Kurla Complex,
Bandra (East), Mumbai - 400051
Mr. Chirstophe Stephane Kanub (w.e.f. 24.03.2021)
DIN: 09109015 SERVICE UNIT
Additional Non-executive Director rd
Spectrum Tower, 3 Floor, Malad Link
Road, Malad (West), Mumbai – 400 064
Ms. Garance Wattez Richard
DIN: 08451601
JOINT STATUTORY AUDITORS
M/s CNK & Associates
Chartered Accountants
Mr. Bharat S. Raut
DIN: 00066080
M/s. M.P. Chitale & Co.
Independent Director
Chartered Accountants
Mr. Jitender Balakrishnan
DIN: 00028320 SECRETARIAL AUDITORS
Independent Director GMJ & Associates
Company Secretaries
Ms. Uma Relan
DIN: 07087902 INTERNAL AUDITORS
Independent Director Ernst & Young LLP
Mr. Vikas Seth
REGISTRAR AND TRANSFER AGENT
DIN: 08713978
Link Intime India Private Limited
Managing Director and Chief Executive Officer
C-101, 247 Park, LBS Marg,
(till 30.04.2020)
Vikhroli West, Mumbai – 400 083
Tel: (022) 49186000
Mr. Parag Raja
Fax: (022) 49186060
DIN: 08713978
Website: https://www.linkintime.co.in
Managing Director and Chief Executive Officer
(w.e.f. 01.05.2020)
2
CONTENTS
I Directors Report
II
Corporate Governance Report
III
Auditors’ Report
IV
Financial Statements FY 2020-21
3
DIRECTORS’ REPORT 2020-21
Dear Members,
Your Directors have pleasure in presenting the 16th Annual Report of the Company
together with the Audited Statement of Accounts for the financial year ended 31st March,
2021.
1. COMPANY SPECIFIC INFORMATION
a. Financial Highlights:
Your Company's performance during the year ended 31st March, 2021 as
compared to the previous financial year, is summarized as below:
(Figures in Rs. cr.)
For the year ended For the year ended

Particulars 31 March 2021 31 March 2020
Income
Premium & Investment Income (net) 3,314 2,523
Other Income 16 2
Total Income 3,330 2,525
Less: Expenses
Commission 156 190
Expenses (excluding depreciation) 705 763
Depreciation 11 10
Benefits paid (net) 569 394
Provision for actuarial liability (net) 2,023 1,260
Provision for doubtful debts 1 1
Bad debts written off 3 2
Provision Diminution in the value of
investments 0 105
Total Expenses 3,468 2,725
Net Surplus / (Deficit) -139 -201
Funds for future appropriation - Par
Individual 16 15
Funds for future appropriation - Par
pension 0 0
Net Profit / (Loss) -154 -215
Add: Loss bought forward from last
year -2,708 -2,493
Total Loss as on date -2,861 -2,708
Transfer to/from Reserves 0.1 0.1

Total Loss as on date -2,862 -2,708
4
During the year under review, the total income of your Company was
Rs. 3,330 cr. as compared to the previous financial year’s total income of Rs.
2,525 cr. For the financial year under review, the Company had Net loss of
Rs. 154 cr. as against Net Loss of Rs. 215 cr. in the previous financial year.
b. Transfer to reserves:
At the end of every Financial Year the Company transfers the surplus / deficit
from revenue account to P & L account after appropriation of Funds for Future
Appropriation.
c. Dividend:
Considering the loss incurred during the year and accumulated deficit, your
directors have not recommended any dividend for the financial year.
2. GENERAL REVIEW AND STATE OF COMPANY AFFAIRS
a. Industry Update
Economy has faced turbulence and limited growth due to the impact of COVID-19
during the year and the same is expected to continue in the short run basis
current situation. Government imposed confinements, quarantines, travel
restrictions, social distancing measures along with closure of non-essential
activities to try and alleviate the severe strain experienced locally and nationally
which led to massive disruptions to the economic output resulting in lower
economic activity and lower estimates of future economic growth.
The life insurance industry also faced the heat of the pandemic which impacted
its growth during the year. Life insurance industry witnessed positive growth of
~3% in terms of weighted individual new business premium during the FY 2020-
21. Private players witnessed growth of ~8% while LIC had de-growth of (~3%) in
FY 2020-21. Within private insurers, growth continues to be driven by
Bancassurance led insurers. Private players gained market share of ~3%,
resulting in 60% market share for the FY 2020-21.
The pandemic has resulted in bringing to light the importance of life insurance
and health insurance as a necessary investment. People have begun to
understand the importance of insurance in financial planning amid growing
uncertainties in income and medical costs. This awareness is expected to be a
growth catalyst for the insurance industry in medium to long run.
India’s low life insurance penetration rate along with low insurance density also
provides a huge potential to penetrate the underserviced segments. The resultant
impact is expected to drive higher demand for insurance products thereby leading
to industry growth.
b. Performance Update 2020-21
The Company witnessed strong performance during FY 2020-21 in term of

driving lower opex ratio, better profitability and capital management despite the
impact on topline and claims on account of COVID-19.
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The Company’s new business premium de-grew by 6% in FY 2020-21
(Rs. 783crs) over previous year (Rs. 829crs) whereas the renewal premium
(Rs. 1,498crs) grew by ~10% (Rs. 1,359crs in FY 2019-20) resulting in total
premium growth of 4% (Rs 2,281crs) in the current year over previous year (Rs.
2,187crs). Asset under management (AUM) grew by ~Rs. 2,500crs (from Rs.
6,902crs in FY 2019-20 to Rs. 9,374crs in FY 2020-21). The Company also
experienced higher COVID-19 claims which adversely impacted the statutory
losses. Despite the topline shortfall and higher claims experience, statutory
losses were lower than last year (Rs. 154crs in FY 2020-21 vs. Rs 215crs in FY
2019-20) driven by efficient expense control measures & higher investment
income. The individual in-force customer base also increased (2%) to ~6.8mn
during the year. Claims settlement ratio also witnessed improvement of 2%
(99.1%) over previous year (97.2%).
Key focus areas for Bharti AXA Life for the year 2020-21 included:
x New business growth with focus on proprietary distribution expansion

x Balanced product mix with focus on driving higher protection business
x Cost efficiency by managing operating expenses within inflationary levels
x Driving higher renewals and improving in-force book
x Digital enablement for distributors to help drive seamless business inflow
x Improving customer journey through process improvement across touch-
points and driving digital servicing
The Company’s performance on key parameters during the year was as follows:
Key Parameters
FY 2020-21 FY 2019-20 Change
(Rs in crs)
New Business Premium 783 -6%
829
Renewal Premium (Gross) 1,498 10%
1,359
Total Premium (Gross) 2,281 2,187 4%
Operating Expense Ratio 31% 35% -4%
-
Statutory Profit / (Loss) -154 61
215
13th Month Persistency 63% 63% 0%
c. Products launched during the year:
Sr.
Product Name UIN Date of Launch
No.
1 Bharti AXA Life Flexi Term 130N072V05 24 May 2020
2 Bharti AXA Life Hospi Cash Rider 130B007V04 24 May 2020
3 Bharti AXA Life Secure Income Plan 130N056V05 28 May 2020
4 Bharti AXA Life Elite Advantage 130N060V05 28 May 2020
5 Bharti AXA Life Shining Stars 130N095V03 19 June 2020
6 Bharti AXA Life Grameen Jeevan
130N098V01 25 June 2020
Bima
7 Bharti AXA Life Wealth Pro 130L100V01 5 August 2020
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Sr.
Product Name UIN Date of Launch
No.
8 Bharti AXA Life Group Term Micro
130N099V01 11 August 2020
Insurance Plan
9 Bharti AXA Life Premier Protect Plan 130N096V03 24 August 2020
10 Bharti AXA Life Grow Wealth 130L088V03 19 October 2020
11 Bharti AXA Life Guaranteed Income 25 November
130N101V01
Pro 2020
12 Bharti AXA Life Flexi Term Pro 130N103V01 12 February 2021
13 Bharti AXA Life Accidental and Total
130B010V01 17 February 2021
Permanent Disability Rider
14 Bharti AXA Life Loan Secure 130N054V04 25 February 2021
d. New Business
Our company has adopted 100% digital onboarding of customer, and made the
journey paperless. This has helped significantly in speed of issuance and
distribution experience.
i. Simplification of Proposal form ( eASE 2.0):
In order to make the onboarding journey simple and reduce the time in filling the
proposal form, we re-looked at opportunities of optimization of the current
proposal form along with industry benchmarking. This along with auto population
of existing customer details has made the customer and distributor experience to
fill the form easier. Supplementing the reduction in fields with the auto population
functionality, we were able to achieve a 40% reduction in time for filling the form.
ii. Implementation of E-NACH: New business & servicing
In our effort to support our drive autopay adoption & improve persistency, a
digital Autopay registration module has been implemented. Customer can
register for autopay digitally through any of the following options –
x Internet Banking via Account Number

x Debit Card & Credit Card
With this the Success TAT for Autopay registration has come down from a few
days to 1 day for customers who opt for E-NACH registration. The customer is
allowed to register for autopay either at the onboarding stage or the policy
servicing stage
iii. Pre-approved Sum Assured (PASA)
To increase customer experience we identified customer base eligible for

additional Sum Assured without getting medicals done. We started a
communication channel with these customers and also share the information to
the respective distributors.
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Customer Onboarding
x Introduction of EPIVC App for enhanced customer onboarding experience &

leakage control
x Multi Lingual capability at contact center to cater to customer base
iv. e-Policy Kit:

Policy Document has been made available to the customer as a soft copy. This is
provided as an alternate to the physical policy document dispatch. This enabled
quicker access to the document for the customer and made the policy document
soft copy available throughout the life time of the customer. Additionally, it
attributed to reduced dispatch cost, as physical policy document need not be
dispatched to customers who’ve opted for e-policy kit.
Implementation of Digi locker

Digilocker is a government initiative for having all documents consolidated at a
single place. Insurance policy document via Digilocker is recognized by IRDAI.
Bharti AXA life Policy Bond is now available digitally for the entire policy lifetime
of the customer. Additionally, to increase the ease of access for the customer,
integration has been done between Bharti AXA and Digilocker (GOI authorized
application), so that Bharti AXA Life customers could download their Policy
document from Digilocker itself directly by entering their policy number.
e. Renewals & Persistency:

A focused approach on Renewal and Persistency management has resulted in
16% growth in Cash renewal collection for FY20-21. 13th month Persistency
closed at similar level of previous year (63.4%). The growth got curtailed due to
poor persistency of Partnership distribution. At 71% Proprietary channel's
persistency improved more than 6%.
x Agency channel improved by 5% (from 64% in Mar 20 to 71% in Mar 21).

x Partnership distribution (‘PD’) channel dropped by 6% (from 61% in Mar 21 to
55% in Mar 21)
x Few key initiatives, which impacted Persistency and Renewal management,
are as follows:
o Analytics driven segmented calling and renewal campaign management,
leading to better collection of Old renewal book
o Termination of Partners who were doing poor quality business (this ensured
better quality PD business in FY21 with higher Persistency in FY22)
o Video based Pre-issuance verification calling launched for better quality
onboarding
f. Customer Centricity Update

Digital adoption form FY’21 has been 43% for all serving queries and request
i. Implementation of WhatsApp
To enable ease of access for the customer, we have moved 20 of the key
Queries and Service request options to the WhatsApp platform. Now the
customers can access top queries and requests at the comfort of their phone.
8
ii. Customer Contact Center Services
x Transitioned to Work from Home in BCP without any impact on service
levels
x Multi Lingual capability was available across all touch points
x Service promise delivery - close looping customer requests which are
escalation in nature and lead to dissatisfaction
x Dynamic IVR at Toll free to promote self-help option to customers on
services
x Promoting digital servicing options across all touch points
iii. Implementation of NPS (Net Promoter Score):

Launch of experience capture for customer and distributors. The insights
received is used to enable new services to match changing customer
expectation , revamp processes and closing gaps if any identified as part of
the customer feedback
Customer Experience - Touchpoint NPS implemented across 10 touch points

for customers capturing their experience across milestones from Purchase to
Service & Claims
x Policy Login
x Policy Document Delivery
x Service Request Closure
x Customer portal
x Refund Payout
x Renewal Premium Payment
x Complaints
x Branch
x Contact Centre
x Claims
Distribution Experience
x NPS for Agency & Priority partner launched - 8 touchpoints activated for
capture of distributor experience
x This NPS captures experience of the agent for himself as an agent for the
organization and also captures his experience of policy login & issuance
for his/ her customers.
Customer segmentation & engagement- Initiated
x Analytics was used to create customer segmentation for existing

customer base basis key variables. Basis the identified persona ongoing
customer engagement was defined for each of the basis customer
segment.
x Ongoing engagement landscape was created basis customer persona,
life event and policy milestone there by enabling us to drive customer
stickiness, density and persistency. This process will further be used to
create key service differentiators for top customer segment.
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iv. Update on initiatives taken to reduce complaints:
Stringent Governance
x Periodic governance meeting with the CEO & Senior Management

x Continuous Reiteration in all Employee and Partner Communications
Business Quality
x 168 CAB partners with poor business quality discontinued in FY21
On Boarding Process & Customer Connect
x Revised PIVC, RCU & Welcome calling grids implemented
x NPS launched across 10 Touch points
x Periodic Emailers sent to customers alerting them on spurious calls
o The above measures have yielded results in terms of reduction in

complaints
o On a YTD basis, we have witnessed a 39% reduction in complaints,
following are details of complaints received on month on month basis:
Overall 39% decrease in the number of complaints over last FY.
g. Claims
x Claim settlement is the most important moment of truth for our customers.
x Our claims settlement ratio for FY 19-20 stood at 97.35%
x We have raised the bar further and for FY 20-21, our claims settlement ratio
improvised to 99.05%
10
Details of number of claims (Individual + Group) intimated, disposed and pending as
on 31 March 2021:
(Number of claims)
Particulars Death Maturity Annuities Survival Surrender Other
/ Pension Benefit
Claims o/s at the

beginning of the 6 325 263 1907 3 --
period
Claims reported 232638 7778
2910 5775 175
during the period --
Claims settled 2874 234545 7743
5642 214
during the period --
Claims
repudiated during 37 0 0 0 0 --
the period
Claims
transferred to
0 172 47
unclaimed 14390 0 --
amount*
Claims o/s at the
end of the period 5 413 50 14390 38 --
*Cases disclosed for FY 2020-2021 (pending as on 31st March 2021)
The ageing analysis of claims settled and outstanding as on 31 March 2021 is set out in Annexure C
h. Technology
Launch of 7 new digital assets, enabling the entire selling workforce across the
value chain of Pre-Sales, Sales & Fulfillment, Post-Sales & Seller Lifecycle
Management, was a major milestone, in the overall digital transformation journey
for the Enterprise, in the year FY 20-21. A mobile first one stop shop enabled the
sellers to complete the selling journey right from lead management to policy
logging. These assets were integrated with the existing applications to offer a
seamless experience for the user. The assets have been enabled with Single
Sign On. The digital assets are built on most modern technology stack available
in the market
The adoption of cloud first strategy and deploying 14 applications on cloud in the
very first year itself was another significant achievement of the year. Cloud first
strategy brings the desired flexibility & Scalability. This also helps controlling the
overall cost by ability to scale down with seasonality of the usage of applications.
Other Key Deliveries
i. Enablement of entire workforce to successfully work from home during Covid

(pandemic) situation;
ii. New contact center for Online business launched with purchase journeys for
following products - Flexi Term, Premier Protect Plan and Guaranteed
Income Pro.;
iii. Under Communication revamp project Policy servicing and New Business
communication was brought onto the most popular chat platform of
WhatsApp with 14 services;
iv. First time in history of Company, 7 new products were launched in FY 20-21
along with other minor modifications;
v. On-time partner transition for our RLS (Core Policy Admin System) from TCS
to Mphasis.
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i. Company Policies
Whistle Blower Policy
The Company encourages and supports employees/ whistleblowers to report any

suspected instances of unethical/improper behavior and provides a mechanism
through its ‘Whistleblower Policy’. Whistleblowing mechanism allows employees
as well as other stakeholders of the Company to raise concerns about possible
irregularities, governance weaknesses, financial reporting issues, any threatened
or actual breach of the code of conduct or other such matters. The said Policy
provides the employees/ whistleblowers with a channel for communicating any
suspected instances/complaints and a platform for their resolution through proper
governance mechanism and to safeguard against any victimization on raising of
concerns of any violations of legal or regulatory requirements. This mechanism
has been communicated and posted on the Company’s intranet.
Code of Conduct for Prevention of Insider Trading
The Company has a Code of Conduct for Prevention of Insider Trading. The
objective of the Code is to prohibit insider trading in any manner by the
Designated Persons and to maintain confidentiality of unpublished price sensitive
information and access to information on a “need to know” basis. The Code is
applicable to all “Designated Persons” and their “Immediate Relatives” as defined
in the Code.
Policy to prevent and deal with Sexual Harassment
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and

Redressal) Act, 2013 provides protection against sexual harassment of women
at workplace and for the prevention and redressal of complaints of sexual
harassment. The Company has in place Policy to prevent and deal in Sexual
Harassment in line with the requirements of the Sexual Harassment of Women at
the Workplace (Prevention, Prohibition & Redressal) Act, 2013 and has
communicated to all its employees about the same. Internal Complaints
Committee (ICC) has been set up to redress complaints received regarding
sexual harassment. Quarterly updates on cases of Sexual harassment are
placed before the Board Audit and Compliance Committee for review. All
employees (permanent, contractual, temporary, trainees) are covered under this
policy.
Policy on allocation of direct expenses and apportionment of indirect

expenses to various business segments for preparation of segmental
financial statements
As per the IRDAI notification dated 9th May 2016 (ref. F.No.
IRDAI/Reg/14/126/2016) Insurance companies are required to prepare financial
statements (Revenue account and Balance sheet) separately for different line of
business including Participating, Nonparticipating, Group and Unit-linked
products etc. Accordingly, the Company has laid down the Board approved
Policy on Expenses of Management.
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j. Change in the financial year:
During the year under review, there has been no change in the financial year.
k. Details and Status of acquisition, merger, expansion, modernization and

diversification and Material Changes and commitments, if any, affecting the
financial position of the Company having occurred since the date of the
year and till the date of the report
During the year under review, there was no acquisition, merger, expansion,
modernization and diversification and Material Changes and commitments, if any,
affecting the financial position of the Company having occurred since the date of
the year and till the date of the report
l. Developments, Acquisition and assignment of material Intellectual Property

Rights:
During the year under review, the Company has developed a new logo on
4 March 2021 for rebranding under license from AXA SA and Bharti Enterprises.
The Company has not acquired or assigned any material Intellectual Property
Rights during the year.
m. Change in the nature of business:

There has been no change in the nature of business.
n. Revision of financial statement:
There was no revision of the financial statements pertaining to previous financial year
during the year under review.
3. CAPITAL AND DEBT STRUCTURE
a) Authorised Share Capital:
During the year under review, the Authorised Share Capital of the Company was
increased from INR 30,000,000,000/- (Rupees Three Thousand Crores Only) to
INR 50,000,000,000/- (Rupees Five Thousand Crore Only) and amended its
Memorandum of Association at the Extra Ordinary General Meeting held on 5th June
2020.
b) Paid-up Share Capital:
The paid-up share capital of the Company at the beginning of the financial year was
Rs. 28,912,009,760.
During the year under review, the Company raised Rs.195 crores for the operations
of the Company through issue of equity shares on rights basis to the Promoters:
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Sr. Date of Name of the Number of Issue Amount
No. Allotment Allottees equity Price (in Rs.)
shares (in Rs.)
1. 29 May 2020 Bharti Life 25,500,000 Rs.10 255,000,000
Ventures Private per
Limited share
AXA India 24,500,000 245,000,000
Holdings
2. 19 November Bharti Life 25,500,000 Rs.10 255,000,000
2020 Ventures Private per
Limited share
AXA India 24,500,000 245,000,000
Holdings
3. 22 January Bharti Life 48,450,000 Rs.10 484,500,000
2021 Ventures Private per
Limited share
AXA India 46,550,000 465,500,000
Holdings
TOTAL 195,000,000 1,950,000,000
The paid-up share capital of the Company at the end of the financial year is
Rs. 30,862,009,760.
4. DEMATERIALISTAION OF SHARES
The shares of your Company are dematerialised with Central Depositories Services
Limited. The International Securities Identification Number (ISIN) allocated to your
Company’s equity shares is INE089J01016. As on 31 March 2021, 100% of the
equity shares are held in dematerialization form. The details of the shares in Demat,
as on 31 March 2021 are as below:
Sr. No. of % to the Paid

No. Particulars Shareholders No. of Shares up capital
1 Shares in Demat 7 3,086,200,976 100

Mode (CDSL)
- - -
2 Shares in Physical
Mode
Total 7 3,086,200,976 100
The address of the Registrar and Transfer Agent (R&T) of your Company is:
Link Intime India Private Limited, C – 101, 247 Park, LBS Marg, Vikhroli (West),
Mumbai - 400083
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5. NON-CONVERTIBLE DEBENTURES
As at 31 March 2021, the outstanding amount of Non-Convertible Debentures

(“NCDs”) issued in accordance with the provisions of the IRDAI (Other Forms of
Capital) Regulations, 2015 stood as follows:
a) 600 Unsecured Unlisted Redeemable Non-Convertible Debentures at

INR 10,00,000/- each aggregating to INR 60 crore with a coupon of 8.89% per
annum, allotted on 23 August 2017.
The above Debentures are redeemable at the end of 10 years from the date of
allotment. Axis Trustee Services Limited, Axis House, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025, are the Debenture
Trustees of the Company.
The Company has been regular in its payment obligations towards NCDs.
6. CREDIT RATING OF SECURITIES
The Company has obtained rating of its subordinated debt, which is as below:
1) [ICRA] AA- (Stable)

2) [Brickworks] AA+
7. MANAGEMENT
Board of Directors and Key Managerial Personnel:
As on 31 March 2021, the Company had eleven Directors with a Non-executive

director as the Chairman. The Board comprise of an appropriate mix of executive,
non-executive and independent Directors. Out of the eleven directors, 3 were
Independent Directors, 4 were Bharti representatives and 3 were AXA
representatives and a CEO & Managing Director. None of the Directors are related to
any other Director or employee of the Company.
The Board is responsible for overall corporate strategy and other responsibilities as
laid down by IRDAI under the Corporate Governance guidelines. The CEO &
Managing Director oversees implementation of strategy, achievement of the business
plan and day-to-day operations.
The details of changes took place in the Board and the Key Managerial Persons,
during the financial year, are as under:
1. Vikas Seth ceased to be CEO & Managing Director of the Company with effect
from 30 April 2020 and Parag Raja was appointed as CEO & Managing Director
of the Company with effect from 1 May 2020.
2. Uma Relan was re-appointed as Independent Director of the Company for a

second consecutive term of 5 years at the Extra-Ordinary General Meeting of the
Company held on 30 April 2020.
3. Appointment of Rajesh Sud, who was appointed as Additional Director on 28

August 2019, was regularized as Director of the Company at the 15th Annual
General Meeting of the Company held on 31 August 2020.
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4. Marc Audrin ceased to be Non-Executive Director of the Company w.e.f. 24
March 2021 and Christophe Stephane Knaub was appointed as Additional (Non-
Executive) Director of the Company w.e.f. 24 March 2021.
5. Ishita Mukherjee, Chief Operating Officer, Mudit Kumar, Chief and Appointed
Actuary, Someshankar Ghose, Head – Direct Distribution, Rishin Rai, Chief Risk
Officer and Mohit Bahuguna, Chief – Partnership Distribution, Key Management
Persons resigned from their positions on 30 June 2020, 30 October 2020, 4
November 2020, 4 December 2020 and 7 December 2020 respectively.
6. Murli Jalan, Head – Tied Agency and Nitin Mehta, Chief Customer Officer were
appointed as Key Management person on 20 May 2020 and 29 May 2020
respectively. Further, Angshuman Nag, Head – Direct Distribution, Pankaj Gupta,
Chief Technology Officer were appointed as Key Management person on 4
November 2020 and Sandeep Mishra, Head – Partnership Distribution and Group
Business and Varun Gupta, Chief and Appointed Actuary were appointed as Key
Management person of the Company on 28 January 2021 and 9 February 2021
respectively.
7. Designation of Rajesh Walia was changed from Chief Agency Officer to Head –
Distribution Enablement Group.
As per the provisions of Section 152 of the Companies Act, 2013, Harjeet Kohli
(DIN: 07575784) and Akhil Kumar Gupta (DIN: 00028278) shall retire by rotation at
the ensuing Annual General Meeting and being eligible, offers themselves for re-
appointment. Your Directors recommend the same for your approval.
Christophe Stephane Knaub (DIN: 09109015) who was appointed as Additional Non-
Executive Director of the Company to hold office up to the date of next Annual
General Meeting, being eligible offered himself for appointment as Non-Executive
Director of the Company. Necessary resolution for regularization of his appointment
as Non-Executive Director will be placed before shareholders for seeking approval.
Your directors recommend the said resolution for your approval.
The Board would like to place on record its sincere appreciation for the services
rendered by Marc Audrin, during his tenure on the Board of the Company and as
Member of the Risk Management Committee of the Board of Directors.
In accordance with the provisions of the Companies Act, 2013, none of the
Independent Directors are liable to retire by rotation.
The Company has received declarations from all Directors confirming that they were
not disqualified from being appointed / continue to hold the office as Director, under
the provisions of the Section 164 of the Companies Act 2013. Further, all the
Directors have confirmed that they comply with the ‘fit and proper’ criteria prescribed
under the Corporate Governance Guidelines issued by the Insurance Regulatory and
Development Authority of India (IRDAI).
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Changes after the closure of Financial Year and before the date of signing of
Boards’ report:
Vipul Sharma was appointed as Chief Risk Officer and designated as Key
Management Person of the Company with effect from 1 April 2021.
a. Declaration by independent directors:

Your Company has received declarations from all the Independent Directors
under Section 149(7) of the Companies Act, 2013 confirming their independence
vis-à-vis the Company.
All the Independent Directors of the Company have also confirmed that they have
complied with Schedule IV of the Act.
b. Key Managerial Personnel:

During the year under review, the Company had the following Key Managerial
Personnel as per the provisions of the Companies Act, 2013 and IRDAI
Corporate Governance Regulations for Insurers in India, 2016:
1) Vikas Seth, CEO & Managing Director (till 30 April 2020)
2) Parag Raja, CEO & Managing Director (w.e.f. 1 May 2020)
3) Vinod D’souza, Company Secretary
4) Nilesh Kothari, Chief Financial Officer
5) Mudit Kumar, Appointed Actuary (till 30 October 2020)
6) Varun Gupta, Chief and Appointed Actuary (w.e.f. 9 February 2021)
7) Sandeep Nanda, Chief Investment Officer
8) Ishita Mukherjee, Chief Operating Officer (till 30 June 2020)
9) Nitin Mehta, Chief Customer Officer (w.e.f. 29 May 2020)
10) Murli Jalan, Head - Tied Agency (w.e.f. 20 May 2020)
11) Sanjay Sabharwal, Head – Variable Agency
12) Jaishankar Balan, Head – Human Resources
13) Mohit Bahuguna, Chief - Partnership Distribution (till 7 December 2020)
14) Sandeep Mishra, Head – Partnership Distribution and Group Business
(w.e.f. 28 January 2021)
15) Rishin Rai, Chief Risk Officer (till 4 December 2020)
16) Someshankar Ghose, Head – Direct Distribution (till 4 November 2020)
17) Angshuman Nag, Head – Direct Distribution (w.e.f. 4 November 2020)
18) Pankaj Gupta, Chief Technology Officer (w.e.f. 4 November 2020)
19) Rajesh Walia, Distribution Enablement Group
c. Particulars of Employees:
The Company had 5387 full time employee and 24885 part time employees as at
31 March 2021.
Pursuant to the provisions of Rule 5(2) and Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 the
Statement of the particulars of the employees who have been paid remuneration
exceeding Rs.1.02 Crore per annum or Rs. 8.5 Lakh per month is annexed to this
report as “Annexure A.”
17
d. Board Meetings:
The Board of Directors of the Company met 5 (Five) times during the year under
review. The details of Composition of the Board setting out name, qualification,
field of specialization, status of directorship, number of board meetings held and
the attendance of the Directors in the meeting along with the details of
composition of various Committees of Board with the designation of members are
provided in the Corporate Governance Report which forms part of this Report.
e. Committees:
Board Nomination and Remuneration Committee
The Board Nomination and Remuneration Committee (‘BNRC’) comprises of one-

half of the total members being Independent Directors i.e. Bharat S. Raut,
Jitender Balakrishnan, Independent Directors and Rajesh Sud and Jean Drouffe,
Non-executive Directors. Bharat S Raut, Independent Director is the Chairman of
the Committee.
The Board Nomination & Remuneration Policy is available on the Company’s

website at https://www.bharti-axalife.com
Board Audit & Compliance Committee
The Board Audit and Compliance Committee of the Company comprises of

Bharat S. Raut, Jitender Balakrishnan, Uma Relan, Independent Directors and
Rajesh Sud and Drouffe, Non-executive Directors. Bharat S. Raut, Independent
Director is the Chairman of the Committee.
All members of the committee possess adequate qualifications to fulfill their

duties stipulated under the Act and under the Corporate Governance Guidelines
issued by the IRDAI.
The Company has also in place Board Investment Committee, Policyholders

Protection Committee, Risk Management Committee and With Profit Committee.
The details are set out under section on Corporate Governance forming part of
this report.
Details of Composition of the Committees of the Board setting out name,

qualification, field of specialization, status of directorship/membership, number of
Committee meetings held and the attendance of the Directors/members in the
meeting of Audit Committee, Investment Committee, Risk Management
Committee, Policyholders Protection Committee, Nomination and Remuneration
Committee and With Profits Committee constituted by the Board of Directors of
the Company under the Companies Act, 2013 and IRDAI Corporate Governance
Guidelines for Insurers in India, 2016 are given in the Corporate Governance
Report which forms part of this report.
Corporate Social Responsibility:

Provisions of the Section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014 are not
applicable to the Company as per IRDAI Corporate Governance Guidelines for
Insurers India, 2016; hence it is not mandatory for the Company to undertake
initiatives under “Corporate Social Responsibility”.
18
f. Board evaluation and meeting of Independent Directors
Pursuant to and in line with the requirements prescribed under the Companies
Act, 2013 ('Act'), the Board of Directors carried out an annual evaluation of its
performance and that of its Committees and Individual Directors. Further, the
Independent Directors met separately, without the attendance of non-
Independent Directors and Members of the Management, and inter alia reviewed
the performance of non-independent directors, and Board as a whole; and
performance of the Chairman. They further assessed the quality, quantity and
timeliness of flow of information between the Company Management and the
Board. Further, the Independent Directors placed their recommendations and
discussion points arising out of their independent meeting before the Board and
Management.
In addition to the above, Independent Directors were evaluated on parameters

such as bringing in objectivity and independent judgment in decision making
process, support and contributions to implement best governance practices,
protecting the legitimate interest of various stakeholders etc.
The Board Nomination and Remuneration Committee at its meeting held on 11

February 2021 approved the methodology and questionnaire for Board
evaluation. The questionnaire was circulated to all Directors. The results /
responses submitted by the Directors were presented in the respective meetings
of the Board Nomination and Remuneration Committee and Board of Directors,
held on 21 May 2021.
The Board conducted the review of each Director's performance, Board as a

whole and performance of Committees of the Board, and expressed its
satisfaction. There has been no material adverse observation or conclusion,
consequent to such evaluation and review.
g. Orientation Programme for Independent / Non-executive Directors

IRDAI vide its letter dated 13 December 2019, issued a mandatory ‘Orientation
Programme for Independent Directors of Insurance Companies’, advising all the
insurance companies to ensure that all its independent directors participate in a
2-day residential Orientation Programme to be conducted by the National
Insurance Academy (NIA), Pune. The objective of the programme was to ensure
high levels of corporate governance standards and to facilitate fulfilment of
obligations of Independent Directors of the Company in a prudent manner.
Due COVID-19 pandemic, the said programme was conducted through online
mode and all the Independent Directors attended the said Orientation
Programme.
Further, IRDAI vide its letter dated 23 February 2021, issued a mandatory
‘Orientation Programme for all the Non-Executive Directors (other than
Chairman) of the Insurance Companies. The said training is also being scheduled
through online mode.
h. Independent Directors Databank

The Company has taken appropriate steps towards the inclusion of the names of
all Independent Directors in the Databank of Independent Directors maintained
by the Indian Institute of Corporate Affairs, Manesar (‘IICA’).
19
The Independent Directors have undertaken online proficiency self-assessment
test conducted by the IICA, in terms of Section 150 of the Act read with Rule 6(4)
of the Companies (Appointment & Qualification of Directors) Rules, 2014.
i. Director’s responsibility statement:
In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited
financial statements of the Company for the year ended 31st March, 2021, the
Board of Directors of the Company hereby confirms that:
a. in the preparation of the annual accounts, the applicable accounting

standards had been followed along with proper explanation relating to
material departures;
b. such accounting policies have been selected and applied consistently and the
directors made judgments and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs of the Company as at
31st March, 2021 and of the loss of the Company for that year;
c. proper and sufficient care was taken for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
d. the annual accounts of the Company have been prepared on a going concern
basis;
e. internal financial controls have been laid down to be followed by the Company
and that such internal financial controls are adequate and were operating
effectively;
f. proper systems have been devised to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating
effectively.
j. Statement in respect of adequacy of Internal Financial Controls with
reference to the Financial Statements:
The Company’s’ internal controls are commensurate with its size and the nature
of its operations. Internal control systems comprising of policies and procedures
which are designed to ensure reliability of financial reporting, timely feedback on
achievement of operational and strategic goals, compliance with policies,
procedure, applicable laws and regulations, and that all assets and resources
are acquired economically, used efficiently and adequately protected.
The Company, through independent Internal Auditors, carries out periodic audits
at all functions based on the annual audit plan (keeping in mind various key
risks) approved by the Board Audit and Compliance Committee, and inter alia,
tests the design, adequacy and operating effectiveness of the internal controls.
Significant observations including recommendation for improvement of business
processes are reviewed by the Management before reporting to the Board Audit
and Compliance Committee, which reviews the Internal Audit reports, and
monitors the implementation of audit recommendations.
Additionally, during the year as required under the Companies Act, 2013, the
Company has done an independent assessment of the adequacy and
effectiveness of Internal Controls over Financial Reporting and submitted a
report for the review and comment by Statutory Auditors.
20
Based on the above, the Management believes that adequate Internal Financial
Controls exist in relation to its Financial Statements
8. DEPOSITS
Your Company has not accepted any public deposits during the year under review
within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together
with the Companies (Acceptance of Deposits) Rules, 2014.
9. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES
In terms of the provisions of the sub-section 11 of section 186 of the Companies Act,
2013, as amended by the Companies (Removal of Difficulties) Order, 2015 dated 13
February 2015 issued by the Ministry of Corporate affairs, the provisions of Section
186, of the Companies Act, 2013 shall not apply to Banking company or insurance
company or housing finance company, making acquisition of securities in the
ordinary course of business.
Therefore, the provisions of Section 186, except for Sub-section (1) are not
applicable to the Company.
10. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

Transactions / arrangements entered into by the Company with related parties are in
its ordinary course of business and at arm’s length basis. The said contracts primarily
include availing various services from the related parties, wherein service fees is
received / paid from / to related parties.
The details of transactions with related parties are regularly placed before the Board
Audit and Compliance Committee at its quarterly meetings for approval / ratification.
During the year under review, the Company has not entered into any transaction or
arrangement with related parties as per Section 2(76) of Companies Act, 2013, which
were not at arm’s length.
The Company had not entered into materially significant transactions with the
Management, Directors or the relatives of the Directors that have a potential conflict
with the interest of the Company at large. As per Accounting Standard (AS) 18 on
‘Related Party Disclosures’, the details of related party transactions entered into by
the Company are included in the Notes to Accounts.
The policy on Related Party Transactions as approved by the Board may be

accessed on the Company’s website at https://www.bharti-axalife.com.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO
Conservation of energy:
Particulars Management’s Response

1. Steps taken/ impact on conservation of
energy None
2. Steps taken by the Company for utilizing
21
Particulars Management’s Response
alternate sources of energy None
3. Capital investment on energy conservation

equipment None
Technology absorption:
Particulars Management Response

1. Efforts made towards technology86% of adoption of new digital platform
absorption (M Assets) among frontline sales.
The usage of the new platforms tracked and
published to stakeholders
2. Benefits derived like product x Business ran as usual without any
improvement, cost reduction, hindrances even during the COVID
product development or import induced sudden lockdown
substitution x Network uptime increased from 99.5% to
99.9%
x The Nightly batch processing window in
Policy Admin System reduced from 14 hrs
to 2.5 hrs a reduction of ~75%
3. In case of imported technology (imported during the last three years reckoned
from the beginning of the financial year)
a) details of technology Nil

imported
b) year of import NA
c) whether the technology NA
been fully absorbed
d) if not fully absorbed, areas NA
where absorption has not
taken place, and the
reasons thereof; and
4. expenditure incurred on Nil
Research and Development
Foreign Exchange Earnings and Outgo
The Company recorded an inflow of Rs. Nil and outflow of Rs. 267,327,393/- in
foreign exchange during the year 2020-21.
12. RISK MANAGEMENT
Framework
The Company is into the business of undertaking risks under life insurance policies
and Risk Management for customers is one of the core competencies of the
Company. The Company has a strong Enterprise Risk Management framework in
place, which has “three lines of defense structure” for managing risk.
22
¾ First line of defense – Management & Staff
¾ Second line of defense – Risk & Compliance
¾ Third line of defense – Internal Audit
Classification of Risk:
Risk Category General Coverage
Liability There are many different liability risks that a business may be
exposed to. For example, a company could face reinsurance
related risks, product liability risks, or contractual liability risks.
Investment Risk This includes market risk, credit risk and liquidity risk.
Market risk reflects the exposure of the business to the
performance of the financial markets. Market movements
impact the level of fees on unit-linked business, returns earned
by policyholders and investment earnings on shareholder
capital.
Credit risk is the risk that the value of a debt security, or a

commitment provided by a reinsurer or derivative counterparty,
may change due to the counterparty defaulting, or a change in
the likelihood of a future default.
Liquidity risk includes both the risk that assets may not be
realized at their fair value in a short period of time, and the risk
that the company may not have access to enough liquid.
Operational Risk Operational risk refers to the risk of loss arising from
inadequate or failed internal processes, personnel or systems
or from external events.
Regulatory Risk Regulatory risk refers to the risks, costs and problems arising
from new regulations/laws or modification to existing
regulations/laws
Reputational Risk It refers to the risk that negative publicity regarding an

institution's business practices will lead to a loss of revenue or
increased litigation. Reputation can be damaged as a. result of
practically any type of risk, including poor corporate
governance, unethical practices, cyber risks, compliance
failures and dubious sales practices.
Strategy Risk Strategy Risk refers to the risk arising from adverse business
decisions or improper implementation of those decisions. They
may also arise from an inability to adapt to changes in the
business environment, such as economic changes, changes in
competition, social and regulatory changes.
23
The Company has annual Risk Assessment process and is conducted at entity
levels to enable a full refresh of each functional unit’s risk profile.
Management, assisted by Risk function, is responsible for planning and facilitating
the process.
A structured approach to reporting and monitoring risk matters is adopted to ensure

that the Board Risk Management Committee (“RMC”) receives assurance that risks
are being effectively managed. A Board approved Risk Management Policy has been
put in place which is reviewed periodically by RMC and Board.
13. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM
The Board of Directors of the Company have pursuant to the provisions of Section
178(9) read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules,
2014 of the Companies Act, 2013, framed “Whistleblower Policy” for directors and
employees of the Company. The said policy provides a mechanism which ensures
adequate safeguard to employees and directors from any victimization on raising of
concerns of any violations of legal or regulatory requirements, incorrect or
misrepresentation of any financial statements and reports, etc. This Policy is
available on the Company’s website www.bharti-axalife.com
The employees of the Company have the right/option to report their concern/
grievance to the Chairman of the Audit Committee.
Your Company is committed to adhere to the highest standards of ethical, moral and
legal conduct of business operations.
14. MATERIAL ORDERS OF JUDICIAL BODIES/REGULATORS
There were no significant or material orders passed by the

Regulators/Courts/Tribunals/Statutory and quasi-judicial body which could impact the
going concern status of the Company or its future operations.
15. STATUS OF COMPLIANCE WITH IND – AS
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular
IRDAI/F&A/CIR/ACTS/023/01/2020 has decided to defer the implementation of
IndAS (Indian Accounting Standards) in the insurance sector until the International
Accounting Standards Board (IASB) issues final amendment to International
Financial Reporting Standard 17 (IFRS 17).
Against this background IRDAI has withdrawn the requirement of submitting

Proforma INDAS financials on quarterly Basis.
In May 2019, the IASB issued the Exposure Draft of Amendments to IFRS 17. After
considering comments on the Exposure Draft, in June 2020, the IASB published
amendments to IFRS 17 including a deferral of the effective date of Standard by two
years, i.e., from annual periods beginning on or after 1 January 2023.
24
16. AUDITORS AND REPORTS
The matters related to Auditors and their Reports are as under:
a. Statutory Auditors
M/s. M.P. Chitale & Co., Chartered Accountants (Firm Reg no.101851W) and
M/s. CNK & Associates, LLP, Chartered Accountants (Firm Registration
no.101961W) were appointed as the Joint statutory Auditors of the Company to
hold office till the conclusion of 16th AGM and conclusion of 19th Annual General
Meeting (‘AGM’) respectively.
In accordance with Section 139(2) of the Companies Act, 2013, every listed
company and such class of companies as prescribed shall appoint an audit firm
as auditor of the Company for not more than two terms of five consecutive
years. Further, in accordance with IRDAI Corporate Governance Guidelines
2016, an audit firm which completes the tenure of five years at the first instance
in respect of an insurer may be reappointed as statutory auditors of that Insurer
for another term of five years.
The Board of Directors in their meeting held on 4 November 2020 has approved
the re-appointment of M/s. M. P. Chitale & Co., Chartered Accountants as the
Joint Statutory Auditors of the Company for a period of five years subject to the
approval of the Shareholders of the Company at the 16th Annual General
Meeting.
The Joint Statutory Auditors have given a confirmation to the effect that they are
eligible to continue with their appointment and that they have not been
disqualified in any manner from continuing as Joint Statutory Auditors of the
Company.
b. Observations of Statutory Auditors on Accounts for the year ended

31st March, 2021:
The report of Joint Statutory Auditors on accounts for the year ended 31st March,
2021 forms part of the financial statement. The observations made by the
Statutory Auditors in their report for the financial year ended 31st March, 2021
read with the explanatory notes therein are self-explanatory and therefore, do not
call for any further explanation or comments from the Board of Directors under
Section 134(3) of the Companies Act, 2013.
c. Secretarial Auditors:
As per the provisions of Section 204 read with Section 134 (3) of the Companies
Act, 2013, M/s. GMJ & Associates, Practicing Company Secretaries, were
appointed as the Secretarial Auditor of the Company for submitting their report for
the Financial Year 2020-21.
d. Secretarial audit report for the year ended 31st March, 2021:
Secretarial Audit Report issued by M/s. GMJ & Associates, Practicing Company
Secretaries in Form MR-3 for the financial year 2020-21 forms part to this report
and the same is attached as “Annexure – B” The said report does not contain
any qualification, reservation or adverse remark and therefore do not call for any
25
further explanation or comments from the Board of Directors under Section
134(3) of the Companies Act, 2013.
e. Internal Auditors:
As per the provisions of Section 138 of the Companies Act, 2013, Ernst & Young,
LLP, were appointed as the Internal Auditors of the Company for conducting
Internal Audit of the Company for the Financial Year 2020-21.
f. Maintenance of Cost Records:

Being an Insurance Company, the Company is not required to maintain cost
records as specified by the Central Government under Section 148(1) of the
Companies Act, 2013.
17. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS
The Board of Directors of the Company have complied with Secretarial Standards 1
and 2 and has voluntarily adopted Secretarial Standard 4 issued by the Institute of
Company Secretaries of India and approved by the Central Government under
section 118(10) of the Companies Act, 2013.
18. ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, read with
Rule 11 of the Companies (Management and Administration) Rules, 2014 extract of the
Annual Return for the financial year ended 31st March, 2021 made under the
provisions of Section 92(3) of the Companies Act, 2013 is placed on the website of
the Company at https://www.bharti-axalife.com/aboutus/mediacenter.
19. OTHER DISCLOSURES
Management Report
Pursuant to the provisions of regulation 3 of the IRDA (Preparation of financial

statements and auditors’ report of insurance companies) regulations, 2000, the
Management Report forms part of the Financial Statements.
Solvency Margin
The Company is adequately capitalized and has, at all times during the year,
complied with the regulatory solvency norms. The Solvency Margin as at 31st March
2021 was 178% as against the required solvency margin of 150%.
Holding Company
Bharti Life Ventures Private Limited (erstwhile Bharti Life Private Limited) (‘BLVPL’) is
holding Company of the Company.
26
Disclosure on qualitative and quantitative aspect of remuneration pursuant to
IRDAI guidelines on remuneration to Non-executive Directors and
MD/CEO/WTD dated 5 August 2016
As per IRDAI guidelines on Remuneration of Non-Executive Directors and

MD/CEO/WTD dated 5 August 2016, the Insurance Companies are required to
include qualitative and quantitative aspect of remuneration in Annual Report. The
qualitative and quantitative details are as follows:
Qualitative
The Remuneration Philosophy of the Company aims to:
a) attract and retain the best skills and talent by offering competitive packages and
differentiating among employees on the basis of performance;
b) foster employee engagement by rewarding fairly and consistently across
businesses, teams and individuals;
c) Strengthen its leadership by rewarding performance as the combination of both
results and behaviors.
The remuneration structure for employees is designed as a mix of fixed pay,

performance linked bonus, benefits and long term incentive. The proportion of variable
pay to fixed pay varies by band and increases with higher seniority. The payment of
variable pay is linked to individual performance and company performance. Strong
financial and non-financial Key Performance Indicators are built into the performance
parameters to ensure that all current and future risk is taken into account in the
remuneration process.
Quantitative Disclosure
The details of remuneration paid to MD & CEO is as follows:

(Rs. ‘000)
MD & CEO Ex-MD & CEO
Particulars
Parag Raja Vikas Seth
Amount of Deferred Remuneration (LTI) Paid out in
Financial Year 2020-21 to MD & CEO - -
Total Deferred Pay (LTI) Granted to MD & CEO in

various years: - -
Deferred Pay (LTI) Granted during the year 2020-

21 - -
Fixed pay paid during the year 2020-21

18,294 1,708
Non Deferred Pay (Bonus) paid

- -
One time Joining Bonus paid during the year

2020-21 - -
27
MD & CEO Ex-MD & CEO
Particulars
Parag Raja Vikas Seth
One time Joining Bonus offered during the year
2020-21 31,200# -
*Severance Pay to the exited MD& CEO: A severance pay of INR 25,665,813 was paid to
Mr Vikas Seth, ex-MD&CEO consequent to IRDA approval received on September 11, 2020
#
Stock Appreciation Rights Plan (SAR)
MD & CEO has been granted Special Long Term Incentive of 0.7% of Eligible Pool.
The grant is governed by the terms and conditions of the Company’s Stock
Appreciation Rights Plan.
#
Joining Bonus
Parag Raja was provided with a Joining Bonus as part of his appointment. The first
payout of INR 92 Lakhs will be paid on joining. The balance will be paid in three
instalments; in September 2020 (INR 60 Lakhs), September 2021 (INR 60 Lakhs) and
September 2022 (INR 1 crore) respectively, subject to IRDA approval.
The Remuneration paid to CEO & MD is also disclosed in Notes to Accounts which
forms part of Financial Statements.
Quantitative Disclosure for Key Management Persons (‘KMP’) as per the

Corporate Governance guidelines of IRDAI
The details of remuneration paid to KMP, other than CEO and Managing Director is as
follows:
KMPs
KMPs KMPs Joining Bonus
exited
Amount of Deferred Remuneration
(LTI) Paid out in Financial Year 71,86,342 32,55,423 -
2020-21 to KMP:
Total Deferred Pay (LTI) Granted to
61,98,1249 - -
KMPs in various years:
Deferred Pay (LTI) Granted during
- - -
the year 2020-21:
Fixed pay paid during the year
76,074,682 23,431,415 -
2020-21:
Non Deferred Pay (Bonus) paid
81,93,582 32,15,032 -
2020-21:
One time Deferred Bonus paid
- - 110,00,000
during the year 2020-2021 :
KMPs are also eligible for other benefits like gratuity, leave encashment, group
mediclaim insurance, etc. LTI granted to employees before they assumed the
position of KMPs has also been included above.
28
20. DISCLOSURES PERTAINING TO THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has complied with the provision relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
Sr. Number of Number of Number of Number of

No. cases brought Complaints filed Complaints Complaints
forward from during FY 2020-21 disposed of pending as on
FY 2019-20 during FY FY 2020-21
2020-21
1 3 5 7 1
21. GENERAL
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under
review:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise

as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the
Companies (Share Capital and Debenture) Rules, 2014.
2. Issue of sweat equity shares to employees of the Company as per provisions of

Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital
and Debenture) Rules, 2014.
3. Issue of equity shares under Employees Stock Option Scheme during the year
under review and hence no information as per provisions of Section 62(1)(b) of
the Act read with Rule 12(9) of the Companies (Share Capital and Debenture)
Rules, 2014.
4. Instances of exercising of voting rights in respect of shares purchased directly by

employees under a scheme pursuant to Section 67(3) of the Act read with Rule
16(4) of Companies (Share Capital and Debentures) Rules, 2014.
5. Issue of debentures/bonds/warrants/any other convertible securities.
6. Instances of transferring the funds to the Investor Education and Protection Fund.
7. Payment of remuneration or commission from any of its holding or subsidiary

companies to the Managing Director of the Company.
8. Details of any application filed for corporate insolvency under Corporate

Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.
9. There were no frauds reported by the auditor of the Company pursuant to sub-
section 12 of section 143 of the Companies Act, 2013.
29
22. ACKNOWLEDGEMENTS AND APPRECIATION:
Your Directors take this opportunity to thank the customers, shareholders, suppliers,
bankers, business partners/associates, financial institutions, Regulatory bodies and
Central and State Governments for their consistent support and encouragement to
the Company.
For and on behalf of the Board
RAKESH Digitally signed

by RAKESH
BHARTI BHARTI MITTAL
Date: 2021.05.21
MITTAL 18:36:28 +05'30'
Rakesh Bharti Mittal

Chairman
DIN: 00042494
Place: Mumbai
Date: 21st May, 2021
Registered Office
Unit No. 1904, 19th floor, Parinee Crescenzo,

Bandra Kurla Complex, Bandra (East),
Mumbai - 400051
CIN: U66010MH2005PLC157108
Tel No. 022-40306300 Fax No. 022-40306347
Mail: [email protected]
website: www.bharti-axalife.com
30
CORPORATE GOVERNANCE REPORT
The Company believes in the philosophy of conducting business through fair and ethical
means. The true spirit of corporate governance emanates from the strong values that the
Company believes and practices. A detailed report on Corporate Governance is as
follows:
1. Board Meetings
Constitution of the Board, designation, number of meetings held and attendance

by Directors during the Financial Year 2020-2021
Five Board meetings were held on 13 May 2020, 29 July 2020, 4 November 2020,
11 February 2021 and 24 March 2021.
The attendance of Directors during the Board meeting held in 2020-21 is given below.
The necessary quorum was present for all the meetings.
Name of Designation No. of 13 May 29 July 4 November 11 February 24 March

the Board 2020 2020 2020 2021 2021
Director Meetings
attended
Rakesh Non-executive
1
Bharti Mittal Director 5 9 1 1 1 1
(Chairman) 9 9 9 9
Akhil Gupta Non-executive

1 1 1 1 1
Director 5 9 9 9 9 9
Rajesh Sud Non-executive

1 1 1 1 1
Herjeet Non-executive
1 1 1 1 1
Kohli
Jean Non-executive
1 1 1
Director 3 LOA 9 LOA 9 9
Drouffe
Marc Non-executive
Director 4 9
1
9
1
9
1
9
1
LOA
Audrin*
Christophe Additional
Stephane (Non- - - - - -
Nil
Knaub** Executive)
Director
Garance Non-executive
1 1 1 1
Wattez- Director 5 9
1 9 9 9 9
Richard
Bharat S Independent
Director 5 9
1
9
1
9
1
9
1
9
1
Raut
Jitender Independent
1 1 1 1 1
Balakrishna Director 5 9 9 9 9 9
n
Uma Relan Independent
5 1 1 1 1 1
Director 9 9 9 9 9
Vikas Seth
# CEO &
Managing Nil - - - - -
Director
Parag Raja
$ CEO &
Managing 5 9 9 9 9 9
Director
31
1
Attended meeting through video conference.
*Ceased to be Director of the Company w.e.f 24 March 2021
** Appointed as Additional (Non-Executive) Director of the Company w.e.f. 24 March 2021
#
Ceased to be CEO & Managing Director of the Company w.e.f 30 April 2020
$
Appointed as CEO & Managing Director of the Company w.e.f. 1 May 2020
@
Details of Name, qualification, field of specialization and status of directorship of the Directors are provided in
the last part of this report.
LOA – Leave of Absence
2. Board Audit and Compliance Committee meetings
Constitution of the Board Audit and Compliance Committee, designation,

number of meetings held and attendance by Members
Five Board Audit and Compliance Committee meetings were held on 13 May 2020, 29
July 2020, 4 November 2020, 11 February 2021 and 24 March 2021.
The details of constitution and attendance of Directors during the Board Audit and
Compliance Committee meeting held in 2020-21 is given below:
Name of the Designatio No. of 13 May 29 July 4 November 11 February 24 March

Members n Committee 2020 2020 2020 2021 2021
Meetings
attended
Bharat S Raut Independent

Director 5 9
1
9
1
9
1
9
1
9
1
(Chairman)
Jitender Independent 1
Balakrishnan Director 1 1 9 1 1
5 9 9 9 9
(Member)
Uma Relan Independent 1
Director 1 1 9 1 1
5 9 9 9 9
(Member)
Rajesh Sud Non- 1 1 1 1 1
executive 9 9 9 9 9
5
Director
Jean Drouffe Non- 1 1 1* 1 1
executive 9 9 9 9 9
5
Director
(Member)
1
Attended meeting through video conference
* Marc Audrin attended 4 November 2020 meeting as alternate member to Jean Drouffe
@
Details of Name, qualification, field of specialization and status of membership of the Members are provided in
3. Board Investment Committee meetings
Constitution of the Board Investment Committee, designation, number of

meetings held and attendance by Members
Four Board Investment Committee meetings were held on 12 May 2020, 28 July
2020, 3 November 2020 and 10 February 2021.
32
The details of constitution and attendance of members during the committee meeting
held in 2020-21 is given below:
Name of the Designation No. of 12 May 28 July 3 November 10

Member Committe 2020 2020 2020 February
e 2021
Meetings
attended
Harjeet Kohli Non-
1 1# 1 1#
executive 4 9 9 9 9
Director
(Chairman)
Jean Drouffe Non-

1 1 1$ 1
executive 4 9 9 9 9
Director
(Member)
Uma Relan Independent 1
Director 4 9 9
1
9
1
9
1
(Member)
Parag Raja
% CEO & MD
(Member) 4 9 9 9 9
Vikas Seth+ CEO & MD Nil
(Member) - - - -
Mudit Kumar
& Appointed
Actuary 2 9 9 NA NA
(Member)
Varun Gupta* Appointed
Actuary 1 NA NA NA 9
1
(Member)
Nilesh Kothari Chief
Financial 4 9 9 9 9
Officer
(Member)
Sandeep Chief
1 1
Nanda Investment 4 9 9 9
1
9
1
Officer
(Member)
Rishin Rai** **
Chief Risk
Officer 3 9 9 9 NA
(Member)
Vipul Sharma^ Chief Risk

Officer Nil - - - -
(Member)
1
#
Rajesh Sud attended 28 July 2020 and 10 February 2021 meeting as alternate member to Harjeet Kohli
$
Marc Audrin attended 3 November 2020 meeting as alternate member to Jean Drouffe
%
Appointed as Member of the Committee w.e.f 1 May 2020
+ Ceased to be Member of the Committee w.e.f. 30 April 2020
&
Ceased to be Member of the Committee w.e.f. 30 October 2020
* Appointed as Member of the Committee w.e.f 9 February 2021
** Ceased to be Member of the Committee w.e.f. 4 December 2020
*
^ Appointed as Member of the Committee w.e.f 1 April 2021

@
Details of Name, qualification, field of specialization and status of membership of the members are provided in
33
4. Risk Management Committee meetings
Constitution of the Risk Management Committee, designation, number of

Four Risk Management Committee meetings were held on 12 May 2020, 28 July
The details of constitution and attendance of Directors during the Committee meeting held in
2020-21 is given below:
Name of the Designation No. of 12 May 28 July 3 10

Member Committee 2020 2020 November February
Meetings 2020 2021
attended
Uma Relan Independent
Director 4 1 1 1 1
9 9 9 9
(Chairperson)
Harjeet Kohli Non-executive

Director 1 9
1
LOA LOA LOA
(Member)

1
Director 1
9
1 9 9
1
4 9
(Member)
Jean Drouffe Non-executive

Director 1 1
LOA 9 LOA LOA
(Member)
# Non-executive
Marc Audrin
Director 4 1 1 1
(Member) 9 9 9 9
1
Christophe Non-executive
Stephane Director Nil -
$ (Member) - - -
Knaub
Vikas Seth* MD & CEO

(Member) Nil - - - -
Parag Raja** MD & CEO

(Member) 4 9 9 9 9
1
#
Ceased to be Member of the Committee w.e.f. 24 March 2021
$
Appointed as Member of the Committee w.e.f. 24 March 2021
* Ceased to be Member of the Committee w.e.f. 30 April 2020
** Appointed as Member of the Committee w.e.f 1 May 2020
@
LOA – Leave of Absence
34
5. Policyholders Protection Committee meetings
Constitution of the Policyholders' Protection Committee, designation, number of

Four Policyholders Protection Committee meetings were held on 12 May 2020, 28 July
The details of constitution and attendance of Directors during the Committee meetings
Name of the Designation No. of 12 May 28 July 3 10

Member Committe 2020 2020 November February
e 2020 2021
Meetings
1 1 1
Balakrishnan Director 4 9 9
1 9 9
(Chairman)
Bharat S. Raut Independent
Director 4 9
1
9
1
9
1
9
1
(Member)
1 1 1
Director 4 9 9
1
9 9
(Member)
Garance Wattez- Non-executive
1 1# 1 1*
Richard Director 4 9 9 9 9
(Member)
1
#
Jean Drouffe attended 28 July 2020 meeting as alternate member to Garance Wattez-Richard
* Marc Audrin attended 10 February 2021 meeting as alternate member to Garance Wattez-Richard
@
6. Board Nomination and Remuneration Committee meetings

Constitution of the Board Nomination and Remuneration Committee,
designation, number of meetings held and attendance by Members
Five Board Nomination and Remuneration meetings were held on 13 May 2020,
29 July 2020, 4 November 2020, 11 February 2021 and 24 March 2021.
The details of constitution and attendance of Directors during the Committee meeting
Name of the Designation No. of 13 May 29 July 4 11 24 March

Member Committee 2020 2020 Novembe February 2021
Meetings r 2020 2021
attended
Bharat S. Raut Independent
Director 5 9
1
9
1
9
1
9
1
9
1
(Chairman)
Balakrishnan Director 5 9
1
9
1
9
1
9
1
9
1
(Member)
35
Name of the Designation No. of 13 May 29 July 4 11 24 March
Member Committee 2020 2020 Novembe February 2021
Meetings r 2020 2021
attended
1 1 1 1 1
(Member)
Jean Drouffe Non-executive
Director 5 9
1
9
1
9
1*
9
1
9
1
(Member)
1
* Garance Wattez-Richard attended 4 November 2020 meeting as alternate member to Jean Drouffe
@
7. With Profit Committee meeting
Constitution of the With Profit Committee, designation, number of meetings held

and attendance by Members
Details of constitution of “With Profit Committee” along with attendance of the members
at the Meeting held on 8 May 2020 are given below:
Name of the Member Designation No. of Committee 8 May 2020
Meeting attended
Jitender Balakrishnan Independent Director
1
(Chairman) 1 9
Vikas Seth* CEO & MD

(Member) Nil -
Parag Raja** CEO & MD 1

(Member) 1 9
Heerak Basu Independent Actuary

1
(Member) 1 9
#
Mudit Kumar Appointed Actuary
1
(Member) 1 9
&
Varun Gupta Appointed Actuary
(Member) Nil -
Nilesh Kothari Chief Financial Officer

1
(Member) 1 9
1
* Ceased to be Member of the Committee w.e.f. 30 April 2020
**Appointed as Member of the Committee w.e.f 1 May 2020
#
Ceased to be Member of the Committee w.e.f 30 October 2020
&
Appointed as Member of the Committee w.e.f 9 February 2021
@
36
8. Details of sitting fees paid to directors during the financial year 2020-21
Sr. Name of Nature Sitting fees per Total sitting fees paid
No. the of Meeting during the FY 2020-21
independent Directorship
director
Committee Board Committee Board
Meetings Meeting Meetings Meeting
s
1. Bharat S. Raut Independent 15,000 45,000 210,000 225,000
Director
2. Jitender Independent 15,000 45,000 225,000 225,000
Balakrishnan Director
3. Uma Relan Independent 15,000 45,000 195,000 225,000

Director
Total 630,000 675,000
Remuneration
9. Details of Directors/members, qualification, field of specialization and their status of

Directorship/membership:
Name Status of Area of Qualifications

Directorship/ Specialisation
Membership
Rakesh Chairman and Financial 4 year Post Graduate
Bharti Mittal Non-Executive Management Diploma in Electronics &
Director Controls from the YMCA
University of Science and
Technology formerly
known as Y.M.C.A.
Institute of Engineering,
Honorary Doctor of Civil
Law Degree by
Newcastle University, UK
Harjeet Kohli Non- Executive Corporate finance, BE (Mechanical) and

Director capital markets MBA (Finance)
and international
finance
Akhil Gupta Non- Project Finance, Chartered Accountant

Executive Acquisitions from Institute of Chartered
Director Accountants of India,
Advanced Management
Program from Harvard
Business School
37
Membership
Rajesh Sud Non-Executive Insurance Industry Graduate from Shri Ram
Director Professional, College of Commerce,
Business MBA (Marketing and
development Finance) - University of
Delhi, Advance
Management Program –
Business Administration
and Management -
Wharton School
Jean Paul Non- Executive Insurance Industry Ecole Polytechnique (Sep
Dominique Director Professional 1994-July 1997)
Louis Drouffe -Majored in Economics
and Applied Mathematics
ENSAE (Sep 1997-Aug
1999)
-Majored in Economics,
Insurance, Finance and
Statistics
Qualified actuary - French
Institute IAF (Dec 1999)
Marc Pierre Non- Executive Risk and Actuarial Graduated from French
Charles Director Business School, Diplome
Audrin@ d’Etudes Superieures
Comptables et Financieres
Christophe Additional Non- Finance ACCA-Qualified

Stephane Executive Accountant-Fellow of the
Knaub# Director Association of Chartered
Certified Accountants,
École des Mines de Paris
– with Highest Honours
(French Engineering
School)
Garance Non- Executive Economics, BA (Finance &
Wattez- Director Financial Analysis Management) - Universite
Richard Paris IX Dauphine, M.Sc
(Politics of the World
Economy) - London
School of Economics,
M.Sc (Economics Honors)
- Institut d’Etudes
Politiques,
MBA - INSEAD
Bharat S Independent Tax advisory, tax B.Com, LLB, Fellow
Raut Director compliance and Member of the Institute of
tax litigation Chartered Accountants of
India
38
Membership
Jitender Independent Industrial B.E.(Mech) NIT, Madras
Balakrishnan Director Management and University & Post
customer services Graduate Diploma in
Industrial Management ,
Bombay University
Uma Relan Independent Capital Markets Bachelor of Commerce,
Director Bachelor of Law (General)
Vikas Seth$ CEO & Insurance Industry MBA (Marketing &

Managing Professional Finance), B.E. (Electronics
Director & Electrical
Communications)
Parag Raja%12 CEO & Insurance Industry MMM – Jamnalal Bajaj

Managing Professional (JBIMS), M.Com –
Director Sydenham College, B.Com
– H. R.College
Details of other members of the Committee
Mudit Appointed Actuarial B.Tech from IIT Varanasi,

Kumar**& Actuary Qualified Actuary from
IFoA, UK and IAI
Varun Appointed Actuarial & Risk B.Tech from IIT, BHU,

Gupta**^1 Actuary FIAI, FIA UK, Chartered
Enterprise Risk Actuary,
PGDM, IIM Calcutta
Sandeep Chief Investment B.Tech IIT Delhi and Post
Nanda** Investment Graduate Diploma in
Officer Management from IIM
Ahmedabad
Rishin Rai**! Chief Risk Risk Management B.E (Industrial

Officer Engineering), PGD in
Banking and Finance from
National Institute of Bank
Management, CAIIB –
Indian Institute of Banking
and Finance, FII –
Insurance Institute of India,
CIAFP – Insurance
Institute of India
Vipul Chief Risk Risk Management, B.Sc, DU, Master of
Sharma**+ Officer Internal Audit, Finance and Control,
Maharshi Dayanand
University, Rohtak, CISA
qualified
39
Membership
Nilesh Chief Financial Finance Fellow Member of the
Kothari**1 Officer Institute of Chartered
Accountants of India
Heerak Basu1 Independent Actuarial Honours Degree

Actuary (Mathematics) –
Cambridge University,
MBA - Strathclyde
Graduate Business School,
UK, Fellow of the Institute
and Faculty of Actuaries,
UK, Fellow of the Institute
of Actuaries of India, Fellow
of the Singapore Actuarial
Society
@
Ceased to be Director of the Company and Member of Risk Management Committee w.e.f 24 March
2021
#
Appointed as Additional (Non-Executive Director) and Member of Risk Management Committee of the
Company w.e.f 24 March 2021
$
Ceased to be CEO & Managing Director and Member of Board Investment Committee, Risk Management
Committee and With Profit Committee of the Company w.e.f. 30 April 2020
%
Appointed as CEO & Managing Director and Member of Board Investment Committee, Risk Management
Committee and With Profit Committee of the Company w.e.f. 1 May 2021
** Members of Board Investment Committee
& Ceased to be Member of Board Investment Committee w.e.f 30 October 2021
1
Members of With Profit Committee
^ Appointed as Member of Board Investment Committee and With Profit Committee w.e.f 9 February 2021
! Ceased to be Member of Board Investment Committee w.e.f 4 December 2020
+ Appointed as Member of Board Investment Committee w.e.f 24 March 2021
40
Certification for compliance of the Corporate Governance Guidelines
I, Vinod Dsouza, Company Secretary of Bharti AXA Life Insurance Company

Limited, hereby certify that the Company has complied with the corporate
governance guidelines for Insurance Companies as amended from time to time and
nothing has been concealed or suppressed.
Digitally signed by Vinod D'souza
Vinod DN: c=IN, o=Personal,

2.5.4.20=c68bae1cc746f44fc8f62c52b6127480bc87a5
80d2ad367cbade4e2b95764644, postalCode=400042,
st=Maharashtra,
serialNumber=3c5440515a02d4621fd020493b234107
D'souza 8d4a11043817564c359d4f5ae0442d90, cn=Vinod

D'souza
Date: 2021.05.21 18:24:59 +05'30'
_________________________
Vinod Dsouza
Company Secretary
Acknowledgements
The Board places on record its sincere appreciation of the hard work,
professionalism, team work and relentless pursuit of excellence shown by its
employees and distributors, which has enabled the company to successfully
complete the financial year. The Board also expresses its gratitude to the Insurance
Regulatory and Development Authority of India, the Bharti Group and the AXA
Group for their constant support, guidance and co-operation.
For and on behalf of the Board of Directors of

Bharti AXA Life Insurance Company Limited
Digitally signed
RAKESH by RAKESH
Date: 2021.05.21
MITTAL 18:37:40 +05'30'
_____________________
Chairman
Date: 21 May 2021

Place: Delhi
41
Annexure - A
Names of the top ten employees in terms of remuneration drawn and name of every employee drawing Rs. 1.02 Cr p.a. and
Rs. 8.50L p.m. or part thereof in the previous financial year as per Rule 5(2) of the Chapter XIII of Companies (Appointment
and Remuneration of Managerial Personnel) Amendment Rules, 2016
For the Financial Year 2020-21
Total % of
Nature of Date of Last
remuneration Qualifications shares Whether
Sr. employment Date of Birth and employment
Name Designation paid (p.a. on the and Work held by related
No. (contractual/ Joining Age of the held by such
basis of working Experience the to any
otherwise) employee employee
period) (in Rs.) employee
Birla Sun life

Chief Executive MMM, M.com, 08-Apr- 27-Aug-
1 Parag Raja 18,293,621.00 Otherwise Insurance Co N.A. No
Officer 22 Years 2020 1976
Ltd
B Tech, Fellow
of Institute of
Mudit Chief & Appointed 29-Apr- 20-Oct- Aviva Life
2 10,574,452.00 Otherwise Actuary, India N.A. No
Kumar Actuary 2015 1979 Insurance
and UK, 18
years
Otherwise AXA
Sandeep Chief Investment B.Tech., MBA, 04-May- 26-Nov- Investment
3 15,871,161.00 N.A. No
Nanda Officer Total 31 years 2009 1962 Managers Pvt.
Ltd
Otherwise
Birla Sun life
Head – Tied B.com, 26 20-May- 10-Oct-
4 Murli Jalan 13,051,038.00 Insurance Co N.A. No
Agency Years 2020 1975
Ltd
Otherwise Marketing Aditya Birla

Sandeep Head – Partnership
5 management 28-Jan- 01-Sep- Sun Life
Kumar Distribution and 1,855,047.00 N.A. No
diploma, 18 2021 1974 Insurance Co.
Mishra Group Business
Years Ltd
Otherwise Tata AIA Life
Varun 22-Jan- 17-Jan-
6 Head - Actuary 2,621,973.00 B.E, 16 Years Insurance Co. N.A. No
Gupta 2021 1981
Ltd
-- -- -- -- -- -- -- -- -- --
7
--
-- -- -- -- -- -- -- -- --
8
--
-- -- -- -- -- -- -- -- --
9
--
-- -- -- -- -- -- -- -- --
10
42
Annexure - B
43
44
45
46
47
Annexure C
Ageing of number of claims settled:
The following table sets forth the ageing of claims settled during the year ended
31 March 2021:
Particulars Death Maturity Annuities/ Survival Surrender Other

Pension Benefit
On or before Maturity 0 0 0 209333 7599 --

Less than 1 month 2874 5642 214 23304 109 --
1 month to 3 months 0 0 0 1 33 --
3 months to 6 months 0 0 0 0 2 --
6 months to 1 year 0 0 0 1907 0 --
1 year and above 0 0 0 0 0 --
Total claims settled
during the year ended 2874 5642 214 234545 7743 --
31 March 2021
Ageing of number of claims outstanding:
The following table sets forth the ageing of claims outstanding at 31 March 2021:
Particulars Death Maturity Annuities/ Survival Surrender Other

Pension Benefit
Less than 3 months 5 405 45 3325 38 --

3 months to 6 months 0 8 5 4859 0 --
6 months to 1 year 0 66 41 6206 0 --
1 year and above 0 106 6 0 0 --
Total claims
outstanding at 31 March 5 585 97 14390 38 --
2021
48
EXTRACT OF ANNUAL RETURN (MGT 9)
as on financial year ended on 31 March 2021
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:

I. CIN: U66010MH2005PLC157108
II. Registration Date: 27 October 2005
III. Name of the Company: Bharti AXA Life Insurance Company Limited
IV. Category / Sub-Category of the Company : Life Insurance
V. Address of the Registered office and contact details: Unit No. 1904, 19th Floor,
Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, Bandra East, Mumbai –
400051
VI. Whether listed company: Yes / No
VII. Name, Address and Contact details of Registrar and Transfer Agent, if any –
Link Intime India Pvt. Ltd.
C 101, 247 Park,
L B S Marg, Vikhroli West,
Mumbai – 400 083
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company
shall be stated:-
Sr. Name and Description of NIC Code of the % to total turnover of the
No. main products / services Product / service company
1. Life Insurance Business 65110 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -
Sr. No. Name and address of the CIN/GLN Holding/ % of

company subsidiary shares held
/ associate
1 Bharti Life Ventures Private U67120DL1996PTC293113 Holding 51%
Limited (formerly known as Company
Bharti Life Private Limited)
49
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
A) Category-wise Share Holding
Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
Shareholders [As on 1-April-2020] Change
[As on 31-March-2021]
during
the
year
Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
A. Promoter s
(1) Indian
a) Individual/ HUF
• Alok Roongta 1# 1# 0 1# 1# 0
• Vinod D’souza 1# 1# 1# 1#
• Nilesh Kothari 1# 1# 1# 1#
• Manoj Jaju 1# 1# 1# 1#
• Rohit Puri 1# 1# 1# 1#
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp.
1,474,512,493 - 1,474,512,493 51.00 1,573,962,493 - 1,573,962,493 51.00 -
(i) *Bharti Life
Ventures Private
Limited
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Sub-total (A) (1)
1,474,512,493 - 1,474,512,493 51.00 1,573,962,493 1,573,962,493 51.00 -
(1) Foreign
a)NRI -
Individuals - - - - - - - - -
b) Other –
Individuals - - - - - - - - -
c) Bodies Corp.
1,416,688,478 - 1,416,688,478 49.00 1,512,238,478 - 1,512,238,478 49.00 -
AXA India
Holdings
d) Banks / FI - - - - - - - - -
e) Any other - - - - - - - - -
Sub total (A) (2) 1,416,688,478 - 1,416,688,478 49.00 1,512,238,478 - 1,512,238,478 49.00 -
Total
shareholding of 2,891,200,976 - 2,891,200,976 100 3,086,200,976 - 3,086,200,976 100 -
Promoter
(A) (1) + (A) (2)
50
Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
Shareholders [As on 1-April-2020] Change
[As on 31-March-2021]
during
the
year
B. Public
Shareholding
1. Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital - - - - - - - - -
Funds
f) Insurance - - - - - - - - -
Companies
g) FIIs - - - - - - - - -
h) Foreign
Venture Capital - - - - - - - - -
Funds
i) Others (specify) - - - - - - - - -
Sub-total (B)(1):- - - - - - - - - -
2. Non-
Institutions
a) Bodies Corp.
i) Indian - - - - - - - - -
ii) Overseas - - - - - - - - -
b) Individuals - - - - - - - - -
i) Individual
shareholders - - - - - - - - -
holding nominal
share capital upto
Rs. 1 lakh
ii) Individual
shareholders - - - - - - - - -
holding nominal
share capital in
excess of Rs 1
lakh
c) Others (specify)
Sub-total (B)(2):- - - - - - - - - -
Total Public
Shareholding - - - - - - - - -
(B)=(B)(1)+ (B)(2)
C. Shares held
by Custodian for - - - - - - - - -
GDRs & ADRs
Grand Total
(A+B+C) 2,891,200,976 - 2,891,200,976 100 3,086,200,976 - 3,086,200,976 100 -
#
Nominee on behalf of Bharti Life Ventures Private Limited
th
*Name of First American securities was changed to Bharti Life Private Limited w.e.f 5 April, 2017.
Subsequently, name of Bharti Life Private Limited was changed to Bharti Life Ventures Private
Limited w.e.f 20 November 2017.
51
B) Shareholding of Promoter
Sr. Shareholder’s Shareholding at the beginning of the Shareholding at the end of the year %
No. Name year change
in
No. of Shares % of total %of Shares No. of Shares % of total %of sharehol
Shares of Pledged / Shares of Shares ding
the encumbered the Pledged / during
company to total company encumber the year
shares ed to total
shares
1. *Bharti Life 1,474,512,493 51.00 N.A. 1,573,962,493 51.00 N.A NIL
Ventures Private
Limited
2. AXA India 1,416,688,478 49.00 N.A. 1,512,238,478 49.00 N.A NIL
Holdings
#
3. Alok Roongta 1 0.00 N.A. 1* 0.00 N.A. NIL
#
4. Vinod D’souza 1 0.00 N.A. 1* 0.00 N.A. NIL
#
5. Nilesh Kothari 1 0.00 N.A. 1* 0.00 N.A. NIL
#
6. Manoj Jaju 1 0.00 N.A. 1* 0.00 N.A. NIL
# #
7. Rohit Puri 1 0.00 N.A. 1 0.00 N.A. NIL
#
Nominee on behalf of Bharti Life Ventures Private Ltd (previously known as Bharti Life Private Limited).
th
*Name of First American securities was changed to Bharti Life Private Limited w.e.f 5 April, 2017. Subsequently,
name of Bharti Life Private Limited was changed to Bharti Life Ventures Private Limited w.e.f 20 November 2017.
C) Change in Promoters’ Shareholding - No change
a. Bharti Life Ventures Private Limited*
Sr. Shareholding at the Cumulative

No. beginning of the year Shareholding during the
year
No. of shares % of total No. of shares % of total
shares of shares of
the the
company company
1 At the beginning of the 1,474,512,498# 51.00 #
1,474,512,498 51.00
year
2 Allotment of shares during the year
i. 29 May 2020 25,500,000 51.00 1,500,012,498 51.00
ii. 19 November 2020 25,500,000 51.00 1,525,512,498 51.00
iii. 22 January 2021 48,450,000 51.00 1,573,962,498 51.00
3 At the end of the year 1,573,962,498# 51.00 1,573,962,498# 51.00
th
*Name of First American securities was changed to Bharti Life Private Limited w.e.f 5 April, 2017. Subsequently,
name of Bharti Life Private Limited was changed to Bharti Life Ventures Private Limited w.e.f 20 November 2017.
#Includes 5 shares held by individuals as Nominee of Bharti Life Ventures Private Limited.
52
b. AXA India Holdings
Sr. Shareholding at the Cumulative

No. beginning of the year Shareholding during the
year
No. of shares % of total No. of shares % of
shares of total
the shares of
company the
company
1 At the beginning of the 1,416,688,478 49.00 1,416,688,478 49.00
year
2 Allotment of shares during the year
i. 29 May 2020 24,500,000 49.00 1,441,188,478 49.00
ii. 19 November 2020 24,500,000 49.00 1,465,688,478 49.00
iii. 22 January 2021 46,550,000 49.00 1,512,238,478 49.00
3 At the end of the year 1,512,238,478 49.00 1,512,238,478 49.00
D) Shareholding Pattern of top ten Shareholders:

(Other than Directors, Promoters and Holders of GDRs and ADRs):
Sr. For Each of the Top 10 Shareholding at the Cumulative

No. Shareholders beginning Shareholding
of the year during the
year
No. of % of total No. of % of total
shares shares of shares shares of
the the
company company
At the beginning of the year N.A. N.A. N.A. N.A.
Date wise Increase / Decrease in N.A. N.A. N.A. N.A.
Promoters Shareholding during the
year specifying the reasons for
increase /
decrease (e.g. allotment / transfer /
bonus/ sweat equity etc):
At the end of the year N.A. N.A. N.A. N.A.
53
E) Shareholding of Directors and Key Managerial Personnel: -
Sr. Shareholding of each Directors and Shareholding at the Cumulative

No. each Key Managerial Personnel beginning Shareholding
of the year during the
year
No. of % of total No. of % of total
shares shares of shares shares of
the the
company company
1 At the beginning of the year Nil Nil Nil Nil
2 Date wise Increase / Decrease in Nil Nil Nil Nil
Promoters Shareholding during the
year specifying the reasons for
increase /
decrease (e.g. allotment / transfer /
bonus/ sweat equity etc):
3 At the end of the year Nil Nil Nil Nil
*Vinod D’souza, Company Secretary and Nilesh Kothari, Chief Financial Officer of the Company hold 1 share
each as Nominee on behalf of Bharti Life Ventures Private Ltd (previously known as Bharti Life Private Limited)
V. INDEBTEDNESS - Indebtedness of the Company including interest outstanding/accrued

but not due for payment
(in ‘000)
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the
beginning of the financial
year
i) Principal Amount 600,000 Nil Nil 600,000
ii) Interest due but not paid Nil Nil Nil Nil
iii) Interest accrued but not Nil Nil
due 29,413* 29,413*
Total (i+ii+iii) 629,413 Nil Nil 629,413

Change in Indebtedness Nil Nil Nil Nil
during the financial year
* Addition Nil Nil Nil Nil

* Reduction Nil Nil Nil Nil
Net Change Nil Nil Nil Nil
Indebtedness at the end of Nil Nil Nil Nil
the financial year
i) Principal Amount 600,000 Nil Nil 600,000
ii) Interest due but not paid Nil Nil Nil Nil
iii) Interest accrued but not Nil Nil
due 30,176* 30,176*
54
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Total (i+ii+iii) 630,176 Nil Nil 630,176

*After deducting TDS
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to CEO and Managing Director:
Managerial Remuneration:
A) Chief Executive Officer’s (CEO’s) Remuneration
Appointment of managerial personnel is in accordance with the requirements of Section

34A of the Insurance Act, 1938 and is as approved by the IRDAI.
Details of the managerial remuneration paid/ payable by the Company to MD & CEO
are as follows:
(Rs. ‘000)
Sr. Gross salary Vikas Seth Parag Raja Total Amount
No. (CEO & MD) (CEO & MD)
1-Apr-2020 – 1-May-2020 –
30-Apr-2020 31-Mar-2021
i. (a) Salary as per provisions 1,708 18,294 20,002
contained in section 17(1) of
the Income-tax Act, 1961
(b) Value of perquisites u/s - - -
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary - - -
under section 17(3) Income-
tax Act, 1961
ii. Stock Option - - -
iii. Sweat Equity - - -
iv. Commission
- as % of profit
others, specify…
v. Others, please specify Details Details provided
i. LTIP Granted provided below below
ii. Past LTIP Allotted
Total 1,708 * 18,294 + SAR 20,002 + SAR
Note: The provisions/ceiling relating to payment of Managerial Remuneration under the Companies Act,
2013 are not applicable to the Company since the Company is an Insurance Company under the
provisions of Insurance Act 1938. The appointment/remuneration of MD & CEO is as per the approval of
Insurance Regulatory and Development Authority of India. (IRDAI)
*Severance Pay to the exited MD& CEO: A severance pay of INR 25,665,813 was
paid to Mr Vikas Seth, ex-MD&CEO consequent to IRDA approval received on Sept 11,
2020
55
Details of LTIP and Other benefits – Mr. Parag Raja
Performance Bonus – CEO is entitled to following Discretionary Annual Short Term

Incentive Compensation (‘STIC’ or Discretionary Performance Bonus) payable as per
the following parameters
Sr. Financial Year Performance level STIC as a % of Total Fixed Pay***

No.
1. Achievement of Target Performance 50%
level (100% of Target)
2. Achievement levels between Target Earning potential on STIC ranges from

Performance level and Excellent 100% on target to 150% for power
Performance levels ahead performance. STIC performance
multiplier will be determined each year
by Company management, in line with
the Nomination and Remuneration
Policy of the Company reflecting
business and individual performance.
*** Total Fixed Pay as at end of the financial year
The Actual Performance will be measured based on the quantitative and qualitative
parameters of both the Company and Individual performance
Other Allowances: CEO i s entitled to the following additional benefits:
(a) PF & Gratuity as per Company’s Policy

(b) Official Travel expenses to be reimbursed as per Company’s policy upto
INR 50,00,000/-
(c) Medical Insurance Coverage, Accident Benefit and Life Insurance coverages
as per Company’s Policy
(d) One club membership
The amount in excess of Rs. 15,000 (‘000) is charged to Profit and Loss (Shareholder’s
account) as required by IRDAI.
Joining Bonus: Parag Raja was provided with a Joining Bonus as part of his
appointment. The first payout of INR 92 Lakhs will be paid on joining. The balance will
be paid in three instalments; in September 2020 (INR 60 Lakhs), September 2021
(INR 60 Lakhs) and September 2022 (INR 1 crore) respectively, subject to IRDA
approval.
CEO has been granted Special Long Term Incentive of 0.7% of Eligible Pool. The grant
is governed by the terms and conditions of the Company’s Stock Appreciation Rights
Plan.
56
B. Remuneration to other directors
SN. Particulars of Name of Directors Total Amount

Remuneration
Bharat Raut Jitender Uma Relan
Balakrishnan
1 Independent Directors
Fee for attending board / 435,000 450,000 420,000 13,05,000

committee meetings
Commission - - - -
Others, please specify - - - -
Total (1) 435,000 450,000 420,000 13,05,000
2 Other Non-Executive
Directors**
Fee for attending board / - - - -
committee meetings
Commission - - - -
Others, please specify - - - -
Total (2) - - - -
Total (B)=(1+2) 435,000 450,000 420,000 13,05,000
Total Managerial 435,000 450,000 420,000 13,05,000
Remuneration
*Overall Ceiling as per the 1,00,000 per 1,00,000 per 1,00,000 per 1,00,000 per
Act meeting meeting meeting meeting
*Currently the Company is paying Rs. 45000 as sitting fees for Board meeting and Rs. 15,000 for
committee meeting.
**No fees/remuneration is paid to the Non-executive Directors
C. Remuneration to key managerial personnel other than MD / MANAGER / WTD
(Rs. ‘000)
Particulars of Remuneration Key Managerial Personnel
Vinod D’souza – Nilesh Kothari - Total

Company Chief Financial
Secretary Officer
Gross salary
(a) Salary as per provisions 5,717 7,462 13,179
contained in section 17(1) of
the Income-tax Act, 1961
(b) Value of perquisites u/s - - -
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary - - -
under section 17(3) Income-
tax Act, 1961
Stock Option - - -
Sweat Equity - - -
Commission - - -
57
Particulars of Remuneration Key Managerial Personnel
- as % of profit - - -
others, specify…
Others, please specify Details Provided Details Provided
i. LTIP Granted Below Below
Total 5,717+SAR 7,462+SAR 13,179+SAR
Company Secretary and Chief Financial Officer have been granted Stock Appreciation
Rights Plan. The grant is governed by the terms and conditions of the Company’s Stock
1. Company Secretary has been granted Special Long Term Incentive of 0.05% of Eligible
Pool. The grant is governed by the terms and conditions of the Company’s Stock
2. Chief Financial Officer has been granted Special Long Term Incentive of 0.10% of
Eligible Pool. The grant is governed by the terms and conditions of the Company’s
Stock Appreciation Rights Plan.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the Brief Details of Penalty / Authority Appeal

Companies Act Description Punishment/ [RD / NCLT/ made,
Compounding COURT] if any (give
fees imposed Details)
A. COMPANY
Penalty N.A. N.A. N.A. N.A. N.A.
Punishment
Compounding
B. DIRECTORS
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Punishment
Compounding
58
C N K & Associates LLP, M. P. Chitale & Co.
Chartered Accountants Chartered Accountants
501-502, Narain Chambers, 1st Floor, Hamam House,
M.G. Road, Vile Parle East Ambalal Doshi Marg, Fort
Mumbai – 400 057 Mumbai – 400 001, India

INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF BHARATI AXA LIFE INSURANCE COMPANY LIMITED
Opinion
We have audited the accompanying Financial Statements of Bharti Axa Life Insurance
Company Limited (“the Company”), which comprise the Balance Sheet as at March 31,
2021, the related Revenue Account (also called the “Policyholders’ Account”, or the
“Technical Account”), the Profit and Loss Account (also called the “Shareholders’
Account”, or “Non-Technical Account”), and the Receipts and Payments Account for the
year ended March 31, 2021 and summary of significant accounting policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid financial statements give the information required by the Insurance
Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”),
the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”),
Insurance Regulatory and Development Authority (Preparation of Financial Statements
and Auditor’s Report of Insurance Companies) Regulations, 2002 (“the Regulations”),
Companies Act 2013 (“the Act”) to the extent applicable and in the manner so required
and give a true and fair view in conformity with the accounting principles generally
accepted in India, as applicable to Insurance Companies:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2021;
(b) in the case of the Revenue Account, of the net surplus for the year ended on that
date;
(c) in the case of the Profit and Loss Account, of the loss for the year ended on that date;
and
(d) in the case of the Receipts and Payments Account, of the receipts and payments for
the year ended on that date.
59

Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors’ Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Insurance Act, the IRDA Act, the Regulations
thereunder and the Act and the Rules thereunder, to the extent applicable and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Emphasis of Matter
1) We draw attention to Note No. 23 (c) of Notes forming part of financial statements
regarding expenses incurred in excess of limits specified by IRDAI Expenses of
Management Rules 2016, aggregating to Rs. 20,04,007 (‘000) pertaining to FY 2020-21
charged to Shareholders Account. An application has been made by Life Council to
IRDAI seeking forbearance on behalf of several life insurance companies. As directed
by IRDAI, the company is yet to make a specific submission for forbearance of
expenses in excess of the limits incurred to IRDAI.
2) We draw attention to Note No. 44 of Schedule 16 to the Financial Statements on the
possible effects of the COVID 19 Pandemic.
Our opinion is not modified in respect of these matters.
Other Matter
The actuarial valuation of liabilities for life policies in-force and policies where premium
is discontinued is the responsibility of the Company’s Appointed Actuary (the
“Appointed Actuary”), which has been certified by the Appointed Actuary in accordance
with the regulations. The Appointed Actuary has also certified that in his opinion, the
assumptions for such valuation are in accordance with the applicable guidelines and
norms, if any, issued by IRDAI and the Actuarial Society of India in concurrence with the
IRDAI. Accordingly, we have relied upon the Appointed Actuary’s certificate for forming
our opinion on the financial statements of the Company.
Our opinion is not modified in respect of this matter.
60

Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Director’s report, Management
Report and Corporate Governance Report but does not include the financial statements
and our auditors’ report thereon.
Our opinion on the financial statements does not cover the other information and we will
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information identified above and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated. If, based on the
work we have performed on the other information obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the

Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5)
of the Act, with respect to the preparation of these Financial Statements to give a true and
fair view of the financial position, financial performance and Receipts and Payments of
the Company in accordance with the requirements of the Insurance Act read with IRDA
Act, the Regulations, orders/directions/ circulars/guidelines issued by the Insurance
Regulatory and Development Authority of India (‘Authority’/‘IRDAI’) in this regard and
in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014, further amended by Companies (Accounting
Standards) Amendment Rules, 2016 to the extent applicable and in the manner so
required. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
61

In preparing the financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so. The Board of Directors are also responsible for
overseeing the company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditors’ report that includes our opinion. Reasonable assurance is a high level
of assurance but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional scepticism throughout the audit. We also:
x Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
x Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls with reference to the
Financial Statements, in place and the operating effectiveness of such controls.
x Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.
62

x Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors’ report to the
related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditors’ report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
x Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

1. As required by the Regulations, we have issued a separate certificate dated May 21,
2021, certifying the matters specified in paragraphs 3 and 4 of Schedule C to the
Regulations.
2. As required by paragraph 2 of Schedule C to the IRDAI Financial Statements

Regulation and Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion and to the best of our information and according to the
explanations given to us, proper books of account as required by law have
been maintained by the Company, so far as it appears from our examination
of those books;
63

(c) As the Company's financial accounting system is centralised, no returns for
the purposes of our audit are prepared at the branches of the Company;
(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the
Receipts and Payments Account dealt with by this report are in agreement
with the books of account;
(e) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014, further amended by Companies
(Accounting Standard) Amendment Rules, 2016 to the extent they are not
inconsistent with the accounting principles prescribed in the Regulations and
orders/directions issued by the IRDA in this regard;
(f) In our opinion and to the best of our information and according to the
explanations given to us, investments have been valued in accordance with
the provisions of the Insurance Act, the Regulations and/or orders/directions
issued by the Authority in this regard;
(g) In our opinion and to the best of our information and according to the
explanations given to us, the accounting policies selected by the Company are
appropriate and are in compliance with the applicable Accounting Standards
specified in Sec 133 of the Companies Act and the Rules framed thereunder
and with the accounting principles to the extent they are not inconsistent with
the accounting principles as prescribed in the IRDA Financial Statements
Regulations and orders/directions issued by the Authority in this regard;
(h) Based on written representations received on e-mail (due to lockdown

restriction in certain states) from the directors as on March 31, 2021 taken on
record by the Board of Directors, none of the director is disqualified as on
March 31, 2021 from being appointed as a director in terms of Section 164(2) of
the Act;
(i) With respect to the adequacy of the internal financial controls with reference
to Financial Statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in the Annexure A;
64

(j) With respect to the other matters to be included in the Auditor's Report in
accordance with the requirements of section 197(16) of the Act, as amended,
we report that managerial remuneration is governed u/s 34A of the Insurance
Act, 1938 and requires IRDAI approval. Accordingly, the provisions of Section
197 read with schedule V to the Act are not applicable, and hence reporting
under Section 197(16) is not required. However, sitting fees paid to the
Directors is in compliance with Section 197(5) of the Act;
(k) With respect to the other matters to be included in the Auditors’ Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,
in our opinion and to the best of our knowledge and belief and according to
the information and explanations given to us:
(i) The Company has disclosed the impact of pending litigations as at March
31, 2021 on its financial position in its financial statements – Refer Note
No. 5(a) of Schedule 16 in the Notes to Accounts forming part of financial
statements;
(ii) The Company did not have any long-term contracts. In case of the
Derivative Contract entered into by company, provision, as required
under the applicable law or accounting standards, for material
foreseeable losses has been made on mark to market valuation of such
derivative contract;
(iii) There are no amounts which are required to be transferred, to the

Investor Education and Protection Fund by the Company for the year
ended March 31, 2021.
For C N K & Associates LLP For M.P. Chitale & Co

Firm Registration No.:101961W/W-100036 Firm Registration No. 101851W
Digitally signed by Murtaza Taher Vajihi
HIMANSHU Digitally signed by HIMANSHU Murtaza Taher DN: c=IN, o=Personal, title=1951,
pseudonym=72eead1ab677404fa39a0e34a75328c2f898065c,
VASANTLAL KISHNADWALA 2.5.4.20=bfec15907b8d53458f580756ebf26613cd99f283ac5af2096e10b78f
VASANTLAL 95895ca6, postalCode=400002, st=Maharashtra,
KISHNADWALA
Date: 2021.05.22 12:53:48
+05'30' Vajihi serialNumber=95d1c7852006877b9fc2d5415b181d5c648e726db1ff202c82
6cba0735e27650, cn=Murtaza Taher Vajihi
Date: 2021.05.22 10:19:35 +05'30'
Himanshu Kishnadwala Murtuza Vajihi

Partner Partner
Membership No: 037391 Membership No: 112555
Date: May 21, 2021 Date: May 21, 2021
Place: Mumbai Place: Mumbai
UDIN: 21037391AAAACH1645 UDIN: 21112555AAAABS864
65

“ANNEXURE A” TO THE INDEPENDENT AUDITORS’ REPORT
(Referred to in paragraph 2(i) under ‘Report on Other Legal and Regulatory

Requirements’ forming part of the Independent Auditors’ Report of even date)
Report on the Internal Financial Controls with reference to Financial Statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to Financial Statements of
Bharti Axa Life Insurance Company Limited (“the Company”) as of March 31, 2021, in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
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 (the “Guidance Note”), 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 the timely
preparation of reliable financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls
with reference to Financial Statements, based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and
deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an
audit of internal financial controls. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference
to Financial Statements were established and maintained and if such controls operated
effectively in all material respects.
66

Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls with reference to Financial Statements and their
operating effectiveness. Our audit of internal financial controls with reference to
Financial Statements included obtaining an understanding of internal financial controls
with reference to Financial Statements, 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 judgement,
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 with
reference to the Financial Statements.
Meaning of Internal Financial Controls with reference to Financial Statements

A company's internal financial controls with reference to Financial Statements 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 controls with
reference to Financial Statements 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.
67

Inherent Limitations of Internal Financial Controls with reference to Financial
Statements
Because of the inherent limitations of internal financial controls with reference to
Financial Statements, including the possibility of collusion or improper management
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 with
reference to financial statements to future periods are subject to the risk that the internal
financial controls over with reference to financial statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial
control with reference to the Financial Statements and such internal financial controls
with reference to Financial Statements were operating effectively as at March 31, 2021,
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 issued by the ICAI.
Other Matter
The actuarial valuation of liabilities for life policies in force and policies where premium
is discontinued is required to be certified by the Appointed Actuary as per the
regulations, and has been relied upon by us, as mentioned in “other matter” para of our
audit report on the standalone financial statements for the year ended March 31, 2021.
Accordingly, our opinion on the internal financial controls with reference to financial
statements does not include reporting on the operating effectiveness of the management’s
internal controls over the valuation and accuracy of the aforesaid actuarial valuation.

HIMANSHU Digitally signed by HIMANSHU DN: c=IN, o=Personal, title=1951, pseudonym=72eead1ab677404fa39a0e34a75328c2f898065c,
VASANTLAL
KISHNADWALA
VASANTLAL KISHNADWALA
Date: 2021.05.22 12:54:22
+05'30'
Murtaza Taher Vajihi 2.5.4.20=bfec15907b8d53458f580756ebf26613cd99f283ac5af2096e10b78f95895ca6,
postalCode=400002, st=Maharashtra,
serialNumber=95d1c7852006877b9fc2d5415b181d5c648e726db1ff202c826cba0735e27650,
cn=Murtaza Taher Vajihi
Date: 2021.05.22 10:20:39 +05'30'

Partner Partner
Date: May 21, 2021 Date: May 21, 2021
68

INDEPENDENT AUDITORS’ CERTIFICATE
TO THE MEMBERS OF BHARTI AXA LIFE INSURANCE COMPANY LIMITED
(Referred to in paragraph 1 of our ‘Report on Other Legal and Regulatory Requirements’

forming part of the Independent Auditors’ Report for the year ended March 31, 2021)
This certificate is issued to comply with the provisions of paragraphs 3 and 4 of Schedule
C to be read with Regulation 3 of the Insurance Regulatory and Development Authority
(Preparation of Financial Statements and Auditor’s Report of Insurance Companies)
Regulations, 2002 (the “Regulations”).
Management Responsibility
The Company’s Board of Directors is responsible for complying with the provisions of
the Insurance Act, 1938 as amended from time to time including amendment brought by
Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”) read with the Insurance
Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Insurance
Regulatory and Development Authority (Preparation of Financial Statements and
Auditor’s Report of Insurance Companies) Regulations, 2002 (the “Regulations”),
orders/directions issued by the Insurance Regulatory and Development Authority of
India (the “IRDAI”), which includes the preparation of the Management Report. This
includes collecting, collating and validating data and designing, implementing and
monitoring of internal controls suitable for ensuring compliance as aforesaid.
Auditors’ Responsibility
Our responsibility, for the purpose of this certificate, is limited to certifying matters
contained in paragraphs 3 and 4 of Schedule C of the IRDA Financial Statements
Regulations.
We conducted our examination in accordance with the Guidance Note on Audit Reports
and Certificates for Special Purposes issued by the Institute of Chartered Accountants of
India (the “ICAI”), which include the concepts of test checks and materiality. The
Guidance Note requires that we comply with the ethical requirements of the Code of
Ethics issued by the ICAI. We have not performed an audit, the objective of which would
be the expression of an opinion on the financial statements, specified elements, accounts
or items thereof, for the purpose of this certificate.
69

We have complied with the relevant applicable requirements of the Standard on Quality
Control (SQC) 1, Quality Control for Firms that perform audits and reviews of historical
financial information and other assurance and related services engagements issued by
the ICAI.
Opinion
Based on our audit of financial statements for the year ended March 31, 2021 and in
accordance with the information and explanations given to us and to the best of our
knowledge and belief and based on our examination of the books of account and other
records maintained by the Company for the year ended March 31, 2021, we certify that:
1. We have reviewed the Management Report attached to the financial statements for
the year ended March 31, 2021, and on the basis of our review, there are no apparent
mistakes in or material inconsistencies with the financial statements;
2. Based on the management representations and compliance certificates submitted to

the Board of Directors by the officers of the Company charged with compliance, and
the same being noted by the Board, nothing has come to our attention that causes
us to believe that the Company has not complied with the terms and conditions of
registration stipulated by IRDA;
3. We have verified the cash balances, to the extent considered necessary, and securities
relating to the Company’s investments as at March 31, 2021, by actual inspection or
on the basis of certificates/confirmations received from the Custodian and/or
Depository Participants appointed by the Company, as the case may be;
4. The Company is not a trustee of any trust; and
5. No part of the assets of the Policyholders’ Funds has been directly or indirectly
applied in contravention to the provisions of the Insurance Act, 1938, relating to the
application and investments of the Policyholders’ Funds.
70

Restriction on Use
This certificate has been issued solely in compliance with the requirements of Schedule C
of the Insurance Regulatory and Development Authority (Presentation of Financial
Statements and Auditors’ Report of Insurance Companies) Regulations 2002, (“the
Accounting Regulations”), read with Regulation 3 of the Accounting Regulations and
may not be suitable for any other purpose. Accordingly, we do not accept or assume any
liability or any duty of care of for any other purpose or to any other party to whom it is
shown or into whose hand it may come without our prior consent in writing.

HIMANSHU
VASANTLAL
Digitally signed by
HIMANSHU VASANTLAL
KISHNADWALA
Murtaza Taher DN: c=IN, o=Personal, title=1951,
pseudonym=72eead1ab677404fa39a0e34a75328c2f898065c,
2.5.4.20=bfec15907b8d53458f580756ebf26613cd99f283ac5af20
96e10b78f95895ca6, postalCode=400002, st=Maharashtra,
Date: 2021.05.22
KISHNADWALA 12:54:53 +05'30' Vajihi serialNumber=95d1c7852006877b9fc2d5415b181d5c648e726d
b1ff202c826cba0735e27650, cn=Murtaza Taher Vajihi
Date: 2021.05.22 10:21:06 +05'30'

Partner Partner
Date: May 21, 2021 Date: May 21, 2021
71
Management Certificate as per Annexure 1 of public disclosure guideline no.
IRDA/F&I/CIR/F&A/012/01/2010 dated 28 January 2010
It is certified that the financial results for the period ended 31st March, 2021 do not contain any false
or misleading statements or figures and do not omit any material fact which may make the statements
or figures contained therein misleading.
Varun
Digitally signed by Varun Gupta
Digitally signed by Parag Raja DN: c=IN, o=BHARTI AXA LIFE INSURANCE
Parag DN: c=IN, o=Personal,

2.5.4.20=f00d4830566fa9f20e708a5a
0552ce546ba85d9d16251f69fb6a2dc
42914b960, postalCode=400053,
Nilesh Digitally signed
by Nilesh J
COMPANY LIMITED, ou=MANAGEMENT,
2.5.4.20=3720ba192c47ecdec4b3e97774e1f
8331a91ff409bba0ff547e454a65fe0ad95,
st=Maharashtra,
J Kothari
pseudonym=1FC4626BD677A8E0485B131F
Gupta
FAB333F165894FAB,
Raja serialNumber=fe4f97adf36a9f8cbf165
85ecf34117ed36395a2f7e500f66f301
99a6ecaa7d7, cn=Parag Raja
Date: 2021.05.21 23:39:57 +05'30'
Date: 2021.05.21
Kothari 23:54:36 +05'30'

serialNumber=4E1CAFE14327DE9033E3C17
9548617D03A0EA629D6A0B3A97FEAFAE25
50F886C, cn=Varun Gupta
Date: 2021.05.21 23:45:52 +05'30'
Parag Raja Nilesh Kothari Varun Gupta
Chief Executive Officer and Chief Financial Officer Appointed Actuary

Managing Director
Place : Mumbai
Date : 21st May 2021
72
Form A-RA
IRDA Registration No: 130 dated 14 July, 2006 CIN : U66010MH2005PLC157108
Audited Revenue Account for the Year Ended 31 March, 2021
Policyholders’ Account (Technical Account)

(Rs.'000)
For the Year Ended 31 For the Year Ended 31

Particulars Sch
March, 2021 March, 2020
Premiums Earned – Net

(a) Premium 1 22,808,216 21,872,586
(b) Reinsurance ceded (324,515) (304,270)
(c) Reinsurance accepted - -
Sub Total 22,483,701 21,568,316
5,073,773
Income from Investments
(a) Interest, Dividends and Rent – Net* 5,078,759 4,155,169
(b) Profit on sale/redemption of Investments 2,686,355 2,094,640
(c) (Loss on sale/ redemption of Investments) (724,947) (578,690)
(d) Transfer/Gain on revaluation/change in fair value** 3,273,968 (2,333,089)
Other Income:
(a) Contribution from Shareholders' Account Towards Excess Expenses of Management 2,004,007 2,872,984
(Refer note 23 (c) of schedule 16)
(b) Interest Income on Reinstatement/Loan to Policyholder/Bank Balances 26,666 17,859
(c) Provision for Diminution in value of investments written back 105,000 -
(d) Others 3,827 2,616
Total (A) 34,937,336 27,799,805
Commission 2 1,562,691 1,896,040
Operating Expenses related to Insurance Business*** 3 6,993,527 7,573,627

GST on Ulip Charges 54,174 40,977
Provision for Doubtful debts 8,431 13,496
Bad debts written off 25,573 18,347
Provision for Tax - -
Provisions (other than taxation)
(a) For Diminution in the value of investments (Net) - 700,000
(b) Others - -
Total (B) 8,644,396 10,242,487
Benefits Paid (Net) 4 5,506,434 3,794,327

Interim and Other Bonuses Paid 187,217 144,514
Change in valuation of liability in respect of life policies
(a) Gross**** 20,497,286 12,597,365
(b) Amount ceded in Reinsurance (266,900) 7,597
(c) Amount accepted in Reinsurance - -
Total (C) 25,924,037 16,543,803
Surplus/ (Deficit) (D) = (A-B-C) 368,903 1,013,515

*Includes Depreciation on Investment property aggregating to Rs 14,588 ('000) & Prior Period
income of Rs 15,421 ('000) towards Lease Rent.
**Represents the deemed realised gain as per norms specified by the Authority
*** Includes Prior period expense of Rs 42,329('000) towards Rents, Rates and Taxes
**** Represents mathematical reserves after allocation of bonus
Appropriations
Transfer to Shareholders’ Account 213,822 870,604
(Refer note 23(b) of Schedule 16)
Transfer to Other Reserves - -
Balance being Funds for Future Appropriations 158,250 147,314
Transfer from Opening FFA (3,169) (4,403)
Total (E) 368,903 1,013,515
The breakup of total surplus is as under:

(a) Interim & Other Bonuses Paid 187,217 144,514
(b) Allocation of Bonus to policyholders 760,058 714,004
(c) Surplus shown in the Revenue Account 368,903 1,013,515
(d) Total Surplus: [(a)+(b)+(c)] 1,316,178 1,872,033
Significant Accounting Policies & Notes to Accounts 16
Schedules referred to above form an integral part of Audited Revenue account

For and on behalf of the Board of Directors Digitally signed by Parag Raja

by RAKESH rajesh Digitally signed
by rajesh sud
2.5.4.20=f00d4830566fa9f20e708a5a0
552ce546ba85d9d16251f69fb6a2dc42
914b960, postalCode=400053,
BHARTI
st=Maharashtra,
BHARTI MITTAL
Raja
serialNumber=fe4f97adf36a9f8cbf1658
Date: 2021.05.21 5ecf34117ed36395a2f7e500f66f30199
MITTAL
Date: 2021.05.21
23:29:52 +05'30' sud 23:20:51 +05'30'
Parag Raja
a6ecaa7d7, cn=Parag Raja
Date: 2021.05.21 23:40:31 +05'30'
For C N K & Associates LLP For M.P. Chitale & Co. Rakesh Bharti Mittal Rajesh Sud
Director Chief Executive Officer
Chartered Accountants Chartered Accountants Chairman
& Managing Director
DIN: 00042494 DIN: 02395182
DIN: 08713978
Murtaz
Digitally signed by Murtaza Taher
HIMANSHU Digitally signed Digitally signed by

Vajihi
Vinod D'souza
DN: c=IN, o=Personal, title=1951,
Digitally signed DN: c=IN, o=Personal,
by HIMANSHU Vinod
Varun
pseudonym=72eead1ab677404fa39a0
Nilesh J
Digitally signed by Varun Gupta 2.5.4.20=c68bae1cc746f
e34a75328c2f898065c, DN: c=IN, o=BHARTI AXA LIFE INSURANCE
VASANTLAL VASANTLAL
44fc8f62c52b6127480b
by Nilesh J COMPANY LIMITED, ou=MANAGEMENT,
a Taher
2.5.4.20=bfec15907b8d53458f580756 c87a580d2ad367cbade
ebf26613cd99f283ac5af2096e10b78f9 4e2b95764644,
D'sou
2.5.4.20=3720ba192c47ecdec4b3e97774e1f8
5895ca6, postalCode=400002,
Kothari 331a91ff409bba0ff547e454a65fe0ad95,
postalCode=400042,
KISHNADW KISHNADWALA st=Maharashtra, pseudonym=1FC4626BD677A8E0485B131FF st=Maharashtra,
Kothari
serialNumber=3c54405
Gupta
serialNumber=95d1c7852006877b9fc AB333F165894FAB,
Date: 2021.05.22 2d5415b181d5c648e726db1ff202c826 Date: 2021.05.21 serialNumber=4E1CAFE14327DE9033E3C179 15a02d4621fd020493b2
ALA 12:57:12 +05'30' Vajihi cba0735e27650, cn=Murtaza Taher

Vajihi
Date: 2021.05.22 10:23:34 +05'30'
23:55:38 +05'30'
548617D03A0EA629D6A0B3A97FEAFAE2550
F886C, cn=Varun Gupta
Date: 2021.05.21 23:46:31 +05'30' za 341078d4a1104381756
4c359d4f5ae0442d90,
cn=Vinod D'souza
Date: 2021.05.21
22:31:14 +05'30'
Nilesh Kothari Varun Gupta Vinod D'Souza

Himanshu Kishnadwala Murtuza Vajihi Chief Financial Officer Appointed Actuary Company Secretary
Partner Partner
Place : Mumbai 73
Date : 21st May, 2021
Form A-PL
Audited Profit & Loss Account for the Year Ended 31 March, 2021
Shareholders’ Account (Non-Technical Account)
(
(Rs.'000)
R
For the Year Ended For the Year Ended
Particulars Sch
31 March, 2021 31 March, 2020
Amounts transferred from Policyholders' Account (Technical Account) 213,822 870,604

(a) Interest, Dividends and Rent – Net 285,631 249,098
(b) Profit on Sale/Redemption of Investments 145,039 110,596
(c) (Loss on Sale/ Redemption of Investments) (84,794) (40,617)
Other Income - -
Provision for Diminution in value of investments written back 20,000
Total (A) 579,698 1,189,681
Expense other than those directly related to the insurance business 3A 65,034 78,181
Bad debts written off - -
Provisions (Other than Taxation)
(a) For Diminution in the value of investments - 350,000
(b) Provision for Doubtful Debts - -
(c) Others - -
Contribution to the Managerial Remuneration 51,108 36,560
Contribution to the Policyholders Account Towards Excess Expenses of
Management (Refer note 23 (c) of schedule 16) 2,004,007 2,872,984
Total (B) 2,120,149 3,337,725
Profit/ (Loss) before Taxation [ (A) - (B) ] (1,540,451) (2,148,044)

Provision for Taxation (C) - -
Profit / (Loss) after Taxation [ (A) - (B) - (C) ] (1,540,451) (2,148,044)
Appropriations
(a) Balance at the beginning of the period (27,075,518) (24,928,221)
(b) Interim dividends paid during the period - -
(c) Proposed Final Dividend - -
(d) Dividend Distribution on Tax - -
(e) Transfer to/from Reserves/Other Accounts 972 747
Profit/ (Loss) carried to the Balance Sheet (28,614,998) (27,075,518)
Earnings Per Share (in Rs.) (Refer Note 22 of Schedule 16)

(Face Value Rs.10 Per share)
Basic (0.52) (0.82)
Diluted (0.52) (0.82)
Schedules referred to above form an integral part of Audited Profit and Loss account
For and on behalf of the Board of Directors

Digitally signed by Parag Raja

by RAKESH rajes Digitally signed
by rajesh sud
2.5.4.20=f00d4830566fa9f20e708a5a0
552ce546ba85d9d16251f69fb6a2dc42
914b960, postalCode=400053,
BHARTI BHARTI MITTAL st=Maharashtra,
Raja
Date: 2021.05.21
h sud
85ecf34117ed36395a2f7e500f66f3019
Date: 2021.05.21 9a6ecaa7d7, cn=Parag Raja
23:21:32 +05'30'
MITTAL 23:30:33 +05'30' Date: 2021.05.21 23:42:13 +05'30'
For C N K & Associates LLP For M.P. Chitale & Co. Rakesh Bharti Mittal Rajesh Sud Parag Raja
Chartered Accountants Chartered Accountants Chairman Director Chief Executive Officer
DIN: 00042494 DIN: 02395182 & Managing Director
HIMANSHU Digitally signed

by HIMANSHU
Murtaz Digitally signed by Murtaza Taher Vajihi
pseudonym=72eead1ab677404fa39a0e34a75
Digitally signed
DIN: 08713978
VASANTLAL VASANTLAL 328c2f898065c,
Nilesh J byKothari Vinod Digitally signed by Vinod D'souza
a Taher Varun
Digitally signed by Varun Gupta DN: c=IN, o=Personal,
2.5.4.20=bfec15907b8d53458f580756ebf2661
3cd99f283ac5af2096e10b78f95895ca6, Nilesh J DN: c=IN, o=BHARTI AXA LIFE INSURANCE
COMPANY LIMITED, ou=MANAGEMENT,
2.5.4.20=c68bae1cc746f44fc8f62c
52b6127480bc87a580d2ad367cb
D'sou
postalCode=400002, st=Maharashtra, ade4e2b95764644,
KISHNADW KISHNADWALA serialNumber=95d1c7852006877b9fc2d5415

2.5.4.20=3720ba192c47ecdec4b3e97774e1f83
31a91ff409bba0ff547e454a65fe0ad95,
pseudonym=1FC4626BD677A8E0485B131FFA
postalCode=400042,
st=Maharashtra,
Kothari Date:
b181d5c648e726db1ff202c826cba0735e2765 serialNumber=3c5440515a02d46
Date: 2021.05.22
Gupta
B333F165894FAB,
0, cn=Murtaza Taher Vajihi 2021.05.21 serialNumber=4E1CAFE14327DE9033E3C17954
21fd020493b2341078d4a1104381
ALA
Vajihi
7564c359d4f5ae0442d90,
za
Date: 2021.05.22 10:28:11 +05'30' 8617D03A0EA629D6A0B3A97FEAFAE2550F886
cn=Vinod D'souza
12:59:19 +05'30' 23:56:08 +05'30'
C, cn=Varun Gupta
Date: 2021.05.21 23:47:15 +05'30' Date: 2021.05.21 22:32:20 +05'30'

Partner Partner
Place : Mumbai
74
FORM A-BS
Audited Balance Sheet as at 31 March, 2021

(Rs.'000)
As at 31 March, As at 31 March,
Particulars Sch
2021 2020
Sources of Funds
Shareholders' Funds:
Share Capital 5 30,862,010 28,912,010
Share Application Money Pending Allotment - -
Reserves and Surplus 6 2,167,548 2,121,557
Credit/(Debit) Fair Value Change Account 26,949 (76,149)
Sub-Total 33,056,507 30,957,418
Borrowings 7 600,000 600,000

Policyholders' Funds:
Credit/(Debit) Fair Value Change Account 562,248 (188,448)
Policy Liabilities 73,857,538 58,633,685
Insurance Reserves - -
Provision for Linked Liabilities 13,802,176 8,910,278
Sub-Total 88,821,962 67,955,515

Funds for Future Appropriations 1,143,393 988,312
Discontinuance Fund on account of non payment of premium 201,193 86,558
Discontinuance Fund others - -
Total 123,223,055 99,987,803
Application of Funds
Investments:
Shareholders’ 8 5,284,842 3,351,338
Policyholders’ 8A 74,449,720 56,671,313
Assets Held to Cover Linked Liabilities* 8B 14,003,369 8,996,836
Loans 9 260,098 180,478
Fixed Assets 10 207,896 226,702
Current Assets:
Cash and Bank Balances 11 928,696 2,255,904
Advances and Other Assets 12 4,593,206 4,765,122
Sub-Total (A) 5,521,902 7,021,026
Current Liabilities 13 4,601,392 3,196,970

Provisions 14 518,378 338,438
Sub-Total (B) 5,119,770 3,535,408
Net Current Assets (C) = (A – B) 402,132 3,485,618
Miscellaneous Expenditure 15 - -
(To the extent not written off or adjusted)
Debit Balance of Profit and Loss Account 28,614,998 27,075,518
Total 123,223,055 99,987,803
*Assets Held to Cover Linked Liabilities include assets held against provision for linked liabilities and discontinuance fund.
0 (0)
Schedules referred to above form an integral part of Audited Balance Sheet (0) 0
-
For and on behalf of the Board of Directors Digitally signed by Parag Raja

by RAKESH rajesh Digitally signed
DN: c=IN, o=Personal,
2.5.4.20=f00d4830566fa9f20e708a5
a0552ce546ba85d9d16251f69fb6a2
by rajesh sud
Date: 2021.05.21
Parag Raja dc42914b960, postalCode=400053,
st=Maharashtra,
MITTAL
Date: 2021.05.21
23:31:22 +05'30' sud 23:22:02 +05'30'
6585ecf34117ed36395a2f7e500f66f
Date: 2021.05.21 23:42:54 +05'30'
Rakesh Bharti Mittal Rajesh Sud Parag Raja

For C N K & Associates LLP For M.P. Chitale & Co.
Chairman Director Chief Executive Officer
DIN: 00042494 DIN: 02395182 & Managing Director
Digitally signed by Murtaza Taher
DIN: 08713978
HIMANSHU Digitally signed Murtaza Vajihi
pseudonym=72eead1ab677404fa39a
Nilesh Digitally signed Vinod
Digitally signed by Vinod
D'souza
VASANTLA by HIMANSHU 0e34a75328c2f898065c, 2.5.4.20=c68bae1cc746f44fc8
Varun
Digitally signed by Varun Gupta
2.5.4.20=bfec15907b8d53458f58075 f62c52b6127480bc87a580d2
Taher
DN: c=IN, o=BHARTI AXA LIFE INSURANCE
VASANTLAL by Nilesh J COMPANY LIMITED, ou=MANAGEMENT, ad367cbade4e2b95764644,
L KISHNADWALA
6ebf26613cd99f283ac5af2096e10b78
f95895ca6, postalCode=400002,
st=Maharashtra, J Kothari
Date: 2021.05.21
2.5.4.20=3720ba192c47ecdec4b3e97774e1f83
pseudonym=1FC4626BD677A8E0485B131FFA
D'sou postalCode=400042,
st=Maharashtra,
serialNumber=3c5440515a02
Gupta
B333F165894FAB,
KISHNADW Date: 2021.05.22 serialNumber=95d1c7852006877b9fc serialNumber=4E1CAFE14327DE9033E3C1795 d4621fd020493b2341078d4a
za
48617D03A0EA629D6A0B3A97FEAFAE2550F8 11043817564c359d4f5ae044
ALA 13:01:51 +05'30' Vajihi

2d5415b181d5c648e726db1ff202c82
6cba0735e27650, cn=Murtaza Taher
Vajihi
Kothari 23:56:34 +05'30' 86C, cn=Varun Gupta
Date: 2021.05.21 23:47:49 +05'30' 2d90, cn=Vinod D'souza
Date: 2021.05.21 22:33:20
+05'30'
Vinod D'Souza
Date: 2021.05.22 10:30:30 +05'30'
Nilesh Kothari Varun Gupta
Partner Partner
Place : Mumbai
75
Schedule forming part of Audited Revenue Account for the Year Ended 31 March, 2021
Schedule 1
Premium
(Rs.'000)
Particulars
First Year Premiums 5,595,114 5,888,505

Renewal Premiums 14,979,766 13,586,969
Single Premiums 2,233,336 2,397,112
Total 22,808,216 21,872,586
Premium Income from business written

In India 22,808,216 21,872,586
Outside India - -
Total 22,808,216 21,872,586
Schedule 2 -
Commission Expenses
(Rs.'000)

Particulars
Commission paid
Direct - First Year Premiums 916,969 1,302,893
- Renewal Premiums 552,295 493,817
- Single Premiums 17,158 9,719
Total (A) 1,486,422 1,806,429

Add : Commission on Re-insurance Accepted - -
Less : Commission on Re-insurance Ceded - -
Net Commission 1,486,422 1,806,429
Rewards and Remuneration 76,269 89,611
Total Commision 1,562,691 1,896,040
Break-up of the commission expenses

(Gross) incurred to procure business
Agents 674,440 754,246
Brokers 521,353 883,005
Corporate Agents 366,798 258,789
Web Aggregator 100 -
Total (B) 1,562,691 1,896,040
76
Schedule forming part of Audited Revenue Account for the Year Ended 31 March, 2021
Schedule 3
Operating Expenses related to Insurance Business

(Rs.'000)

Particulars
Employees’ Remuneration and Welfare Benefits 3,422,432 2,852,900

Travel, Conveyance and Vehicle Running Expenses 36,034 116,641
Training Expenses 9,988 12,875
Rents, Rates and Taxes 257,002 190,577
Repairs 28,230 33,641
Printing and Stationery 23,161 69,211
Communication Expenses 26,502 24,153
Legal and Professional Charges 318,193 327,318
Medical Fees 29,130 30,113
Auditors' Fees, Expenses etc:
(Refer note 37 of schedule 16)
a) as Auditor 6,249 6,417
b) as Adviser or in any other capacity, in respect of
(i) Taxation Matters - -
(ii) Insurance Matters - -
(iii) Management Services - -
c) in any Other Capacity 1,933 1,177
Advertisement and Publicity (Refer Note 19 (c) of
Schedule 16) 1,748,296 2,637,024
Interest and Bank Charges 46,968 42,918
Recruitment and Training 128,134 385,641
Others:
a) Courier 4,462 23,970
b) Facility Maintenance 76,807 69,554
c)(Profit)/ Loss on Sale of Asset 809 (688)
d) Information Technology and Related Expenses 595,240 476,340
e) Subscription fees 17,068 20,727
f) Electricity 30,606 50,423
g) Document Storage Cost 5,245 3,682
h) Policy Issuance & Customer Service 71,573 96,156
i) Miscellaneous 455 32
Depreciation / Amortisation 109,010 102,827
Total 6,993,527 7,573,627
77
Schedule forming part of Audited Profit & Loss Account for the Year Ended 31 March, 2021
Schedule 3A
Expense other than those directly related to the insurance business

(Rs.'000)
For the Year Ended For the Year Ended

Particulars
31 March, 2021 31 March, 2020
Stamp Duty & Board meeting Expenses 1,500 5,374
Employees’ Remuneration and Welfare Benefits 2,006 1,959
Investment related expenses and others 7,197 16,401
Debenture Issue Expenses 509 509
Interest on Debenture Issued 53,822 53,938

Total 65,034 78,181
78
Schedule forming part of Audited Revenue Account for the Year Ended 31 March,
2021
Schedule 4
Benefits Paid [Net]

(Rs.'000)

Particulars
Insurance Claims:
(a) Claims by Death, 1,900,601 1,114,525
(b) Claims by Maturity, 676,137 399,158
(c) Annuities/Pensions Payment, - -
(d) Other benefits
- Surrenders 2,239,587 2,169,399
- Survival 976,344 258,271
- Rider 31,858 28,438
- Health 12,656 20,963
(Amount Ceded in Reinsurance):

(a) Claims by Death, (327,153) (184,066)
(b) Claims by Maturity, - -
(c) Annuities/Pensions Payment, - -
(d) Other benefits
- Surrenders - -
- Survival - -
- Rider - -
- Health (3,596) (12,361)
Amount Accepted in Reinsurance:

(a) Claims by Death, - -
(b) Claims by Maturity, - -
(c) Annuities/Pensions payment, - -
(d) Other benefits
- Surrenders - -
- Survival - -
- Rider - -
- Health - -
Total 5,506,434 3,794,327
Benefits Paid to Claimants:

In India 5,506,434 3,794,327
Outside India - -
Total Benefits Paid (Net) 5,506,434 3,794,327
79
Schedule forming part of Audited Balance Sheet as at 31 March, 2021
Schedule 5
Share Capital
(Rs.'000)
Particulars As at 31 March, 2021 As at 31 March, 2020
Authorised Capital
5,000,000,000 Equity Shares of Rs 10 each 50,000,000 30,000,000
Issued Capital
3,128,293,035 (Previous Year 2,933,293,035) Equity Shares of Rs 10 each, 31,282,930 29,332,930
fully paid up
Subscribed and paid-up Capital
3,086,200,976 (Previous Year 2,891,200,976) Equity Shares of Rs 10 each,
fully paid up 30,862,010 28,912,010
Less : Calls unpaid - -
Add : Shares forfeited (Amount originally paid up) - -
Less: Par value of Equity Shares bought back - -
Less: Preliminary expenses - -
Expenses including commission or brokerage on Underwriting
or Subscription of Shares
Total 30,862,010 28,912,010
No of Shares issued Apr'20 No of Shares issued

Share Holding
to Mar'21 Apr'19 to Mar'20
Bharti Life Ventures Private Limited 99,450,000 186,150,000
AXA India Holdings 95,550,000 178,850,000
Total 195,000,000 365,000,000
80
Schedule 5A
Pattern of Shareholding
[As certified by the Management]
As at 31 March, 2021 As at 31 March, 2020

Particulars
Number of Shares % of Holding Number of Shares % of Holding
Promoters
- Indian
Bharti Life Ventures Private Limited (erstwhile Bharti Life Private
1,573,962,498
Limited) 51.00 1,474,512,498 51.00
- Foreign
AXA India Holdings (Mauritius) 1,512,238,478 49.00 1,416,688,478 49.00
Others - - - -
Total 3,086,200,976 100.00 2,891,200,976 100.00
81
Schedule 6
Reserves and Surplus
(Rs.'000)
Capital Reserve - -
Capital Redemption Reserve - -
Share Premium 2,074,442 2,074,442
Revaluation Reserve:*
93,106 47,115
General Reserves - -
Less: Debit balance in Profit and Loss Account - -
Less: Amount utilized for Buy-back - -
Catastrophe Reserve - -
Other Reserves - -
Balance of Profit in Profit and Loss Account - -
Total 2,167,548 2,121,557
*Revaluation Reserve Movement
Opening Balance FY 20-21 47,115

Add-: Revaluation of Investment property during the year 46,963
Less-: Depreciation on Revalued component 972
Revaluation Reserves as on 31st March 2021 93,106
Schedule 7
Borrowings
(Rs.'000)
Debentures/ Bonds 600,000 600,000

Banks - -
Financial Institutions - -
Others - -
Total 600,000 600,000
82
Schedule forming part of the Balance Sheet as at 31st March, 2021
Schedule 8
Investments - Shareholders
(Rs.'000)
As on 31st March, As on 31st March,

Particulars
2021 2020
Long Term Investments

Government Securities and Government Guaranteed Bonds including Treasury Bills 1,976,752 1,014,604
(Market value Current Year Rs. 19,49,291 thousand, Previous Year 10,38,022
thousand)
Other Approved Securities 1,045,713 915,795

thousand)
Other Approved Investments

(a) Shares
(aa) Equity 362,091 200,728
(bb) Preference
(b) Mutual Funds
(c) Derivative Instruments
(d) Debentures/ Bonds 480,827 332,790
(Market value Current Year Rs. 5,28,603 thousand,Previous Year 3,60,299
thousand)
(e) Other Securities
- Fixed Deposits - 59,500
(f) Subsidiaries
(g) Investment Properties - Real Estate
Investments in Infrastructure, Housing and Social Sector 994,388 543,160

thousand)
Other than approved Investments

- Equity Shares 46,863 19,838
- Preference Shares
- Debentures/ Bonds 1,00,000
less - Provision on Investments: (50,000) 50,000 50,294
(Market value Current Year Rs. 50,000 thousand, Previous Year Rs. 50,294
thousand)
- Mutual Funds 125,261 49,906

- Fixed Deposits
- Investments in Infrastructure, Housing and Social Sector - -
less - Provision on Investments: - 107,365
(Market value Current Year Rs. Nil, Previous Year 1,17,444 thousand)
Short Term Investments

Government Securities and Government Guaranteed Bonds including Treasury Bills 19,496 -
(Market value Current Year Rs. 19,505 , Previous Year Rs. Nil)
152,508 -
Other Approved Securities
(Market value Current Year Rs. 1,57,907 , Previous Year Rs. Nil)

(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds - 34,915
(Market value Current Year Rs. Nil , Previous Year Rs. 35,171 thousand)
- Cetificate of Deposits
- CBLO 21,443
- Fixed Deposits 4,500 2,500
(f) Subsidiaries

(Market value Current Year Rs. 5,124 thousand, Previous Year Rs. 9,941 thousand)

(a) Equity Shares
(b) Debentures/ Bonds
(c) Mutual Fund
- Fixed Deposits - 10,000
Total 5,284,842 3,351,338
Investments
In India 5,284,842 3,351,338
Outside India - -
Total 5,284,842 3,351,338
Refer Notes to Accounts 12(iii) of Schedule 16 for historical cost for Investment valued at Market Value (Equity, Mutual Fund, ETF)
83
Schedule 8A
Investments - Policyholders
(Rs.'000)
As on 31st March, As on 31st March,

Particulars
2021 2020

Government Securities and Government Guaranteed bonds including Treasury Bills 26,792,274 21,784,920
(Market value Current Year Rs. 2,76,02,143 thousand, Previous Year 2,30,31,174
thousand)
Other Approved Securities 9,097,103 7,865,029
thousand)

(a) Shares
(aa) Equity 7,946,713 5,059,802
(bb) Preference
(b) Mutual Funds
(d) Debentures/ Bonds 8,257,920 5,924,500
thousand)
(f) Subsidiaries
(g) Investment Properties - Real Estate* 8,37,500
Less: Depreciation: (1,311) 836,189 803,814
Investments in Infrastructure, Housing and Social Sector 13,969,397 11,852,062

(Market value Current Year Rs. 1,50,42,344 thousand, Previous Year 1,26,49,910
thousand)

- Equity Shares 998,650 244,588
- Preference Shares 1,839 2,855
- Mutual Funds 552,273 124,729
- Debentures/ Bonds 1,100,109
less - Provision on Investments (1,25,000) 975,109 1,075,320
thousand)
- Investments in Infrastructure, Housing and Social Sector
less - Provision on Investments: - 206,013
(Market value Current Year Rs. Nil, Previous Year 2,16,859 thousand)

Government Securities and Government Guaranteed Bonds including Treasury Bills
1,740,193 255,979
thousand)
Other Approved Securities - 50,048
(Market value Current Year Rs. Nil, Previous Year 50,870 thousand)

(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(d) Debentures/ Bonds - 185,025
(Market value Current Year Rs. Nil, Previous Year Rs. 1,86,003 thousand)
- Certificate of Deposit
- Commercial Paper
- CBLO 2,490,379
(f) Subsidiaries
(g) Investment Properties-Real Estate

(Market value Current Year 2,16,288 thousand, Previous Year 5,99,730 thousand)

(a) Equity Shares
(b) Debentures/ Bonds 100,000 -
(c) Mutual Funds
(d) Other Securities
Total 74,449,720 56,671,313
Investments
In India 74,449,720 56,671,313
Outside India - -
Total 74,449,720 56,671,313
Refer Notes to Accounts 12(iii) of Schedule 16 for historical cost for Investment valued at Market Value (Equity, Mutual Fund, ETF)
*Investment Property Movement

Particulars Amt in ('000)
Purchase/ cost price 789,638
Add-: Revaluation done in FY 19-20 47,862
Opening gross block FY 20-21- (A) 837,500
Depreciation for FY 19-20 33,686

Depreciation for FY 20-21 14,588
Total Accumlated Depreciation 48,274
Less-: Accumulated depreciation set off against revaluation conducted for FY 20-21 and
net off with accumulated depreciation as per para 38 of AS 10 46,963
Closing accumulated depreciation- (B) 1,311
Total (Net of Depreciation) (A-B) 836,189
84

Schedule 8B
Investments - Assets held to Cover Linked Liabilities

(Rs.'000)
As on 31st March,
Particulars As on 31st March, 2020
2021

Government Securities and Government Guaranteed Bonds
1,047,139 573,277
including Treasury Bills
Other Approved Securities 303,125 450,241

(a) Shares
(aa) Equity 8,160,631 4,824,872
(bb) Preference
(b) Mutual Funds
(d) Debentures/Bonds 217,921 185,778
- Fixed Deposits
(f) Subsidiaries
Investments in Infrastructure, Housing and Social Sector 1,150,082 773,489

(a) Equity Shares 734,266 422,055
(b) Mutual Funds 887,417 203,452
(c) Debentures/Bonds
(d) Other Securities
- Preference Shares

Government Securities and Government Guaranteed Bonds 573,977 551,955
including Treasury Bills
Other Approved Securities 195,847 -

(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - 500,000
(c) Derivative Instruments - -
(d) Debentures/ Bonds - -
- Fixed Deposits - -
- Certificate of Deposit - -
- Commercial Paper - 24,677
- CBLO 521,843 -
(f) Subsidiaries

(a) Equity Shares - -
(b) Debentures/Bonds - -
(c )Mutual Funds - -
(d) Other Securities - -
- Preference Shares - -
- Fixed Deposits - -

Balances in Bank 224,523 350,351
Other Current Assets (net) (77,802) 35,994
Total 14,003,369 8,996,836
Investments
In India 14,003,369 8,996,836
Outside India - -
Total 14,003,369 8,996,836
85
Schedule 9
Loans
(Rs.'000)
Security-wise Classification
Secured:
(a) On mortgage of Property
(aa) In India - -
(bb) Outside India
(b) On Shares, Bonds, Government Securities etc. - -
(c) Loans against Policies 260,098 180,478
(d) Others - -
Unsecured*
Total 260,098 180,478
Borrower-wise Classification
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against Policies 260,098 180,478
(f) Others - -
Total 260,098 180,478
Performance-wise Classification
(a) Loans classified as Standard
(aa) In India 260,098 180,478
(bb) Outside India - -
(b) Non-standard loans less Provisions
(aa) In India - -
(bb) Outside India - -
Total 260,098 180,478
Maturity-wise Classification
(a) Short Term - -
(b) Long Term 260,098 180,478
Total 260,098 180,478
*Company has no unsecured Loans
86
Bharti Axa Life Insurance Company Limited
Schedule 10
Fixed Assets
Cost/ Gross Block Depreciation/ Amortisation Net Block
Particulars
As at 31 March, As at 31 March, As at 31 March,
As at 1 April,2020 Additions Deletions As at 1 April,2020 Additions Deletions
2021 2021 2021
Intangible Assets
Software 389,624 41,076 52,855 377,845 345,794 31,166 51,869 325,091 52,754
Tangible Assets
Leasehold improvements 136,100 2,274 1,135 137,238 124,570 9,596 1,135 133,032 4,207
Furniture and Fittings 59,236 3,642 146 62,732 48,648 3,972 121 52,499 10,233
Information Technology Equipment 343,503 35,916 607 378,812 242,669 48,354 582 290,441 88,370
Owned - - - - - - - -
Leased - - - - -
Vehicles - - - - - - - - -
Office Equipment (includes 112,807 9,735 221 122,321 65,476 15,921 141 81,257 41,064
communication equipment)
Total 1,041,270 92,644 54,965 1,078,946 827,157 109,011 53,849 882,320 196,628
Capital Work In Progress - (including
- 11,268
capital advances)
TOTAL 1,041,270 92,644 54,965 1,078,946 827,157 109,011 53,849 882,320 207,896
Cost/ Gross Block Depreciation/ Amortisation Net Block
Particulars
As at 31 March, As at 31 March, As at 31 March,
As at 1 April,2019 Additions Deletions As at 1 April,2019 Additions Deletions
2020 2020 2020
Intangible Assets
Software 366,733 28,172 5,280 389,624 311,529 35,663 1,398 345,794 43,830
Tangible Assets - - - - - - - - -
Leasehold improvements 133,037 3,063 - 136,100 113,798 10,773 - 124,570 11,529
Furniture and Fittings 52,322 7,029 116 59,235 43,507 5,257 116 48,648 10,588
Information Technology Equipment 313,089 39,225 8,810 343,504 213,594 37,783 8,707 242,669 100,834
Owned - - - - - - - - -
Leased - - - - - - - - -
Vehicles - - - - - - - - -
Office Equipment (includes 96,022 17,231 446 112,807 51,085 14,750 359 65,476 47,331
-
Total 961,203 94,719 14,653 1,041,269 733,513 104,225 10,580 827,158 214,112
Capital Work In Progress - (including 29,464 26,192 43,066 12,590 12,590
TOTAL 990,667 120,911 57,719 1,053,859 733,513 104,225 10,580 827,158 226,702
87
Schedule 11
Cash and Bank Balances

(Rs.'000)
Cash (including Cheques, Drafts and Stamps in hand) 258,903 82,516

Bank Balances
(a) Deposit Accounts
(aa) Short-term (Due within 12 months of the date of
Balance Sheet)*
84,900 93,500
(ab) Others** 50,000 -
(b) Current Accounts 534,893 2,079,888
(c) Others - -
Money at Call and Short Notice
(a) With Banks - -
(b) With Other Institutions - -
Others -
Total 928,696 2,255,904
Balances with non-scheduled banks (included in b above) - -
Cash and Bank Balances

In India 928,696 2,255,904
Outside India - -
Total 928,696 2,255,904
*Includes a margin deposit of Rs. 2,500 ('000) against a bank guarantee given to UIDAI and Margin Deposit of Rs.
5,000('000) placed with BSE. ( Refer note 7 of Schedule 16)
** represents Margin Deposit placed with NSE ( Refer note 7 of Schedule 16)
88
Schedule 12
Advances and Other Assets

(Rs.'000)
As at 31 March,
Particulars As at 31 March, 2021
2020
Advances
Reserve Deposits with Ceding Companies - -
Application Money for Investments - -
Prepayments 93,448 85,445
Advances to Directors/Officers - -
Advance Tax Paid and Taxes Deducted at Source
(Net of Provision for Taxation) 24,530 28,983
Advances:
-Advances to Suppliers 111,944 6,574
-Advances to Employees 1,029 7,870
Others: Redemption receivables from UL schemes* 5,217 -
Total (A) 236,168 128,872
Other Assets
Income accrued on Investments 2,129,647 1,919,145
Outstanding Premiums 1,036,481 1,457,234
Agents’ Balances 37,511
Less-: Provisions -24,148 13,363 13,803
(Refer Note 5(b) of Schedule 16)
Foreign Agencies Balances - -
Due from other entities carrying on insurance business 211,339 84,841
(including reinsurers)
Due from subsidiaries / holding company - -
Deposit with Reserve Bank of India
[Pursuant to section 7 of Insurance Act, 1938] - -
Others:
-Other Receivables (including Provision against 82,180
doubtful Other Recoveries) - 51,157 31,023 16,022
- Deposits 124,018 122,276

-Other Investment Assets : 785,665
-750,000
35,665 45,291
-CAT premium advance payment - -
Total assets held for Unclaimed fund:
-Assets held for unclaimed fund 416,295 622,863
-Income earned on unclaimed fund** 25,486 24,428
-GST Unutilised Credit 333,721 330,347
Total (B) 4,357,038 4,636,250
Total (A+B) 4,593,206 4,765,122
*Amount shown as redemption receivable from UL schemes aggregating to 5,217 (As at 31st March 2020 Nil ('000))
represents amount that are pending for dis-investment, on account of redemption request received from customer as
on 31st March,2021
**Amount of income earned aggregating to Rs. 25,486 (000) (As at 31st March 2020 Rs. 24,428 (000)) represents
income earned since inception, which has been re-invested in investment securities.
89
Schedule 13
Current Liabilities
(Rs.'000)
As at 31 March,
2021
Agents’ Balances 218,185 213,029

Balances due to Other Insurance Companies 93,446 133,135
Deposits held on Re-insurance Ceded - -
Premiums Received in Advance 28,180 22,389
Unallocated Premium 131,730 143,367
Sundry Creditors 1,468,207 1,070,855
Outstanding Payable for Investments 1,128,552 235,786
Due to Subsidiaries/Holding company 17,624 10,943
Claims Outstanding 268,116 168,852
Unclaimed fund:
Policyholders' unclaimed amount 416,295 622,863
Income earned on unclaimed fund 25,486 24,428
Others :
Book Overdraft (Refer Note 25 of Schedule 16) 198,042 47,766
Due to Directors/Officers 46,106 37,700
Payable to Policyholder 307,247 274,624
Statutory Dues Payable 156,298 144,944
Investment Subscription Payable to UL scheme - -
Derivative margin payable 29,602 16,876
Interest accrued on Non-convertible Debentures 30,176 29,413
Rental SLM Reserves (Refer Note 17 (c) of Schedule 16) 38,100 -
Total 4,601,392 3,196,970
Schedule 14
Provisions
(Rs.'000)
As at 31 March,
2021
For Taxation (Less Payments and Taxes Deducted at Source) - -

For Proposed Dividends - -
For Dividend Distribution Tax - -
Bonus payable to policyholders - -
Others:
Provision for Employee Benefits 288,883 152,849
Provision for Gratuity (Refer note 25(ii) of Schedule 16) - -
Provision for Leave Encashment (Refer note 25(iii) of Schedule 16) 2,603 13,460
Provision for Long Term Incentive Plan (Refer note 25(iv) of Schedule 16) 74,821 27,726
Others (Refer note 5(b) of Schedule 16) 152,071 144,403
Total 518,378 338,438
90
Schedule 15
Miscellaneous Expenditure
[To the Extent Not Written Off or Adjusted]
(Rs.'000)
Discount Allowed in Issue of Shares/Debentures - -

Others - -
Total - -
91
FORM A-BS

Audited Segmental Balance Sheet as at 31 March, 2021
(Rs.'000)
Individual Participating Non-Participating Linked
Particulars Sch Shareholders Individual Individual Total
Life Pension Individual Life Group Individual Life Group
Health Pension
Sources of Funds
Share Capital 5 30,862,010 - - - - - - - - 30,862,010
Share Application Money Pending Allotment - - - - - - - - - -
Reserves and Surplus 6 2,074,442 93,106 - - - - - - - 2,167,548
Credit/(Debit) Fair Value Change Account 26,949 - - - - - - - - 26,949
Sub-Total 32,963,401 93,106 - - - - - - - 33,056,507
Borrowings 7 600,000 - - - - - - - - 600,000

Credit/(Debit) Fair Value Change Account - 272,108 456 263,745 - 24,320 1,289 330 - 562,248
Policy Liabilities - 47,372,443 51,615 21,114,516 223,628 4,914,868 174,015 828 5,625 73,857,538
Insurance Reserves - - - - - - - - - -
Provision for Linked Liabilities - - - - - - 12,787,564 785,335 229,277 13,802,176
Sub-Total 600,000 47,644,551 52,071 21,378,261 223,628 4,939,188 12,962,868 786,493 234,902 88,821,962
Funds for Future Appropriations - 1,135,835 7,558 - - - - - - 1,143,393
Discontinuance Fund on account of non payment of premium - - - - - - 201,193 - - 201,193
Discontinuance Fund others - - - - - - - - - -
Total 33,563,401 48,873,492 59,629 21,378,261 223,628 4,939,188 13,164,061 786,493 234,902 123,223,055
Investments
Shareholders’ 8 5,284,842 - - - - - - - - 5,284,842
Policyholders’ 8A - 48,326,144 71,762 20,417,296 237,659 5,159,225 220,004 15,098 2,532 74,449,720
Assets Held to Cover Linked Liabilities* 8B - - - - - - 12,988,757 785,335 229,277 14,003,369
Loans 9 - 218,584 - 41,499 15 - - - - 260,098

Fixed Assets 10 207,896 - - - - - - - - 207,896
Current Assets
Cash and Bank Balances 11 156,584 332,898 92 388,072 1,767 49,253 19 6 5 928,696
Advances and Other Assets 12 835,566 1,889,416 5,117 1,343,378 7,148 236,378 203,092 73,054 57 4,593,206
Control Account (315,238) - - 312,207 - - - - 3,031 -
Sub-Total (A) 676,912 2,222,314 5,209 2,043,657 8,915 285,631 203,111 73,060 3,093 5,521,902
Current Liabilities 13 1,933,633 1,157,595 412 1,075,159 3,101 197,619 160,961 72,912 - 4,601,392
Provisions 14 366,413 81,100 - 49,032 2,628 17,007 2,198 - - 518,378
Sub-Total (B) 2,300,046 1,238,695 412 1,124,191 5,729 214,626 163,159 72,912 - 5,119,770
Net Current Assets (C) = (A – B) (1,623,134) 983,619 4,797 919,466 3,186 71,005 39,952 148 3,093 402,132
Miscellaneous Expenditure 15 - - - - - - - - - -
(to the extent not written off or adjusted)
Debit Balance of Profit and Loss Account 28,614,998 - - - - - - - - 28,614,998
Total 32,484,602 49,528,347 76,559 21,378,261 240,860 5,230,230 13,248,713 800,581 234,902 123,223,055
Selected Explanatory Notes to Accounts 16
*Assets Held to Cover Linked Liabilities include assets held against provision for linked liabilities and discontinued fund.
-
Schedule referred to above form an integral part of Audited Balance Sheet
92
Form A-RA
Audited Segmental Revenue Account for the Year Ended 31 March, 2021
Policyholders’ Account (Technical Account) (Rs.'000)
Particulars Sch Total
Life Pension Individual Life Individual Health Group Individual Life Individual Pension Group
Premiums Earned – net

(a) Premium 1 8,712,842 2,245 10,171,970 46,356 1,291,167 2,488,184 22,152 73,300 22,808,216
(b) Reinsurance ceded (14,191) - (165,621) (4,617) (126,241) (13,845) - - (324,515)
(c) Reinsurance accepted - - - - - - - - -
Sub Total 8,698,651 2,245 10,006,349 41,739 1,164,926 2,474,339 22,152 73,300 22,483,701
(a) Interest, Dividends and Rent – Net* 3,142,529 4,993 1,229,278 12,513 396,456 266,732 12,220 14,038 5,078,759
(b) Profit on sale/redemption of Investments 880,254 - 322,180 - 16,513 1,296,107 169,357 1,944 2,686,355
(c) (Loss on sale/ redemption of Investments) (287,385) - (89,078) - (5,476) (313,119) (28,627) (1,262) (724,947)
(d) Transfer/Gain on revaluation/change in fair value** - - (19,666) - - 3,068,233 224,776 625 3,273,968
Other Income
(a) Contribution from Shareholders' Account towards Excess Expenses of Management - 135 1,585,565 - 296,723 121,576 8 - 2,004,007
(Refer note 23 (c) of schedule 16)
(b) Interest Income on Reinstatement/Loan to Policyholder/Bank Balances 19,967 1 5,841 - 291 561 5 - 26,666
(c) Provision for Diminution in value of investments written back 80,000 - 25,000 - - - - - 105,000
(d) Others (77) - 3,502 5 296 (551) 652 - 3,827
Total (A) 12,533,939 7,374 13,068,971 54,257 1,869,729 6,913,878 400,543 88,645 34,937,336
Commission 2 487,189 17 1,036,817 899 5,153 32,616 - - 1,562,691
Operating Expenses related to Insurance Business*** 3 1,251,444 199 4,655,970 7,539 421,475 653,709 2,724 467 6,993,527
GST on Ulip Charges - - - - - 51,743 2,205 226 54,174
Provision for Doubtful debts 3,441 - 9,082 (37) (175) (1,991) (1,889) - 8,431
Bad debts written off 5,177 1 14,030 50 1,304 4,955 56 - 25,573
Provision for Tax - - - - - - - - -
Provisions (other than taxation)
(a) For diminution in the value of investments
(b) Others - - - - - - - - -
Total (B) 1,747,251 217 5,715,899 8,451 427,757 741,032 3,096 693 8,644,396
Benefits Paid (Net) 4 1,811,695 12,984 768,164 11,126 936,855 1,649,728 295,442 20,440 5,506,434
Interim & Other Bonuses Paid 186,761 456 - - - - - - 187,217
Change in valuation of liability in respect of life policies
(a) Gross**** 8,524,886 (3,269) 6,779,509 65,025 142,021 4,823,269 94,498 71,347 20,497,286
(b) Amount ceded in Reinsurance - - (285,506) - 18,606 - - - (266,900)
(c) Amount accepted in Reinsurance - - - - - - - - -
Total (C) 10,523,342 10,171 7,262,167 76,151 1,097,482 6,472,997 389,940 91,787 25,924,037
Surplus/ (Deficit) (D) = (A-B-C) 263,346 (3,014) 90,905 (30,345) 344,490 (300,151) 7,507 (3,835) 368,903
* Includes Depreciation on Investment property aggregating to Rs 14,588 ('000) & Prior Period income of Rs
15,421 ('000) towards Lease Rent.
**Represents the deemed realised gain as per norms specified by the Authority
*** Includes Prior period expense of Rs 42,329 ('000) towards Rents, Rates and Taxes
**** Represents mathematical reserves after allocation of bonus
Transfer to Shareholders’ Account 105,097 155 90,904 (30,345) 344,490 (300,151) 7,507 (3,835) 213,822
(Refer note 23(b) of Schedule 16)
Transfer to Other Reserves - - - - - - - - -
Balance being Funds for Future Appropriations 158,250 - - - - - - - 158,250
Transfer from Opening FFA - (3,169) - - - - - - (3,169)
Total (E) 263,347 (3,014) 90,904 (30,345) 344,490 (300,151) 7,507 (3,835) 368,903
(a) Interim & Other Bonuses Paid 186,761 456 - - - - - - 187,217
(b) Allocation of Bonus to policyholders 759,110 948 760,058
(c) Surplus shown in the Revenue Account 263,346 (3,014) 90,905 (30,345) 344,490 (300,151) 7,507 (3,835) 368,903
(d) Total Surplus: [(a)+(b)+(c)] 1,209,217 (1,610) 90,905 (30,345) 344,490 (300,151) 7,507 (3,835) 1,316,178
Schedules referred to above form an integral part of Audited Revenue account
93
Schedule forming part of the Audited Segmental Revenue Account for the Year Ended 31 March, 2021
Schedule 1
Premium
(Rs.'000)

Particulars Total
Individual Individual Individual
Life Pension Individual Life Group Group
Health Life Pension
First Year Premiums 888,660 (381) 4,113,895 (23) - 593,035 (72) - 5,595,114
Renewal Premiums 7,824,182 2,626 6,054,777 46,379 - 1,029,851 21,951 - 14,979,766
Single Premiums - - 3,298 - 1,291,167 865,298 273 73,300 2,233,336
Total 8,712,842 2,245 10,171,970 46,356 1,291,167 2,488,184 22,152 73,300 22,808,216

In India 8,712,842 2,245 10,171,970 46,356 1,291,167 2,488,184 22,152 73,300 22,808,216
Outside India - - - - - - - - -
Total 8,712,842 2,245 10,171,970 46,356 1,291,167 2,488,184 22,152 73,300 22,808,216
888,660.00 (381.00) 4,117,193.00 (23.00) 1,291,167.00 1,458,333.00 201.00 73,300.00

Schedule 2
Commission Expenses
(Rs.'000)

Particulars Total
Individual Individual Individual
Life Pension Individual Life Group Group
Health Life Pension
Commission paid
Direct - First Year Premiums 156,912 - 745,597 (7) - 14,467 - - 916,969
- Renewal Premiums 314,571 17 233,177 906 - 3,624 - - 552,295
- Single Premiums - - 25 - 5,115 12,018 - - 17,158
Total (A) 471,483 17 978,799 899 5,115 30,109 - - 1,486,422
Add : Commission on Re-insurance Accepted - - - - - - - - -

Less : Commission on Re-insurance Ceded - - - - - - - - -
Net Commission 471,483 17 978,799 899 5,115 30,109 - - 1,486,422
Rewards and Remuneration 15,706 - 58,018 - 38 2,507 - - 76,269
Total Commision 487,189 17 1,036,817 899 5,153 32,616 - - 1,562,691
Break-up of the commission expenses (Gross)

incurred to procure business
Agents 201,644 17 456,655 882 - 15,242 - - 674,440
Brokers 275,297 - 237,375 17 37 8,627 - - 521,353
Corporate Agents 10,248 - 342,687 - 5,116 8,747 - - 366,798
Web Aggregator - - 100 - - - - - 100
Total (B) 487,189 17 1,036,817 899 5,153 32,616 - - 1,562,691
94
Schedule 3

(Rs.'000)

Particulars Total
Individual Individual
Health Pension
Employees’ Remuneration and Welfare Benefits 681,205 96 2,426,223 3,574 75,572 234,218 1,266 278 3,422,432
Travel, Conveyance and Vehicle Running Expenses 5,915 - 25,889 13 1,589 2,615 5 8 36,034
Training Expenses 1,923 - 6,705 11 499 846 4 - 9,988
Rents, Rates and Taxes 51,041 10 190,697 428 1,927 12,744 151 4 257,002
Repairs 4,824 1 21,837 35 74 1,447 12 - 28,230
Printing and Stationery 3,828 1 17,356 24 266 1,676 9 1 23,161
Communication Expenses 6,420 2 18,664 91 7 1,286 32 - 26,502
Legal and Professional Charges 80,544 33 195,192 1,384 25,504 14,972 458 106 318,193
Medical Fees 1,153 - 25,032 - 2,343 602 - - 29,130
(Refer note 37 of schedule 16)
a) as Auditor 1,737 1 3,944 28 246 282 10 1 6,249
b) as Adviser or in any other capacity, in respect of
(i) Taxation Matters - - - - - - - - -
(ii) Insurance Matters - - - - - - - - -
(iii) Management Services - - - - - - - - -
c) in any Other Capacity 536 - 1,209 12 87 86 3 - 1,933
Advertisement and Publicity (Refer Note 19 (c) of 211,063 9 947,425 363 276,996 312,307 128 5 1,748,296
Schedule 16)
Interest and Bank Charges 19,172 10 22,137 400 3,306 1,802 141 - 46,968
Recruitment and Training 19,142 2 77,504 74 8,245 23,136 26 5 128,134
Others: -
a) Courier 1,200 (1) 3,557 (122) (533) 358 3 - 4,462
b) Facility Maintenance 12,528 2 60,202 77 1 3,970 27 - 76,807
c)(Profit)/ Loss on Sale of Asset 142 - 600 1 26 40 - - 809
d) Information Technology and Related Expenses 110,953 18 444,719 709 11,512 27,015 262 52 595,240
e) Subscription fees 6,481 8 7,711 144 1,012 1,627 84 1 17,068
f) Electricity 5,012 1 23,963 31 7 1,581 11 - 30,606
g) Document Storage Cost 956 - 3,684 10 345 247 3 - 5,245
h) Policy Issuance & Customer Service 7,227 3 47,906 118 10,976 5,301 42 - 71,573
i) Miscellaneous 79 - 340 1 12 23 - - 455
Depreciation / Amortisation 18,363 3 83,474 133 1,456 5,528 47 6 109,010
Total 1,251,444 199 4,655,970 7,539 421,475 653,709 2,724 467 6,993,527
95
Schedule 4
Benefits Paid [Net]

(Rs'000)

Particulars Total
Individual Individual Individual Individual
Life Pension Group Group
Life Health Life Pension
Insurance Claims:
(a) Claims by Death, 389,993 330 643,251 - 812,472 43,997 10,558 - 1,900,601
(b) Claims by Maturity, - 10,406 123,861 - - 464,167 77,703 - 676,137
(c) Annuities/Pensions Payment, - - - - - - - - -
(d) Other benefits
- Surrenders 485,234 2,248 147,183 425 245,271 1,131,605 207,181 20,440 2,239,587
- Survival 931,268 - 45,076 - - - - - 976,344
- Rider 12,179 - 2,591 1,641 - 15,447 - - 31,858
- Health - - - 12,656 - - - - 12,656

(a) Claims by Death, (6,979) - (193,798) - (120,888) (5,488) - - (327,153)
(b) Claims by Maturity, - - - - - - - - -
(d) Other benefits
- Surrenders - - - - - - - - -
- Survival - - - - - - - - -
- Rider - - - - - - - - -
- Health - - - (3,596) - - - - (3,596)

(a) Claims by Death, - - - - - - - - -
(c) Annuities/Pensions payment, - - - - - - - - -
(d) Other benefits
- Surrenders - - - - - - - - -
- Survival - - - - - - - - -
- Rider - - - - - - - - -
- Health - - - - - - - - -
Total 1,811,695 12,984 768,164 11,126 936,855 1,649,728 295,442 20,440 5,506,434

In India 1,811,695 12,984 768,164 11,126 936,855 1,649,728 295,442 20,440 5,506,434
Outside India - - - - - - - - -
Total Benefits Paid (Net) 1,811,695 12,984 768,164 11,126 936,855 1,649,728 295,442 20,440 5,506,434
96
Schedule 12

(Rs.'000)
Particulars Shareholders Individual Individual Total
Health Pension
Advances
Reserve Deposits with Ceding Companies - - - - - - - - - -
Application Money for Investments - - - - - - - - - -
Prepayments 93,448 - - - - - - - - 93,448
Advances to Directors/Officers - - - - - - - - - -
(Net of Provision for Taxation) 17,048 5,236 11 1,093 - 1,018 123 1 - 24,530
Advances:
Advances to Suppliers 110,900 228 - 780 - - 36 - - 111,944
Advances to Employees 1,029 - - - - - - - - 1,029
Others: Redemption receivables from UL schemes* 5,217 - - - - - - - - 5,217
Total (A) 227,642 5,464 11 1,873 - 1,018 159 1 - 236,168
Other Assets
Income accrued on Investments 117,859 1,328,786 4,455 504,098 - 164,608 9,618 166 57 2,129,647
Outstanding Premiums - 416,901 41 616,218 3,321 - - - - 1,036,481
Agents’ Balances (including Provision against doubtful
- 4,238 - 8,800 8 46 271 - - 13,363
Agents’ Balances) (Refer Note 5(b) of Schedule 16)
Foreign Agencies Balances - - - - - - - - - -
Due from other entities carrying on insurance business
- 4,715 - 146,239 2,115 53,931 4,339 - - 211,339
Due from subsidiaries/ holding company - - - - - - - - - -
Deposit with Reserve Bank of India - - - - - - - - - -
[Pursuant to section 7 of Insurance Act, 1938]
Others - - - - - - - - -
-Other Receivables (including Provision against doubtful Other
31,023 - - - - - - - - 31,023
Recoveries)
Deposits 124,018 - - - - - - - - 124,018
Other Investment Assets 1,303 - - 34,362 - - - - - 35,665
-CAT premium advance payment - - - - - - - - - -
-Assets held for unclaimed fund - 121,852 575 29,954 1,606 15,807 177,819 68,682 - 416,295
-Income earned on unclaimed fund** - 7,460 35 1,834 98 968 10,886 4,205 - 25,486
-GST Unutilised Credit 333,721 - - - - - - - - 333,721
Total (B) 607,924 1,883,952 5,106 1,341,505 7,148 235,360 202,933 73,053 57 4,357,038
Total (A+B) 835,566 1,889,416 5,117 1,343,378 7,148 236,378 203,092 73,054 57 4,593,206
(1) (1) 0 (1) (0) 0 1 0 (1)
*Amount shown as redemption receivable from UL schemes aggregating to 5,217 (As at 31st March 2020 Nil ('000)) represents amount that are pending for dis-investment, on account of redemption request received from customer as on 31st
March,2021
**Amount of income earned aggregating to Rs. 25,486 (000) (As at 31st March 2020 Rs. 24,428 (000)) represents income earned since inception, which has been re-invested in investment securities.
97
Schedule 13
Current Liabilities
(Rs.'000)

Particulars Shareholders' Total
Health Pension
Agents’ Balances - 69,207 2 143,673 132 751 4,420 - - 218,185

Balances due to Other Insurance Companies - 5,938 - 95,864 1,182 32,239 (41,777) - - 93,446
Deposits held on Re-insurance Ceded - - - - - - - - - -
Premiums Received in Advance - 10,749 (1) 15,981 141 - 1,287 23 - 28,180
Unallocated Premium - 18,837 - 59,217 39 48,478 5,157 2 - 131,730
Sundry Creditors 1,449,378 14,906 - 2,108 - - 1,815 - - 1,468,207
Purchase Payable Investments 9,997 745,309 - 333,256 - 39,990 - - - 1,128,552
Due to Subsidiaries/Holding company 17,624 - - - - - - - - 17,624
Claims Outstanding - 174,996 - 49,904 40 42,067 1,109 - - 268,116
Policyholders' unclaimed amount - 121,853 575 29,953 1,606 15,807 177,819 68,682 - 416,295
Income earned on unclaimed fund - 7,460 35 1,834 98 968 10,886 4,205 - 25,486
Others :
Book Overdraft (Refer Note 25 of Schedule 16) 198,042 - - - - - - - - 198,042
Due to Directors/Officers 46,106 - - - - - - - - 46,106
Payable to Policyholder - (15,494) (199) 305,807 (144) 17,277 - - - 307,247
Statutory Dues Payable 144,210 3,834 - 7,960 7 42 245 - - 156,298
Investment Subscription Payable - - - - - - - - - -
Derivative Margin Payable - - - 29,602 - - - - - 29,602
Interest accrued on Non-convertible Deb 30,176 - - - - - - - - 30,176
Rent SLM Reserve (Refer Note 17 (c) of Schedule 16) 38,100 - - - - - - - - 38,100
Total 1,933,633 1,157,595 412 1,075,159 3,101 197,619 160,961 72,912 - 4,601,392
(10) 1 (1) 2 (1) 0 (0) - (9)
1,933,633 1,157,595 412 1,075,159 3,101 197,619 160,961 72,912 - 4,601,392
- - - - - - - - - -
Schedule 14
Provisions
(Rs.'000)
Particulars Shareholders' Individual Participating Non-Participating Linked Total
Life Pension Individual Life Individual Group Individual
Individual Life Group
Health Pension
For Taxation (Less Payments and Taxes Deducted at Source) - - - - - - - - - -

For Proposed Dividends - - - - - - - - - -
For Dividend Distribution Tax - - - - - - - - - -
Bonus payable to policyholders - - - - - - - - - -
Others:
Provision for Employee Benefits: 288,883 - - - - - - - - 288,883
Provision for Gratuity (Refer note 25(ii) of Schedule 16) - - - - - - - - - -
Provision for Leave Encashment (Refer note 25(iii) of Schedule 16) 2,603 - - - - - - - - 2,603
Provision for Long Term Incentive Plan (Refer note 25(iv) of Schedule 16)
74,821 - - - - - - - - 74,821
Others (Refer note 5(b) of Schedule 16) 106 81,100 - 49,032 2,628 17,007 2,198 - - 152,071
Total 366,413 81,100 - 49,032 2,628 17,007 2,198 - - 518,378
98
FORM A-BS
Audited Segmental Balance Sheet as at 31 March, 2020
(Rs.'000)
Individual Participating Non-Participating Individual Linked

Particulars Sch Shareholders Total
Individual
Life Pension Individual Life Group Life Pension Group
Health
Sources of Funds
Share Capital 5 28,912,010 - - - - - - - - 28,912,010
Share Application Money Pending Allotment - - - - - - - - - -
Reserves and Surplus 6 2,074,442 47,115 - - - - - - - 2,121,557
Credit/(Debit) Fair Value Change Account (Net) (76,149) - - - - - - - - (76,149)
Sub-Total 30,910,303 47,115 - - - - - - - 30,957,418
Borrowings 7 600,000 - - - - - - - - 600,000
Credit/(Debit) Fair Value Change Account (Net) - (207,456) 520 12,975 - 5,773 (260) - - (188,448)
Policy Liabilities - 38,847,556 54,884 14,620,513 158,603 4,754,241 188,054 8,778 1,056 58,633,685
Insurance Reserves - - - - - - - - - -
Provision for Linked Liabilities - - - - - - 8,064,892 682,887 162,499 8,910,278
Sub-Total 600,000 38,640,100 55,404 14,633,488 158,603 4,760,014 8,252,686 691,665 163,555 67,955,515
Funds for Future Appropriations - 977,585 10,727 - - - - - - 988,312
Discontinuance Fund on account of non payment of premium - - - - - - 86,558 - - 86,558
Discontinuance Fund others - - - - - - - - - -
Total 31,510,303 39,664,800 66,131 14,633,488 158,603 4,760,014 8,339,244 691,665 163,555 99,987,803
Investments
Shareholders’ 8 3,351,338 - - - - - - - - 3,351,338
Policyholders’ 8A - 37,680,375 56,434 13,564,468 172,634 4,997,391 187,013 10,998 2,000 56,671,313
Assets Held to Cover Linked Liabilities* 8B - - - - - - 8,151,450 682,887 162,499 8,996,836
Loans 9 - 152,394 - 28,069 15 - - - - 180,478
Fixed Assets 10 226,702 - - - - - - - - 226,702
Current Assets
Cash and Bank Balances 11 247,359 1,106,860 9,462 834,086 1,245 48,322 5,355 2,860 355 2,255,904
Advances and Other Assets 12 699,668 1,975,030 5,248 1,343,672 12,226 265,697 379,953 83,571 57 4,765,122
Control Account (181,649) - - - - - 136,890 44,759 - -
Sub-Total (A) 765,378 3,081,890 14,710 2,177,758 13,471 314,019 522,198 131,190 412 7,021,026
Current Liabilities 13 1,305,976 565,469 107 528,780 4,441 139,277 518,897 133,409 613 3,196,970
Provisions 14 194,158 79,924 - 41,962 2,499 17,636 2,259 - - 338,438
Sub-Total (B) 1,500,134 645,393 107 570,742 6,940 156,913 521,156 133,409 613 3,535,408
Net Current Assets (C) = (A – B) (734,756) 2,436,497 14,603 1,607,016 6,531 157,106 1,042 (2,219) (201) 3,485,618
Miscellaneous Expenditure 15 - - - - - - - - - -
(to the extent not written off or adjusted) - - - - - - - - -
Debit Balance of Profit and Loss Account 27,075,518 - - - - - - - - 27,075,518
Total 29,918,802 40,269,266 71,037 15,199,553 179,180 5,154,497 8,339,504 691,665 164,298 99,987,803
*Assets Held to Cover Linked Liabilities include assets held against provision for linked liabilities and discontinued fund.
Schedule referred to above form an integral part of the Balance Sheet
99
Form A-RA
Audited Segmental Revenue Account for the Year Ended 31 March, 2020
Policyholders’ Account (Technical Account) (Rs.'000)

Particulars Sch Individual Participating Non-Participating Individual Linked Total
Life Pension Individual Life Individual Health Group Life Pension Group
Premiums Earned – net

(a) Premium 1 9,239,389 3,568 8,923,558 51,185 1,916,343 1,673,645 39,898 25,000 21,872,586
(b) Reinsurance ceded (12,287) - (142,771) (4,739) (133,189) (11,284) - - (304,270)
(c) Reinsurance accepted - - - - - - - - -
Sub Total 9,227,102 3,568 8,780,787 46,446 1,783,154 1,662,361 39,898 25,000 21,568,316
(a) Interest, Dividends and Rent – Gross^ 2,593,504 4,992 844,229 13,232 411,266 258,883 18,141 10,922 4,155,169
(b) Profit on sale/redemption of Investments 565,775 2,260 203,202 - 74,002 1,075,898 168,068 5,435 2,094,640
(c) (Loss on sale/ redemption of Investments) (122,340) - (57,035) - (6,135) (348,769) (42,566) (1,845) (578,690)
(d) Transfer/Gain on revaluation/change in fair value* - - (46,376) - - (2,032,723) (256,688) 2,698 (2,333,089)
(e) Appropriation/ Expropriation - - - - - - - - -
Other Income
(a) Contribution from Shareholders' Account towards Excess Expenses of Management - 63 2,175,708 - 618,534 69,862 8,817 - 2,872,984
(b) Interest Income on Reinstatement/Loan to Policyholder/Bank Balances 15,784 (1) 1,780 4 151 136 3 2 17,859
(c) Others 393 - 1,495 3 279 186 260 - 2,616
-
Total (A) 12,280,218 10,882 11,903,790 59,685 2,881,251 685,834 (64,067) 42,212 27,799,805
Commission 2 561,373 16 1,303,252 940 1,675 28,788 (4) - 1,896,040
Operating Expenses related to Insurance Business 3 1,410,594 207 4,865,462 8,888 807,100 478,078 3,288 10 7,573,627
GST on Ulip Charges - - - - - 38,049 2,776 152 40,977
Provision for Doubtful debts # 1,123 - 4,908 26 (757) 1,477 6,719 - 13,496
Bad debt to be written off 4,202 - 8,707 30 2,151 2,844 413 - 18,347
Provision for Tax - - - - - - - - -
Provisions (other than taxation) - - - - - - - -
(a) For diminution in the value of investments 562,500 - 137,500 - - - - - 700,000
(b) Others - - - - - - - - -
Total (B) 2,539,792 223 6,319,829 9,884 810,169 549,236 13,192 162 10,242,487
Benefits Paid (Net) 4 927,328 5,342 422,105 10,820 579,897 1,512,255 313,997 22,583 3,794,327
Interim & Other Bonuses Paid 144,514 - - - - - - - 144,514
Change in valuation of liability in respect of life policies - - - - - - - -
(a) Gross** 8,426,409 9,191 5,281,566 23,348 369,107 (1,134,783) (396,521) 19,048 12,597,365
(b) Amount ceded in Reinsurance - - (32,745) - 40,342 - - - 7,597
(c) Amount accepted in Reinsurance - - - - - - - - -
Total (C) 9,498,251 14,533 5,670,926 34,168 989,346 377,472 (82,524) 41,631 16,543,803
Surplus/ (Deficit) (D) = (A-B-C) 242,175 (3,874) (86,965) 15,633 1,081,736 (240,874) 5,265 419 1,013,515
^Includes depreciation on Investment Property of Rs. 33,686 ('000), out of which Rs.
19,312 ('000) pertains to prior period
# Prov for Doubtful Debt amount excludes Bad Debts W/O during the period
*Represents the deemed realised gain as per norms specified by the Authority
** Represents mathematical reserves after allocation of bonus
Appropriations
Transfer to Shareholders’ Account 94,862 529 (86,966) 15,633 1,081,735 (240,874) 5,266 419 870,604
Transfer to Other Reserves - - - - - - - - -
Balance being Funds for Future Appropriations 147,314 - - - - - - - 147,314
Transfer from Opening FFA - (4,403) - - - - - - (4,403)

Non-participating policyholders’ unallocated surplus -
Total (E) 242,176 (3,874) (86,966) 15,633 1,081,735 (240,874) 5,266 419 1,013,515
(a) Interim & Other Bonuses Paid 144,514 - - - - - - - 144,514
(b) Allocation of Bonus to policyholders 709,242 4,762 - - - - - - 714,004
(c) Surplus shown in the Revenue Account 242,176 (3,874) (86,966) 15,633 1,081,735 (240,874) 5,266 419 1,013,515
(d) Total Surplus: [(a)+(b)+(c)] 1,095,932 888 (86,966) 15,633 1,081,735 (240,874) 5,266 419 1,872,033
100
Schedule 1
Premium
[Refer Note 2(c)(i) of Schedule 16] (Rs.'000)
Particulars Individual Participating Non-Participating Individual Linked Total
Life Pension Individual Life Individual Group Life Pension Group

Health
First Year Premiums 1,153,070 - 4,215,645 159 - 519,677 (46) - 5,888,505

Renewal Premiums 8,086,319 3,568 4,705,303 51,026 - 700,865 39,888 - 13,586,969
Single Premiums - - 2,610 - 1,916,343 453,103 56 25,000 2,397,112
Total 9,239,389 3,568 8,923,558 51,185 1,916,343 1,673,645 39,898 25,000 21,872,586

In India 9,239,389 3,568 8,923,558 51,185 1,916,343 1,673,645 39,898 25,000 21,872,586
Outside India - - - - - - - - -
Total 9,239,389 3,568 8,923,558 51,185 1,916,343 1,673,645 39,898 25,000 21,872,586
Schedule 2
Commission Expenses
[Refer Note 2(g) of Schedule 16] (Rs.'000)
Life Pension Individual Life Individual Group Life Life Group

Health
Commission paid
Direct - First Year Premiums 233,868 - 1,051,294 48 - 17,687 (4) - 1,302,893
- Renewal Premiums 308,994 16 182,208 887 - 1,712 - - 493,817
- Single Premiums - - 19 - 1,675 8,025 - - 9,719
Total (A) 542,862 16 1,233,521 935 1,675 27,424 (4) - 1,806,429
Add : Commission on Re-insurance Accepted - - - - - - - - -

Less : Commission on Re-insurance Ceded - - - - - - - - -
Net Commission 542,862 16 1,233,521 935 1,675 27,424 (4) - 1,806,429
Rewards and Recognition 18,511 - 69,731 5 - 1,364 - - 89,611
561,373 16 1,303,252 940 1,675 28,788 (4) - 1,896,040
Break-up of the commission expenses (Gross) incurred

to procure business
Agents 221,912 16 525,989 911 - 5,422 (4) - 754,246
Brokers 334,217 - 525,672 29 - 23,087 - - 883,005
Corporate Agents 5,244 - 251,591 - 1,675 279 - - 258,789
Referrals - - - - - - - - -
Total (B) 561,373 16 1,303,252 940 1,675 28,788 (4) - 1,896,040
101
Schedule 3

(Rs.'000)
Life Pension Individual Individual Group Life Pension Group

Life Health
Employees’ Remuneration and Welfare Benefits 611,135 93 2,074,442 3,970 67,882 93,967 1,406 5 2,852,900
Travel, Conveyance and Vehicle Running Expenses 21,741 2 78,611 78 9,904 6,275 30 - 116,641
Training Expenses 2,721 - 9,263 13 415 458 5 - 12,875
Rents, Rates and Taxes 41,751 9 141,649 408 2,915 3,689 155 1 190,577
Repairs 6,308 1 26,268 56 359 628 21 - 33,641
Printing and Stationery 12,235 2 44,227 83 7,965 4,669 30 - 69,211
Communication Expenses 6,612 3 16,428 114 175 776 45 - 24,153
Legal and Professional Charges 86,059 40 195,778 1,837 33,304 9,644 653 3 327,318
Medical Fees 1,142 - 25,426 30 3,428 87 - - 30,113
a) as Auditor 1,928 1 3,907 38 342 186 15 - 6,417
b) as Adviser or in any other capacity, in respect of - - - - - - - -
(i) Taxation Matters - - - - - - - - -
(ii) Insurance Matters - - - - - - - - -
(iii) Management Services - - - - - - - - -
c) in any Other Capacity 354 - 705 13 68 34 3 - 1,177
Advertisement and Publicity 365,683 2 1,376,516 133 590,799 303,856 35 - 2,637,024
Interest and Bank Charges 17,143 10 20,323 412 3,228 1,636 166 - 42,918
Recruitment and Training 69,586 1 254,841 76 32,619 28,495 23 - 385,641
Others:
a) Courier 5,803 1 17,187 (59) 413 595 30 - 23,970
b) Facility Maintenance 12,506 2 55,151 95 529 1,237 34 - 69,554
c) Loss on Sale of Asset (120) - (543) (1) (12) (12) - - (688)
d) Information Technology and Related Expenses 92,583 16 353,762 690 18,557 10,462 269 1 476,340
e) Subscription fees 7,693 9 9,991 219 1,358 1,351 106 - 20,727
f) Electricity 11,111 3 36,557 147 1,447 1,101 57 - 50,423
g) Document Storage Cost 862 - 2,496 22 213 84 5 - 3,682
h) Policy Issuance & Customer Service 16,801 8 43,133 348 28,738 6,989 139 - 96,156
i) Miscellaneous 6 - 24 - 1 1 - - 32
Depreciation / Amortisation 18,951 4 79,322 166 2,453 1,870 61 - 102,827
Total 1,410,594 207 4,865,462 8,888 807,100 478,078 3,288 10 7,573,627
102
Schedule 4
Benefits Paid [Net]

[Refer Note 2(f) of Schedule 16] (Rs'000)

Life Health
Insurance Claims:
(a) Claims by Death, 287,159 1,154 340,781 14 452,383 27,575 5,459 - 1,114,525
(b) Claims by Maturity, - - 3,032 - - 334,701 61,425 - 399,158
(d) Other benefits
- Surrenders 400,140 4,188 137,556 943 221,158 1,135,718 247,113 22,583 2,169,399
- Survival 232,197 - 26,074 - - - - - 258,271
- Rider 10,426 - 516 1,537 - 15,959 - - 28,438
- Health - - 26 20,937 - - - - 20,963

(a) Claims by Death, (2,594) - (85,880) (250) (93,644) (1,698) - - (184,066)
(d) Other benefits
- Surrenders - - - - - - - - -
- Survival - - - - - - - - -
- Rider - - - - - - - - -
- Health - - - (12,361) - - - - (12,361)

(a) Claims by Death, - - - - - - - - -
(c) Annuities/Pensions payment, - - - - - - - - -
(d) Other benefits - - - - - - - -
- Surrenders - - - - - - - - -
- Survival - - - - - - - - -
- Rider - - - - - - - - -
- Health - - - - - - - - -
Total 927,328 5,342 422,105 10,820 579,897 1,512,255 313,997 22,583 3,794,327

In India 927,328 5,342 422,105 10,820 579,897 1,512,255 313,997 22,583 3,794,327
Outside India - - - - - - - - -
Total Benefits Paid (Net) 927,328 5,342 422,105 10,820 579,897 1,512,255 313,997 22,583 3,794,327
103
Schedule 12

(Rs.'000)
Particulars Shareholders Individual Individual Total
Life Pension Group Life Pension Group
Life Health
Advances
Reserve Deposits with Ceding Companies - - - - - - - - - -
Application Money for Investments - - - - - - - - - -
Prepayments 85,445 - - - - - - - - 85,445
Advances to Directors/Officers - - - - - - - - - -
28,983 - - - - - - - - 28,983
(Net of Provision for Taxation)
Advances: -
Advances to Suppliers 3,403 739 - 2,417 - (9) 24 - - 6,574
Advances to Employees 7,870 - - - - - - - - 7,870
Others: Redemption receivables from UL schemes* - - - - - - - - - -
Total (A) 125,701 739 - 2,417 - (9) 24 - - 128,872
Other Assets
Income accrued on Investments 83,178 1,214,118 4,296 395,082 - 203,226 19,022 166 57 1,919,145
Outstanding Premiums - 636,783 325 815,417 4,709 - - - - 1,457,234
Agents’ Balances (including Provision against doubtful
- 4,148 - 9,426 7 13 209 - - 13,803
Agents’ Balances) (Refer Note 5(b) of Schedule 16)
Foreign Agencies Balances - - - - - - - - - -
Due from other entities carrying on insurance business - 246 - 37,309 5,684 42,321 (719) - - 84,841
Due from subsidiaries/ holding company - - - - - - - - - -
Deposit with Reserve Bank of India
- - - - - - - - - -
[Pursuant to section 7 of Insurance Act, 1938]
Others - - - - - - - - -
-Other Receivable 34,312 (15,053) - (2,387) (27) - (799) (24) - 16,022
('Including Provision against doubtful Other Recoveries)
-
Deposits 122,276 - - - - - - - - 122,276
-Other Investment Assets 3,854 - 600 39,937 - 900 - - - 45,291
-Assets held for unclaimed fund - 128,990 26 44,717 1,783 18,520 348,547 80,280 - 622,863
-Income earned on unclaimed fund** - 5,059 1 1,754 70 726 13,669 3,149 - 24,428
-GST Unutilised Credit 330,347 - - - - - - - - 330,347
Total (B) 573,967 1,974,291 5,248 1,341,255 12,226 265,706 379,929 83,571 57 4,636,250
Total (A+B) 699,668 1,975,030 5,248 1,343,672 12,226 265,697 379,953 83,571 57 4,765,122
285,734 989,540 (61,798) 944,002 (24,537) 97,114 45,915 - 2,211,966
*Amount shown as redemption receivable from UL schemes aggregating to Nil, (As at 31st March 2019 Rs 15,223 ('000)) represents amount that are pending for dis-investment, on account of redemption
request received from customer as on 31st March,2020
**Amount of income earned aggregating to Rs. 24,428 (000) (As at 31st March 2019 Rs. 81,206 (000)) represents income earned since inception, which has been re-invested in investment securities.
104
Schedule 13
Current Liabilities
(Rs.'000)

Particulars Shareholders' Total
Life Pension Group Life Pension Group
Life Health
Agents’ Balances - 64,019 2 145,466 110 198 3,234 - - 213,029

Balances due to Other Insurance Companies (3,582) 8,190 - 72,637 2,162 49,741 3,987 - - 133,135
Deposits held on Re-insurance Ceded - - - - - - - - - -
Premiums Received in Advance - 12,044 78 9,504 197 - 565 1 - 22,389
Unallocated Premium - 16,763 - 63,617 71 54,220 8,691 5 - 143,367
Sundry Creditors 1,054,930 15,499 - 781 - - 769 (1,124) - 1,070,855
Outstanding Payable for Investments - 146,816 - 88,970 - - - - - 235,786
Due to Subsidiaries/Holding company 10,943 - - - - - - - - 10,943
Claims Outstanding - 139,124 - 18,184 - 6,940 (2,370) 6,974 - 168,852
Policyholders' unclaimed amount

- 128,991 26 44,717 1,783 18,520 348,546 80,280 - 622,863
Income earned on unclaimed fund
- 5,059 1 1,754 70 726 13,669 3,149 - 24,428
Others:
Due to Directors/Officers 37,700 - - - - - - - - 37,700
Book Overdraft (Refer Note 25 of Schedule 16) 47,766 - - - - - - - 47,766
Payable to Policy Holder 24,114 - 55,254 40 8,917 141,561 44,124 613 274,624
Interest accrued on Non-convertible Debentures 29,413 - - - - - - - - 29,413
Investment Subscription Payable - - - - - - - - - -
Derivative Margin Payable - - - 16,876 - - - - - 16,876
Statutory Dues Payable

128,806 4,850 - 11,020 8 15 245 - - 144,944
Total 1,305,976 565,469 107 528,780 4,441 139,277 518,897 133,409 613 3,196,970
(379,222) 124,573 37 413,485 7,454 10,557 201,682 1,737 366,386
Schedule 14
Provisions
(Rs.'000)
Particulars Shareholders' Individual Participating Non-Participating Individual Linked Total
Life Health
For Taxation (Less Payments and Taxes Deducted at Source) - - - - - - - - - -

For Proposed Dividends - - - - - - - - - -
For Dividend Distribution Tax - - - - - - - - - -
Bonus payable to policyholders - - - - - - - - - -
Others:
Provision for Employee Benefits 152,849 - - - - - - - - 152,849
Provision for Gratuity (Refer note 25(ii) of Schedule 16) - - - - - - - - - -
Provision for Leave Encashment (Refer note 25(iii) of Schedule 16) 13,460 - - - - - - - - 13,460
Provision for Long Term Incentive Plan (Refer note 25(iv) of Schedule 16)
27,726 - - - - - - - - 27,726
Others (Refer note 5(b) of Schedule 16) 123 79,924 - 41,962 2,499 17,636 2,259 - - 144,403
Total 194,158 79,924 - 41,962 2,499 17,636 2,259 - - 338,438
105
Notes to accounts for 2020-21
Schedule 16
Notes annexed to and forming part of the Balance Sheet as at 31 March, 2021, the Revenue
Account and the Profit and Loss Account for the Year Ended 31 March, 2021.
1.Background
Bharti AXA Life Insurance Company Ltd. (‘the Company’) was incorporated on 27 October, 2005 as a
Company under the erstwhile Companies Act, 1956 to undertake and carry on the business of life
insurance. The Company has obtained a licence from the Insurance Regulatory and Development
Authority of India (‘IRDAI’) on 14 July, 2006 for carrying on the business of life insurance and is in-
force. The Company commenced its commercial activities on 22 August, 2006.
The Company’s life insurance business comprises of individual life business comprising of
participating, non-participating, unit-linked insurance products which are further divided into life,
pension products, and health products. Company also deals into group products comprising of non-
participating group credit life products and linked group gratuity products.
2.Significant Accounting Policies
a) Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention unless otherwise stated,
on accrual basis of accounting unless otherwise specified and in accordance with accounting principles
generally accepted in India in compliance with the applicable accounting standards under section 133
of the Companies Act, 2013 further amended by Companies (Accounting Standards) Amendment
Rules 2016 to the extent applicable and in accordance with the provisions of the Insurance Act 1938,
(amended by the Insurance Laws (Amendment) Act, 2015), Insurance Regulatory and Development
Authority Act, 1999., the Insurance Regulatory and Development Authority (Preparation of Financial
Statements and Auditors’ Report of Insurance Companies) Regulations, 2002, various
orders/directions/circulars issued by the IRDAI and the practices prevailing within the insurance
industry in India. Accounting policies applied have been consistent with previous year except where
differential treatment is required as per new pronouncements made by the regulatory authorities.
b) Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires Management to make estimates and assumptions that impact the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent liabilities as at the date of the
financial statements. The estimates and assumptions used in the accompanying financial statements
are based upon management’s evaluation of the relevant facts and circumstances as on the date of
the financial statements. Actual results may differ from the estimates and assumptions used in
preparing the accompanying financial statements. Difference between the actual and estimates are
recognised in the period in which they actually materialise or are known. Any revision to accounting
estimates is recognised prospectively. Management believes that the estimates used in preparation of
Financial Statements are prudent and reasonable.
106
c) Revenue Recognition
i. Premium
a. New business and in-force policies - Premium (net of Goods & Service Tax- GST) in
respect of non linked business is recognised as income when due from policyholders. In
respect of linked business, premium income is recognised when the associated units are
allotted. Top up premium is considered as single premium.
b. Lapsed policies - Premium on lapsed contracts are recognised when such policies are
reinstated.
ii. In case of unit linked business, fund management charges, administration charges, mortality
charges and premium allocation charges are recognised in accordance with the terms and
conditions of the policy.
iii. Interest on delayed payment of premium is recognised on receipt basis and as and when the
risk is underwritten.
iv. Dividend income is recognised when the right to receive dividend is established.
v. Interest income is recognized on accrual basis. Accretion of discount and amortization of

premium in respect of debt securities is effected over the period of maturity/holding on
constant yield–to-maturity except in respect of treasury bills, certificate of deposits and
commercial papers in linked business which is on straight line method.
vi. Income from rent on Investment Properties: Rentals on investment property are recognised on
straight line basis over the lease term.
vii. Realised gains and losses on investments are calculated as the difference between the net sales
proceeds / redemption proceeds and their amortized cost, which is computed on a weighted
average method, as on the date of sale.
viii. Fees received on lending of equity shares under Securities Lending and Borrowing scheme
(SLB) is recognised as income over the period of the lending on a straight-line basis.
d) Expense Recognition
Expenses pertaining to Shareholders / Directors are recognised in the Profit and Loss Account and
expenses relating to Policyholder’s are recognised in the Revenue Account. As per IRDAI
(Expenses of Management of Insurers transacting life insurance business) Regulations, 2016
expenses in excess of allowable expenses are charged to the shareholder account.
e) Reinsurance Premium
Reinsurance premium ceded is accounted in accordance with treaty and on due basis.
f) Claims/Benefits
Death and Rider Claims are accounted when intimated. Maturity and Survival benefits are
accounted on the due date. Surrenders & Partial Withdrawls are accounted as and when notified.
Claims cost consist of the policy benefit amounts and claims settlement costs, wherever
applicable.
Repudiated claims disputed are provided for based on probability assessments of each case
considering the facts and evidences available in respect of such claims.
Amounts recovered / recoverable from reinsurer are accounted in the same period as that of the
related claims.
107
g) Acquisition Costs
Acquisition cost, representing costs incurred for acquisition of insurance contract are expensed in
the period in which they are incurred.
h) Policy Liabilities
Liabilities on life policies are determined by the Appointed Actuary using generally accepted
actuarial practice in accordance with the standards and guidance notes issued by the Institute of
Actuaries of India, the requirement of the Insurance Act, 1938 and the Insurance Regulatory and
Development Authority of India (Assets, Liabilities and Solvency Margin of Life Insurance
Business) Regulations, 2016 issued by the IRDAI.
The liabilities are calculated in a manner that together with estimated future premium income
and Investment income, the Company can meet estimated future claims (including bonus
entitlements to policy holders) and expenses.
The unit liability under the unit linked policies is the number of units in the policyholder's account
multiplied by the published unit price at the valuation date. The non unit reserve in case of
linked policies is calculated using a prospective cash flow method and is the amount required to
meet future outgo such as claims and expenses.
The liabilities under non-linked individual policies and single premium group insurance contracts
are calculated by Gross Premium Valuation Method. For one year group term insurance contracts,
unearned premium method is used. For riders, liability is higher of that calculated using the Gross
Premium Valuation Method and Unearned Premium Method. The actuarial assumptions are given
in Note 3 below.
The surplus arising in the participating segment which has not been allocated to the policyholders
has been transferred to the funds for future appropriations.
i) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and
Development Authority of India (Investment) Regulations, 2016, as amended and
orders/circulars / notifications issued by IRDAI from time to time.
Investments are recorded on the trade date at cost, which includes brokerage, statutory levies, if
any and excludes pre-acquisition interest paid, if any, on purchase.
Classification
Investments intended to be held for a period of less than twelve months or those maturing within
twelve months from the balance sheet date are classified as short term investments.
Investments other than short term are classified as “Long Term Investments”.
Valuation of Investments
Valuation – Shareholders’ investments and Non-Linked Policyholders’ investments
Debt securities:
Debt securities, including Government securities are considered as “held to maturity” and are
stated at historical cost subject to amortisation of premium or accretion of discount on constant
yield-to-maturity basis. However, AT1 bonds are valued at market price on the basis of CRISIL
Bond Valuer. In respect of investments in AT 1 Bonds, the corresponding unrealised investment
gains or losses are reported in the Balance Sheet under “Credit / (Debit) Fair Value Change
Account (Net)
Tri-party Repo’s (Treps) (Earlier Named as CBLO) are valued at cost subject to accretion of
discount on straight line basis
Mutual Fund:
108
Investments in mutual funds are stated at previous day’s net asset value (NAV) declared by the
respective funds. Exchange Traded Funds are measured at market value on the Balance Sheet
date. For the purpose of determining market value the last quoted closing prices on the Primary
Exchange i.e the National Stock Exchange of India Ltd. (‘NSE’) is considered. In respect of
investments in mutual funds, the corresponding unrealised investment gains or losses are
reported in the Balance Sheet under “Credit / (Debit) Fair Value Change Account (Net)”.
Alternative Investment Funds (AIF)
As per the methods for valuation prescribed under these regulations investments in AIF are
valued at latest available NAV, the corresponding unrealised investment gains or losses are
reported in the Balance Sheet under “Credit / (Debit) Fair Value Change Account (Net)”.
Equity and Preference Shares:
Listed equity and preference securities are measured at market value on the Balance Sheet date.
For the purpose of determining market value the last quoted closing prices on the Primary
Exchange i.e the National Stock Exchange of India Ltd. (‘NSE’) is considered, where price is not
available on NSE then the last quoted closing price on Bombay Stock Exchange (BSE) will be
considered. Unlisted equity securities are measured at historical cost. In respect of investments
in equity shares the corresponding unrealised investment gains or losses are reported in the
Balance Sheet under “Credit / (Debit) Fair Value Change Account (Net)”. In case of diminution,
other than temporary, in the market value of investments as on the Balance Sheet date, the
amount of diminu2tion is recognised as an expense in the Revenue / Profit and Loss Account as
the case may be. Equity shares if any lent under the Securities Lending and Borrowing scheme
(SLB) continue to be recognised in the Balance Sheet as the Company retains all the associated
risks and rewards of these securities.
Investment in Real Estate:
Investment property is held to earn rental income or for capital appreciation and is not occupied
by the Company. Investment property is initially valued at cost including any directly attributable
transaction costs. Investment property is revalued at least once in every three years. The change
in carrying amount of investment property is credited to “Revaluation reserve” and the
corresponding reduction is in Accumulated Depreciation Account in the Balance Sheet.
Forward Rate Agreement:
The Company enters into Derivative contracts, as permitted by IRDAI i.e. Forward Rate
Agreements only for the purpose of Hedging. Derivatives are undertaken by Company solely for
the purpose of hedging interest rate risks on account of following:
i. Reinvestment of maturity proceeds of existing fixed income investments;

ii. Investment of interest income receivable; and
iii. Expected policy premium income receivable on insurance contracts which are already
underwritten
Hedge effectiveness is determined based on the principles laid down in the Guidance note on
Derivatives issued by The Institute of Chartered Accountants of India. The company uses
regression methodology to determine Hedge effectiveness. If the hedge is ineffective, then the
movement in the Fair Value is charged to the Profit and Loss Account. If the hedge is effective,
the effective and ineffective portion of the movement in the Fair Value of the Underlying and the
derivative instrument is determined by the Dollar Offset method. The effective portion is
transferred to “Fair Value Change’ Account in the Balance Sheet and the ineffective portion is
transferred to the Profit and Loss Account.
The Forward Rate Agreement (FRA) contract shall be valued at the difference between spot price
of bond and Net Present Value (NPV) of the future cash flows.
109
Valuation – Linked Business
Debt securities:
Debt securities, other than Government securities, are valued on the basis of CRISIL Bond
Valuer.
Government securities other than Treasury bills are valued at prices obtained from Credit Rating
Information Services of India Ltd (‘CRISIL’).
Treasury bills, Certificate of Deposits and Commercial Papers are valued at cost subject to
accretion of discount on straight line basis.
Tri-party Repo’s (Treps) (Earlier Named as CBLO) are valued at cost subject to accretion of
discount on straight line basis.
Mutual Fund:
Investments in mutual funds are stated at previous day’s net asset value (NAV) declared by the
respective funds. Exchange Traded Funds are measured at market value on the Balance Sheet
date. For the purpose of determining market value the last quoted closing prices on the Primary
Exchange i.e the National Stock Exchange of India Ltd. (‘NSE’) is considered. Unrealised gains
and losses arising due to changes in market value are attributed to unit holders and are
recognised in the Revenue Account of the fund.
Equity and Preference Shares:
Listed equity and preference securities are measured at market value on the Balance Sheet date.
For the purpose of determining market value, the last quoted closing price on the Primary
Exchange i.e the National Stock Exchange of India Ltd. (‘NSE’) is considered, where price is not
available on NSE then the last quoted closing price on BSE is considered. Unrealised gains and
losses arising due to changes in market value are attributed to unit holders and are recognised in
the Revenue Account of the fund.
Impairment of Investments
The Company’s Management periodically assesses, using internal and external sources,
whether there is any indication of impairment of investments or reversal of impairment loss.
An impairment loss is accounted for as an expense in the Revenue Account or the Profit and
Loss Account to the extent of the difference between the re-measured fair value of the
investments and its acquisition cost as reduced by any earlier impairment loss accounted for
as an expense in the Revenue Account or Profit and Loss Account.
Any reversal of impairment loss, earlier accounted for in Revenue Account or Profit and Loss
Account, is accounted for in the Revenue Account or Profit and Loss Account respectively.
Provision for Non-Performing Assets (NPA)
All assets where the interest and / or installment of principal repayment remain overdue for
more than 90 days (i.e., one quarter) are classified as NPA at the Balance Sheet date.
Transfer of Investments
i) From Shareholders’ account to non-linked policyholders’ account
Transfer of Investments from the Shareholders’ account to the non-linked policyholders’

account is carried out as per the conservative approach, i.e., at the cost price or market price,
whichever is lower. In case of Debt securities, all transfers are to be carried out at the lower
of the market price and the net amortized cost.
110
ii) Inter fund transfer of investments (if any), between Unit Linked funds
a) In case of equity, preference shares, ETFs and Government Securities market price of the
latest trade.
b) In case of securities mentioned in (a) if the trade has not taken place on the day of transfer
and for all other securities not part of (a) previous day valuation price
j) Fixed Assets, Intangibles and Depreciation/Amortization
A. Tangible Assets
Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price
and any cost directly attributable to bringing the asset to its working condition for its intended
use, net of GST input credit receivable except in case of leasehold improvements where in the
asset value is gross of GST input credit. Subsequent expenditure related to property, plant and
equipment is capitalized only when it is probable that future economic benefits associated with
these will flow to the Company and the cost of item can be measured reliably. Other repairs and
maintenance costs are recognized in the revenue account as and when incurred.
B. Intangible Assets
Intangible assets are stated at cost less accumulated amortization. Intangible assets comprising
computer software including improvements, server software and license fee for operating system
are amortized over a period of 3 years, being the management’s estimate of the useful life of
such intangibles.
C. Capital Work in Progress
Capital work in progress includes assets not ready for the intended use and is carried at cost,
comprising direct cost and related incidental expenses.
k) Depreciation/Amortisation
The Company is charging depreciation on fixed assets under the straight line method, on a pro-
rata basis based on the useful life of assets as prescribed in table below after retaining the
residual value, if any, of the respective assets.
Class of Asset Estimated Useful Life as per Estimated Useful Life as per
Schedule II Companies Management
Act,2013
Furniture and Fixture 10 years 10 years
IT Equipment 3 years 3 years
Networking Equipment 6 years 6 years
Office Equipment 5 years 5 years
Investment Property-Real Estate 60 years 55 years
Depreciation on Investment Property is provided on Straight Line Method (SLM) considering the
useful life of 60 years in conjunction with the Schedule II of Companies Act, 2013. However, as
the Company had purchased the commercial property after 5 years of its construction, the useful
life in the books has been considered as 55 years. The carrying amount is shown in the balance
sheet net of depreciation. The depreciation for the period is initially netted off against investment
income in Revenue Account and depreciation on the Revalued amount is subsequently transferred
from Revaluation Reserve to the accumulated balance of Profit and Loss account.
Leasehold Improvements are amortised over the initial lease period of respective leases or 3
years, whichever is lower.
Assets individually costing Rs. 5,000 or less are fully depreciated in the year of acquisition.
Additions to the fixed assets are depreciated over the remaining useful life of the original asset.
Depreciation / Amortisation is charged on pro-rata basis from the date on which the asset is
available for use and in case of assets sold, up to the previous date of sale.
111
l) Impairment of Fixed Assets & Intangibles:
The Company assesses at each Balance Sheet date whether there is an indication that an asset
may be impaired. If any such indication exists, the Company estimates the recoverable amount
of the asset. If such recoverable amount of the asset is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment
loss and is recognised in the Revenue Account.
When an impairment loss subsequently reverses, the carrying amount of the asset is increased
to the revised estimate of its recoverable amount, so that the increased carrying amount does
not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset in prior years. A reversal of an impairment loss is recognised
immediately in the Statement of Profit and Loss.
m) Assets acquired under Lease
Finance Lease
Assets acquired on ‘finance lease’ which transfer risk and rewards of ownership to the Company
are capitalised as assets of the Company at lower of the fair value of the asset or present value
of minimum lease payments. Depreciation of capitalised leased assets is computed over the lease
term or its useful life of 36 months, whichever is shorter. Lease rentals payable is apportioned
between principal amount and finance charges using the internal rate of return method. Finance
charges are expensed over the period of the contract to reflect a constant periodic rate of interest
on the outstanding liability.
Operating Lease
Leases where the lessor effectively retains substantially all the risks and rewards of ownership
over the lease term are classified as Operating Leases. Lease payments under an operating lease
are recognised as expense on straight line basis over the lease period.
n) Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on
the date of transaction. Monetary assets and liabilities in foreign currency as at the Balance Sheet
date are converted at the exchange rates prevailing as at that date.
Exchange differences either on settlement or on translation are recognised in the Revenue

Account or Profit and Loss Account as applicable.
o) Employee Benefits
Short Term Employee Benefits (due within 12 months)
All employee benefits payable within 12 months of rendering the services are classified as short term
employee benefits. Benefits such as salaries, bonus and other short term benefits are recognized in
the period which the employee rendered the services. All short term employee benefits are
accounted on undiscounted basis.
Long Term Employee Benefits (other than short term benefits)
Defined Contribution Plans
Provident Fund
The Company provides for provident fund benefit to the employees, which is a defined
contribution plan. Under the plan, the Company contributes to a Government administered
Provident fund and has no further obligation beyond making its contribution. Such contribution is
charged to the Revenue Account as incurred.
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Defined Benefit Plan
Gratuity
The Company’s Gratuity plan is a defined benefit plan. The liability under the plan is determined
on the basis of an independent actuarial valuation. Provision for Gratuity is accounted taking into
consideration actuarial value of plan obligation and fair value of plan assets as at the balance
sheet date. The actuarial valuation method used by independent actuary for measuring the
liability is the Projected Unit Credit Method.
The Company has created a Gratuity Trust. The Company makes contribution to a gratuity fund
administered by the trustees of Bharti AXA Life Insurance Company Limited employees’ group
gratuity trust. The plan provides a payment to vested employees at retirement or termination of
employees based on respective employee’s salary and the years of employment with the
Company.
Actuarial gains and losses comprise of experience adjustments and the effects of changes in
actuarial assumptions are recognised immediately in the Revenue Account as income or expense.
Obligations is measured at present value of estimated future cash flows using a discounted rate
that is determined by reference to market yield at the balance sheet date on government bonds.
Other Long Term Employee Benefits
I. Compensated absences and leave entitlements
Long term accumulating leave entitlements are provided on the basis of actuarial valuation using
the projected unit credit method as at the balance sheet date
The Company has a Long Term Incentive Plan ('LTIP') for selected employees. The plan is a
discretionary deferred compensation plan with a vesting period of three years from the year of
first entitlement of an employee. Provision for LTIP liability is accrued and provided for on the
basis of actuarial valuation made at the balance sheet date. Once, the liability under the plan is
vested on employees, it is carried as liability in the balance sheet till the final disbursal. The value
of such incentive is based on the Company performance measured on specified key performance
indicators
II. The Company has launched a Special Retention Plan which will be payable in cash. The target
cash incentive award under this plan will be a percentage of the fixed pay.
p) Taxation
Tax expenses comprise of income-tax and deferred tax.
Income-Tax
Provision for Income-tax is made in accordance with the provisions of Section 44 of the Income
Tax Act, 1961 read with Rules contained in the First Schedule and other relevant provisions of the
Income tax Act, 1961 as applicable to a Company carrying on life insurance business.
Deferred Tax
Deferred Tax is recognised for future tax consequences attributable to timing differences between
income as determined by the financial statements and the recognition for tax purposes. The
effect of Deferred Tax Asset / Liability of a change in the tax rates is recognised using the tax
rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.
In accordance with the provision of the Accounting Standard 22 on “Accounting for Taxes on
Income” with respect of the carry forward of losses under the Income-tax regulations, the
Deferred Tax Assets are recognised only to the extent that there is a virtual certainty supported
by convincing evidence that sufficient future taxable income will be available against which such
Deferred Tax Assets can be realised and on other items when there is reasonable certainty of
realisation. Deferred Tax Assets / Liabilities are reviewed as at each Balance Sheet date.
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q) Goods and Service Tax (GST)
GST collected is considered as a liability against which GST paid for eligible inputs services or
goods, to the extent claimable, is adjusted and the net liability is remitted to the appropriate
authority as stipulated. Unutilized credits, if any, are carried forward for adjustment in
subsequent periods. GST paid for eligible input services not recoverable by way of credits are
recognized in the Revenue account as expense.
r) Provisions and Contingent Liabilities
The Company recognises provision (net of reinsurance) when there is a present obligation as a
result of a past event that probably requires an outflow of resources and a reliable estimate can
be made of the amount of the obligation.
No provision is recognised for –
A. Any possible obligation that arises from past events and the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Company; or
B. Any present obligation that arises from past events but is not recognised because-
a. It is not possible that an outflow of resources embodying economic benefits will be
required to settle the obligation; or
b. A reliable estimate of the amount of obligation cannot be made.
Such obligations are recorded as Contingent Liabilities. These are assessed periodically and only
that part of the obligation for which an outflow of resources embodying economic benefits is
probable, is provided for (net of reinsurance), except in the extremely rare circumstances where
no reliable estimates can be made.
Contingent Assets are not recognised in the financial statements since this may result in the
recognition of income that may never be realized.
s) Loan on policies: Loans are valued at historical cost less repayments. Interest income on loans
is accounted for on accrual basis and capitalized at every policy anniversary date.
t) Unclaimed amount of policyholders:
Assets held for unclaimed amount of policyholders is created and maintained in accordance with
the requirement of IRDAI Master Circular on “Unclaimed Amounts of Policyholders” dated
November 17, 2020 and Investment Regulations, 2016 as amended from time to time:
x Unclaimed amount of policyholders is invested in money market instruments and / or

fixed deposits of scheduled banks which is valued at historical cost, subject to
amortisation of premium or accretion of discount over the period of maturity/holding on a
straight line basis
x Income on unclaimed amount of policyholders (net of fund management charges) is
credited to respective unclaimed account and is accounted for on an accrual basis.
Income on account of fund management charges (FMC) is disclosed under “Other
Income” in revenue account.
x Unclaimed amount of policyholders' liability is determined on the basis of NAV of the units
outstanding as at the valuation date
u) Funds for Future Appropriations:

The Funds for Future Appropriations (FFA), in the participating segment, represents the surplus,
which is not allocated to policyholders as at the Balance Sheet date.
3. Actuarial Method and Assumptions:
Actuarial liabilities are calculated in accordance with accepted actuarial principles, Actuarial Practice
Standards issued by the Institute of Actuaries of India, requirements of the Insurance Act, 1938 and
regulations notified by the IRDAI.
The unit liability in respect of linked business has been taken as the value of the units outstanding to
the credit of policyholders, using the published unit price at the valuation date. The non-unit reserve
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in case of linked policies is calculated using a prospective cash flow method. The liabilities under non
linked policies (Individual and Single Premium group contracts) is calculated using the gross premium
method
In case of one year group term Insurance contracts, Unearned Premium Method is used. In case of
Group Term Insurance Contract with terms of more than one year, the gross premium valuation
method is used.
In case of riders, liability is higher of Gross Premium reserves method and Unearned Premium method
Liabilities are calculated using assumptions for interest, mortality, lapse, expense, and inflation
together with allowance for taxation and allocation of profits to shareholders. These assumptions are
determined as prudent estimates at the date of valuation with allowances for adverse deviations. The
company has an annual process of reviewing the assumptions based on experience.
The interest rates used for valuing the liabilities are in the range of 6.2% to 6.95% per annum
depending on the type of the product.
Mortality rates used are based on published mortality table-Indian Assured Lives Mortality (IALM)
(2012-14) standard table, adjusted to reflect expected experience and allowances for adverse
deviation.
Expenses are provided for at long term expected renewal expense levels. The renewal expense
assumptions for individual business are INR 649 p.a. per policy inflating at 4.25% p.a. and 1.54% of
premium. The maintenance expense assumptions for individual reduced paid up business are
INR 490 p.a. per policy inflating at 4.25% p.a.
If a policy which is inforce as at the valuation date is subsequently cancelled in the free-look period,
then there could be strain in the policyholder fund on account of the amount payable on free-look
cancellations. In order to avoid any future strain provision equivalent to 4% of the new business
premium collected during the valuation month is kept as Free-look reserves.
Miscellaneous reserves towards lapsed policies reserves, incurred but not reported reserve (IBNR),
new business closure provision, unearned premium reserve, substandard risk reserve, and reserve for
AIDS etc. are created in accordance with accepted actuarial practice.
4.Risk Management Architecture
Risk Management Framework:
Day to day management of risk is delegated through the Chief Executive Office to the local
management for managing risk in their respective businesses.
Management is supported by central specialist risk functions and the Chief Risk Officer.
The company conducts a separate Risk Management Committee to implement the company’s Risk
Management Strategy. It monitors all the risks across the various lines of business of the company
and should have direct access to the Board. Risk management function works in close co-ordination
with the finance function, but independently assess and evaluate the capital, finance and other
operating decisions.
Roles and responsibilities of the Risk Management Team, CRO & related committee have been defined
in the policy.
The three lines of defense:

The Bharti AXA Life Enterprise Risk Management Framework shows how risk management is governed
across the Company, and where responsibilities reside by following the concept of the “three lines of
defense” for managing risk as illustrated below:
x 1st line of defense – Management and staff:

Line management and staff are responsible for day to day risk taking management and decision
making and have primary responsibility for establishing and maintaining an effective control
environment
x 2nd line of defense – Risk & Compliance
These functions are responsible for developing, facilitating and monitoring effective risk and
control frameworks and strategies
x 3rd line of defense – Internal Audit
Internal Audit provides independent assurance on the effectiveness of the system of internal
control
Bharti AXA has a Board Risk Committee reporting to the Board of Directors. Board Risk Committee
oversees all the risks to provide local board and management with a holistic, comprehensive and
consolidated view of the risks the entity faces. Day to day management of risk is delegated through
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the CEO to management for risk management in their respective business. Management is supported
by the risk functions and the Chief Risk Officer.
Operational Risk Framework: Reporting to the Board Risk Management Committee

I. Definitions and Classification of Risk
Risk is defined as the possibility of a negative impact to Bharti AXA’s financial position, performance,
and/or reputation.
The table below defines the various kinds of risk categories:

Risk Category General Coverage
There are many different liability risks that a business may be exposed to. For example, a company
Liability could face reinsurance related risks, product liability risks, or contractual liability risks.
This includes market risk, credit risk and liquidity risk.
Market risk reflects the exposure of the business to the performance of the financial markets.
Market movements impact the level of fees on unit-linked business, returns earned by
policyholders and investment earnings on shareholder capital.
Credit risk is the risk that the value of a debt security, or a commitment provided by a reinsurer or
derivative counterparty, may change due to the counterparty defaulting, or a change in the
likelihood of a future default.
Liquidity risk includes both the risk that assets may not be realized at their fair value in a short
Investment Risk period of time, and the risk that the company may not have access to enough liquid
Operational risk refers to the risk of loss arising from inadequate or failed internal processes,
Operational Risk personnel or systems or from external events.
Regulatory risk refers to the risks, costs and problems arising from new regulations/laws or
Regulatory Risk modification to existing regulations/laws
It refers to the risk that negative publicity regarding an institution's business practices will lead to a
loss of revenue or increased litigation. Reputation can be damaged as a. result of practically any
type of risk, including poor corporate governance, unethical practices, cyber risks, compliance
Reputational Risk failures and dubious sales practices.
Strategy Risk refers to the risk arising from adverse business decisions or improper implementation
of those decisions. They may also arise from an inability to adapt to changes in the business
Strategy Risk environment, such as economic changes, changes in competition, social and regulatory changes.
II. Risk Appetite
The objective of risk appetite framework is to ensure that appropriate governance, reporting, li
mits and decision processes have been set up to drive risk management decisions. It is astructure
d process applying at both regional and local entity level, to ensure consistency of risk tolerance, to
have a Clearly stated risk appetite, to monitor the accumulation of risks, and tomanage its exposure
on a regular basis.
Bharti AXA hasa formalized and documented risk appetite framework and with clearly defined govern
ance around the risk appetite. Local riskteam reports the 1/20 year and 1/200 yearsensitivities of ke
y risks (as covered by the risk mapping) on financial indicators covering dimensions, namely Value a
nd Capital (Solvency) The risk appetite is defined for financial,insurance risks. The risk appetite is th
en expressed by setting risk limits and alert levels on most relevant functional risk indicators, le
ading to regular tracking of exposures to ensurethey are within limits, and to design and enforce
action plans to resolve breaches if any.
Approval of the risk appetite shocks, alerts and limits to be identified and proposed by the local risk
management team and validated through an independent source. This validation could come
through an independent consultant or Shareholder (Bharti or AXA) representatives.
Local Risk Management Committee (‘LRMC’) would be presented the local entity’s risk appetite
position, and alert levels and limits on all functional risk indicators at least once every year, and
should make all necessary decisions to manage risks consistently with their risk appetite.
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CEO’s should annually confirm their Risk Appetite statements. Breaches of local risk appetite limits s
hould lead to action plan and should be reported to the Board Risk Committee and / or
management-level Risk Committee
III. Annual Risk Assessment Process by Functional Unit
An annual risk assessment is conducted at entity levels to enable a full refresh of each functional
unit’s risk profile. Management, assisted by risk function, is responsible for planning and
facilitating the process. The risk profile is documented in each functional unit’s risk register. It is
important that there is a consistent and structured approach to identifying, analyzing, evaluating
and managing risks. The approach is described below.
Establish the context: requires an examination of Bharti AXA’s external and internal environment,
risk appetite, key strategic objectives and stakeholders’ expectations.
Identify risks: asks what, why and how risks can arise within the business
i.e. “What are the uncertainties and their effects?”
Analyze and rate risks: assess identified risks in terms of impact and likelihood in the cont
ext of the existing control environment.
This requires the identification of controls thatare in place to manage the risk also.
Evaluate and manage risks: based on the risk rating, the risk owner will identify the actions
required according to the table below. The risk owner is also to inform the RiskFunction of the risk
rating for their validation, and update
the relevant risk register for the risk. Action plan progress is monitored on a quarterly basis.
Management is responsible for highlighting high or critical risk immediately when it is identified and
assessed. Relevant EXCOM members should be informed and be responsible for working on action
plans. The responsible EXCOM member should inform the CRO and present the high or critical risk in
the local risk committee.
IV. COVID 19
As part of the overall Risk Framework, the Company tracks emerging risks across various vectors.
In the current macroeconomic environment, with the ongoing pandemic, the Company has
evaluated multiple scenarios and its impact on the Company. The comprehensive Risk Framework
monitors all key risks and the impact of the current scenario is reflected in the various matrix that
are being tracked under Top Risks and Risk Registers.
The key risk that is being tracked on account of current macroeconomic environment is Credit Risk
on the investment portfolio. The Company is closely tracking the investment portfolio and as of
now there is no incremental stress the current investment book.
As most of the employees are working from home, there is an increased cyber security risk that is
being continuously monitored. The Company has provided secure access to its employees and has
ensured that there are no exceptions in this regard. The Company is also working on a back to
office strategy with highlighted focus on employee safety.
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5.Disclosure required by Accounting Standard 29 “Provisions, Contingent Liabilities and

Contingent Assets”
(a) Contingent Liabilities:
Following is the list of liabilities other than that provided for in Schedule 14 under Other Provisions:
(Rs. ‘000)
Sr. As at 31 March, As at 31 March,

Particulars
No 2021 2020
i. Partly paid – up investments - -

ii. Claims, other than against policies, not
acknowledged as debts by the Company 3,406 604
iii. Underwriting commitments outstanding

-
-
iv. Guarantees given by or on behalf of the
2,500 2,500
Company
v. Statutory demands/ liabilities in dispute,
302,900 329,484
not provided for *
vi. Reinsurance obligations to the extent not
provided for in accounts - -
vii. Claims against insurance policies disputed

by the Company, to the extent not 321,612 331,033
provided/ reserved
Total 630,418 663,621
x Service tax on surrender charges: Based on the Director General Central Excise Intelligence
(DGCEI) enquiry report and show cause notice and reply there to, the commissioner had passed an
order demanding service tax of Rs. 55,003 (000) and Rs. 55,013 (000) of penalty. The Company
has filed an appeal with Customs, Excise and Service Tax Appellate Tribunal (CESTAT) against the
order of the Commissioner. The matter has been heard on March 25, 2021 before the CESTAT and
order is awaited. [Total Demand Rs.110,016 (‘000)]
x Service tax on training charges: For the FY 2014-15 Additional Commissioner passed an order
demanding service tax of Rs.1,581 (‘000) on the training charges incurred on agents along with
penalty of Rs.158(‘000). The company has filed an appeal with commissioner of Excise (Appeals).
[Total Demand Rs.1,739 (‘000)]
x Based on the Excise Audit 2000, order the Assistant commissioner issued an order demanding
service tax amounting to Rs 3,084 (‘000) along with interest at appropriate rate and penalty of Rs
3,084 (‘000) in terms of Section 78 of the Act and penalty of Rs 10 (‘000) under Section 77 of the
Act for difference in the premium as per books and returns. The company had filed an appeal with
Commissioner of Central Excise (Appeals). The Commissioner has passed an order upholding the
demand. The Company has filed an appeal before the CESTAT challenging the said order. [Total
Demand Rs.6,178 (‘000)]
x Based on the Excise Audit 2000, order Commissioner issued an order along with a demand notice
asking the company to reverse Service Tax credit under rule 6(3) of Cenvat Credit Rules amounting
to Rs 92,172 (‘000) and penalty of Rs 92,172 (‘000) in terms of Section 78 of the Act and penalty
of Rs 10 (‘000) under Section 77 of the Act. The Company has filed an appeal with Customs, Excise
and Service Tax Appellate Tribunal (CESTAT) challenging the said order. [Total Demand
Rs.184,354 (‘000)]
x The Jharkhand officer has compared the Input Tax Credit availed during the FY 2019-20 with Form
GSTR-2A which is auto-generated on the GSTN portal basis data filed by the vendors. Based on
the reconciliation, the Authority has demanded a tax payment of Rs. 553 (‘000) under section 73 of
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the Act along with interest at appropriate rate and penalty of Rs. 60 (‘000). Prima facie it appears
that the Input Credit amount as per GSTR 3B filed by the Company and GSTR 2A are different due
to timing difference between return filed by the vendors and credit availed by the Company. The
Company is liaisoning with the officer to get the details of GSTR 2A considered for reconciliation.
The Company has diligently availed credit adhering to the applicable guidelines; hence fairly
confident that the matter will be decided in favor of the Company. The appeal against the order will
be filed within due date ie 27 June 2021. [Total Demand Rs.613 (‘000)]
x Reassessment of Income for AY 2007-08: In March 2014, the Company received a notice for re-
opening of the assessment under section 148 for AY 2007-08 stating reasons that the income was
not computed as per the provisions of Section 44 read with first schedule of the Income Tax Act.
The notice was bad in law not only because it was time barred but also disregards the fact that the
method of computation of income by the Company has already been accepted by the jurisdictional
tribunal in the cases of ICICI Prudential Life Insurance Company Limited and HDFC Standard Life
Insurance Company Limited. However, the Assessing Officer (A.O.) disregarding the objections of
the Company passed an order in March 2015 reassessing the income for the year as Rs. 98,939
(‘000) with a demand there on of Rs. 65,274 (000). While calculating the tax the AO has made an
error by applying tax rate of 30% instead of 12.5% which is applicable to the income from life
insurance business. Hence, the company had filed an application u/s 154 of the Income Tax Act,
1961 to rectify the mistake. The rectified order has been received on April 29, 2015 and the
demand as per the revised order is Rs. 27,197 (‘000). The Company filed an appeal before the
Commissioner of Income Tax (Appeal) challenging the order. Favourable order has been received
by CIT(A) which has been challenged by the department before the Tribunal. The matter has been
heard on January 06, 2021 before the Tribunal and order has been passed in favour of the
Company on 31st March 2021.
x The Company had filed the applications under Vivad se Vishwas (VSV) scheme to close appeals
pending before CIT(A)/ITAT for AY 2007-08, 2008-09, 2009-10, 2011-12, 2012-13, 2013-14 and
2014-15 where brought forward losses has been reduced and there is no demand for payment of
tax. The department has accepted the Company’s propositions and has closed the litigations by
issuing discharge certificate in Form-5 for all the said years. There is no financial impact due to
closure of the cases because as per the internal assessment the losses forgone have either expired
or will be expiring due to the time limit of 8 years for carry forward and set off.
(b) Movement in provisions: (Rs. ’000)
Litigation related obligations (potential Provision for Doubtfull debt

claims payable) (Intermediaries)
Sr. No. Particulars
Year Ended Year Ended Year Ended Year Ended
31 March, 2021 31 March, 2020 31 March, 2021 31 March, 2020
1 Balance at the beginning of the year 1,44,403 1,09,571 25,287 23,431
2 Provision created during the period 21,422 52,856 11,164 7,118
3 Provision utilised during the period (12,345) (16,213) (11,695) (5,005)
4 Provision reversed during the period (1,409) (1,810) (608) (256)
5 Balance at the end of the year (5)= (1+2+3+4) 1,52,071 1,44,403 24,148 25,287
Provision for litigation related obligations represents liabilities that are expected to materialise in
respect of matters in appeal. The timing of outflows related to these obligations is not ascertainable.
Agent balances Rs. 13,363 (‘000) include Agent’s debit balance Rs. 37,511(‘000) less Provision for
doubtful debt Rs, 24,148(‘000) and [Previous Year Rs. 13,803 (‘000) include Agent’s debit balance Rs.
39,090 (‘000) less Provision for doubtful debt Rs, 25,287 (‘000)] respectively.
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6.Shareholding Pattern
The shareholding pattern of the Company as at 31 March 2021 is as follows:
Sl. No. Name of the Shareholder %

Bharti Life Ventures Private Limited – BLVPL (formerly
1
known as Bharti Life Private Limited) 51.00%
2 AXA India Holdings 49.00%
3 Alok Roongta (Nominee on behalf of BLVPL) – 1 share # 0.00%
4 Vinod D’souza (Nominee on behalf of BLVPL) – 1 share # 0.00%
5 Nilesh Kothari (Nominee on behalf of BLVPL) – 1 share # 0.00%
6 Manoj Jaju (Nominee on behalf of BLVPL) – 1 share # 0.00%
7 Rohit Puri (Nominee on behalf of BLVPL) – 1 share # 0.00%
TOTAL 100.00%
# Shareholding in these cases is less than 0.01%.
The shareholding pattern of the Company as at 31 March 2020 is as follows:
Sl. No. Name of the Shareholder %

Bharti Life Ventures Private Limited – BLVPL (formerly known
1
as Bharti Life Private Limited) 51.00%
2 AXA India Holdings 49.00%
3 Alok Roongta (Nominee on behalf of BLVPL) – 1 share # 0.00%
4 Vinod D’souza (Nominee on behalf of BLVPL) – 1 share # 0.00%
5 Nilesh Kothari (Nominee on behalf of BLVPL) – 1 share # 0.00%
6 Manoj Jaju (Nominee on behalf of BLVPL) – 1 share # 0.00%
7 Rohit Puri (Nominee on behalf of BLVPL) – 1 share # 0.00%
TOTAL 100.00%
# Shareholding in these cases is less than 0.01%.
7.Encumbrances on Assets
Company has invested an amount of Rs. 2,500 (‘000) in Fixed Deposit with ICICI Bank and the same
is under lien with the ICICI Bank. The said deposit has been kept under lien with ICICI bank for the
purpose of obtaining a bank guarantee in favour of UIDAI as part of terms of availing UIDAI services
by Company. Other than this, there are no encumbrances on the owned assets of the Company
inside or outside India as at the Balance Sheet date.
Government Securities deposited with the Clearing Corporation of India Ltd (CCIL)
for Tri-party Repo (TREPS) segment Rs 15,735('000) [as at 31st March 2020 Rs. 7,569('000) ]
The company has kept fixed deposits as margin money for NSE & BSE amounting to Rs 55,000
(‘000).
8.Forward Rate Agreements:
The Company has guaranteed products on liability side, where the returns to the policyholders are
fixed; On the investment asset side company is exposed to volatility in interest rate. A Forward Rate
Agreement ('FRA') transaction is that whereby Company agrees to buy underlying security at fixed
yield at future date. Company has entered in FRA to hedge interest rate risk on forecasted premium
receivable at future date. As on the date of entering into the FRA, the Company fixes the yield on the
investment in a sovereign bond that would take place at a future date.
The Company has a Board approved Derivative Risk Management Policy and Process document
covering various aspects related to functioning of the derivative transactions which are undertaken to
mitigate interest rate risk as per the hedge strategy, thereby managing the volatility of returns from
future fixed income investments, due to variations in market interest rates.
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Nature and term of outstanding Derivatives:

(Amt in ‘000s)
Sr. Underlying Instruments Opening Total notional principal Total notional
value amount of forward rate principal amount of
agreement undertaken forward rate
during the year agreement
outstanding as on end
of the year
1 7.69% GOI 2043 22,50,000 (7,50,000) 15,00,000
2 7.62% GOI 2039 23,00,000 (6,60,000) 16,40,000
3 7.06% GOI 2046 10,00,000 (1,00,000) 9,00,000
The fair value mark to market (MTM) gains or losses in respect of Forward Rate Agreement
outstanding as at the Balance Sheet date is stated below:
Underlying Notional Fair Value Description of Nature of the Cashflow and

Instrument Values (MTM) the hedge risks being Impact on
hedged Profit and
Loss
7.69% GOI 15,00,000 30,803 Cash Flow Interest Rate Till the
2043 Hedge Risks maturity of
7.62% GOI 16,40,000 8,413 Cash Flow Interest Rate Instruments
2039 Hedge Risks
7.06% GOI 9,00,000 (9,717) Cash Flow Interest Rate
2046 Hedge Risks
There are no such transactions that were originally hedged but now are no longer expected to occur.
Movement in Hedge Reserve:

(in’000)
Hedge Reserve Account Current year Previous year
Balance at the beginning of the year 84,616 -
Add: Changes in the fair value during

94,356 84,616
the Year
Less: Amounts reclassified to
-517 -
Revenue /Profit & Loss Account
Balance at the end of the year 178,455 84,616
Total impact of FRA on P&L during the financial year is Rs. (19,666) (‘000) [as at 31st March 2020 Rs.
(46,375) ('000) ]
The Company has entered into a Cash Flow Hedge for hedging Reinvestment of maturity proceeds of
existing fixed income investments, Investment of interest income receivable and expected policy
premium income receivable on the insurance contracts which are already underwritten in life, pension
and annuity business. The derivative extended in a Forward Rate Agreement for purchase of G-Sec
bond at fixed yields.
The Forward Rate Agreement (FRA) contract is valued at the Net Present Value (NPV) of the future
cash flows. The Future cash flows are discounted by the INR-OIS interest rate curve sourced from
Bloomberg.
Hedge Effectiveness:
For FRA, hedge effectiveness is ascertained at the time of inception of the hedge and at each reporting
date thereafter. The portion of fair value gain / loss on the Interest Rate Derivative that is determined
to be an effective hedge is recognized directly in appropriate ‘Fair Value Change Account’. The
ineffective portion (where movement of hedge instrument is not offset by hedge item) of the change
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in fair value of such instruments is recognized in the Revenue Account in the period in which they
arise.
The accounting impact based on the results of hedge effectiveness testing throughout the life of the
hedge is as follows:
SNo Scenarios Cash flow hedge

At inception
1 Hedge is effective Qualifies for hedge accounting
Does not qualify for hedge accounting for that

period.
2 Hedge is ineffective
The gain/ loss on hedging instrument is taken to
Profit or Loss account.
At reporting date
The MTM until the time the hedge was
effective is kept in OCI and recycled to Profit or
At inception, the hedge is effective
Loss account as and when the underlying or
parts of it are recognized in the Profit and Loss
AND
3 account
At reporting date, hedge is The change in MTM from the reporting date
ineffective when the hedge was last effective to the current
reporting date is taken to Profit or Loss account
At inception, the hedge is effective

MTM to the extent the hedge is 100%
effective, is taken to OCI
AND
4
At reporting date, hedge is The ineffective portion of the effective hedge is
effective taken to Profit or Loss account
At maturity
MTM pertaining to the instrument, accumulated

As and when the underlying or in OCI is recycled to Profit or Loss account as
5
parts of it mature and when the underlying or portions of it are
recognized in the profit and loss account
Ineffective portion refers to the extent to which the change in the fair value of the hedging
instrument is not offset by a corresponding change in the fair value of the hedged item i.e. portion
between the actual ratio and -1.00 is treated as the ineffective portion in case of an effective hedge.
For Hedge Effective Testing “Regression Analysis” is used.
Based on the results of hedge effectiveness tests, the hedge accounting treatment is done basis
guidelines issued by the ICAI, applicable to cash flow hedges.
The amount to be carried to the Other Comprehensive Income (‘OCI’)/ Hedge Fluctuation Reserve
(‘HFR’)/Fair Value Change (FVC) is ascertained basis using dollar offset method
Counterparty wise details

Sr. No. Particulars Nature of Derivative Contract
1. J.P.Morgan Chase Forward Rate Agreement
2. Citibank NA Forward Rate Agreement
122
9.Claims to turnover Ratio : Incurred gross death and rider claims to gross collected premium ratio of
the company for current financial year is 8.5% [Previous Year 5.2%].
10.Individual Death Claims intimated during the current financial year 2020-21 are disposed off as
follows:
No. of No. of
Category Claims Claims
(2020-21) (2019-20)
Paid 2870 1680
Pending 5 6
Repudiated 37 43
Closed 0 -
Total Claims Intimated 2912 1729
The ageing of claims registered but not settled as on March 31, 2021 is given below:
Number of Number of
Period claims (As at claims (As at 31
31 March 2021) March 2020)
Up to 30 Days 1 5
30 Days to 6
4 1
Months
6 Months to 1
- -
Year
1 Year to 5 Years - -
5 Years and above - -
11.Outstanding Claims
i. The Company does not have any individual death claims, which are settled and unpaid for more than
six months.
ii. All the claims are paid / payable in India
12.Investments
i.Investments are made in accordance with the provisions of the Insurance Act, 1938, as amended
from time to time including the amendment brought by the Insurance Laws (Amendment) Act,
2015, the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and
amendments made thereto, the Insurance Regulatory and Development Authority of India
(Investment) Regulations, 2016, wherever applicable and various other
circulars/notifications/clarifications issued by the IRDAI in this context from time to time
ii. Value of contracts in relation to investments for:

(Rs. ‘000)
Sr. Year Ended Year Ended
Particulars
No. 31 March, 2021 31 March, 2020
i. Purchases where Deliveries are pending
- Unit linked Business 139,406 24,237
- Non linked Business 1,128,553 235,786
ii. Sales where payments are due
- Unit linked Business 20,253 13,675
- Non linked Business NIL 5,363
iii. As at March 31, 2021, the aggregate cost of investments for equity and mutual funds (other than
investments in unit linked funds), which are valued at market value is Rs. 10,256,808 (‘000)
[Previous Year Rs. 6,233,172 (‘000)]
123
iv.Provision for Diminution in value were made for the following securities
(Rs ‘000)
Issuer Name Security Exposure Provision % Provision Amount
Reliance Capital Ltd 8.85% RELIANCE CAP DB 02-11-2026 200,000 50 100,000

9.00% RELIANCE CAP DB 09-09-2026 150,000 50 75,000
Yes Bank Ltd 9.50% YES BANK DB 23-12-2116 750,000 100 750,000
13.Managerial Remuneration:
The data has been compiled from the records of the company and been furnished by the
management which is relied upon by auditors.
A) Chief Executive Officer’s (CEO) Remuneration
Appointment of managerial personnel is in accordance with the requirements of Section 34A of the
Insurance Act, 1938 and is as approved by the IRDAI. The disclosures here in below are as required
by the Corporate Governance guidelines, 2016 issued by IRDAI.
Mr. Vikas Seth has resigned from services of the Company with effect from 30 April 2020.
Further, the Board of Directors and IRDAI have approved the appointment of Parag Raja as CEO and
MD with effect from 1 May 2020.
Details of the managerial remuneration paid/ payable by the Company to CEO are as follows:
(Rs. ‘000)
Particulars Year Ended 31 March, 2021

Sr. No. Year Ended 31
Vikas Seth Parag Raja March, 2020
(CEO & MD) (CEO & MD)
1-Apr-2021 – 1-May-2021 –
30-Apr-2021 31-Mar-2021
1 Salary@ 1,623 17,627 19,760
2 Bonus - 9,906 5,400
3 Personal Allowance - - -
4 Other Allowances and Benefits 36,200 25,382
(including LTIP)#
5 Contribution to Provident 85 667 1,017
Fund
6 Cost of Perquisites - - -
Total 1,708 64,400 51,559
@ In lieu of Ad hoc Allowance, Mr. Parag Raja is entitled to utilize whole or part of the amounts
towards company leased car, company leased accommodation etc. as per company policy, subject
to applicable taxes.
The remuneration excludes employee benefits provision, which are accrued based on an actuarial
valuation for the Company’s overall liability. The amount in excess of Rs. 15,000 (‘000) is charged to
Profit and Loss (Shareholder’s account) as required by IRDAI.
Performance Bonus – For the Financial year 2019-20, Mr. Vikas Seth, CEO & MD was paid a bonus of
Rs. 3,877(‘000)
Benefits Payable/paid to the CEO (Parag Raja)
# Joining Bonus : Mr. Parag raja will be paid a Joining Bonus of INR 92,00,000.
Payment of the joining bonus to be deferred in 4 tranches of 92 lakhs (on joining), 60 lakhs
(September 2020), 60 lakhs (September 2021) and 1.0 Crore (September 2022)
Stock Appreciation Rights Plan (SAR) : Mr. Parag Raja has been granted SAR of 0.7% of Eligible
Pool. The grant is governed by the terms and conditions of the Company’s Stock Appreciation Rights
Plan.
124
Other Allowances
CEO i s entitled to the following additional benefits:
(a) Medical Insurance, Life Insurance and Personal Accident Insurance as per Company
Policy
(b) Gratuity shall be payable as per the Company’s Gratuity Policy and will be a part of
CTC
(c) Club Membership as per Company Policy
(d) Such other applicable benefits as per company policy
B) Other KMPs’ Remuneration
(Rs. ‘000)
LTI Cash LTI Cash
2020- 21 Payout Total 2019-20 2019- 20 Payout Total
2020-21 Bonus (From Remuner Total Bonus (From Remunerati
Total Fixed Payout Previous ation (FY Fixed Payout Previous on (FY 2019 -
Position Title Pay (Actual) Year 2020 -21) Pay (Actual) Year 20)
Chief Financial Officer 7,462 635 822 8,920 7,057 1,647 1,741 10,445
Head - Human Resources 6,918 596 1,058 8,572 3,909 1,802 2,220 7,931
Chief Operating Officer 2,242 834 1,631 4,706 8,574 3,578 2,446 14,598
Chief Customer Officer* 11,885 - - 11,885 - - - -
Chief & Appointed Actuary * 45,932 1,240 1,625 48,797 10,740 3,763 2,821 17,324
Chief Compliance Officer & Company Secretary 5,717 599 320 6,637 5,717 1,184 682 7,583
Chief Risk Officer 1,857 284 - 2,140 3,508 1,100 - 4,608
Chief Investment Officer 11,276 2,865 1,730 15,871 11,276 2,578 3,890 17,744
Head - Direct Distribution* 7,648 - - 7,648 7,112 1,524 - 8,636
Head-Partnership Distribution & Group Business* 13,032 1,141 - 14,173 9,076 3,512 732 13,320
Chief Agency Officer 2,910 - - 2,910 9,113 3,830 718 13,661
Head-Variable Agency 9,529 - - 9,529 1,031 4,000 - 5,031
Head-Distribution Enablement Group 4,507 - - 4,507 - - - -
Head-Tied Agency* 16,574 - - 16,574 - - - -
Chief Technology Officer 2,895 - - 2,895 - - - -
*Includes deferred Bonus & Other benefits
Other KMPs are also eligible for other benefits like gratuity, leave encashment, group mediclaim
insurance, etc.
14.Percentage of business sector wise
Rural Policies Year Ended 31 Year Ended 31

Total No. of Policies 116,831 207,612
Rural Sector 32,140 63,633
Gross Premium underwritten (Rs.'000) 1,136,533 1,225,041
Rural Achievement 27.51% 30.65%
Rural Policies Obligation 20% 20%
125
Social Lives Covered Year Ended 31 Year Ended 31

Individual and Individual and

Group Group
Total Business of Preceding year (refer note
688,268 251,982
a below)
Social Sector Lives 41,212 16,101
Gross Premium underwritten (Rs.'000) 244,618 79,934
Social Achievement 5.99% 6.39%
Social Lives Obligation (5% of Total
34,413 12,599
Business of preceding year)
Note:
a) The above number of policies and number of lives are net of cancellations. Total business for the
purpose of these regulations is the total policies issued in case of individual insurance and number of
lives covered in case of Group Insurance
b) Total number of policies / lives are as per the reports submitted to IRDAI on which the auditors
have relied upon.
15.Investments of Funds and Assets Pertaining to Policyholders’ Liabilities
Allocation of Investments between Policyholders’ Funds and Shareholders’ Funds
Investments made out of the Shareholders’ and Policyholders’ Funds are tracked from inception and
income accounted for on the basis of records maintained accordingly. As and when necessary,
transfers have been made from Shareholders’ Investments to Policyholders’ Investments. In respect
of such transfers, the investment income is allocated from the date of transfer.
Policyholders’ liabilities other than linked liabilities adequately backed by assets

(Rs. ‘000)
Particulars (Liabilities) As at 31 March As at 31 March

2021 2020
Policyholders’ liabilities 73,857,538 58,633,685
Particulars (Assets) As at 31 March As at 31 March

2021 2020
Policyholder Investments & Loans 74,709,818 56,851,791
Other Investments Receivables (Excluding Shareholders) 897,993 1,624,743
Cash And Bank Balances (Excluding Shareholders) 772,112 2,008,545
Total 76,379,923 60,485,079
Provision held to cover linked liabilities
Assets Held to Cover Linked Liabilities Rs. 14,003,369(‘000) [(Previous Year Rs 8,996,836 (‘000)]
cover following policyholders’ liabilities.
(Rs. ‘000)
Sr.
No. Description As at 31 March 2021 As at 31 March 2020
1 Provision for Linked Liabilities 13,802,176 8,910,278
Discontinuance Fund on account
2 of non-payment of premium 201,193 86,558
Total 14,003,369 8,996,836
126
16.Risk Retention / Reinsurance
Extent of risk retained and reinsured on the basis of sum assured is given below:
As at 31 March 2021 As at 31 March 2020

Particulars Individual Group Individual Group
Risk Retained 55% 76% 56% 73%
Risk Reinsured 45% 24% 44% 27%
The auditors have relied on the Appointed Actuary’s Certificate for the above figures.
17.Operating Leases
a) As Lessor
The details of minimum future rental towards non-cancellable lease agreements are as under:
As at As at
Particulars March 31, 2021 March 31, 2020
(Rs. 000’s) (Rs. 000’s)
not later than one year 96,237 72,584
later than one but not later than five years 81,643 156,043
later than five years - -
An amount of Rs. 86,328(Rs. 000’s) [Previous year Rs. 68,791(Rs. 000’s)] has been recognized in
Revenue Account.
Had lease payments been recognized as income over the lease period on actual basis, lease rentals
would have been lower by Rs. 16,736 (‘000).
b) As Lessee
The Company has entered into agreements in the nature of lease/leave and licence with different
lessors/ licensors for residential premises/office premises, office equipment, IT equipment, furniture
and fixtures. Lease payments aggregating to Rs. 250,832 (‘000), [Previous year 184,418 (‘000)] are
recognised in the Revenue Account under ‘Rent, Rates and Taxes’.
The future minimum lease payments under non-cancellable operating leases as at the Balance Sheet
date are as follows:
(Rs.’000)
As at 31 As at 31
Particulars
March 2021 March 2020
Not later than one year 14,844 7,998
Later than one year and not later than five years 520 5,562
Later than five years -
Had lease payments been recognized as expense over the lease period on actual basis, lease rentals
would have been lower by Rs. 54,836 (‘000).
c) Rent Reserves:
(Rs.’000)
Particulars As at 31 As at 31
March 2021 March 2020
Rent SLM -Liability reserves-As Lessee 54,836 0
Rent SLM -Asset Reserves-As Lessor 16,736 0
Net Rent SLM -Liability Reserves 38,100 0
18.Foreign currency exposure as at March 31, 2021 and March 31, 2020 that has not been hedged by
any derivative instrument or otherwise is estimated as follows:
(Rs. 000’s)
As at March 31, 2021 As at March 31, 2020
Particulars
Foreign Currency Exposure* 54,601 125,179
*represented by various currencies
127
19.Taxation
(a) No provision for taxation has been made in the accounts since the Company does not have any
taxable income in the current accounting period.
(b) With reference to accounting policy on deferred tax, in view of no virtual certainty, due to a long
gestation business, as a matter of prudence, the Company deems it proper not to recognise
deferred tax assets.
(c) The advertisement expenses include reversal of Input tax credit of Rs. 59,700 (Rs. 000’s)
pertaining to FY 2019-20 pursuant to the directive from the GST official during the enquiry of a
vendor for non-payment of GST at their end. Further, pursuant to the findings during GST Audit
for FY 2019-20 an amount of Rs. 1,900 (Rs. 000’s) has been paid towards ineligible input tax
credit in relation to certain expenses incurred during that period.
20.Segment Reporting
In accordance with the IRDAI Financial Statement Regulations read with Accounting Standard – 17 on
“Segment Reporting” prescribed in the Companies (Accounting Standards) Rules, 2006, life insurance
companies are required to prepare Segmental Revenue Account and Segmental Balance Sheet. The
Company’s business is segmented into Individual Participating Life, Individual Participating Pension,
Individual Non-Participating Life, Individual Non-Participating Health, Linked Pension, Linked Life,
Linked Group Gratuity and Group Non-Participating business. Since the Company has conducted
business only in India, there is only one geographical segment.
Income, expenses, assets and liabilities directly attributable or allocable to the segments are
recorded and disclosed under the respective segments in the Segmental Revenue Account and
Balance Sheet.
a) Revenue and expenses, assets and liabilities, which are directly attributable and identifiable to the
respective segments, are considered on an actual basis.
b) Other revenue, expenses, assets and liabilities which are not directly identifiable to a business
segment though attributable and other indirect expenses which are not attributable to a business
segment are allocated based on one or combination of some of following parameters, as considered
appropriate by the management:
- NB Number of policies
- NB Commission
- Collected premium
- Sum Assured
- Annual premium equivalent
- Funds under management
- Number of claims
In addition the excess of actual expenses over allowable in each segment are charged to
shareholders’ account as per the IRDAI (Expenses of Management of Insurers Transacting Life
Insurance Business) Regulations, 2016.
21.Related Party Transactions
i. Entity Name Relationship
x Bharti Life Ventures Private Limited Holding Company

x AXA India Holdings (Mauritius) Significant Influence
x Bharti AXA Life Insurance Co Ltd.

Employees Group Gratuity Trust Significant Influence
x Parag Raja CEO & MD
ii. Disclosure of transactions between the Company and related parties and outstanding balances as at
the year-end (Refer Annexure 1).
128
iii. Group entities with which the company had transactions during the year:
Total Value of transactions Total Value of transactions

for the year ended for the year ended
Name of the Party Nature of Transactions 31st March, 2021 31st March, 2020
Telephone, Data Maintenance
Bharti Airtel Limited and other expenses (30,157) (42,051)
Bharti Airtel Limited Premium 19,891 7,289
IT, Marketing & other

Consultancy services received,
AXA Asia RTOM project related charges (2,307) (4,790)
Amount charged by BAGI
Bharti AXA General Insurance towards office space sharing,
Limited data line charges, etc (72,328) (56,807)
Amount charged by BAL
Bharti AXA General Insurance towards office space sharing,
Limited data line charges, etc 95,499 77,576
Airtel Payments Bank Limited Premium 8,437 14,623
Airtel Payments Bank Limited Commission (395) (5,090)
Bharti Hexacom Limited Premium 1,775 366
AXA France Vie – India
Reinsurance Branch Reinsurance Claims 16,480 240
AXA France Vie – India
Reinsurance Branch Reinsurance Premium (8,209) (2,469)
iv. Key Management Personnel (AS – 18)
x Parag Raja- CEO & Managing Director (W.E.F 01/05/2020)

x Vikas Seth – CEO & Managing Director (Upto 30/04/2020)
Note: Identification of Key Management Personnel for disclosure in the Notes Forming Part of
the Financial Statements under Note 20 is as per the definition provided in AS – 18 Related
Parties and does not cover the definition given in Section 2(51) of the Companies Act, 2013
22.Earning Per Share
Earning per share is calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.
Earning per share has been computed as under:
Particulars Period Ended 31st Period Ended 31st

Sr.
No.
(Audited) (Audited)
Profit/(Loss) for the Period (Rs’000) (1,540,451) (2,148,044)
1
2 No. of Shares (Opening) 2,891,200,976 2,526,200,976

No. of Shares issued during the 195,000,000 365,000,000
3
period
No. of Shares (Closing) (4)= (2) + 3,086,200,976 2,891,200,976
4
(3)
Weighted average number of equity 2,969,433,853 2,626,405,894
5
shares (Nos.)(Basic)
Weighted average number of equity 2,970,099,606 2,629,465,047
6
shares (Nos.)(Diluted)
Earnings per share (Rs.) (7)= (1) /
7 (0.52) (0.82)
(5)
8 Basic and Diluted (Rs.) (8)= (1) / (6) (0.52) (0.82)
9 Face Value per share (Rs.) 10 10
129
23.Treatment of Surplus / Deficit in Policyholders’ Account
a. Contribution made by the Shareholders to the Policyholder’s Account towards Expenses
of Management
Transfers from Shareholders’ Account to the Policyholders’ Account towards Expenses of

Management is Rs 2,004,007 (‘000) [Previous Year 2,872,984 (‘000)]
b. Transfer of Surplus/Deficit from Policyholders’ Account (Technical Account) to

Shareholders’ Account (Non-Technical Account)
(Rs.’000)
Year Ended 31 Year Ended 31
Segment March, 2021 March, 2020
Surpus/(Deficit) Surpus/(Deficit)
Participating Individual Life 105,097 94,862
Participating Individual Pension 155 529
Non Participating Individual Life 90,904 -86,966
Non Participating Individual Health -30,345 15,633
Non Participating Group 344,490 1,081,735
Linked Life -300,151 -240,874
Linked Pension 7,507 5,266
Linked Group -3,835 419
Total 213,822 870,604
c. Transfer of surplus / deficit from Policyholders’ Account (Technical Account) to

Shareholders’ Account (Non-Technical Account) on account of Expense of Management
As per IRDAI (Expenses of Management of Insurers transacting life insurance business)

Regulations, 2016, actual expenses in excess of allowable expenses are charged to the shareholder
account. There are certain segments wherein expenses for FY 2020-21 have exceeded the
allowable limits, Such excess has been charged to shareholder account which amounts to Rs.
2,004,007 (‘000) [Previous Year 2,872,984 (‘000)]. The above contribution is irreversible in nature
and will not be recouped to the shareholders.
The details of the said amount are provided in the table below.
(Rs. ‘000)
Individual Participating Non-Participating Individual Linked Group

Particulars Individual Individual Total
Life Pension Group Life Pension UL Gratuity
Life Health
Allowables 1,814,271 81 4,130,333 9,106 131,038 567,712 884 1,959 6,655,385
Allowables @ 100% 1,814,271 81 4,130,333 9,106 131,038 567,712 884 1,959 6,655,385
Actuals 1,747,250 217 5,715,898 8,452 427,761 689,288 892 467 8,590,225
Excess /(Surplus) (67,021) 135 1,585,565 (654) 296,723 121,576 8 (1,492) 1,934,840
To be charged to Shareholders - 135 1,585,565 - 296,723 121,576 8 - 2,004,007
The Company has received forbearance as per EOM Regulations, 2016 for the FY 2016-17, FY
2017-18 and FY 2018-19.The company has received forbearance for FY 2019-20 vide Letter No.
446/16/F&A-L/EoM/2019-20/ dated 23rd November 2020.
An application has been made by Life Insurance Council on behalf of 24 life insurance companies
(which includes Bharti Axa Life Insurance Company Limited) vide letter dated 23rd March 2021 to
the Authority for Forbearance of Expenses of Management for FY 2020-21. The Company is in the
process of making a separate submission for forbearance of expenses incurred in excess as per
response received from IRDAI letter dated 16th April 2021.
130
24.Employee Benefits
The Company has classified various benefits provided to the employees as under:
(i) Defined Contribution Plan
Provident Fund
During the year, the Company has recognised the following amount in the Revenue Account.
Employer’s Contribution to Provident Fund and Employees’ Pension Scheme, 1995 Rs 132,527
(‘000) [Previous Year Rs. 133,383 (‘000)] [Included in Employees’ Remuneration and Welfare
Benefits - Refer Schedule 3]
(ii) Defined Benefit Plans

The amounts recognized in the Company’s financial statements as at year end are as under:
Gratuity (Funded)
2020-21 2019-20
(Rs. '000) (Rs. '000)

i) Change in Present Value of Obligation
104,416 81,868
Present value of the obligation at the beginning of the year
Transfer In/(Out)
(1,259) -
Current Service Cost 14,122 14,697
Interest Cost 5,221 5,403
Past Service Cost - -

(10,836) 16,124
Actuarial (Gain) / Loss on Obligation
Benefits Paid (14,136) (13,676)
Present value of the obligation at the end of the year

97,528 104,416
ii) Change in Plan Assets

Fair value of Plan Assets at the beginning of the year 110,828 88,881
Expected return on Plan Assets 5,253 5,966
- 25,000
Contribution by Employer
2,846 4,657
Actuarial Gain / (Loss) on Plan Assets
Benefits Paid (14,136) (13,676)
Fair value of Plan Assets at the end of the year

104,791 110,828
iii) Amounts Recognised in the Balance Sheet:

Present value of Obligation at the end of the year 97,528 104,416
Fair value of Plan Assets at the end of the year 104,791 110,828
Net Asset at the end of the year 7,263 6,412
iv) Amounts Recognised in the statement of Profit and Loss:*

Current Service Cost 14,122 14,697
131
Interest Cost on Obligation 5,221 5,403

Expected return on Plan Assets (5,253) (5,966)
Past Service Cost - -
Net Actuarial (Gain) / Loss recognised in the year (13,682) 11,467
Net Cost Included in Personnel Expenses 408 25,601
8,099 10,623
v) Actual Return on Plan Assets
vi) Major categories of Plan Assets as a % of total Plan Assets

i) Insurer Managed Funds 100% 100%
vii) Actuarial Assumptions

i) Discount Rate 4.2%P.A 5% P.A
ii) Expected Rate of Return on Plan Assets 5%P.A 6.6% P.A
iii) Salary Escalation Rate 6.5%P.A 10% P.A.
Employees Employees
under under
Deferred Deferred
Compensation: Compensation
iv) Employee Turnover
15% p.a. 15% p.a.
Other Other
Employees: Employees
50% p.a. 50% p.a.
Indian
Indian Assured
Assured Life
v) Mortality Life Mortality
Mortality
(2012-14)
(2012-14)
Ultimate
Ultimate
The estimates of future salary increase, considered in actuarial

valuation, take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the
employment market.
viii)
Experience Adjustments:
Plan Liabilities ( (Gain )/ Loss): (3,146) 13,778
Plan Assets (Gain / (Loss) ): 1,166 4,565
* included in Employees’ Remuneration and Welfare Benefits – Refer Schedule 3
132
(iii) Long term Compensated Absences (Funded)
Particulars March 31, 2021 March 31,

(Rs in ‘000) 2020
(Rs in ‘000)
Present Value of Defined Benefit Obligation
39,622 35,644
Fair Value of Plan Assets -
37,019
Liability/ (Asset) recognized in the Balance Sheet
2,603 35,644
Of which Short Term Liability
- 22,184
Cost recognized during the year
13,772 18,788
Actuarial Assumptions used March 31, March 31,

2021 2020
Discount Rate 5%
4.2%
Salary Escalation Rate 10%
6.5%
Mortality rate
Indian Assured Indian Assured
Life Mortality Life Mortality
(2012-14) (2012-14)
Ultimate Ultimate
Withdrawal Rate Under deferred Under deferred
compensation- compensation-
15% 15%
Others-50% Others-50%
(iv) Other Long Term Employee Benefits
x The Company has formulated a Long Term Incentive Plan (LTIP). The plan provides that eligible
employees are entitled to a cash incentive pay out based on agreed corporate performance
measured during the same period. Please refer the table below for details
Particulars As at 31 Mar 2021 As at 31 Mar 2020

Amount at the beginning of the reporting year (A) 27,726 44,677
Amount Paid during the year (B) (12,858) (29,795)
Expense/(Income) during the period © (4,599) 12,844
Amount at the end of the reporting year (A) 10,269 27,726
x The Company has launched a Special Retention Plan (SRP) from the current financial year. The
employees under the plan are paid deferred cash bonuses equivalent to 40% or 60% (basis
criteria and assessment) of their current fixed pay, in two tranches of 40% and 60% of the
deferred bonus amount on March 31, 2022 and March 31, 2023 respectively. This payout would
be paid conditional to the employee being on roll on the date of payment and on being appraised
"Successful" or better, throughout the coverage period. In case any SRP beneficiary separates
from the Organization during the tenure of the Plan, the HR Committee is authorised to assign a
new beneficiary to the plan, conditional to the total number of beneficiaries being capped at 40.
The payout schedule of any new beneficiaries will be adjusted accordingly, to ensure fulfilment of
the plan objectives.:
133

Amount at the beginning of the reporting year (A) - -
Amount Paid during the year (B) - -
Expense/(Income) during the period © 64,552 -
Amount at the end of the reporting year (A) 64,552 -
x Provision for STIC Bonus:

Amount at the beginning of the reporting year (A) 59,400 105,000
Amount Paid during the year (B) (41,764) (107,652)
Expense/(Income) during the period © 115,329 62,052
Amount at the end of the reporting year (A) 132,966 59,400
25. Bank Overdraft is in respect of amount overdrawn as per the books and not as per the bank. The
Company does not have any overdraft facility with any bank. The actual balance as per the bank
statement as on 31 March 2021 is Rs.38,482 (‘000) [Previous Year Rs. 36,744(‘000)]
26.Summary of Financial statements of the Company as prescribed by the IRDAI is attached in

Annexure 2 to Schedule 16.
27.The accounting ratios of the Company as prescribed by the IRDAI are attached in Annexure 3 to
Schedule 16.
28.The financial statements of each of the fund under Unit Linked business as prescribed by the IRDAI
are attached in Annexure 4 to Schedule 16.
29.The Controlled fund as prescribed by the IRDAI is attached in Annexure 5.
30.The Micro, Small and Medium Enterprises Development Act, 2006:
According to information available with the management, on the basis of intimation received from
suppliers, regarding their status under the Micro, Small and Medium Enterprises Development Act,
2006 (MSMED Act), the details of amounts due to Micro and Small Enterprises under the said Act as
on March 31, 2021 are as follows:
For the year ended For the year ended

Particulars 31st March 2021 31st March 2020
a) (i) Principal amount remaining unpaid to supplier under MSMED Act Nil Nil
(ii) Interest on (a) (i) above Nil Nil
b) (i) Amount of principal paid beyond the appointed date Nil Nil
(ii) Amount of interest paid beyond the appointed date (as per Section 16) Nil Nil
c) Amount of interest due and payable for the period of delay in making
payment,
but without adding the interest specified under section 16 of the MSMED Act Nil Nil
d) Amount of further interest remaining due and payable even in earlier years Nil Nil
e) Total Amount of Interest due under MSME Act Nil Nil
134
31.Additional disclosures on expenses
The additional disclosures on expenses pursuant to IRDAI Circular 067/IRDA/F&A/CIR/MAR-08

Dated March 28, 2008 is as follows:
(Rs.’000)
Year Ended 31 Year Ended 31
Particulars
Business Development expenses 213,999 298,189

Marketing support expenses 1,687,852 2,637,024
Outsourcing expenses* 165,695 94,748
*Current year outsourcing return is prepared in accordance with the new IRDAI circular: IRDAI
(Outsourcing of Activities by Indian Insurers) Regulations 2017
32.Penalty
Disclosure pursuant to IRDAI Circular No. IRDA/F&A/CIR/232/12/2013 dated 11th December 2013
regarding Penalty
(Rs.’000)
Year Ended 31 March
Non- 2021(Amount in Rs.)
Sr.
Authority Compliance/ Penalty
No. Penalty Penalty
Violation Waived/
Awarded Paid
Reduced
1 Insurance Regulatory and None (NIL) (NIL) NIL
Development Authority of India (NIL) (NIL) (NIL)
2 Goods & Service Tax Authorities None NIL NIL NIL
(NIL) (NIL) (NIL)
3 Income Tax Authorities None NIL NIL NIL
(NIL) (NIL) (NIL)
4 Any other Tax Authorities None NIL NIL NIL
(NIL) (NIL) (NIL)
5 Enforcement Directorate/ None NIL NIL NIL
Adjudicating Authority/ Tribunal or (NIL) (NIL) (NIL)
any Authority under FEMA
6 Registrar of Companies/ NCLT/CLB/ None NIL NIL NIL
Department of Corporate Affairs or (NIL) (NIL) (NIL)
any Authority under Companies Act,
1956
7 Penalty awarded by any Court/ None NIL NIL NIL
Tribunal for any matter including (NIL) (NIL) (NIL)
claim settlement but excluding
compensation
8 Securities and Exchange Board of None NIL NIL NIL
India (NIL) (NIL) (NIL)
9 Competition Commission of India None NIL NIL NIL
(NIL) (NIL) (NIL)
10 Any other Central/State/Local None NIL NIL NIL
Government / Statutory Authority (NIL) (NIL) (NIL)
33. Statement containing names, descriptions, occupations of and directorships held by the
persons in charge of Management of business under section 11(2) of the insurance act,
1938
i) Name: Parag Raja
Description: Chief Executive Officer & Managing Director (Appointed w.e.f 1st May 2020)
Occupation: Service
Directorship held as at 31 March 2021 – No directorship held other than Bharti AXA Life
Insurance Company Ltd
135
34.Disclosure under IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations,

2010 relating to Discontinued Policy Fund
Current Year Current Year

(Rs. '000) FY 2020-2021 FY 2019-2020
Particulars Sub-total Total Sub-total Total
Fund for Discontinues Policies
Opening Balance of Funds for Discontinued Policies 86,558 72,419
Add: Fund of policies discontinued during the year 382,781 78,211
Less: Fund of policies revived during the year 234,336 33,585
Add: Net Income/ Gains on investment of the Fund 5,142 5,331
Less: Fund Management Charges levied 845 577
Less: Amount refunded to policyholders during the year 38,107 35,242
Closing Balance of Fund for Discontinued Policies 201,193 86,558
Particulars Year Ended 31 March, 2021 Year Ended 31 March, 2020

Number of Policies discontinued during the financial year 686 215
Percentage of discontinued to total policies (product wise) during the year:
Bharti AXA Life eFuture Invest 1.09% 18.14%
Bharti AXA Life Future Invest 7.37% 20.47%
Bharti AXA Life Grow Wealth 2.70% 16.74%
Bharti AXA Life Wealth Pro 0.49% 0.00%
Number of the policies revived during the year 432 104
Percentage of the policies revived during the year 62.97% 48.37%
Charges imposed on account of discontinued policies (Rs.'000) 2,609 78
Charges adjusted on account of revival of discontinued policies (Rs. '000) 852 7
35.Policyholders’ unclaimed amount:

A) As per IRDAI Master Circular on “Unclaimed Amounts of Policyholders” dated November 17, 2020
the ageing analysis of policyholders’ unclaimed amount is given below.
(Rs.’000)
Particulars Total 0-6 months 7-12 months 13-18 months 19-24 months 25-30 months 31-36 months 37-120 months Beyond 120 Months
Claims settled but not paid to the policyholders/beneficiaries due to
any reasons except under litigation from the policyholders/
beneficiaries 201 201 - - - - - - -
Sum due to the policyholders/ beneficiaries on maturity or otherwise 56,573 35,848 11,363 3,156 4,195 1,520 - 489 0
Any excess collection of the premium/tax or any other charges which
is refundable to the policyholders/ beneficiaries either as terms of
conditions of the policy or as per law or as may be directed by the
Authority but not refunded so far 86,669 33,225 7,287 16,168 8,573 5,136 2,247 13,811 223
Cheques issued but not encashed by the policyholder/beneficiaries 298,338 32,431 22,190 25,755 9,843 7,962 7,282 188,230 4,645
Grand Total 441,781 101,705 40,840 45,080 22,611 14,618 9,529 202,530 4,868
During the current year, the cheques issued but yet to be encashed by the policyholder/insured as
shown above does not include the cheques which are within the validity period but yet to be
encashed by the policyholder/insured. These cheques form a part of the Bank Reconciliation
Statement as at March 31, 2021. This is in accordance with the IRDAI Master Circular on “Unclaimed
Amounts of Policyholders” dated November 17, 2020.
136
B) As per IRDAI Master Circular on “Unclaimed Amounts of Policyholders” dated November 17, 2020,
the details of unclaimed amounts of policyholders and Investment Income thereon is as below :
(Rs.’000)
Current Quarter Previous Quarter
Particulars For Jan-Feb-Mar 21 Oct-Nov-Dec-20
Policy Dues Income Accrued Policy Dues Income Accrued
Opening Balance 614,335 32,353 660,577 32,007
Add: Amount transferred to Unclaimed amount 54,019 - 89,027 -
Add: Cheques issued out of the unclaimed
amount but not encashed by policyholders (To
be included only when the cheques are stale) 24,240 - 72,542 -
Add: Investment Income on Unclaimed Fund
(net of FMC) - 4,561 - 5,503
Less: Amount of Claims paid during the year 276,298 11,427 207,811 5,157
Less: Amount transferred to SCWF (net of claims

paid in respect of amounts transferred earlier) - -
Closing balance of Unclaimed Amount 416,295 25,486 614,335 32,353
W.e.f. 1 April 2016 separate category of investments corresponding to the unclaimed amounts have
been maintained and income of the fund is calculated on actual basis through Net Assets Value
method and credited to policyholders’ unclaimed amounts account. For this purpose these
investments have been transferred at book value. Any refund request pertaining to these amounts
are paid out of this amount at NAV on the date of processing request. The outstanding unclaimed
amounts are disclosed in the balance sheet under Schedule 13 and the corresponding investments
and Bank Balance of the fund are disclosed in the balance sheet under Schedule 12 and Schedule 11
respectively as at 31 March 2021. The investments held for unclaimed amount 31st March 2021 are
as under:
(Rs.’000)
As at 31st March As at 31st March
Particulars 2021 2020
Included in Schedule 12
- Money Market 438,081 571,294
- Current Assets (Net) 3,700 75,997
Included in Schedule 11
- Cash & Bank Balances - -
Total 441,781 647,291
36.Revaluation & Depreciation on investment property:
Investment property has been revalued on 1st March 2021 and the valuation has been completed by
Colliers International (India) Property Services Pvt. Ltd, anindependent valuer which are regulated by
the Royal Institution of Chartered Surveyors (RICS). The valuation report is prepared in strict
accordance with the Royal Institution of Chartered Surveyors (RICS) Global and India valuation
professional standards incorporating the International Valuation Standard Council (IVSC) valuation
standards
The valuer has adopted Market Approach (Direct Sales Comparison Method) which provides an
indication of value by comparing the asset with identical or similar assets for which price information
is available. By analyzing such sales, which qualify as ‘arms-length’ transactions, between willing
buyers and sellers, adjustments are made for size, location, time, amenities and other relevant
factors when comparing such sales prices to assess the value of the subject asset. This approach is
commonly used to value assets where reliable sales evidence of assets of a similar nature is
available.
The impact of the revaluation of Rs.46,963 (‘000) has been accounted by increasing the carrying
amount and crediting the Revaluation Reserve Account in the Balance Sheet.
The total depreciation amount charged during the year is Rs. 14,588 (‘000).The depreciation on
revaluation amount of Rs.972 (‘000) has been debited to revaluation reserve
137
37.Details of payment to statutory auditors
During the year the Company has paid / accrued (excluding GST) following expenses relating to
statutory auditors:
(Rs.’000) (Rs.’000)
2020-2021 2019-2020
CNK and M.P. Chitale & CNK and M.P. Chitale &
Particulars Associates LLP Co. Total Associates LLP Co. Total
Statutory Audit Fees (including
reimbursement of out of pocket
expenses) 3,105 3,144 6,249 3,258 3,160 6,418
Certification Fees 450 225 675 40 179 219
Tax Audit 175 - 175 175 - 175
GST Audit 1,083 - 1,083 862 - 862
Total 4,813 3,369 8,182 4,335 3,339 7,674
38.Details of Figures Reclassified
Reason For
Reclassified / Regrouped Item Reclassified / Regrouped From Reclassified / Regrouped To Amount in Rs ‘000
Reclassification
Recruitment and Training- Employees’ Remuneration and Welfare
Contest -Employee Schedule 3 Benefits- Schedule 3 102,973 Better presentation
Telemarketing Expense Other-Schedule 3 Advertisement and Publicity- Schedule 3 9,546 Better presentation
Contest-Employee,Loyalty,SIP
Bonus, Staff Recruitment, Sundry Creditors-Schedule 13 Provision for Employee Benefits-
Referrals & STIC bonus (Provision for Expense) Schedule 14 298,790 Better presentation
Bharti Life Ventures Private Sundry Creditors-Schedule 13
Limited Due to Holding/Subsidiary Company 17,624 Better presentation
Other Investment Asset-
Derivative Margin Schedule 12 Derivative Margin Payable-Schedule 13 29,602 Better presentation
Cash and Terminal Bonus Benefits Paid-Schedule 4 Interim & Other Bonuses Paid 187,217 Better presentation
39.Solvency Margin
The Company has adequate assets to cover both its liabilities and the minimum solvency margin as
stipulated in Section 64 VA of the Insurance Act, 1938 and Insurance Regulatory and Development
Authority of India (Assets, Liabilities, and Solvency Margin of Life Insurance Business) Regulations,
2016. The solvency margin maintained by company is 178 % as at March 31, 2021. (Previous Year
186%) (required solvency margin is 150%)
138
40. Remuneration to Non-Executive Directors
(Rs.’000) (Rs.’000)
Sitting fee per meeting Total Sitting fees in 20-21
Name of Independent Committee Board Committee Board

Directors meeting Meeting meeting Meeting
Bharat S. Raut 15 45 210 225
Jitender Balakrishnan 15 45 225 225
Uma Relan 15 45 195 225
Total 630 675
41.Capital and other Commitments

There are no commitments outstanding for Loans.
Outstanding commitment for investment is Rs.10,952,398(‘000).[Previous year Rs.

12,898,702(‘000)]
Estimated amount of contracts remaining to be executed on fixed assets, to the extent not provided
for (net of advances): is Rs. 45,726(‘000) [(Previous year Rs. 49,847 (‘000)].
42.Control Account
Current assets and current liabilities to the extent identified by segment are shown under respective
segment in the balance sheet and remaining balance is shown under Shareholders segment. As this
creates apparent Asset – liability mismatch under some segments, control account is used to
evidence transfer from shareholder to various segments in order to ensure that total assets under a
particular segment are at least equal to the total liability (other than fair value change account).
43. In accordance with the IRDAI (Investment) Regulations 2016 and IRDAI circular
IRDA/F&I/INV/CIR/062/03/2013 dated March 26, 2013, the Company has complied with the
direction indicated in Schedule I-B 11(c&d) of the Regulation relating to applicable NAV for the
applications for unit linked business received on the last business day of the financial year
The Company has declared March 31, 2021 as a business day. NAV for all unit linked segments
were declared on March 31, 2020.
All applications received till 3 PM on March 31, 2021, were processed with NAV of March 31,
2021.
139
44.Note on Covid-19
The current second wave of Covid-19 pandemic, where the number of new cases has increased
significantly in India, has resulted in re-imposition of localised/regional lockdown measures in various
parts of the country. The Company has considered the possible effects that may result from the
pandemic relating to COVID-19 on the carrying amounts of receivables, tangible & intangible assets,
current & non-current investments and claims. In assessing the recoverability of aforesaid assets, the
Company has considered internal and external information up to the date of approval of these
financial statements including credit reports and economic forecasts. Based on such estimates, the
Company expects the carrying amount of these assets will not be adversely impacted. A definitive
assessment of impact is not possible due to economic uncertainty. However, the Company prima
facie evaluated the impact of this pandemic on its business operations and based on such evaluation,
by being prudent in applying estimates, taking assumptions and account for the impact of the
COVID-19 situation on the Financial Statements, the Company believes that it has factored in all
significant impacts of COVID 19 on the Financial position and performance of the Company as at
March 31, 2021. Adjustments to Actuarial assumptions & recoverable amounts that the company has
felt necessary due to the pandemic have been made in the Financial Statements. Actual results may
vary with the current estimates and assumptions used and may impact future estimates including,
but not limited to, Actuarial assumptions, potential future claims, allowance for loan losses, asset
impairment charges, cancellation reserves, actuarial losses on our retirement benefit plans and
discount rate assumptions. The Company will continue to closely monitor any material changes to
future economic conditions. Other than these adjustments, the company believes that there is no
significant impact on the Financial Results for the year ended March 31, 2021.

Parag
2.5.4.20=f00d4830566fa9f20e708

by RAKESH rajes Digitally signed
by rajesh sud
a5a0552ce546ba85d9d16251f69f
b6a2dc42914b960,
postalCode=400053,
st=Maharashtra,
BHARTI Raja
serialNumber=fe4f97adf36a9f8c
BHARTI MITTAL Date: 2021.05.21
bf16585ecf34117ed36395a2f7e5
h sud
00f66f30199a6ecaa7d7,
Date: 2021.05.21 23:24:02 +05'30'
cn=Parag Raja
MITTAL 23:32:10 +05'30'

Date: 2021.05.21 23:44:17 +05'30'
Parag Raja
Rakesh Bharti Mittal Rajesh Sud
Chief
Chairman Director
Executive Officer &
DIN: 00042494 DIN: 02395182
Managing Director
DIN: 08713978
Digitally signed Digitally signed by Vinod
Nilesh byKothari
Nilesh J Digitally signed by Varun Gupta
Vinod
D'souza
Varun
DN: c=IN, o=BHARTI AXA LIFE INSURANCE 2.5.4.20=c68bae1cc746f44f
COMPANY LIMITED, ou=MANAGEMENT, c8f62c52b6127480bc87a5
postalCode=400051, st=Maharashtra, 80d2ad367cbade4e2b957
J
2.5.4.20=3720ba192c47ecdec4b3e97774
64644,
Date:
2021.05.21
e1f8331a91ff409bba0ff547e454a65fe0ad
95,
pseudonym=1FC4626BD677A8E0485B13 D'sou postalCode=400042,
st=Maharashtra,
Gupta
1FFAB333F165894FAB, serialNumber=3c5440515a
serialNumber=4E1CAFE14327DE9033E3C 02d4621fd020493b234107
Kothari 23:57:20
+05'30'
179548617D03A0EA629D6A0B3A97FEAF
AE2550F886C, cn=Varun Gupta
Date: 2021.05.21 23:48:28 +05'30' za
8d4a11043817564c359d4f
5ae0442d90, cn=Vinod
D'souza
Date: 2021.05.21 22:34:55
+05'30'
Nilesh Kothari Varun Gupta Vinod D’Souza

Chief Financial Appointed Actuary Company
Officer Secretary
Place: Mumbai
Date: 21st May 2021
140
IRDA Registration No: 130 dated 14 July, 2006
Receipts and Payments Account for Year Ended 31 March, 2021
(Rs.'000)

Particulars
March,2021 March,2020
I Cash Flow from Operating Activities
Premium collection (Excluding GST collected, but including advance premium) 23,259,055 21,340,630
Cash paid to Reinsurers (Net) (490,703) (253,276)
Cash paid to suppliers and employees (6,446,097) (7,372,811)
Benefits paid (5,787,087) (3,985,055)
Commission paid (1,484,877) (1,896,353)
Deposits received back/(paid) (Net) (1,742) (26,158)
Other Receipts 25,369 18,656
Cash paid towards Income Tax 4,452 (6,734)
Cash paid towards GST (29,215) (102,958)
Cash flows before any extraordinary items (A) 9,049,155 7,715,941
Cash flows from extraordinary items (B) Nil Nil
Net Cash flows from Operating Activities (A + B) 9,049,155 7,715,941
II Cash Flows from Investing Activities

Purchase of Fixed Assets (Net of Sale) (91,122) (72,908)
Loan recovered/(disbursed) (79,619) (73,969)
Net Investments Purchased (17,603,424) (13,924,822)
Rent, Interest and Dividend Received 5,149,444 3,964,887
Net Cash (used in) / from Investing Activities (12,624,721) (10,106,812)
III Cash Flows from Financing Activities

Proceeds from issuance of Share Capital 1,950,000 3,650,000
Proceeds from issuance of Debentures - -
Interest on Debentures (53,059) (53,886)
Share / Debenture issue expenses (607) (4,159)
Net Cash from Financing Activities 1,896,334 3,591,955
Net increase in Cash and Cash Equivalents (1,679,232) 1,201,084
Cash and Cash Equivalents at beginning of the year 2,634,409 1,433,325
Cash and Cash Equivalents at the end of the year 955,177 2,634,409
1. The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development Authority (Preparation of Financial Statements and
Auditor's Report of Insurance Companies) Regulations, 2002 under the "Direct Method" laid out in Accounting Standard - 3 on Cash Flow Statements
2. Cash and Cash equivalents at the end of the year comprise of the following Balance Sheet amounts;
(Rs.'000)
Cash (including cheques, drafts, stamps in hand) (Refer Schedule 11) 258,903 82,516
Bank Balances (Refer Schedule 11) 669,793 2,249,308
Book Overdraft (Refer Schedule 13) (198,042) (47,766)
Bank Balances in Unit Linked Funds (Refer Schedule 8B) 224,523 350,351
Short Term Liquid Investments - -
Total 955,177 2,634,409
0 0
3. Reconciliation between Cash and Bank balances in Schedule 11 and Cash and Cash Equivalents as at the end of the year:
(Rs.'000)
Cash and Bank Balances (As per Schedule 11) 928,696 2,331,824
Add: Book Balances in Unit Linked Funds (Refer Schedule 8B) 224,523 350,351
Less: Book Overdraft (Refer Schedule 13) (198,042) (47,766)
Total Cash and Cash Equivalents 955,177 2,634,409
Schedules referred to above form an integral part of the Financial Statement 0

Parag (0)

rajes Digitally signed DN: c=IN, o=Personal,
2.5.4.20=f00d4830566fa9f20e708a5a0
by RAKESH by rajesh sud
552ce546ba85d9d16251f69fb6a2dc4
2914b960, postalCode=400053,
BHARTI MITTAL st=Maharashtra,
BHARTI Date: Date:

Raja
85ecf34117ed36395a2f7e500f66f3019
MITTAL 2021.05.21
23:32:49 +05'30'
h sud 2021.05.21
23:24:32 +05'30'
Date: 2021.05.21 23:44:53 +05'30'
Parag Raja
For C N K & Associates LLP For M.P. Chitale & Co. Rakesh Bharti Mittal Rajesh Sud
Chief Executive Officer &
Chartered Accountants Chartered Accountants Chairman Director
Managing Director
DIN: 00042494 DIN: 02395182
DIN: 08713978
Digitally signed by
HIMANSHU Digitally signed

Murtaza Digitally signed by Murtaza Taher Vajihi
Digitally signed
Vino Vinod D'souza
2.5.4.20=c68bae1cc74
by HIMANSHU DN: c=IN, o=Personal, title=1951,
Varun
Digitally signed by Varun Gupta 6f44fc8f62c52b612748
VASANTLAL VASANTLAL
pseudonym=72eead1ab677404fa39a0e34a7
5328c2f898065c,
Nilesh J by Nilesh J DN: c=IN, o=BHARTI AXA LIFE INSURANCE
COMPANY LIMITED, ou=MANAGEMENT, d 0bc87a580d2ad367cb
ade4e2b95764644,
Taher 2.5.4.20=bfec15907b8d53458f580756ebf266 postalCode=400051, st=Maharashtra, postalCode=400042,

13cd99f283ac5af2096e10b78f95895ca6, Kothari 2.5.4.20=3720ba192c47ecdec4b3e97774e1f8 st=Maharashtra,
KISHNADW KISHNADWALA postalCode=400002, st=Maharashtra,

Date:
pseudonym=1FC4626BD677A8E0485B131FF
D'sou serialNumber=3c5440
515a02d4621fd020493
Kothari
serialNumber=95d1c7852006877b9fc2d541
Gupta
AB333F165894FAB,
Date: 2021.05.22 5b181d5c648e726db1ff202c826cba0735e27 serialNumber=4E1CAFE14327DE9033E3C179 b2341078d4a1104381
ALA
7564c359d4f5ae0442d
2021.05.21 548617D03A0EA629D6A0B3A97FEAFAE2550
Vajihi
650, cn=Murtaza Taher Vajihi
13:05:38 +05'30' Date: 2021.05.22 10:33:50 +05'30'
23:57:49 +05'30'
F886C, cn=Varun Gupta
Date: 2021.05.21 23:49:06 +05'30'
za 90, cn=Vinod D'souza
Date: 2021.05.21
22:35:39 +05'30'

Partner Partner
Place : Mumbai
141
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Bharti Life Ventures Private Limited - Holding Company Share Capital received 9,94,500 - - 18,61,500 - -
1 BLVPL (Formerly known as Bharti Life
Professional Fees (1,08,023) - (17,624) (1,39,264) - (10,943)
Private Limited)
2 AXA India Holdings Having Significant Influence Share Capital received 9,55,500 - - 17,88,500 - -
Bharti AXA Life Insurance Company Having Significant Influence Premium

3 35,000 25,000
Limited Employees Group Gratuiry Trust
Claims 7,263 6,413
(14,136) (13,222)
4 Vikas Seth Key Management Personnel Gross Remuneration (1,708) - - (51,560) - (37,700)
5 Parag Raja Key Management Personnel Gross Remuneration (64,400) - (46,106) - - -
Note:
1. (+) indicates inflow and (-) indicates outflow
2. All amounts excluding service tax/Goods & Service Tax
3 Mr. Vikas has resigned from services of the Company with effect from 30 April 2020. Mr. Parag Raja has been appointed as CEO and MD with effect from 1st May,2020.
Internal
142
Summary of Financial Statements
Annexure 2
(Rs'000)
Year Ended 31 Year Ended 31 Year Ended 31 Year Ended 31 Year Ended 31
Particulars
March, 2021 March, 2020 March, 2019 March, 2018 March, 2017
POLICYHOLDERS' A/C
1 Gross Premium Income 22,808,216 21,872,586 20,755,020 16,843,914 13,965,021
2 Net Premium Income 22,483,701 21,568,316 20,470,718 16,596,981 13,744,675
3 Income from Investments 1 10,314,135 3,338,146 4,242,517 4,483,405 4,495,345
4 Other Income* 2,139,500 2,893,343 2,519,520 24,883 32,081
5 Total Income (2+3+4) 34,937,336 27,799,805 27,232,755 21,105,269 18,272,101
6 Commissions (including Brokerage) 7 1,562,691 1,896,040 1,844,266 1,219,387 1,002,809
7 Operating Expenses related to insurance business 2&7 7,047,701 7,614,604 6,938,165 4,221,798 4,051,846
8 Provision for Doubtful debts 8,431 13,496 25,594 9,958 2,473
9 Bad debts written off 25,573 18,347 8,368 5,068 5,505
10 Provision for tax - - - -
11 Provisions (other than taxation) 700,000 - - -
12 Total Expenses (6+7+8+9+10) 8,644,396 10,242,487 8,816,393 5,456,211 5,062,633
13 Payment to Policyholders 5,693,651 3,938,841 4,326,263 5,694,948 5,681,274
14 Increase in Actuarial Liability 20,497,286 12,597,365 11,930,937 7,793,385 6,613,977
15 Reinsurance Ceded (266,900) 7,597 155,694 (65,958) 128,934
16 Surplus / (Deficit) from operations (5-(11+12+13+14)) 368,903 1,013,515 2,003,468 2,226,683 785,283
SHAREHOLDERS' A/C
17 Total income under Shareholder's Account1&3 (1,754,273) (3,018,648) (2,343,505) (2,179,634) (1,990,466)
18 Profit / (loss) before tax (1,540,451) (2,148,044) (398,563) (727,272) (1,208,602)
19 Provision for tax - Fringe Benefit Tax - - - -
20 Profit / (loss) after tax (1,540,451) (2,148,044) (398,563) (727,272) (1,208,602)
21 Profit / (loss) carried to Balance Sheet (28,614,998) (27,075,518) (24,928,221) (24,529,658) (23,802,386)
MISCELLANEOUS
(A) Policyholders' account
22 Total Funds4 (89,566,548) (68,430,385) (55,934,377) (43,740,062) (35,367,057)
23 Total Investments 88,453,089 65,668,149 53,884,247 42,308,636 35,249,167
24 Yield on Investments (%)5 13.4% 5.6% 8.8% 11.6% 14.2%
(B) Shareholders' account
25 Total Funds 4,441,509 3,881,899 2,402,203 1,605,040 2,366,982
26 Total Investments 5,284,842 3,351,338 3,105,362 2,646,966 2,189,251
27 Yield on Investments (%)5 8.0% 9.9% 8.5% 12.3% 8.7%
28 Yield on Total Investments(%)5 13.1% 5.8% 8.8% 11.6% 13.8%
29 Paid up Equity Capital 30,862,010 28,912,010 25,262,010 24,062,010 24,062,010
30 Net Worth 4,348,404 3,834,784 2,402,203 1,605,040 2,366,982
31 Total Assets 94,608,057 72,912,285 58,936,579 45,945,101 37,734,039
32 Earnings per Share (Rs.) (0.52) (0.82) (0.16) (0.30) (0.52)
33 Book value per Share (Rs.)6 1.41 1.33 0.95 0.67 0.98
1 Includes the effect of gains / losses on sale of investments

2 With effect from FY 2016-17, excess of actual expenses over allowable expenses as per IRDAI (Expenses of Management for Life Insurers) Regulations 2016, has been
transferred to shareholder account and impact of which has been taken in line item# 16
3 Income under Shareholders' account is net of shareholders' expenses
4 Total fund = Policyholders reserves including unallocated surplus in Individual Participating segment
5 Calculated by dividing the investment income as shown in the Revenue/Profit and Loss Account by the average of opening balance and closing balance of investments
6 Calculated after taking into account equivalent shares to be allotted against 'Share Application Money Pending Allotment', wherever applicable
7 Rewards and remuneration to agents and brokers has been reclassified from Operating expenses to Commission from FY 18-19 onwards
* Other Income includes Contribution from Shareholder for EOM from FY 2018-19 onwards and Reversal of Provision for dimunition in Investments for FY 20-21
143
Annexure 3

Ratios as prescribed by IRDAI
For Period Ended For Period Ended

Sr. Particulars
31st March, 2021 31st March, 2020
1 New Business Premium Income Growth (segment-wise)
Non - Participating Individual -2% 6%

Non - Participating Health -114% -98%
Non - Participating Group -33% -27%
Participating - Individual -23% -26%
Participating - Individual Pension ! NA NA
Linked Pension !! NA 100%
Linked Life 50% 7%
Gratuity 193% 3%
2 Net Retention Ratio 99% 99%

(Net premium divided by gross premium)
3 Ratio of Expenses of Management ** 38% 43%

(Expenses of management divided by the total Gross direct premium)
4 Commission Ratio 7% 9%
(Gross Commission paid divided by Gross Premium)
0%
5 Ratio of Policyholders' Liabilities to Shareholders' Funds* 2060% 1784%
0%
6 Growth Rate of Shareholders' Funds* 13% 60%
7 Ratio of Surplus / (Deficit) to Policyholders' Liability 0.41% 1.48%
8 Change in Net Worth (Rs'000) 513,619 1,432,582
9 Profit (Loss) after Tax / Total Income -5% -9%
Total Income = Total Income under Policyholders' Account (Excluding Contributions from Shareholders' Account) + Total Income under
Shareholders' Account
10 (Total Real Estate+ Loans) / Cash and invested assets 1% 1%
11 Total Investments / (Capital + Surplus (Deficit)) 2156% 1800%
Note: Total Investments = Shareholders' Investments + Policyholders' Investments + Assets held to cover Linked Liabilities
12 Total affiliated Investments / (Capital + Surplus) 21% 21%

13 Investment Yield (Gross and Net) With With Realised With With Realised
Unrealised gains Unrealised gains
gains gains
Shareholder's Funds 11% 9% -1% -1%
Policyholder's Funds
Par 10% 9% 12% 8%
Par-Pension 7% 7% 12% 12%
Non-Par 12% 9% 12% 9%
Linked Life 47% 12% -13% 11%
Linked Pension 65% 24% -14% 18%
14 Conservation Ratio 77% 78%
15 Persistency Ratio #$ By No of By Annualised By No of By Annualised

Policies Premium Policies Premium
For 13th month 39% 62% 52% 60%
For 25th month 44% 53% 48% 55%
For 37th month 43% 50% 42% 48%
For 49th Month 40% 46% 41% 45%
for 61st month 37% 41% 34% 38%
16 NPA Ratio
Gross NPA Ratio 1.2% 2.0%
Net NPA Ratio 0.2% 0.4%
17 Solvency Ratio 178% 186%
Equity Holding Pattern for Life Insurers

1 (a) No. of shares 3,086,200,976 2,891,200,976
2 (b) Percentage of shareholding (Indian / Foreign) 51% / 49% 51% / 49%
3 ( c) %of Government holding (in case of public sector insurance companies)
NA NA
4 (a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period (not to be annualized) Basic Rs. (0.52) Basic Rs. (0.82)
Diluted Rs.(0.52) Diluted Rs.(0.82)

5 (b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period (not to be annualized) Basic Rs. (0.52) Basic Rs. (0.82)
Diluted Rs.(0.52) Diluted Rs.(0.82)
6 (iv) Book value per share Rs. 1.41 Rs. 1.33
! Company has not sold any new policies in participating pension segment during the period.
* Shareholders' Funds = Net Worth
No New policies were sold during the period, however top up premium has been received during the period
!!
# Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/MISC/035/01/2014 dated January 23, 2014:
a) Persistency ratios for year ending March 31, 2021 have been calculated on April 30, 2021 for the policies issued in April to March period of the relevant years. For example, the 13th month persistency
for year ending March 31, 2021 is calculated for policies issued from April 1, 2019 to March 31, 2020.
b) Persistency ratios for year ending March 31, 2020 have been calculated on April 30, 2020 for the policies issued in April to March period of the relevant years. For example, the 13th month persistency
for year ending March 31, 2020 is calculated for policies issued from April 1, 2018 to March 31, 2019.
c) Single premium and group one year renewable products are excluded.
$ 13 month Lapse ratio = 1 - Persistency ratio
** This amount represents Gross expenses of management (Before transfer to Shareholders)
144
6WDWHPHQWVKRZLQJWKH&RQWUROOHG)XQGRI0V%KDUWL$;$/LIH,QVXUDQFH&R/WG
(Rs. in '000) (Rs. in '000)
)< )<
&RPSXWDWLRQRI&RQWUROOHGIXQGDVSHUWKH%DODQFH6KHHW
3ROLF\KROGHUV )XQG /LIH)XQG
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Individual Assurance 47,644,551 38,640,100
Individual Pension 52,071 55,404
Any other (Pl. Specify) - -
1RQSDUWLFLSDWLQJ
Group Assurance 4,939,188 4,760,014
Individual Annuity - -
Health 223,628 158,603
/LQNHG
Group Assurance - -
Individual Pension 786,493 691,665
Group Superannuation
Group Gratuity 234,902 163,555
Any other (Pl. Specify)
))$ 1,143,393 988,313
7RWDO $

6KDUHKROGHUV )XQG
Paid up Capital 30,862,010 28,912,010
Reserves & Surpluses* 2,167,548 2,121,557
Fair Value Change 26,949 (76,149)
7RWDO %
Misc. expenses not written off
Credit / (Debit) from P&L A/c. (28,614,998) (27,075,519)
7RWDO &
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Opening Balance of Controlled Fund
Add: Inflow
,QFRPH
Premium Income 22,808,216 21,872,586
Less: Reinsurance ceded (324,515) (304,270)
1HW3UHPLXP
Investment Income 10,419,135 3,338,146
Other Income 30,493 20,359
Funds transferred from Shareholders' Accounts 2,004,007 2,872,984
7RWDO,QFRPH
/HVV2XWJR
(i) Benefits paid (Net) 5,506,434 3,794,327
(ii) Interim Bonus and Other bonuses Paid 187,217 144,514
(iii) Change in Valuation of Liability 20,230,386 12,604,962
(iv) Commission 1,562,691 1,896,040
(v) Operating Expenses 6,993,527 7,573,627
(vi) Provision for for Doubtful debts 8,431 13,496
(vii) Bad Debts Written Off 25,573 18,347
(viii) Service tax / GST on Ulip Charges 54,174 40,977
(ix) Provision for Taxation - -
145
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(Rs. in '000) (Rs. in '000)
)< )<
(a) FBT - -
(b) I.T. - -
Provision for Dimunition - 700,000
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Add: Net income in Shareholders' Fund (1,754,273) (3,018,648)
1HW,Q)ORZ2XWIORZ
Add: change in valuation Liabilities 20,230,386 12,604,962
Add: Increase in Paid up Capital 1,950,000 3,649,999
Add:Credit/(Debit) Fair Value Change Account (Net) 853,794 (321,985)
Add:PAR FFA Life 158,250 147,315
Add:PAR FFA Pension (3,169) (4,403)
Add:Revaluation Reserve* 46,962 47,862
&ORVLQJ%DODQFHRI&RQWUROOHG)XQG
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'LIIHUHQFHLIDQ\
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Policyholders' Funds
3ROLF\KROGHUV )XQGV7UDGLWLRQDO3$5DQG1213$5
Opening Balance of the Policyholders' Fund 59,235,922 45,227,236
Add: Surplus of the Revenue Account/FFA 158,250 147,315
Less: Transfer from opening balance of FFA (3,169) (4,403)
Add: change in valuation Liabilities 15,990,089 13,865,775
7RWDO
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Opening Balance of the Policyholders' Fund 9,194,464 10,707,141
Add: Surplus of the Revenue Account
Add: change in valuation Liabilities 4,990,993 (1,512,677)
7RWDO
$VSHU%DODQFH6KHHW
'LIIHUHQFHLIDQ\
6KDUHKROGHUV )XQGV
Opening Balance of Shareholders' Fund 3,881,899 2,402,203
Add: net income of Shareholders' account (P&L) (1,540,451) (2,148,045)
Add: Infusion of Capital 1,950,000 3,650,000
Add: Credit/(Debit) Fair Value Change Account (Net) 103,099 (70,121)
Add:Revaluation Reserve* 46,962 47,862
&ORVLQJ%DODQFHRIWKH6KDUHKROGHUV IXQG
$VSHU%DODQFH6KHHW
'LIIHUHQFHLIDQ\
* Revaluation reserve represents the revaluation of Investment Property belonging to PAR segment
146
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5HYHQXH$FFRXQW)RU7KH<HDU(QGHGVW0DU
3ROLF\KROGHUV¶$FFRXQW 7HFKQLFDO$FFRXQW
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7RWDO8QLW/LQNHG
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(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)=(7) + (8) (10)=(3)+ (6)+ (9)
3UHPLXPV(DUQHG±1HW
(a) Premium 48,388 24,39,796 24,88,184 29 22,123 22,152 66 73,234 73,300 25,83,636
(b) Reinsurance ceded (13,845) - (13,845) - - (13,845)
,QFRPH)URP,QYHVWPHQWV -
(a) Interest, Dividend & Rent - Gross 15,881 2,50,851 2,66,732 887 11,332 12,220 181 13,857 14,038 2,92,989
(b) Profit on sale/Redemption of Investments 953 12,95,155 12,96,108 29 1,69,328 1,69,357 - 1,944 1,944 14,67,409
(c) Loss on sale/Redemption of Investments (132) (3,12,988) (3,13,120) - (28,627) (28,627) - (1,262) (1,262) (3,43,009)
(d) Unrealised gain/(loss) - 30,68,233 30,68,233 - 2,24,776 2,24,776 - 625 625 32,93,634
(e) Appropriation/ Expropriation - - - -
2WKHU,QFRPH -
(a) Linked Income UL1 2,89,051 (2,89,051) - 1,692 (1,692) - 1,179 (1,179) - -
(b) Contribution from Shareholders' a/c 1,21,576 1,21,576 8 8 - 1,21,584
(c) Foreign Exchange Gains 561 - 561 5 5 - - 566
(d) Miscellaneous Income (251) (300) (551) 4 648 652 - - - 101
7RWDO $
Commission 32,616 - 32,616 - - - - - - 32,616
Operating Expenses related to Insurance Business 6,53,709 - 6,53,709 2,724 - 2,724 467 - 467 6,56,900
Service tax 51,743 51,743 2,205 2,205 226 226 54,174
Provision for Doubtful debts (1,991) - (1,991) (1,889) - (1,889) - - - (3,880)
Bad debts written off 4,955 - 4,955 56 - 56 - - - 5,011
Provision for Taxation (Fringe Benefit Tax) - - - - - - -
7RWDO %
Benefits Paid (Net) UL2 35,340 16,14,388 16,49,728 - 2,95,442 2,95,442 - 20,441 20,441 19,65,611
Interim Bonus Paid - - - - - - -
Change in Valuation of Liability in respect of life Policies - - - - - - -
Change in Valuation Liability (14,039) 48,37,308 48,23,269 (7,950) 1,02,447 94,498 4,569 66,778 71,347 49,89,114
7RWDO &
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$335235,$7,216
Insurance reserve at the beginning of the year
Transfer to Shareholders' a/c (3,00,151) - (3,00,151) 7,507 - 7,507 (3,835) 0 (3,835) (2,96,479)
Funds available for Future Appropriations
Funds available for Future Appropriations - Policyholders
Funds available for Future Appropriations - Shareholders
7RWDO (
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(1) (2) (3) (4)= (1)+(2)+(3)
Fund Administration 38,695 1,142 - 39,837

Fund Management 1,68,677 12,619 1,333 1,82,629
Policy Administration 19,801 580 - 20,381
Surrender (72) - - (72)
Switching 18 2 - 20
Mortality 63,812 - 73 63,885
Rider Premium -
Discontinuance charges 1,758 - - 1,758
Loyalty Bonus (3,638) (12,651) (227) (16,516)
Partial withdrawal Charges - - - -
Miscellaneous - - - -
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Insurance Claims
Claims by Death 22,532 21,465 43,997 - 10,559 10,558 - - - 54,555
Claims by Maturity 2,849 4,61,318 4,64,167 - 77,703 77,703 - - - 5,41,870
Annuities / Pension payment -
Other benefits - -
- Riders 15,447 15,447 15,447
- Surrender - 11,31,605 11,31,605 - 2,07,181 2,07,181 - 20,440 20,440 13,59,226
- Survival - - - - - - - - - -
6XE7RWDO $
Amount Ceded in reinsurance
Claims by Death (5,488) - (5,488) - - - - - - (5,488)
Claims by Maturity - - - - - - - - - -
Annuities / Pension payment - - - - - - - - - -
Other benefits -
- Surrender - - - - - - - - - -
- Survival - - - - - - - - - -
6XE7RWDO %
727$/ $ %
%HQHILWVSDLGWRFODLPDQWV -
In India 35,340 16,14,388 16,49,728 - 2,95,443 2,95,442 - 20,440 20,440 19,65,610
Outside India - - - - - - - - - -
727$/ 8/
Internal
149
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(1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)=(7) + (8) (10)=(3)+ (6)+ (9)
3UHPLXPV(DUQHG±1HW
(a) Premium 4,657 16,68,988 16,73,645 88 39,810 39,898 - 25,000 25,000 17,38,543
(b) Reinsurance ceded (11,284) - (11,284) - - (11,284)
,QFRPH)URP,QYHVWPHQWV -
(a) Interest, Dividend & Rent - Gross 19,973 2,38,910 2,58,883 793 17,348 18,141 179 10,743 10,922 2,87,946
(b) Profit on sale/Redemption of Investments 4,912 10,70,986 10,75,898 303 1,67,765 1,68,068 153 5,281 5,434 12,49,400
(c) Loss on sale/Redemption of Investments (536) (3,48,233) (3,48,769) - (42,566) (42,566) - (1,845) (1,845) (3,93,180)
(d) Unrealised gain/(loss) - (20,32,723) (20,32,723) - (2,56,688) (2,56,688) - 2,698 2,698 (22,86,713)
(e) Appropriation/ Expropriation - - - -
2WKHU,QFRPH -
(a) Linked Income UL1 2,46,279 (2,46,279) - 7,626 (7,626) - 556 (556) - -
(b) Contribution from Shareholders' Account towards Excess Expenses of Management 69,862 - 69,862 8,817 - 8,817 - - 78,679
(c) Foreign Exchange Gains 136 - 136 3 3 2 2 141
(d) Miscellaneous Income 168 18 186 1 259 260 - - - 446
7RWDO $
Commission 28,788 - 28,788 (4) - (4) - - - 28,784
Operating Expenses related to Insurance Business 4,78,078 - 4,78,078 3,287 - 3,287 10 - 10 4,81,375
Service tax 38,049 38,049 2,776 2,776 152 152 40,977
Provision for Doubtful debts 1,477 - 1,477 6,719 - 6,719 - - - 8,196
Bad debts written off 2,844 - 2,844 413 - 413 - - - 3,257
Provision for Taxation (Fringe Benefit Tax) - - - - - - -
7RWDO %
Benefits Paid (Net) UL2 38,889 14,73,366 15,12,255 - 3,13,997 3,13,997 - 22,583 22,583 18,48,835
Interim Bonus Paid - - - - - - -
Change in Valuation of Liability in respect of life Policies - - - - - - -
Change in Valuation Liability (13,084) (11,21,699) (11,34,783) (826) (3,95,695) (3,96,521) 309 18,738 19,047 (15,12,257)
7RWDO &
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$335235,$7,216
Insurance reserve at the beginning of the year
Transfer to Shareholders' a/c (2,40,874) - (2,40,874) 5,266 - 5,266 419 - 419 (2,35,189)
Funds available for Future Appropriations
Funds available for Future Appropriations - Policyholders
Funds available for Future Appropriations - Shareholders
7RWDO (
150
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(1) (2) (3) (4)= (1)+(2)+(3)
Fund Administration 32,279 1,470 - 33,749

Fund Management 1,48,857 15,514 958 1,65,329
Policy Administration 14,011 1,370 - 15,381
Surrender (78) (12) - (90)
Switching 12 4 - 16
Mortality 53,700 - 41 53,741
Rider Premium -
Discontinuance charges 13 - - 13
Loyalty Bonus (2,515) (10,720) (443) (13,678)
Partial withdrawal Charges - - - -
Miscellaneous - - - -
7RWDO 8/
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Insurance Claims
Claims by Death 16,714 10,861 27,575 - 5,459 5,459 - - - 33,034
Claims by Maturity 7,914 3,26,787 3,34,701 - 61,425 61,425 - - - 3,96,126
Annuities / Pension payment -
Other benefits - -
- Riders 15,959 15,959 15,959
- Surrender - 11,35,718 11,35,718 - 2,47,113 2,47,113 - 22,583 22,583 14,05,414
- Survival - - - - - - - - - -
6XE7RWDO $
Amount Ceded in reinsurance
Claims by Death (1,698) - (1,698) - - - - - - (1,698)
Claims by Maturity - - - - - - - - - -
Annuities / Pension payment - - - - - - - - - -
Other benefits -
- Surrender - - - - - - - - - -
- Survival - - - - - - - - - -
6XE7RWDO %
727$/ $ %
%HQHILWVSDLGWRFODLPDQWV -
In India 38,889 14,73,366 15,12,255 - 3,13,997 3,13,997 - 22,583 22,583 18,48,835
Outside India - - - - - - - - - -
727$/ 8/
152
Form A-BS(UL)

IRDAI Registration No: 130
Date of Registration with IRDAI: July 14, 2006
Fund Balance Sheet as at Mar 31, 2021
(Rs. In '000)
Linked Life
Schedule SAVE N GROW STEADY MONEY GROW MONEY GROWTH BUILD N PROTECT GROW MONEY GROWTH TRUE WEALTH SAVE N GROW MONEY
Particulars SAFE MONEY FUND BUILD INDIA FUND DISCONTINUANCE LIFE FUND STABILITY PLUS MONEY FUND
MONEY FUND FUND FUND OPPORTUNITIES FUND SERIES 1 PLUS OPPORTUNITIES PLUS FUND PENSION FUND
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Sources of Funds
Policyholder contribution F-1 (5,389) 5,96,876 (31,77,846) (3,21,765) (37,097) 4,58,695 3,50,356 10,70,809 (1,18,589) (1,52,732) (2,49,081) 6,94,160 (90,393)
Revenue Account 6,54,380 3,80,076 60,93,289 6,95,350 58,354 1,18,576 17,62,559 28,08,945 3,83,749 3,94,185 4,50,274 80,624 1,26,822
Total 6,48,991 9,76,951 29,15,443 3,73,585 21,257 5,77,271 21,12,915 38,79,754 2,65,160 2,41,453 2,01,193 7,74,784 36,429
Investments F-2 6,45,525 9,28,629 29,11,632 3,74,140 20,984 6,07,922 20,92,261 37,47,099 2,62,043 2,32,791 2,64,018 7,67,256 36,327
Current Assets F-3 8,680 15,621 14,309 1,873 211 2,469 13,004 1,20,805 5,153 9,047 40 15,045 509
Less: Current Liabilities and Provisions F-4 5,214 (32,702) 10,498 2,428 (63) 33,120 (7,650) (11,850) 2,035 386 62,865 7,517 407
Net current assets 3,466 48,322 3,811 (555) 274 (30,651) 20,655 1,32,654 3,118 8,662 (62,825) 7,528 102
Total 6,48,991 9,76,951 29,15,443 3,73,585 21,257 5,77,271 21,12,915 38,79,754 2,65,160 2,41,453 2,01,193 7,74,784 36,429
(a) Net Asset as per Balance Sheet (Total Assets
less Current Liabilities and Provisions) 6,48,991 9,76,951 29,15,443 3,73,585 21,257 5,77,271 21,12,915 38,79,754 2,65,160 2,41,453 2,01,193 7,74,784 36,429
(b) Number of Units outstanding 1,62,50,010 3,08,32,076 5,09,80,791 52,31,067 9,95,362 2,84,37,397 5,51,08,217 10,07,14,745 77,24,583 1,77,19,210 1,14,02,069 6,07,35,470 11,50,411
(c) NAV per Unit (a)/(b) (Rs.) 39.9379 31.6862 57.1871 71.4165 21.3565 20.2997 38.3412 38.5222 34.3268 13.6266 17.6453 12.7567 31.6660
153
Linked Pension Linked Group (Rs. In '000)

GROWTH GROWTH
Schedule STEADY MONEY GROW MONEY SAFE MONEY GROW MONEY BUILD INDIA GROUP BALANCE
Particulars OPPORTUNITIES OPPORTUNITIES GROUP DEBT FUND Total
PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND
PENSION FUND PENSION PLUS
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Sources of Funds
Policyholder contribution F-1 (70,958) (8,64,682) (65,453) (12,332) (3,75,663) (5,60,658) (1,64,095) 1,86,874 110 (29,08,854)
Revenue Account 98,303 11,54,338 1,10,409 32,113 4,84,763 7,66,365 2,16,456 42,286 8 1,69,12,224
Total 27,345 2,89,656 44,956 19,782 1,09,099 2,05,708 52,361 2,29,160 118 1,40,03,370
Investments F-2 26,906 2,86,635 44,746 20,291 1,08,627 2,04,899 51,667 2,22,140 113 1,38,56,649
-
Current Assets F-3 439 7,107 437 71 614 2,756 1,194 4,385 5 2,23,773
Less: Current Liabilities and Provisions F-4 0 4,086 227 581 142 1,948 500 (2,635) 0 77,053
Net current assets 439 3,021 210 (509) 472 809 693 7,020 5 1,46,720
Total 27,345 2,89,656 44,956 19,782 1,09,099 2,05,708 52,361 2,29,160 118 1,40,03,370
less Current Liabilities and Provisions) 27,345 2,89,656 44,956 19,782 1,09,099 2,05,708 52,361 2,29,160 118 1,40,03,370
(b) Number of Units outstanding 9,75,104 90,60,926 6,60,633 9,79,637 28,72,855 50,03,262 16,75,128 1,74,44,365 11,008 42,59,64,326
(c) NAV per Unit (a)/(b) (Rs.) 28.0433 31.9676 68.0494 20.1927 37.9759 41.1147 31.2576 13.1366 10.7039
154
Form A-RA(UL) Form A-RA(UL)

Continue in next page
(Rs. In '000)
Fund Revenue Account for the year ended Mar 31, 2021
Linked Life
GROWTH
SAVE N GROW STEADY MONEY GROW MONEY GROWTH BUILD N PROTECT SAFE MONEY GROW MONEY TRUE WEALTH DISCONTINUANCE STABILITY PLUS
OPPORTUNITIES BUILD INDIA FUND
Particulars Schedule MONEY FUND FUND FUND OPPORTUNITIES FUND SERIES 1 FUND PLUS FUND LIFE FUND MONEY FUND
PLUS
Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current year
Income from investments
Interest income 21,344 48,215 908 64 1,351 8,510 1,039 1,489 59 33,614 1,028 44,889
Amortisation Income - 46 - - - 10,922 - - - 2,043 4,192 22
Dividend income 2,603 - 22,514 2,789 - - 14,003 26,795 2,412 - - -
Profit/loss on sale of investment 15,591 5,524 3,23,259 61,166 - (798) 1,55,978 3,96,795 29,553 (1,228) (78) (3,595)
Appropriation/Expropriation
(Income/Expenses) - - - - - - - - - - - -
Unrealised Gain/loss* 1,02,684 (2,395) 9,51,277 1,12,205 167 (304) 6,41,623 11,80,616 90,202 (5,538) - (2,303)
Total (A) 1,42,223 51,390 12,97,958 1,76,224 1,517 18,331 8,12,643 16,05,695 1,22,226 28,891 5,142 39,013
Fund management expenses 8,404 8,657 44,563 6,619 308 5,781 25,798 47,550 3,828 9,876 845 6,445
Other charges: F-5 (6,843) (7,336) (12,552) (2,753) - (6,072) (24,642) (42,294) (3,832) (9,913) (21) (7,826)
Total (B) 1,561 1,321 32,011 3,867 308 (290) 1,157 5,256 (4) (36) 824 (1,381)
Net Income for the year (A-B) 1,40,662 50,069 12,65,947 1,72,357 1,210 18,621 8,11,486 16,00,438 1,22,230 28,927 4,317 40,393
Add: Fund revenue account at the
beginning of the year 5,13,718 3,30,007 48,27,343 5,22,992 57,145 99,955 9,51,073 12,08,506 2,61,519 3,65,258 4,45,957 40,231
Fund revenue account at the end of the
6,54,380 3,80,076 60,93,289 6,95,350 58,354 1,18,576 17,62,559 28,08,945 3,83,749 3,94,185 4,50,274 80,624
year
* Net change in mark to market value of investments
155
Annexure 6
(Rs. In '000)
Linked Pension Linked Group
SAVE N GROW GROWTH GROWTH
STEADY MONEY GROW MONEY SAFE MONEY GROW MONEY BUILD INDIA GROUP DEBT GROUP BALANCE Total
MONEY PENSION OPPORTUNITIES OPPORTUNITIES
Particulars Schedule PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND FUND
FUND PENSION FUND PENSION PLUS
Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current year Current year Current Year
Interest income 1,940 2,232 65 1 327 2 8 1 13,852 3 1,80,943
Amortisation Income - - - - 411 - - - 1 - 17,637
Dividend income 219 - 2,292 346 - 1,121 1,874 493 - - 77,461
Profit/loss on sale of investment 4,827 1,113 42,241 6,860 (30) 23,866 53,439 8,385 682 - 11,23,550
(Income/Expenses) - - - - - - - - - - -
Unrealised Gain/loss* 5,361 (597) 90,596 13,806 (17) 36,455 59,735 19,436 625 - 32,93,634
Total (A) 12,348 2,749 1,35,194 21,014 691 61,444 1,15,055 28,315 15,159 3 46,93,225
Fund management expenses 711 373 4,607 798 222 1,809 3,236 863 1,332 1 1,82,628
Other charges: F-5 (102) (88) (281) (38) (54) (334) (648) (178) (72) (0) (1,25,880)
Total (B) 608 285 4,326 760 168 1,475 2,588 685 1,259 1 56,748
Net Income for the year (A-B) 11,740 2,464 1,30,868 20,254 523 59,969 1,12,467 27,630 13,900 3 46,36,477
Add: Fund revenue account at the
beginning of the year 1,15,082 95,839 10,23,470 90,155 31,590 4,24,793 6,53,898 1,88,825 28,386 5 1,22,75,746
1,26,822 98,303 11,54,338 1,10,409 32,113 4,84,763 7,66,365 2,16,456 42,286 8 1,69,12,224
year
156
Schedules to Fund Balance Sheet
Annexure 6
IRDA Registration No: 130
Date of Registration with IRDA: July 14, 2006
Schedule: F1 Continue in next page
POLICYHOLDERS' CONTRIBUTION As at 31 March, 2021
(Rs. in '000)
Linked Life
GROWTH
SAVE N GROW STEADY MONEY GROW MONEY GROWTH BUILD N PROTECT SAFE MONEY GROW MONEY BUILD INDIA TRUE WEALTH DISCONTINUANCE STABILITY PLUS
OPPORTUNITIES
Particulars MONEY FUND FUND FUND OPPORTUNITIES FUND SERIES 1 FUND PLUS FUND FUND LIFE FUND MONEY FUND
PLUS
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Opening balance -30,700 2,31,131 -29,21,744 -2,81,183 -37,514 3,50,764 1,70,802 9,66,638 -57,246 1,96,905 -3,59,399 2,99,295
Add: Additions during the year 1,90,868 5,57,398 1,53,509 46,864 1,274 6,26,911 7,93,205 12,05,585 42,997 143 2,37,662 6,94,778
Less: Deductions during the year 1,65,557 1,91,654 4,09,611 87,446 856 5,18,981 6,13,651 11,01,414 1,04,340 3,49,780 1,27,344 2,99,913
Closing balance (5,389) 5,96,876 (31,77,846) (3,21,765) (37,097) 4,58,695 3,50,356 10,70,809 (1,18,589) (1,52,732) (2,49,081) 6,94,160
157
Annexure 6
Schedule: F1
POLICYHOLDERS' CONTRIBUTION As at 31 March, 2021 As at 31 March, 2021

Particulars PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND FUND
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Opening balance -58,579 -57,136 -8,23,607 -60,720 -11,102 -3,21,893 -4,67,438 -1,40,288 1,33,998 111 -32,78,904
Add: Additions during the year 2,410 13,632 14,236 3,381 18,488 5,771 16,347 3,222 73,744 0 47,02,427
Less: Deductions during the year 34,225 27,453 55,311 8,115 19,718 59,542 1,09,567 27,030 20,868 1 43,32,377
Closing balance (90,393) (70,958) (8,64,682) (65,453) (12,332) (3,75,663) (5,60,658) (1,64,095) 1,86,874 110 (29,08,854)
158
Annexure 6
Schedule: F 2 Continue in next page

INVESTMENTS As on 31 March, 2021
(Rs. in '000)
Linked Life
BUILD N GROWTH
SAVE N GROW STEADY MONEY GROW MONEY GROWTH SAFE MONEY GROW MONEY BUILD INDIA DISCONTINUANCE STABILITY PLUS
PROTECT FUND OPPORTUNITIES TRUE WEALTH FUND
Particulars MONEY FUND FUND FUND OPPORTUNITIES FUND PLUS FUND LIFE FUND MONEY FUND
SERIES 1 PLUS
Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year
Approved Investments
Govt. Bonds 1,90,582 5,97,952 - - 19,205 3,50,403 - - - 2,29,568 1,88,328 3,63,710
Corporate Bonds 58,001 94,510 153 33 - - 72 126 29 - - 64,267
Infrastructure Bonds 66,705 1,63,396 - - - 37,851 - - - - - 2,95,934
Equity 2,92,624 - 24,28,091 3,16,587 - - 17,23,992 31,43,740 2,18,696 - - -
Money Market 23,542 72,771 - - 1,778 2,19,668 49,981 16,889 - 2,192 75,690 43,344
Mutual funds - - - - - - - - - - - -
Deposit with Banks - - - - - - - - - - - -
Total 6,31,455 9,28,629 24,28,243 3,16,619 20,984 6,07,922 17,74,046 31,60,754 2,18,725 2,31,760 2,64,018 7,67,256
Other Investments
Corporate Bonds - - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - -
Equity 14,071 - 1,82,273 32,897 - - 1,18,126 3,24,641 13,198 - - -
Money Market - - - - - - - - - - - -
Mutual Funds - - 3,01,116 24,623 - - 2,00,089 2,61,704 30,120 1,031 - -
Total 14,071 - 4,83,389 57,520 - - 3,18,215 5,86,345 43,318 1,031 - -
GRAND TOTAL 6,45,525 9,28,629 29,11,632 3,74,140 20,984 6,07,922 20,92,261 37,47,099 2,62,043 2,32,791 2,64,018 7,67,256
Schedule: F 3 As on 31 March, 2021

CURRENT ASSETS Linked Life
(Rs. in '000)
BUILD N GROWTH
SERIES 1 PLUS
Accrued Interest 7,390 15,582 7 1 205 2,361 3 6 1 4,041 (0) 15,018
Bank Balance 17 39 4,546 1,828 6 108 12,769 1,20,229 4,715 5,006 40 27
Dividend Recievable 52 - 421 43 - - 231 568 58 - - -
Receivable for Sale of Investments 1,220 (0) 9,334 (0) - - (0) (0) 379 - - -
Other Current Assets 0 - 1 0 - - 0 2 0 - - -
Total 8,680 15,621 14,309 1,873 211 2,469 13,004 1,20,805 5,153 9,047 40 15,045
Schedule: F 4
CURRENT LIABILITIES As on 31 March, 2021
Linked Life
(Rs. in '000)
BUILD N GROWTH
SERIES 1 PLUS
Payable for Investments 4,592 9,321 5,799 1,606 - 19,831 4,117 19,251 2,752 - 59,493 9,915
Other Current Liabilities 622 (42,022) 4,699 822 (63) 13,289 (11,767) (31,101) (717) 386 3,372 (2,398)
Total 5,214 (32,702) 10,498 2,428 (63) 33,120 (7,650) (11,850) 2,035 386 62,865 7,517
Schedule: F 5
Other Charges As on 31 March, 2021
Linked Life
BUILD N GROWTH
Particulars PROTECT FUND OPPORTUNITIES TRUE WEALTH FUND
MONEY FUND FUND FUND OPPORTUNITIES FUND PLUS FUND LIFE FUND MONEY FUND
SERIES 1 PLUS
Fund Administration (2,488) (1,996) (6,373) (1,403) - (1,939) (7,941) (12,704) (1,604) - (3) (2,244)
Policy Administration (891) (1,052) - (0) - (860) (5,018) (6,912) (353) (4,443) 6 (277)
Switching (1) (2) (4) (4) - (6) (0) (2) (0) - - -
Mortality (3,373) (4,183) (6,176) (1,346) - (3,161) (11,247) (21,759) (1,797) (5,469) (27) (5,275)
Discontinance Charges (91) (103) - - - (106) (436) (916) (78) - 3 (30)
Total (6,843) (7,336) (12,552) (2,753) - (6,072) (24,642) (42,294) (3,832) (9,913) (21) (7,826)
159
Annexure 6
Schedule: F 2
INVESTMENTS As on 31 March, 2021 As on 31 March, 2021
(Rs. in '000)
STEADY MONEY GROW MONEY SAFE MONEY GROW MONEY BUILD INDIA GROUP DEBT GROUP Total
Particulars PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND BALANCE FUND
Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year
Govt. Bonds 9,312 15,185 - - 11,687 - - - 1,44,157 - 21,20,088
Corporate Bonds 2,102 3,281 16 4 - 10 28 11 12,961 - 2,35,603
Infrastructure Bonds 6,309 6,453 - - 1,024 - - - 59,375 - 6,37,048
Equity 17,407 - 2,37,760 37,504 - 88,017 1,71,408 44,557 - - 87,20,383
Money Market 661 1,987 - - 7,580 - - - 5,646 113 5,21,843
Mutual funds - - - - - - - - - - 0
Deposit with Banks - - - - - - - - - - 0
Total 35,791 26,906 2,37,776 37,508 20,291 88,027 1,71,436 44,568 2,22,140 113 1,22,34,966
Other Investments
Corporate Bonds - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - -
Equity 535 - 16,923 4,303 - 6,435 18,891 1,974 - - 7,34,266
Money Market - - - - - - - - - - -
Mutual Funds - - 31,936 2,935 - 14,166 14,572 5,124 - - 8,87,417
Deposit with Banks - - - - - - - - - - -
Total 535 - 48,859 7,238 - 20,601 33,463 7,099 - - 16,21,683
GRAND TOTAL 36,327 26,906 2,86,635 44,746 20,291 1,08,627 2,04,899 51,667 2,22,140 113 1,38,56,649
Schedule: F 3 As on 31 March, 2021 As on 31 March, 2021 Annexure 6

CURRENT ASSETS Linked Pension Linked Group
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! (Rs. In '000)
STEADY MONEY GROW MONEY SAFE MONEY GROW MONEY BUILD INDIA GROUP DEBT GROUP
MONEY PENSION OPPORTUNITIES OPPORTUNITIES Total
Accrued Interest 450 433 1 0 62 0 1 1 4,378 - 49,942
Bank Balance 7 6 975 431 9 594 514 206 8 5 1,52,084
Dividend Recievable 4 - 46 6 - 19 30 9 - - 1,489
Receivable for Sale of Investments 48 0 6,085 (0) - - 2,211 978 - - 20,253
Other Current Assets 0 - 0 0 - 0 0 0 - - 4
Total 509 439 7,107 437 71 614 2,756 1,194 4,385 5 2,23,773
Schedule: F 4
CURRENT LIABILITIES As on 31 March, 2021 As on 31 March, 2021 Annexure 6

Payable for Investments 88 - 582 225 595 212 897 131 (0) - 1,39,406
Other Current Liabilities 319 0 3,505 2 (14) (70) 1,050 369 (2,635) 0 (62,353)
Total 407 0 4,086 227 581 142 1,948 500 (2,635) 0 77,053
Schedule: F 5
Other Charges As on 31 March, 2021 As on 31 March, 2021 Annexure 6

Particulars MONEY PENSION OPPORTUNITIES OPPORTUNITIES Total
PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND BALANCE FUND
Fund Administration (66) (48) (281) (38) (25) (185) (385) (115) - - (39,837)
Policy Administration (36) (40) - - (28) (150) (263) (63) - - (20,381)
Switching - - (0) (0) (1) - - - - - (20)
Mortality - - - - - - - - (72) (0) (63,885)
Discontinance Charges - - - - - - - - - - (1,758)
Total (102) (88) (281) (38) (54) (334) (648) (178) (72) (0) (1,25,880)
160
Form A-BS(UL)

Linked Life
SAVE N GROW STEADY MONEY GROW MONEY GROWTH BUILD N PROTECT GROW MONEY GROWTH TRUE WEALTH STABILITY PLUS MONEY SAVE N GROW MONEY
SAFE MONEY FUND BUILD INDIA FUND DISCONTINUANCE LIFE FUND
Particulars Schedule MONEY FUND FUND FUND OPPORTUNITIES FUND SERIES 1 PLUS OPPORTUNITIES PLUS FUND FUND PENSION FUND
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Sources of Funds
Policyholder contribution F-1 (30,700) 2,31,131 (29,21,744) (2,81,183) (37,514) 3,50,764 1,70,802 9,66,638 (57,246) 1,96,905 (3,59,399) 2,99,295 (58,579)
Revenue Account 5,13,718 3,30,006 48,27,343 5,22,993 57,145 99,954 9,51,072 12,08,505 2,61,518 3,65,258 4,45,957 40,232 1,15,080
Total 4,83,018 5,61,137 19,05,599 2,41,809 19,631 4,50,718 11,21,874 21,75,143 2,04,272 5,62,163 86,558 3,39,527 56,502
Investments F-2 4,67,314 5,35,977 18,28,218 2,29,996 19,038 4,05,275 10,70,502 20,76,305 1,95,014 5,45,639 1,13,399 3,18,225 50,670
Current Assets F-3 15,896 21,336 77,147 13,107 533 54,417 47,380 97,379 9,866 16,560 4,024 20,900 4,853
Less: Current Liabilities and Provisions F-4 192 (3,824) (234) 1,294 (60) 8,974 (3,992) (1,460) 608 36 30,865 (402) (979)
Net current assets 15,704 25,160 77,381 11,813 593 45,443 51,372 98,839 9,258 16,524 (26,841) 21,302 5,832
Total
4,83,018 5,61,137 19,05,599 2,41,809 19,631 4,50,718 11,21,874 21,75,143 2,04,272 5,62,163 86,558 3,39,527 56,502
Rs in 000 - - - - - - - - - - - - -
Absolute value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
less Current Liabilities and Provisions) 4,83,018 5,61,137 19,05,599 2,41,809 19,631 4,50,718 11,21,874 21,75,143 2,04,272 5,62,163 86,558 3,39,527 56,502
(b) Number of Units outstanding 1,54,11,147 1,89,49,395 5,57,09,342 58,39,467 9,75,434 2,27,78,737 4,87,51,074 9,70,72,100 98,11,647 4,27,36,717 50,65,270 2,82,98,848 22,53,260
(c) NAV per Unit (a)/(b) (Rs.) 31.3421 29.6124 34.2061 41.4095 20.1254 19.7868 23.0123 22.4075 20.8193 13.1541 17.0885 11.9979 25.0756
161
GROWTH GROWTH
STEADY MONEY GROW MONEY SAFE MONEY GROW MONEY BUILD INDIA GROUP BALANCE
OPPORTUNITIES OPPORTUNITIES GROUP DEBT FUND Total
Particulars Schedule PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND
PENSION FUND PENSION PLUS
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Sources of Funds
Policyholder contribution F-1 (57,136) (8,23,607) (60,720) (11,102) (3,21,893) (4,67,438) (1,40,288) 1,33,998 111 (32,78,904)
Revenue Account 95,837 10,23,471 90,156 31,590 4,24,793 6,53,896 1,88,825 28,386 4 1,22,75,739
Total 38,701 1,99,864 29,437 20,488 1,02,900 1,86,459 48,538 1,62,384 115 89,96,836
Investments F-2 36,934 1,91,319 28,189 16,038 1,02,063 1,81,891 47,019 1,51,472 0 86,10,496
-
Current Assets F-3 1,696 8,869 1,398 4,635 847 5,791 1,816 10,791 115 4,19,356
Less: Current Liabilities and Provisions F-4 (71) 324 150 185 10 1,223 297 (121) 0 33,016
Net current assets 1,767 8,545 1,248 4,450 837 4,568 1,519 10,912 115 3,86,340
Total
38,701 1,99,864 29,437 20,488 1,02,900 1,86,459 48,538 1,62,384 115 89,96,836
Rs in 000 - - - - - - - - - -
Absolute value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -
less Current Liabilities and Provisions) 38,701 1,99,864 29,437 20,488 1,02,900 1,86,459 48,538 1,62,384 115 89,96,836
(b) Number of Units outstanding 14,89,005 1,04,81,089 7,40,745 10,40,368 45,51,261 78,53,482 25,77,673 1,32,55,419 11,006 39,56,52,487
(c) NAV per Unit (a)/(b) (Rs.) 25.9909 19.0690 39.7392 19.6930 22.6091 23.7422 18.8300 12.2504 10.4645
162

Continue in next page
(Rs. In '000)
Linked Life
GROWTH
SAVE N GROW STEADY MONEY GROW MONEY GROWTH BUILD N PROTECT SAFE MONEY GROW MONEY TRUE WEALTH DISCONTINUANCE STABILITY PLUS
OPPORTUNITIES BUILD INDIA FUND
Particulars Schedule MONEY FUND FUND FUND OPPORTUNITIES FUND SERIES 1 FUND PLUS FUND LIFE FUND MONEY FUND
PLUS
Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current year
Interest income 22,094 32,612 2,552 35 1,405 6,448 2,756 6,611 148 43,193 540 19,583
Amortisation Income - 18 - - - 17,627 11 52 1 229 4,788 65
Dividend income 2,896 - 26,905 3,829 - - 13,417 27,605 2,977 512 - -
Profit/loss on sale of investment 37,081 13,223 3,62,337 43,100 196 (41) 1,37,273 1,21,645 21,520 (16,936) 3 3,352
(Income/Expenses) - - - - - - - - - - - -
Unrealised Gain/loss* (75,863) 5,018 (7,71,431) (96,727) 822 (226) (3,69,137) (6,65,109) (74,187) 4,719 - 9,397
Total (A) (13,792) 50,871 (3,79,637) (49,763) 2,423 23,808 (2,15,680) (5,09,196) (49,541) 31,717 5,331 32,397
Fund management expenses 7,937 5,259 43,854 6,999 301 4,511 20,496 40,405 3,958 12,118 577 2,443
Other charges: F-5 (5,740) (3,489) (13,840) (2,661) - (4,441) (16,964) (34,164) (3,073) (12,560) (6) (3,077)
Total (B) 2,197 1,770 30,014 4,338 301 70 3,532 6,241 885 (442) 571 (634)
Net Income for the year (A-B) (15,989) 49,101 (4,09,651) (54,101) 2,122 23,738 (2,19,212) (5,15,437) (50,426) 32,159 4,760 33,031
Add: Fund revenue account at the beginning
of the year 5,29,707 2,80,905 52,36,994 5,77,094 55,023 76,216 11,70,284 17,23,942 3,11,944 3,33,099 4,41,197 7,201
5,13,718 3,30,006 48,27,343 5,22,993 57,145 99,954 9,51,072 12,08,505 2,61,518 3,65,258 4,45,957 40,232
year
163
Annexure 6
(Rs. In '000)

Particulars Schedule PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND FUND
Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current year Current year Current Year
Interest income 2,810 3,438 351 3 337 59 33 7 10,598 5 1,55,618
Amortisation Income - 45 - - 906 - - - 140 - 23,882
Dividend income 312 - 2,944 476 - 1,695 3,008 923 - - 87,499
Profit/loss on sale of investment 4,185 1,470 50,144 4,880 5 26,390 27,692 10,432 3,437 - 8,51,388
(Income/Expenses) - - - - - - - - - - -
Unrealised Gain/loss* (8,161) 306 (91,390) (11,878) (8) (50,483) (71,502) (23,572) 2,698 - (22,86,714)
Total (A) (854) 5,259 (37,951) (6,519) 1,240 (22,339) (40,769) (12,210) 16,873 5 (11,68,327)
Fund management expenses 933 543 4,943 865 243 2,482 4,254 1,252 957 1 1,65,331
Other charges: F-5 (177) (139) (348) (49) (76) (652) (1,067) (335) (41) - (1,02,899)
Total (B) 756 404 4,595 816 167 1,830 3,187 917 916 1 62,432
Net Income for the year (A-B) (1,610) 4,855 (42,546) (7,335) 1,073 (24,169) (43,956) (13,127) 15,957 4 (12,30,759)
Add: Fund revenue account at the beginning
of the year 1,16,690 90,982 10,66,017 97,491 30,517 4,48,962 6,97,852 2,01,952 12,429 0 1,35,06,498
1,15,080 95,837 10,23,471 90,156 31,590 4,24,793 6,53,896 1,88,825 28,386 4 1,22,75,739
year
164
Annexure 6
Schedule: F1 Continue in next page
POLICYHOLDERS' CONTRIBUTION As at 31 March, 2020
(Rs. in '000)
Linked Life
BUILD N GROWTH
SAVE N GROW STEADY MONEY GROW MONEY GROWTH SAFE MONEY GROW MONEY BUILD INDIA TRUE WEALTH DISCONTINUANCE STABILITY PLUS
PROTECT FUND OPPORTUNITIES
MONEY FUND FUND FUND OPPORTUNITIES FUND PLUS FUND FUND LIFE FUND MONEY FUND
Particulars SERIES 1 PLUS
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Opening balance 29,576 1,49,904 -25,12,093 -1,83,393 -34,278 3,00,590 1,05,878 6,29,123 -52,332 3,08,369 -3,68,778 1,56,979
Add: Additions during the year 1,20,936 2,72,543 1,61,874 45,049 2,325 4,71,058 6,90,808 14,30,778 68,999 18 80,786 9,44,422
Less: Deductions during the year 1,81,212 1,91,316 5,71,525 1,42,839 5,561 4,20,884 6,25,884 10,93,263 73,913 1,11,482 71,407 8,02,106
Closing balance (30,700) 2,31,131 (29,21,744) (2,81,183) (37,514) 3,50,764 1,70,802 9,66,638 (57,246) 1,96,905 (3,59,399) 2,99,295
165
Annexure 6
Schedule: F1
POLICYHOLDERS' CONTRIBUTION As at 31 March, 2020 As at 31 March, 2020

PENSION FUND PENSION FUND PENSION FUND PENSION PLUS PENSION FUND FUND FUND
Particulars FUND PENSION FUND PENSION PLUS
Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year Current year
Opening balance -47,291 -40,589 -7,42,494 -48,810 -8,001 -2,70,722 -4,00,182 -1,13,793 1,31,221 110 -30,11,006
Add: Additions during the year 14,163 20,231 17,733 10,564 21,507 25,838 42,905 14,581 25,588 0 44,82,706
Less: Deductions during the year 25,451 36,778 98,846 22,474 24,608 77,009 1,10,161 41,076 22,811 -1 47,50,604
Closing balance (58,579) (57,136) (8,23,607) (60,720) (11,102) (3,21,893) (4,67,438) (1,40,288) 1,33,998 111 (32,78,904)
166
Annexure 6
Schedule: F 2 Continue in next page

INVESTMENTS As on 31 March, 2020
(Rs. in '000)
Linked Life
BUILD N GROWTH
Particulars SERIES 1 PLUS
Govt. Bonds 1,52,539 3,07,750 - - 19,038 2,59,146 - - - 4,95,040 1,06,399 1,08,358
Corporate Bonds 55,470 88,415 152 33 - - 72 126 29 - - 32,350
Infrastructure Bonds 56,439 1,39,812 - - - 62,439 - - - - - 1,56,817
Equity 1,77,361 - 14,88,866 2,05,187 - - 8,67,150 17,98,382 1,66,250 - - -
Money Market - - - - - 23,690 - - - - - -
Mutual funds 10,000 - 1,40,000 - - 60,000 98,471 80,000 10,329 50,000 7,000 20,700
Total 4,51,809 5,35,977 16,29,018 2,05,220 19,038 4,05,275 9,65,693 18,78,508 1,76,608 5,45,040 1,13,399 3,18,225
Other Investments
Corporate Bonds - - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - -
Equity 10,131 - 1,21,149 18,620 - - 67,611 1,53,768 8,768 - - -
Money Market - - - - - - - - - - - -
Mutual Funds 5,374 - 78,051 6,156 - - 37,198 44,029 9,638 599 - -
Total 15,505 - 1,99,200 24,776 - - 1,04,809 1,97,797 18,406 599 - -
Schedule: F 3 As on 31 March, 2020

CURRENT ASSETS Linked Life
(Rs. in '000)
BUILD N GROWTH
SERIES 1 PLUS
Accrued Interest 7,988 14,611 7 1 205 2,718 3 6 1 8,706 - 6,432
Bank Balance 7,340 6,725 77,006 11,910 328 51,699 47,309 86,915 9,355 7,854 4,024 14,468
Dividend Recievable 9 - 133 28 - - 68 222 15 - - -
Receivable for Sale of Investments 559 - - 1,168 - - - 10,234 495 - - -
Other Current Assets - - 1 - - - - 2 - - - -
Total 15,896 21,336 77,147 13,107 533 54,417 47,380 97,379 9,866 16,560 4,024 20,900
Schedule: F 4
CURRENT LIABILITIES As on 31 March, 2020
Linked Life
-1 (Rs. in '000)
BUILD N GROWTH
SERIES 1 PLUS
Payable for Investments 1,148 (0) 0 1,203 - 8,907 0 10,530 1,017 - - -
Other Current Liabilities (956) (3,824) (234) 90 (60) 67 (3,992) (11,990) (410) 36 30,865 (402)
Total 192 (3,824) (234) 1,294 (60) 8,974 (3,992) (1,460) 608 36 30,865 (402)
Schedule: F 5
Other Charges As on 31 March, 2020
Linked Life
BUILD N GROWTH
Particulars PROTECT FUND OPPORTUNITIES TRUE WEALTH FUND
SERIES 1 PLUS
Fund Administration (2,247) (1,307) (6,717) (1,085) - (1,616) (6,762) (10,599) (1,142) - (1) (804)
Policy Administration (454) (277) - - - (261) (1,896) (4,905) (188) (6,001) 4 (34)
Switching - (1) (3) (3) - (3) - - - - - -
Mortality (3,039) (1,904) (7,120) (1,573) - (2,561) (8,305) (18,653) (1,743) (6,559) (5) (2,239)
Discontinance Charges - - - - - - (1) (7) - - (4) -
Total (5,740) (3,489) (13,840) (2,661) - (4,441) (16,964) (34,164) (3,073) (12,560) (6) (3,077)
167
Annexure 6
Schedule: F 2
INVESTMENTS As on 31 March, 2020 As on 31 March, 2020
(Rs. in '000)

STEADY MONEY GROW MONEY SAFE MONEY GROW MONEY BUILD INDIA GROUP DEBT GROUP Total
Particulars FUND PENSION FUND PENSION PLUS
Govt. Bonds 15,793 13,643 - - 10,537 - - - 87,229 0 15,75,472
Corporate Bonds 5,392 8,385 16 4 - 10 27 11 12,893 - 2,03,385
Infrastructure Bonds 10,521 14,906 - - 2,014 - - - 44,350 - 4,87,298
Equity 17,934 - 1,57,608 24,797 - 89,742 1,59,955 40,926 - - 51,94,156
Money Market - - - - 987 - - - - - 24,677
Mutual funds - - 14,000 - 2,500 - - - 7,000 - 5,00,000
Deposit with Banks - - - - - - - - - - 0
Total 49,640 36,934 1,71,624 24,801 16,038 89,752 1,59,982 40,937 1,51,472 0 79,84,989
Other Investments
Corporate Bonds - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - -
Equity 723 - 11,713 2,668 - 7,374 17,263 2,266 - - 4,22,054
Money Market - - - - - - - - - - -
Mutual Funds 307 - 7,982 720 - 4,937 4,646 3,816 - - 2,03,453
Deposit with Banks - - - - - - - - - - -
Total 1,030 - 19,695 3,388 - 12,311 21,909 6,082 - - 6,25,507
Schedule: F 3 As on 31 March, 2020 As on 31 March, 2020 Annexure 6

CURRENT ASSETS Linked Pension Linked Group
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! (Rs. In '000)
Accrued Interest 969 1,026 1 - 89 - 1 1 3,648 - 46,413
Bank Balance 3,828 670 8,853 1,251 4,546 839 4,867 1,697 7,143 115 3,58,742
Dividend Recievable 1 - 15 4 - 8 20 1 - - 524
Receivable for Sale of Investments 55 - - 143 - - 903 117 - - 13,674
Other Current Assets - - - - - - - - - - 3
Total 4,853 1,696 8,869 1,398 4,635 847 5,791 1,816 10,791 115 4,19,356
Schedule: F 4
CURRENT LIABILITIES As on 31 March, 2019 As on 31 March, 2019 Annexure 6

Payable for Investments 112 0 0 148 - 0 930 241 - - 24,236
Other Current Liabilities (1,091) (71) 324 2 185 10 293 57 (121) 0 8,781
Total (979) (71) 324 150 185 10 1,223 297 (121) 0 33,016
Schedule: F 5
Other Charges As on 31 March, 2020 As on 31 March, 2020 Annexure 6

Particulars MONEY PENSION OPPORTUNITIES OPPORTUNITIES Total
Fund Administration (86) (61) (347) (48) (30) (249) (493) (155) - - (33,749)
Policy Administration (90) (77) - - (45) (403) (574) (180) - - (15,381)
Switching (1) (1) (1) (1) (1) - - - - - (15)
Mortality - - - - - - - - (41) - (53,742)
Discontinance Charges - - - - - - - - - - (12)
Total (177) (139) (348) (49) (76) (652) (1,067) (335) (41) - (1,02,899)
168
Annexure to Revenue Account (UL) forming part of Financial Statements
DISCLOSURES FOR ULIP BUSINESS
1. Performance of the fund (Absolute Growth)
Fund Name Year of Inception Current Year -2021 Previous Year - 2020 Previous Year -2019 Since Inception
Save and Grow Money Fund 2006 27.43% -4.41% 9.98% 9.94%
Steady Money Fund 2006 7.00% 11.08% 6.74% 8.23%
Grow Money Fund 2006 67.18% -18.27% 11.14% 12.68%
Save and Grow Money Pension Fund 2007 26.28% -3.18% 9.51% 9.09%
Steady Money Pension Fund 2007 7.90% 10.79% 6.72% 8.09%
Grow Money Pension Fund 2007 67.64% -17.93% 11.75% 9.16%
Growth Opportunities Fund 2008 72.46% -19.08% 6.50% 17.31%
Growth Opportunities Pension Fund 2008 71.24% -19.74% 6.30% 16.86%
Build n Protect Fund Series 1 2009 6.12% 10.99% 8.24% 6.60%
Safe Money Fund 2009 2.59% 5.16% 5.51% 6.22%
Safe Money Pension Fund 2009 2.54% 4.95% 5.59% 6.17%
Grow Money Plus Fund 2009 66.61% -17.88% 10.82% 12.63%
Grow Money Pension Plus Fund 2009 67.97% -18.74% 11.52% 12.56%
Growth Opportunities Plus Fund 2009 71.92% -20.14% 6.76% 12.72%
Growth Opportunities Pension Plus Fund 2010 73.17% -19.27% 6.57% 13.47%
Build India Pension Fund 2010 66.00% -21.73% 11.30% 10.71%
Build India Fund 2010 64.88% -21.04% 11.86% 11.72%
True Wealth Fund 2010 3.59% 3.15% 5.45% 3.00%
Discontinuance Life Fund 2011 3.26% 4.94% 4.41% 5.72%
Stability Plus Money Fund 2017 6.32% 11.05% 8.12% 7.76%
Group Debt Fund 2018 7.23% 11.49% 8.54% 7.74%
Group Balance Fund 2018 2.29% 4.23% 4.65% 3.31%
1.1 Funds launched during Financial Year 2020-21 0
1.2 Investment Management
· Activities outsourced
o Custody Services
· Fee paid for various activities charged to Policyholders’ Fund Account
o No fees are charged to Policyholder’s Fund Account except for fund management charges.
· Basis of payment of fees
o Fund Management Charges are calculated as a percentage of assets under management.
o Applicable NAV for the applications received on the last business day of the Financial Year
· for applications received on the last business day of the financial year UP TO 3.00 pm are processed with
NAV of the last business day (irrespective of the payment instrument is local or outstation)
· for applications received AFTER 3.00 pm on the last business day, the same falls into the next Financial
Year and NAV of the immediate next business day is applicable.
· The insurer declares NAV for the last business day of a Financial Year, even if it is a non-business day.
169
2. Related party transactions
2.1 Brokerage, custodial fee or any other payments and receipts made to/from related parties is Nil (Previous Year – Nil).
2.2 Company-wise details of investments held in the Promoter Group
As of 31st March, 2021

(Rs. '000)
Fund Name Company Name Type Of Investment % of Holding in various Funds Total Funds Under
Management
BUILD INDIA FUND BHARTI AIRTEL LTD Equity 2.15% 2,65,160.20

BUILD INDIA PENSION FUND BHARTI AIRTEL LTD Equity 2.40% 52,360.47
GROW MONEY FUND BHARTI AIRTEL LTD Equity 1.87% 29,15,443.58
GROW MONEY PENSION FUND BHARTI AIRTEL LTD Equity 2.13% 2,89,656.07
GROW MONEY PENSION PLUS BHARTI AIRTEL LTD Equity 1.95% 1,09,099.25
GROW MONEY PLUS BHARTI AIRTEL LTD Equity 1.95% 21,12,915.16
GROWTH OPPORTUNITIES BHARTI AIRTEL LTD Equity 2.50% 3,73,584.49
GROWTH OPPORTUNITIES PENSION FUND BHARTI AIRTEL LTD Equity 2.09% 44,955.65
GROWTH OPPORTUNITIES PENSION PLUS BHARTI AIRTEL LTD Equity 2.05% 2,05,707.63
GROWTH OPPORTUNITIES PLUS BHARTI AIRTEL LTD Equity 2.51% 38,79,753.54
SAVE N GROW MONEY FUND BHARTI AIRTEL LTD Equity 2.05% 6,48,991.29
SAVE N GROW MONEY PENSION FUND BHARTI AIRTEL LTD Equity 1.38% 36,428.91

(Rs. '000)
Fund Name Company Name Type Of Investment % of Holding in various Funds Total Funds Under
Management
BUILD INDIA FUND BHARTI AIRTEL LTD Equity 4.30% 2,04,271.62

BUILD INDIA PENSION FUND BHARTI AIRTEL LTD Equity 4.25% 48,537.58
GROW MONEY FUND BHARTI AIRTEL LTD Equity 4.20% 19,05,599.32
GROW MONEY PENSION FUND BHARTI AIRTEL LTD Equity 4.08% 1,99,863.89
GROW MONEY PENSION PLUS BHARTI AIRTEL LTD Equity 4.40% 1,02,899.91
GROW MONEY PLUS BHARTI AIRTEL LTD Equity 4.04% 11,21,874.35
GROWTH OPPORTUNITIES BHARTI AIRTEL LTD Equity 4.18% 2,41,809.40
GROWTH OPPORTUNITIES PENSION FUND BHARTI AIRTEL LTD Equity 4.09% 29,436.62
GROWTH OPPORTUNITIES PENSION PLUS BHARTI AIRTEL LTD Equity 4.24% 1,86,458.94
GROWTH OPPORTUNITIES PLUS BHARTI AIRTEL LTD Equity 4.01% 21,75,143.08
SAVE N GROW MONEY FUND BHARTI AIRTEL LTD Equity 1.91% 4,83,017.70
SAVE N GROW MONEY PENSION FUND BHARTI AIRTEL LTD Equity 1.91% 56,501.85
170
2.3 Industry-wise disclosure of Investments
As of March 2021
Grow Money Fund

Sector Name Security Name
Current Market Value
(%) of Assets
of Assets in (Rs'000)
Computer Programming, Consultancy And Related Activities HCL TECHNOLOGIES LTD 46,648.00 1.60%
INFOSYS TECHNOLOGIES LTD 2,11,640.00 7.27%
TATA CONSULTANCY SERVICES LTD 1,18,365.00 4.07%
TECH MAHINDRA LTDFV-5 29,228.00 1.00%
Computer Programming, Consultancy And Related Activities Total 4,05,881.00 13.94%

Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical ProductsSUN PHARMACEUTICALS INDUSTRIES LTDFV-1 19,595.00 0.67%
DR REDDYS LABORATORIES LTD 22,905.00 0.79%
AUROBINDO PHARMA LTD FV 1 13,118.00 0.45%
CIPLA LTD/INDIA 17,142.00 0.59%
DIVIS LABORATORIES LTD 24,081.00 0.83%
TORRENT PHARMACEUTICALS LTD 5,324.00 0.18%
LUPIN LTD (FV2) 7,886.00 0.27%
IPCA LABORATORIES LTD 2,759.00 0.09%
ABBOTT INDIA LTD 7,671.00 0.26%
Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical Products 1,20,481.00 4.14%

Financial And Insurance Activities HOUSING DEVELOPMENT FINANCE CORP (FV2) 1,44,460.00 4.96%
KOTAK MAHINDRA BANK LTD (FV 5) 32,385.00 1.11%
STATE BANK OF INDIA LTDFV-1 15,899.00 0.55%
ICICI BANK LTDFV-2 1,54,081.00 5.29%
BAJAJ FINANCE LIMITEDFV-2 55,531.00 1.91%
ICICI LOMBARD GENERAL INSURANCE CO. LTD. 8,030.00 0.28%
SBI LIFE INSURANCE COMPANY LIMITED 1,368.00 0.05%
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED 13,680.00 0.47%
BAJAJ FINSERV LIMITED 19,192.00 0.66%
HDFC BANK LTDFV-2FV-1 2,05,977.00 7.07%
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED 2,517.00 0.09%
AXIS BANK LTD (NEW)FV-2 19,546.00 0.67%
Financial And Insurance Activities Total 6,72,666.00 23.10%

Manufacture Of Chemicals And Chemical Products ASIAN PAINTS LTD FV 1 62,303.00 2.14%
PIDILITE INDUSTRIES LTD 14,298.00 0.49%
HINDUSTAN UNILEVER LTD 1,00,226.00 3.44%
NAVIN FLUORINE INTERNATIONAL LIMITEDFV-2 9,169.00 0.31%
DABUR INDIA LTD 17,295.00 0.59%
ATUL LTD 5,270.00 0.18%
P I INDUSTRIES LTD. 14,007.00 0.48%
COLGATE-PALMOLIVE INDIA LTD 6,067.00 0.21%
GODREJ CONSUMER PRODUCTS LTD 9,603.00 0.33%
Manufacture Of Coke And Refined Petroleum Products Total 2,38,238.00 8.18%

Current Assets 3,811.00 0.13%
Others 14,70,555.00 50.51%
Grand Total 29,11,632.00 100.00%
As of March 2020
Grow Money Fund

(%) of Assets
INFOSYS TECHNOLOGIES LTD 82,251.00 2.82%
TATA CONSULTANCY SERVICES LTD 37,431.00 1.29%
Computer Programming, Consultancy And Related Activities Total 1,48,109.00 5.09%

Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical ProductsABBOTT INDIA LTD 7,911.00 0.27%
ASTRAZENECA PHARMA INDIA LTD 4,481.00 0.15%
BIOCON LTD 6,190.00 0.21%
CADILA HEALTHCARE LTDFV-1 1,722.00 0.06%
LUPIN LTD (FV2) 1,757.00 0.06%
PFIZER LTD/INDIA 7,020.00 0.24%
SANOFI INDIA LIMITED 5,590.00 0.19%
SUN PHARMACEUTICALS INDUSTRIES LTDFV-1 15,239.00 0.52%
Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical Products 1,56,923.00 5.39%

Financial And Insurance Activities AXIS BANK LTD (NEW)FV-2 5,104.00 0.18%
HDFC ASSET MANAGEMENT COMPANY LIMITED 7,091.00 0.24%
HDFC BANK LTDFV-2FV-1 75,006.00 2.58%
HOUSING DEVELOPMENT FINANCE CORP (FV2) 51,126.00 1.76%
ICICI BANK LTDFV-2 1,02,886.00 3.53%
MUTHOOT FINANCE LIMITED 7,103.00 0.24%
SBI CARDS AND PAYMENT SERVICES LIMITED 2,728.00 0.09%

Manufacture Of Chemicals And Chemical Products ARTI SURFACTANTS LIMITED 710.00 0.02%
ASIAN PAINTS LTD FV 1 48,715.00 1.67%
ATUL LTD 2,967.00 0.10%
DEEPAK NITRITE LIMITED 2,462.00 0.08%
FINE ORGANIC INDUSTRIES LIMITED 5,528.00 0.19%
HINDUSTAN UNILEVER LTD 1,02,446.00 3.52%
UNITED PHOSPHORUS LTD 8,259.00 0.28%
Manufacture Of Coke And Refined Petroleum Products Total 2,25,795.00 7.75%

Others 9,10,031.00 31.26%
Grand Total 19,05,599.00 65.45%
171
As of March 2021
Save and Grow Money Fund

(%) of Assets
Financial And Insurance Activities 9.60% HDBFINANCE DB 22-03-2023 8,505.00 1.32%

9.60% EXIM DB 07-02-2024 22,174.00 3.44%
ICICI BANK LTDFV-2 15,117.00 2.34%
7.60% AXISBANK PI 20-10-2023 7,358.00 1.14%
7.59% PNB HOUSING DB 27-07-2022 19,519.00 3.02%
8.01% REC (GOI SER) IFD 24-03-2028 1,087.00 0.17%
HDFC ASSET MANAGEMENT COMPANY LIMITED 414.00 0.06%
SBI LIFE INSURANCE COMPANY LIMITED 951.00 0.15%
MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED FV2 270.00 0.04%
AU SMALL FINANCE BANK LIMITED 737.00 0.11%
7.14% REC DB 02-03-2030 IX 5,136.00 0.80%
7.27% NABARD PI 14-02-2030 20J 10,277.00 1.59%

PIDILITE INDUSTRIES LTD 250.00 0.04%
HINDUSTAN UNILEVER LTD 9,641.00 1.49%
ATUL LTD 1,062.00 0.16%
AARTI INDUSTRIES LIMITED 860.00 0.13%
Manufacture Of Chemicals And Chemical Products Total 22,661.00 3.51%

Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical ProductsSUN PHARMACEUTICALS INDUSTRIES LTDFV-1 3,483.00 0.54%
LUPIN LTD (FV2) 446.00 0.07%
Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical Products Total 20,908.00 3.24%
WIPRO LIMITED FV-2 3,979.00 0.62%
Computer Programming, Consultancy And Related Activities Total 55,813.00 8.65%

Others 3,83,157.00 59.36%
Grand Total 6,45,525.00 100.00%
As of March 2020
Save and Grow Money Fund

(%) of Assets
Financial And Insurance Activities 7.14% REC DB 02-03-2030 IX 5,050.00 0.78%

7.59% PNB HOUSING DB 27-07-2022 19,368.00 3.00%
7.60% AXISBANK PI 20-10-2023 7,294.00 1.13%
8.01% REC (GOI SER) IFD 24-03-2028 1,061.00 0.16%
8.37% NABARD PI 22-06-2020 16 C 1,005.00 0.16%
9.60% EXIM DB 07-02-2024 19,906.00 3.08%
9.60% HDBFINANCE DB 22-03-2023 7,989.00 1.24%
AXIS BANK LTD (NEW)FV-2 80.00 0.01%
BAJAJ FINSERV LIMITED 854.00 0.13%
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTDFV-2 516.00 0.08%
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED 375.00 0.06%
SBI CARDS AND PAYMENT SERVICES LIMITED 325.00 0.05%

Manufacture Of Chemicals And Chemical Products AARTI INDUSTRIES LIMITED 501.00 0.08%
ARTI SURFACTANTS LIMITED 41.00 0.01%
ATUL LTD 598.00 0.09%
BERGER PAINTS INDIA LTDFV-1 427.00 0.07%
COLGATE-PALMOLIVE INDIA LTD 472.00 0.07%
GODREJ CONSUMER PRODUCTS LTD 472.00 0.07%
NAVIN FLUORINE INTERNATIONAL LIMITEDFV-2 809.00 0.13%
P I INDUSTRIES LTD. 956.00 0.15%

Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical ProductsALKEM LABORATORIES LIMITED 456.00 0.07%
AUROBINDO PHARMA LTD FV 1 642.00 0.10%
BIOCON LTD 229.00 0.04%
CADILA HEALTHCARE LTDFV-1 107.00 0.02%
CIPLA LTD/INDIA 862.00 0.13%
LUPIN LTD (FV2) 238.00 0.04%

Others 3,14,471.00 65.11%
Grand Total 4,83,018.00 92.03%
172
As of March 2021
Steady Money Fund

(%) of Assets

9.60% EXIM DB 07-02-2024 27,717.00 2.98%
7.60% AXISBANK PI 20-10-2023 28,382.00 3.06%
7.59% PNB HOUSING DB 27-07-2022 8,218.00 0.88%
7.71% L&T FINANCE DB 08-08-2022 20,402.00 2.20%
8.40% IRFC IFD 08-01-2029 130 49,931.00 5.38%
7.14% REC DB 02-03-2030 IX 33,901.00 3.65%
7.60% FCI DB 09-01-2030 VII A 36,698.00 3.95%

Current Assets Total 48,322.00 5.20%
Others 6,58,047.00 70.86%
Grand Total 9,28,629.00 100.00%
As of March 2020
Steady Money Fund

(%) of Assets

7.59% PNB HOUSING DB 27-07-2022 8,155.00 0.88%
7.60% AXISBANK PI 20-10-2023 26,051.00 2.81%
7.71% L&T FINANCE DB 08-08-2022 19,252.00 2.07%
8.37% NABARD PI 22-06-2020 16 C 13,063.00 1.41%
8.37% REC PI 14-08-2020 134 15,131.00 1.63%
8.40% IRFC IFD 08-01-2029 130 45,402.00 4.89%
9.60% EXIM DB 07-02-2024 27,648.00 2.98%
9.60% HDBFINANCE DB 22-03-2023 13,981.00 1.51%

Others 3,33,965.00 59.52%
Grand Total 5,61,137.00 85.75%
As of March 2021
Save and Grow Money Pension Fund

(%) of Assets
Financial And Insurance Activities HOUSING DEVELOPMENT FINANCE CORP (FV2) 739.00 2.03%
KOTAK MAHINDRA BANK LTD (FV 5) 449.00 1.24%
STATE BANK OF INDIA LTDFV-1 200.00 0.55%
BAJAJ FINANCE LIMITEDFV-2 191.00 0.53%
7.60% AXISBANK PI 20-10-2023 3,154.00 8.68%
ICICI LOMBARD GENERAL INSURANCE CO. LTD. 161.00 0.44%
Financial And Insurance Activities Total 8,009.00 22.05%
Manufacture Of Chemicals And Chemical Products ASIAN PAINTS LTD FV 1 462.00 1.27%
HINDUSTAN UNILEVER LTD 275.00 0.76%
DABUR INDIA LTD 227.00 0.62%
ATUL LTD 92.00 0.25%

Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical Products
SUN PHARMACEUTICALS INDUSTRIES LTDFV-1 247.00 0.68%
DR REDDYS LABORATORIES LTD 298.00 0.82%
DIVIS LABORATORIES LTD 217.00 0.60%
LUPIN LTD (FV2) 134.00 0.37%
Computer Programming, Consultancy And Related Activities HCL TECHNOLOGIES LTD 484.00 1.33%
TATA CONSULTANCY SERVICES LTD 680.00 1.87%
TECH MAHINDRA LTDFV-5 181.00 0.50%
WIPRO LIMITED FV-2 217.00 0.60%
Current Assets Total 102.00 0.28%

Others 22,423.00 61.73%
Grand Total 36,327.00 100.00%
173
As of March 2020
Save and Grow Money Pension Fund

(%) of Assets
Financial And Insurance Activities 7.60% AXISBANK PI 20-10-2023 3,126.00 8.61%

9.60% EXIM DB 07-02-2024 2,212.00 6.09%
ASIAN PAINTS LTD FV 1 682.00 1.88%
ATUL LTD 52.00 0.14%

ALKEM LABORATORIES LIMITED 47.00 0.13%
BIOCON LTD 34.00 0.09%
IPCA LABORATORIES LTD 117.00 0.32%
LUPIN LTD (FV2) 78.00 0.21%
TORRENT PHARMACEUTICALS LTD 237.00 0.65%

Others 35,677.00 63.14%
Grand Total 56,502.00 114.74%
174
As of March 2021
Grow Money Pension Fund

(%) of Assets
Financial And Insurance Activities HOUSING DEVELOPMENT FINANCE CORP (FV2) 14,946.00 5.21%
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED 297.00 0.10%

ATUL LTD 574.00 0.20%

LUPIN LTD (FV2) 831.00 0.29%
ABBOTT INDIA LTD 839.00 0.29%

Others 1,79,974.00 62.79%
Grand Total 2,86,635.00 100.00%
175
As of March 2020
Grow Money Pension Fund

(%) of Assets
Financial And Insurance Activities AXIS BANK LTD (NEW)FV-2 721.00 0.25%
MUTHOOT FINANCE LIMITED 748.00 0.26%

ATUL LTD 323.00 0.11%
DEEPAK NITRITE LIMITED 478.00 0.17%
FINE ORGANIC INDUSTRIES LIMITED 606.00 0.21%
UNITED PHOSPHORUS LTD 869.00 0.30%

ASTRAZENECA PHARMA INDIA LTD 495.00 0.17%
BIOCON LTD 716.00 0.25%
LUPIN LTD (FV2) 222.00 0.08%
PFIZER LTD/INDIA 768.00 0.27%
SANOFI INDIA LIMITED 575.00 0.20%

Others 1,09,386.00 54.73%
Grand Total 1,99,864.00 87.59%
As of March 2021
Growth Oppportunities Fund

(%) of Assets
RURAL ELECTRIFICATION CORPORATION LIMITED 518.00 0.14%
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTDFV-2 2,427.00 0.65%
MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED FV2 1,833.00 0.49%
AU SMALL FINANCE BANK LIMITED 1,047.00 0.28%
SHRIRAM TRANSPORT FINANCE 686.00 0.18%
LIC HOUSING FINANCEFV-2 1,142.00 0.31%
MAX FINANCIAL SERVICES LIMITED 890.00 0.24%
ATUL LTD 2,153.00 0.58%
RALLIS INDIA LIMITED 263.00 0.07%
GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED 1,092.00 0.29%
BASF INDIA LTD 726.00 0.19%

LUPIN LTD (FV2) 871.00 0.23%
LAURUS LABS LIMITEDFV-2 679.00 0.18%
PIRAMAL ENTERPRISES LIMITED 1,062.00 0.28%
SOLARA ACTIVE PHARMA SCIENCES LIMITED 1,296.00 0.35%
CYIENT LIMITED 1,363.00 0.36%
Current Assets Total -555.00 -0.15%

Others 1,77,983.00 47.57%
Grand Total 3,74,140.00 100.00%
176
As of March 2020
Growth Oppportunities Fund

(%) of Assets
Financial And Insurance Activities AU SMALL FINANCE BANK LIMITED 431.00 0.12%
INDUSIND BANK LTD 29.00 0.01%
MULTI COMMODITY EXCHANGE OF INDIA LIMITED 269.00 0.07%
ATUL LTD 2,098.00 0.56%

AJANTA PHARMA LTD 2,211.00 0.59%

Others 1,26,673.00 52.39%
Grand Total 2,41,809.00 84.89%
177
As of March 2021
Steady Money Pension Fund

(%) of Assets

9.60% EXIM DB 07-02-2024 2,217.00 8.24%

Others 23,187.00 86.18%
Grand Total 26,906.00 100.00%
As of March 2020
Steady Money Pension Fund

(%) of Assets

8.40% IRFC IFD 08-01-2029 130 3,243.00 12.05%
9.60% EXIM DB 07-02-2024 2,212.00 8.22%
9.60% HDBFINANCE DB 22-03-2023 2,996.00 11.14%

Others 25,357.00 94.24%
Grand Total 38,701.00 143.84%
178
As of March 2021
Growth Opportunities Pension Fund

(%) of Assets
LIC HOUSING FINANCEFV-2 135.00 0.30%
Manufacture Of Chemicals And Chemical Products ASIAN PAINTS LTD FV 1 599.00 1.34%
ATUL LTD 269.00 0.60%
GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED 134.00 0.30%

LUPIN LTD (FV2) 100.00 0.22%
PIRAMAL ENTERPRISES LIMITED 123.00 0.27%
SOLARA ACTIVE PHARMA SCIENCES LIMITED 150.00 0.34%
TATA CONSULTANCY SERVICES LTD 760.00 1.70%
TECH MAHINDRA LTDFV-5 652.00 1.46%
CYIENT LIMITED 160.00 0.36%

Others 21,262.00 47.52%
Grand Total 44,746.00 100.00%
As of March 2020
Growth Opportunities Pension Fund

(%) of Assets
HOUSING DEVELOPMENT FINANCE CORP (FV2) 790.00 1.77%
ATUL LTD 259.00 0.58%

AJANTA PHARMA LTD 301.00 0.67%

Others 15,517.00 34.68%
Grand Total 29,437.00 65.79%
179
As of March 2021
Build and Protect Fund Series 1

(%) of Assets
Cuurent Assets 274.00 1.31%

Others 20,710.00 98.69%
Grand Total 20,984.00 100.00%
As of March 2020
Build and Protect Fund Series 1

(%) of Assets
Cuurent Assets 593.00 2.83%

Others 19,038.00 90.73%
Grand Total 19,631.00 93.55%
As of March 2021
Safe Money Fund

(%) of Assets
Land Transport And Transport Via Pipelines 10.25% RGTIL PI 22-08-2021 32,758.00 5.39%
Land Transport And Transport Via Pipelines Total 32,758.00 5.39%
Cuurent Assets -30,652.00 -5.04%

Others 6,05,816.00 99.65%
Grand Total 6,07,922.00 100.00%
180
As of March 2020
Safe Money Fund

(%) of Assets
Financial And Insurance Activities 8.37% NABARD PI 22-06-2020 16 C 30,145.00 4.96%

8.37% REC PI 14-08-2020 134 32,295.00 5.31%
HDBFINANCE CP 04-06-2020 193 23,690.00 3.90%
Cuurent Assets 45,443.00 7.48%

Others 3,19,145.00 52.50%
Grand Total 4,50,718.00 74.14%
As of March 2021
Safe Money Pension Fund

(%) of Assets
Land Transport And Transport Via Pipelines 10.25% RGTIL PI 22-08-2021 1,024.00 5.05%
Current Assets -509.00 -2.51%

Others 19,776.00 97.46%
Grand Total 20,291.00 100.00%
181
As of March 2020
Safe Money Pension Fund

(%) of Assets
Financial And Insurance Activities 8.37% NABARD PI 22-06-2020 16 C 1,005.00 4.95%

8.37% REC PI 14-08-2020 134 1,009.00 4.97%
HDBFINANCE CP 04-06-2020 193 987.00 4.86%

Others 13,037.00 64.25%
Grand Total 20,488.00 100.97%
As of March 2021
Grow Money Plus Fund

(%) of Assets
ICICI BANK LTDFV-2 1,05,831.00 5.06%

IG PETROCHEMICALS LIMITED 1,272.00 0.06%
ATUL LTD 2,996.00 0.14%
Manufacture Of Chemicals And Chemical Products Total 1,67,333.00 8.00%

LUPIN LTD (FV2) 4,780.00 0.23%

Others 13,44,543.00 64.26%
Grand Total 20,92,261.00 100.00%
182
As of March 2020
Grow Money Plus Fund

(%) of Assets
Financial And Insurance Activities AXIS BANK LTD (NEW)FV-2 2,618.00 0.13%

ATUL LTD 1,687.00 0.08%
FINE ORGANIC INDUSTRIES LIMITED 3,048.00 0.15%
IG PETROCHEMICALS LIMITED 293.00 0.01%

BIOCON LTD 3,211.00 0.15%
LUPIN LTD (FV2) 861.00 0.04%
PFIZER LTD/INDIA 3,838.00 0.18%
SANOFI INDIA LIMITED 3,139.00 0.15%

Others 6,25,998.00 29.92%
Grand Total 11,21,874.00 53.62%
As of March 2021
Grow Money Pension Plus Fund

(%) of Assets
ATUL LTD 333.00 0.31%
Manufacture Of Pharmaceuticals,Medicinal Chemical And Botanical

1,114.00 1.03%
Products SUN PHARMACEUTICALS INDUSTRIES LTDFV-1
LUPIN LTD (FV2) 371.00 0.34%

Current Assets 472.00 0.43%
Others 69,635.00 64.10%
Grand Total 1,08,627.00 100.00%
183
As of March 2020
Grow Money Pension Plus Fund

(%) of Assets
ATUL LTD 187.00 0.17%
FINE ORGANIC INDUSTRIES LIMITED 349.00 0.32%

494.00 0.45%
Products ABBOTT INDIA LTD
BIOCON LTD 390.00 0.36%
LUPIN LTD (FV2) 108.00 0.10%
PFIZER LTD/INDIA 443.00 0.41%
SANOFI INDIA LIMITED 356.00 0.33%

Others 55,605.00 51.19%
Grand Total 1,02,900.00 94.73%
As of March 2021
Growth Opportunities Plus Fund

(%) of Assets
RURAL ELECTRIFICATION CORPORATION LIMITED 4,922.00 0.13%
ICICI BANK LTDFV-2 1,93,946.00 5.18%
AU SMALL FINANCE BANK LIMITED 9,387.00 0.25%
SHRIRAM TRANSPORT FINANCE 8,559.00 0.23%
LIC HOUSING FINANCEFV-2 10,840.00 0.29%
MAX FINANCIAL SERVICES LIMITED 10,679.00 0.28%
ATUL LTD 21,724.00 0.58%
RALLIS INDIA LIMITED 1,419.00 0.04%
AARTI INDUSTRIES LIMITED 9,544.00 0.25%
GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED 10,116.00 0.27%
BASF INDIA LTD 7,201.00 0.19%

54,686.00 1.46%
Products SUN PHARMACEUTICALS INDUSTRIES LTDFV-1
LUPIN LTD (FV2) 8,388.00 0.22%
LAURUS LABS LIMITEDFV-2 14,764.00 0.39%
PIRAMAL ENTERPRISES LIMITED 10,349.00 0.28%
SOLARA ACTIVE PHARMA SCIENCES LIMITED 12,623.00 0.34%

2,32,498.00 6.20%
Products Total
Current Assets 1,32,654.00 3.54%

Others 21,95,291.00 58.59%
Grand Total 37,47,099.00 100.00%
184
As of March 2020
Growth Opportunities Plus Fund

(%) of Assets
Financial And Insurance Activities AU SMALL FINANCE BANK LIMITED 3,863.00 0.10%
ICICI BANK LTDFV-2 1,17,270.00 3.13%
INDUSIND BANK LTD 2,932.00 0.08%
MULTI COMMODITY EXCHANGE OF INDIA LIMITED 2,403.00 0.06%
Manufacture Of Chemicals And Chemical Products AARTI INDUSTRIES LIMITED 5,554.00 0.15%
ARTI SURFACTANTS LIMITED 1,159.00 0.03%
ATUL LTD 20,417.00 0.54%
BERGER PAINTS INDIA LTDFV-1 4,556.00 0.12%
RALLIS INDIA LIMITED 2,890.00 0.08%

8,112.00 0.22%
Products ABBOTT INDIA LTD
ALKEM LABORATORIES LIMITED 7,987.00 0.21%

1,67,748.00 4.48%
Products Total

Others 12,21,392.00 32.60%
Grand Total 21,75,143.00 58.05%
As of March 2021
Build India Pension Fund

(%) of Assets
ATUL LTD 127.00 0.25%

LUPIN LTD (FV2) 169.00 0.33%

Others 30,470.00 58.97%
Grand Total 51,667.00 100.00%
185
As of March 2020
Build India Pension Fund

(%) of Assets
ATUL LTD 251.00 0.49%
Financial And Insurance Activities BAJAJ FINANCE LIMITEDFV-2 846.00 1.64%


BIOCON LTD 267.00 0.52%
LUPIN LTD (FV2) 162.00 0.31%

Others 25,556.00 49.46%
Grand Total 48,538.00 93.94%
As of March 2021
Growth Opportunities Pension Plus Fund

(%) of Assets
LIC HOUSING FINANCEFV-2 686.00 0.33%
ATUL LTD 1,580.00 0.77%
GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED 667.00 0.33%

LUPIN LTD (FV2) 421.00 0.21%
PIRAMAL ENTERPRISES LIMITED 607.00 0.30%
SOLARA ACTIVE PHARMA SCIENCES LIMITED 740.00 0.36%

Others 1,24,966.00 60.99%
Grand Total 2,04,899.00 100.00%
186
As of March 2020
Growth Opportunities Pension Plus Fund

(%) of Assets
ATUL LTD 1,544.00 0.75%


Others 98,247.00 47.95%
Grand Total 1,86,459.00 91.00%
As of March 2021
Build India Fund

(%) of Assets
ATUL LTD 1,020.00 0.39%

LUPIN LTD (FV2) 769.00 0.29%

Others 1,63,658.00 62.45%
Grand Total 2,62,043.00 100.00%
187
As of March 2020
Build India Fund

(%) of Assets
ATUL LTD 1,085.00 0.41%

BIOCON LTD 632.00 0.24%
LUPIN LTD (FV2) 513.00 0.20%

Others 1,16,485.00 44.45%
Grand Total 2,04,272.00 77.95%
As of March 2021
True Wealth Fund

(%) of Assets

Others 2,24,129.00 96.28%
Grand Total 2,32,791.00 100.00%
As of March 2020
True Wealth Fund

(%) of Assets

Others 5,45,639.00 234.39%
Grand Total 5,62,163.00 241.49%
As of March 2021
Discontinuance Life Fund

(%) of Assets
Current Assets -62,825.00 -23.80%

Others 3,26,843.00 123.80%
Grand Total 2,64,018.00 100.00%
188
As of March 2020
Discontinuance Life Fund

(%) of Assets
Current Assets -26,841.00 -10.17%

Others 1,13,399.00 42.95%
Grand Total 86,558.00 32.78%
As of March 2021
Stability Plus Money Fund

(%) of Assets
Financial And Insurance Activities 9.60% EXIM DB 07-02-2024 3,326.00 0.43%

7.60% AXISBANK PI 20-10-2023 3,154.00 0.41%
7.59% PNB HOUSING DB 27-07-2022 4,109.00 0.54%
10.50% INDUSIND BK DB 28-03-2119 III-2019 10,097.00 1.32%
8.30% REC IFD 25-03-2029 VIII 2,228.00 0.29%
8.55% IRFC IFD 21-02-2029 131 6,720.00 0.88%
8.01% REC (GOI SER) IFD 24-03-2028 4,346.00 0.57%
9.15% ICICI BK DB 20-06-2118 7,586.00 0.99%
7.95% HDFC BK IFD 21-09-2026 13,899.00 1.81%
7.50% IRFC DB 09-09-2029 142 15,891.00 2.07%
8.24% NABARD DB 22-03-2029 PB5SA4 22,206.00 2.89%
7.14% REC DB 02-03-2030 IX 10,273.00 1.34%
6.80% SBI DB 21-08-2035 29,609.00 3.86%
6.85% IRFC IFD 29-10-2040 19,593.00 2.55%
7.27% NABARD PI 14-02-2030 20J 41,106.00 5.36%
Housing Finance 8.70% LIC HOUSING PI 23-03-2029 11,303.00 1.47%

8.55% HDFC DB 27-03-2029 V-004 5,601.00 0.73%
8.05% HDFC DB 22-10-2029 W-003 10,758.00 1.40%
7.25% HDFC DB 17-06-2030 X-006 20,539.00 2.68%
6.83% HDFC DB 08-01-2031 Y-005 24,973.00 3.25%
Housing Finance Total 73,174.00 9.54%

Others 4,92,410.00 64.18%
Grand Total 7,67,256.00 100.00%
As of March 2020
Stability Plus Money Fund

(%) of Assets
Financial And Insurance Activities 10.50% INDUSIND BK DB 28-03-2119 III-2019 10,054.00 1.31%
7.14% REC DB 02-03-2030 IX 10,100.00 1.32%
7.50% IRFC DB 09-09-2029 142 20,512.00 2.67%
7.59% PNB HOUSING DB 27-07-2022 4,077.00 0.53%
7.60% AXISBANK PI 20-10-2023 2,084.00 0.27%
7.95% HDFC BK IFD 21-09-2026 13,893.00 1.81%
8.01% REC (GOI SER) IFD 24-03-2028 4,244.00 0.55%
8.24% NABARD DB 22-03-2029 PB5SA4 21,630.00 2.82%
8.30% REC IFD 25-03-2029 VIII 2,171.00 0.28%
8.37% NABARD PI 22-06-2020 16 C 5,024.00 0.65%
8.37% REC PI 07-12-2028 169 6,527.00 0.85%
8.37% REC PI 14-08-2020 134 2,017.00 0.26%
8.55% IRFC IFD 21-02-2029 131 6,549.00 0.85%
9.15% ICICI BK DB 20-06-2118 7,554.00 0.98%
9.60% EXIM DB 07-02-2024 3,318.00 0.43%

Others 1,98,471.00 58.46%
Grand Total 3,39,527.00 80.34%
As of March 2021
Group Debt Fund

(%) of Assets

8.37% REC PI 07-12-2028 169 6,689.00 3.01%
7.50% IRFC DB 09-09-2029 142 10,594.00 4.77%
7.14% REC DB 02-03-2030 IX 2,055.00 0.93%
7.60% FCI DB 09-01-2030 VII A 15,728.00 7.08%

Others 1,69,542.00 76.32%
Grand Total 2,22,140.00 100.00%
As of March 2020
Group Debt Fund

(%) of Assets

7.50% IRFC DB 09-09-2029 142 5,128.00 2.31%
7.60% AXISBANK PI 20-10-2023 10,420.00 4.69%

Others 1,33,904.00 60.28%
Grand Total 1,62,384.00 73.10%
As of March 2021
Group Balance Fund

(%) of Assets

Others 108.00 0.00%
Grand Total 113.00 4.42%
As of March 2020
Group Balance Fund

(%) of Assets

Others 0.00 0.00%
Grand Total 115.00 100.00%
189
3. Unclaimed redemptions of units
Unclaimed redemption of units is included and disclosed as part of Unclaimed liability under schedule 13.
4. Net Asset Value (in INR) : Highest, Lowest and Closing
Fund Name Unit Price during the current year
Highest Lowest Closing

Grow Money Fund 59.6373 7.5471 57.1871
Steady Money Fund 31.9860 9.9993 31.6862
Save and Grow Money Fund 40.5633 9.8712 39.9379
Growth Opportunities Fund 74.0522 8.8710 71.4165
Safe Money Fund 20.2997 9.9987 20.2997
Save and Grow Money Pension Fund 32.1538 7.9710 31.6660
Grow Money Pension Fund 33.3548 4.2126 31.9676
Steady Money Pension Fund 28.4960 9.8895 28.0433
Growth Opportunities Pension Fund 70.6349 8.6094 68.0494
Safe Money Pension Fund 20.1927 9.9977 20.1927
Grow Money Plus Fund 39.9054 9.1117 38.3412
Growth Opportunities Plus Fund 39.9623 8.8947 38.5222
Build India Fund 35.5817 8.3402 34.3268
Build India Pension Fund 32.4907 7.7424 31.2576
Growth Opportunities Pension Plus Fund 42.6714 9.2011 41.1147
Build n Protect Fund Series 1 21.4601 9.3151 21.3565
True Wealth Fund 13.6312 7.8201 13.6266
Grow Money Pension Plus Fund 39.7226 9.0356 37.9759
Discontinuance Life Fund 17.6453 10.0000 17.6453
Stability Plus Money Fund 12.8520 9.9875 12.7567
Group Debt Fund 13.2708 10.0129 13.1366
Group Balance Fund 10.7039 9.9998 10.7039
Fund Name Unit Price during the current year
Highest Lowest Closing

Grow Money Fund 45.5454 7.5471 34.2061
Steady Money Fund 29.7597 9.9993 29.6124
Save and Grow Money Fund 36.0295 9.8712 31.3421
Growth Opportunities Fund 57.1857 8.8710 41.4095
Safe Money Fund 19.7868 9.9987 19.7868
Save and Grow Money Pension Fund 28.3758 7.9710 25.0756
Grow Money Pension Fund 25.4029 4.2126 19.0690
Steady Money Pension Fund 26.1174 9.8895 25.9909
Growth Opportunities Pension Fund 54.7524 8.6094 39.7392
Safe Money Pension Fund 19.6930 9.9977 19.6930
Grow Money Plus Fund 30.4885 9.1117 23.0123
Growth Opportunities Plus Fund 31.1243 8.8947 22.4075
Build India Fund 28.5078 8.3402 20.8193
Build India Pension Fund 25.9546 7.7424 18.8300
Growth Opportunities Pension Plus Fund 32.7170 9.2011 23.7422
Build n Protect Fund Series 1 20.2969 9.3151 20.1254
True Wealth Fund 13.4974 7.8201 13.1541
Grow Money Pension Plus Fund 30.3833 9.0356 22.6091
Discontinuance Life Fund 17.0885 10.0000 17.0885
Stability Plus Money Fund 12.0225 9.9875 11.9979
Group Debt Fund 12.3024 10.0129 12.2504
Group Balance Fund 10.4647 9.9998 10.4645
190
5. Expenses charged to Fund (%)
Annualized expense ratio to average daily assets of the Fund
Fund Name
Fund Management
Charges*
Save N Grow Money Fund 1.25%

Steady Money Fund 1.00%
Grow Money Fund 1.50%
Save N Grow Money Pension Fund 1.25%
Steady Money Pension Fund 1.00%
Grow Money Pension Fund 1.50%
Growth Opportunities 1.75%
Growth Opportunities Pension Fund 1.75%
Safe Money Fund 1.00%
Safe Money Pension Fund 1.00%
Build N Protect Fund Series 1 1.25%
Grow Money Pension Plus 1.35%
Growth Opportunities Plus 1.35%
Growth Opportunities Pension Plus 1.35%
Grow Money Plus 1.35%
Build India Fund 1.35%
Build India Pension Fund 1.35%
True Wealth Fund 1.35%
Discontinuance Life Fund 0.50%
Stability Plus Money Fund 0.80%
Group Debt Fund 0.55%
Group Balance Fund 0.55%
Fund Name
Fund Management
Charges*
Save N Grow Money Fund 1.25%

Steady Money Fund 1.00%
Grow Money Fund 1.50%
Save N Grow Money Pension Fund 1.25%
Steady Money Pension Fund 1.00%
Grow Money Pension Fund 1.50%
Growth Opportunities 1.75%
Growth Opportunities Pension Fund 1.75%
Safe Money Fund 1.00%
Safe Money Pension Fund 1.00%
Build N Protect Fund Series 1 1.25%
Grow Money Pension Plus 1.35%
Growth Opportunities Plus 1.35%
Growth Opportunities Pension Plus 1.35%
Grow Money Plus 1.35%
Build India Fund 1.35%
Build India Pension Fund 1.35%
True Wealth Fund 1.35%
Discontinuance Life Fund 0.50%
Stability Plus Money Fund 0.80%
Group Debt Fund 0.55%
Group Balance Fund 0.55%
191
6. Ratio of gross income (including unrealized gains) to average daily net assets
Particulars Gross Income (Rs. '000) Average Daily Assets (Rs. '000) Ratio of Income/Average
Daily Assets
Save N Grow Money Fund 1,33,819 5,62,272 23.80%

Steady Money Fund 42,732 7,17,608 5.95%
Grow Money Fund 12,53,394 25,07,647 49.98%
Save N Grow Money Pension Fund 11,638 47,508 24.50%
Steady Money Pension Fund 2,376 30,823 7.71%
Grow Money Pension Fund 1,30,587 2,58,145 50.59%
Growth Opportunities 1,69,605 3,18,303 53.28%
Growth Opportunities Pension Fund 20,216 37,877 53.37%
Safe Money Fund 12,550 4,87,269 2.58%
Safe Money Pension Fund 469 18,680 2.51%
Build N Protect Fund Series 1 1,210 20,534 5.89%
Grow Money Pension Plus 59,635 1,13,101 52.73%
Growth Opportunities Plus 15,58,145 29,73,632 52.40%
Growth Opportunities Pension Plus 1,11,819 2,01,691 55.44%
Grow Money Plus 7,86,845 16,11,594 48.82%
Build India Fund 1,18,398 2,38,266 49.69%
Build India Pension Fund 27,452 53,765 51.06%
True Wealth Fund 19,015 4,79,632 3.96%
Discontinuance Life Fund 4,296 1,43,918 2.99%
Stability Plus Money Fund 32,567 6,67,605 4.88%
Group Debt Fund 13,828 2,00,395 6.90%
Group Balance Fund 3 110 2.73%
Particulars Gross Income (Rs. '000) Average Daily Assets (Rs. '000) Ratio of Income/Average
Daily Assets
Save N Grow Money Fund -21,728 5,41,136 -4.02%
Steady Money Fund 45,613 10,89,498 4.19%
Grow Money Fund -4,23,491 18,73,911 -22.60%
Save N Grow Money Pension Fund -1,786 63,500 -2.81%
Steady Money Pension Fund 4,717 1,19,145 3.96%
Grow Money Pension Fund -42,894 2,10,927 -20.34%
Growth Opportunities -56,763 3,42,041 -16.60%
Growth Opportunities Pension Fund -7,385 42,281 -17.47%
Safe Money Fund 19,298 6,88,617 2.80%
Safe Money Pension Fund 997 64,627 1.54%
Build N Protect Fund Series 1 2,121 20,409 10.39%
Grow Money Pension Plus -24,821 1,33,477 -18.60%
Growth Opportunities Plus -5,49,601 18,33,124 -29.98%
Growth Opportunities Pension Plus -45,022 1,90,503 -23.63%
Grow Money Plus -2,36,176 17,30,373 -13.65%
Build India Fund -53,499 3,66,837 -14.58%
Build India Pension Fund -13,462 90,842 -14.82%
True Wealth Fund 19,599 4,92,544 3.98%
Discontinuance Life Fund 4,754 1,45,018 3.28%
Stability Plus Money Fund 29,954 2,58,288 11.60%
Group Debt Fund 15,916 1,47,366 10.80%
Group Balance Fund 5 113 4.42%
192
7. Provision for doubtful debts on assets of the respective fund NIL (Previous Year Nil)
8. Fund-wise disclosure of appreciation/depreciation in value of investments
(Rs. '000)
Particulars
Unrealised Appreciation/
(Depreciation) on
Investments
Build India Fund 75,025
Build India Pension Fund 15,431
Build N Protect Fund Series 1 2,616
Discontinuance Life Fund 0
Grow Money Fund 8,67,214
Grow Money Pension Fund 86,337
Grow Money Pension Plus 32,013
Grow Money Plus 5,68,929
Growth Opportunities 1,04,089
Growth Opportunities Pension Fund 12,075
Growth Opportunities Pension Plus 53,597
Growth Opportunities Plus 9,58,805
Safe Money Fund -529
Safe Money Pension Fund -25
Save N Grow Money Fund 98,338
Save N Grow Money Pension Fund 5,957
Steady Money Fund 7,562
Steady Money Pension Fund 644
True Wealth Fund -3,522
Stability Plus Money Fund 9,580
Group Debt Fund 5,983
Group Balance Fund 0
(Rs. '000)
Particulars
Unrealised Appreciation/
(Depreciation) on
Investments
Build India Fund -15,176.15
Build India Pension Fund -4,005.28
Build N Protect Fund Series 1 2,449.71
Discontinuance Life Fund 0.00
Grow Money Fund -84,063.53
Grow Money Pension Fund -4,258.91
Grow Money Pension Plus -4,441.60
Grow Money Plus -72,694.17
Growth Opportunities -8,115.40
Growth Opportunities Pension Fund -1,731.77
Growth Opportunities Pension Plus -6,137.24
Growth Opportunities Plus -2,21,810.69
Safe Money Fund -225.51
Safe Money Pension Fund -7.81
Save N Grow Money Fund -4,346.25
Save N Grow Money Pension Fund 595.75
Steady Money Fund 9,956.62
Steady Money Pension Fund 1,240.69
True Wealth Fund 2,016.36
Stability Plus Money Fund 11,883.51

Group Debt Fund 5,358.85
Group Balance Fund 0
193
IRDA REGISTRATION NO: 130 DATED 14 JULY, 2006
MANAGEMENT REPORT
In accordance with the Insurance Regulatory and Development Authority (Preparation

) Regulations, 2002,
the following Management Report is submitted by the Board of Directors with respect to
the operations of the company for the period April 1, 2020 to March 31, 2021. The
Management of the Company confirms, certifies and declares as below:
1. Certificate of Registration
The Certificate of Registration granted by the Insurance Regulatory and
Development Authority to enable the Company to transact life insurance business
continues to stand valid as at March 31, 2021 and even as of the date of this
Report.
2. Statutory Dues
All relevant statutory dues payable by the Company have been deposited as on
the date of this Report.
3. Shareholding Pattern
The Company confirms that the shareholding pattern is in accordance with the
requirements of the Insurance Act, 1938 and the Insurance Regulatory and
Development Authority (Registration of Indian Insurance Companies) Regulations,
2000.
4. Investment of Funds
The Company has not directly or indirectly invested outside India the funds of the
policyholders issued in India.
5. Solvency Margin
The Company has adequate assets to cover both its liabilities and the minimum
solvency margin as stipulated in Section 64 VA of the Insurance Act, 1938. The
solvency margin maintained by company is 178 % as at March 31, 2021(required
solvency margin is 150%)
194
6. Valuation of Assets
The Company certifies that the values of all the assets have been reviewed on the
date of the Balance Sheet and that the assets set forth in the Balance Sheet are
shown in aggregate at amounts not exceeding their realizable or market value. At
March 31, 2021 the aggregate market value of all investments other than for
linked investments is higher than the book value by Rs. 3,698,562 ) [Previous
year: Rs. 2,523,983
7. 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 Insurance Act, 1938 (4 of 1938) relating to the
application and investment of the life insurance fund.
8. Risk Mitigation Strategies

The Company identifies top key risks each year, which include Strategy,
Operations, Insurance and Investments. These risks are identified and monitored by
the Board. Action plan to mitigate and reduce the risk are also worked on and
reported to the Board.
The Company also has an Operational Risk Framework in place whereby annual
assessment of Operational risk across functions is conducted. This is followed by
identification of mitigation plan for critical risk areas. Every quarter, as part of the
internal governance process, tracking of progress on actions items are done in
Local Risk Management Committee.
9. Operations in other Countries

The Company does not have any operation outside India; hence there are no
exposures to either other country risks or currency fluctuation risks.
2
195
10. Claims
Individual Death Claims intimated during the current financial year 2020-21 are
disposed off as follows:
No. of
Category
Claims
Paid 2870
Pending 5
Repudiated 37
Closed 0
Total Claims Intimated 2912
The average time taken by the Company for claims settlement from the date of
submission of the final requirement by the claimant to dispatch of claim payment is
3 days for the current year. [Previous Year: 3 days].
Ageing of claims indicating the trend in average claim settlement time during the
preceding Five years is given below:
Financial Year Average Settlement
period (In days)
2016-17 3
2017-18 3
2018-19 3
2019-20 3
2020-21 3
3
196
The ageing of claims registered but not settled as on March 31, 2021 is given below:
Linked Business
Period 0 to 30 days 30 days to 6 months 6months to 1 year 1 year to 5 years 5 years & Above Total
Number of Number of Number of Number of Number of Number of
Amount Amount Amount Amount Amount Amount
Claims Claims Claims Claims Claims Claims
2020-21 - - - - - - - - - - - -
2019-20 - - - - - - - - - - - -
2018-19 - - - - - - - - - - - -
2017-18 - - - - - - - - - - - -
2016-17 - - - - - - - - - - - -
NON LINKED BUSINESS

Period 0 to 30 days 30 days to 6 months 6months to 1 year 1 year to 5 years 5 years & Above Total
Number of Number of Number of Number of Number of Number of
Amount Amount Amount Amount Amount Amount
Claims Claims Claims Claims Claims Claims
2020-21 1 1923 4 10010 0 0 0 0 0 0 5 11933
2019-20 5 17194 1 200 0 0 0 0 0 0 6 17394
2018-19 3 4784 4 7303 1 725 0 0 0 0 8 12812
2017-18 5 3625 8 37455 0 0 0 0 0 0 13 41080
2016-17 31 43117 6 11744 0 0 0 0 0 0 37 54861
Incurred gross death and rider claims to gross collected premium ratio of the
company for current financial year is 8.5% [Previous Year 5.2%].
11. Valuation of Investments

S -
Debt securities:
accretion of discount on constant yield-to-maturity basis. However, AT1 bonds are

valued at market price on the basis of CRISIL Bond Valuer.
Tri-
accretion of discount on straight line basis
Mutual Fund:
declared by the respective funds. Exchange Traded Funds are measured at market
value on the Balance Sheet date. For the purpose of determining market value the
last
considered.
4
197
Alternative Investment Funds (AIF):
Investments in AIF are valued at latest available NAV.
Equity shares and Preference Shares:

Listed equity and preference shares are measured at market value on the Balance
Sheet date. For the purpose of determining market value the last quoted closing
price is not available on NSE then the last quoted closing price at BSE will be
considered. Unlisted equity securities are measured at historical cost. In respect of
investments in equity shares and mutual funds, the corresponding unrealised
investment gains or losses are reported in the Balance Sheet und
value of investments as on the Balance Sheet date, the amount of diminution is

recognised as an expense in the Revenue/Profit and Loss Account as the case
may be.
Investment in Real Estate:

Investment property is held to earn rental income or for capital appreciation and is
not occupied by the Company. Investment property is initially valued at cost
including any directly attributable transaction costs. Investment property is
revalued at least once in every three years. The change in carrying amount of
reduction is adjusted in Accumulated Depreciation Account in the Balance Sheet.
Depreciation on Investment Property:

Depreciation on Investment Property is provided on Straight Line Method (SLM)
considering the useful life of 60 years in conjunction with the Schedule II of
Companies Act, 2013. However, as the Company had purchased the commercial
property after 5 years of its construction, the useful life in the books has been
considered as 55 years. The carrying amount is shown in the balance sheet net of
depreciation. The depreciation for the period is initially netted off against
investment income in Revenue Account and depreciation on the Revalued
amount is subsequently transferred to Revaluation Reserve.
5
198
The Company enters into Derivative contracts, as permitted by IRDAI i.e. Forward
Rate Agreements only for the purpose of Hedging. Derivatives are undertaken by
Company solely for the purpose of hedging interest rate risks on account of
following:
1. Reinvestment of maturity proceeds of existing fixed income investments;

2. Investment of interest income receivable; and
3. Expected policy premium income receivable on insurance contracts which are
already underwritten.
Hedge effectiveness is determined based on the principles laid down in the
Guidance note on Derivatives issued by The Institute of Chartered Accountants of
India. Accordingly, the company uses regression methodology to determine
Hedge effectiveness. If the hedge is ineffective, then the movement in the Fair
Value is charged to the Profit and Loss Account. If the hedge is effective, the
effective and ineffective portion of the movement in the Fair Value of the
Underlying and the derivative instrument is determined by the Dollar Offset
the Balance Sheet and the and the ineffective portion is transferred to the Profit
and Loss Account.
The Derivative contract is valued at the Net Present Value (NPV) of the future cash
flows..
Linked Business
Debt securities:
Debt securities, other than Government securities, are valued on the basis of CRISIL
Bond Valuer.
Government securities other than Treasury bills are valued at prices obtained from
Treasury bills, Certificate of Deposits and Commercial Papers are valued at cost
subject to accretion of discount on straight line basis.
Tri-
accretion of discount on straight line basis.
6
199
Mutual Fund:
Investments in mutual funds are stated at previou
declared by the respective funds. Exchange Traded Funds are measured at market
value on the Balance Sheet date. For the purpose of determining market value the
last quoted closing prices at the National Stock Exchange of India
considered.
Equity shares and Preference shares:

Listed equity and preference shares are measured at market value on the Balance
Sheet date. For the purpose of determining market value, the last quoted closing
price at the National Stock
price is not available on NSE then the last quoted closing price at BSE will be
considered. Unrealised gains and losses arising due to changes in market value are
attributed to unit holders and are recognised in the Revenue Account of the fund.
12. Review of Asset Quality and Performance of Investment

All investments as at the yearend are performing investments other than the below
mentioned securities
Provision
Issuer Name Security Exposure Provision % Amount
Reliance Capital Ltd 8.85% RELIANCE CAP DB 02-11-2026 200,000 50 100,000

9.00% RELIANCE CAP DB 09-09-2026 150,000 50 75,000
Yes Bank Ltd 9.50% YES BANK DB 23-12-2116 750,000 100 750,000
Company has accessed the realizable value of the mentioned securities based on
the market condition and information available. Based on such assessment,
provisions have been created as at 31 March 2021 which the Management is of
the opinion that it is adequate.
The company invests only in high credit quality instruments, like Government of
India bonds or rated corporate bonds. The investment in equity is made from long
term perspective.
7
200
13. Dire
The Board of Directors of the Company also state that:

(a) In the preparation of the financial statements, the applicable accounting
standards, principles and policies, have been followed along with proper
explanation relating to material departures, if any;
(b) The management has adopted accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company
at the end of the financial year and of the operating profit or loss of the
Company for the year;
(c) The management has taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the applicable provisions of
the Insurance Act, 1938, (4 of 1938) amended by the Insurance Laws
(Amendment) Act, 2015 and Companies Act, 2013, for safeguarding the assets
of the Company and for preventing and detecting fraud and other
irregularities;
(d) The management has prepared the financial statements on a going concern
basis;
(e) The management has ensured that there exist effective internal audit systems
commensurate with the size and nature of the business;
8
201
14. Schedule of Payments and Expenses made to individuals, firms, companies and
organizations in which the Directors are interested.
The Schedule is given below:
Amount (In Rs '000)

Sr No. Name of the Director Entity in which he is interested Nature of Payment made to the Entity
FY 2020-21 FY 2019-20
Telephone, Data Maintenance and other
(30,157) (42,051)
1 Rakesh Bharti Mittal Bharti Airtel Limited Direc tor expenses
Premium 19,891 7,289
Premium 8,437 14,623
2 Rajesh Sud Airtel Payments Bank Director
Commission (395) (5,090)
Bharti Life Ventures Private Limited -
Managing
3 Rajesh Sud BLVPL (Formerly known as Bharti Life Professional Fees (1,08,023) (1,39,264)
Director
Private Limited)
Rakesh Bharti Mittal

Amount charged by BAGI tow ards office
Harjeet Kohli (72,328) (56,807)
space sharing, data line charges, etc
Rajesh Sud
Bharat Raut
Bharti AXA General Insuranc e
4 Jitender Balakrishanan Director
Company Limited
Uma Relan
Akhil Gupta Amount charged by BAL tow ards office space
Jean Paul Dominique Louis Drouffe 95,499 77,576
sharing, data line charges, etc
Garanc e Richard
Christophe Stephane Knaub
Parag Raja
Rakesh Bharti Mittal Rajesh Sud Chief
Chairman Director Executive Officer &
DIN: 00042494 DIN: 02395182 Managing Director
DIN: 08713978
Varun Gupta
Nilesh Kothari
Appointed Actuary Company
Chief Financial
Secretary
Officer
Place: Mumbai
Date: 21st May, 2021
9
202
203
204
205
Schedule II- Part-A
(Please refer Regulation 10)
Name of the Insurer : Bharti AXA Life Insurance Co. Ltd.

Financial Year : 2020-21
(Rs. in Lakhs)
Gross written Premium*** % of Allowable Expenses
Non-linked Allowable of Non-linked
S. No. Premium Payment Terms
Non- Linked Expenses of Non- Linked
Participating Participating
Participating Management Participating
1 Premium Payment Terms
i) Pure Risk Products
a) First year Regular Premium
- In respect of policies with premium payment term 10 years and above - 1,326 - 100% - 1,325.72 -
- In respect of policies with premium payment term 5 years - 165 - 37.5% - 61.77 -
b) Renewal Premium - 3,425 - 25% - 856.37 -
ii) Life**
a) First year Regular Premium
- In respect of policies with premium payment term of 10 years and above 4,359 32,687 681 80% 3,487.05 26,149.46 544.87
- In respect of policies with premium payment term between 8 years and
9 years (both inclusive) 639 523 - 70% 447.61 365.92 -
- In respect of policies in force with premium payment term between
5 years and 7 years (both inclusive) 3,888 6,431 5,249 60% 2,333.01 3,858.57 3,149.56
- Others please specify* - - -
b) Renewal Premium 78,242 57,586 10,299 15% 11,736.33 8,637.85 1,544.78
2 All single premium received during the year on policies granting

i) An immediate annuity - - - 5% - - -
ii) A deferred annuity - - 3 5% - - 0.14
All premium reieved on other single premium policies excluding policies specified in
3 regulation 4 (ii) (a), (b), (c) and (d) - 19 8,653 5% - 0.94 432.65
4 All single premiums received during the year on Group Pure Risk policies - 12,527 - 10% - 1,252.74 -
5 All single premiums received during the year on Individual pure risk policies - 14 - 10% 1.42
All premium received on One year renewable group policies, other than group fund based
6 policies - 384 - 15% - 57.63 -
7 Group Fund based policies
i) AUM up to Rs. 10,000 crore - - 1,959 1% 19.59
ii) AUM in excess of Rs. 10,000 crore 0.80%
For premiums received during the year on policies granting deferred annuity in
8 consideration of more than one premium as under
i) First year's premiums (4) - (0.72) 10% (0.38) - (0.07)
ii) Renewal premiums 26.26 - 220 4% 1.05 - 8.78
9 All annuities paid during the year - - -
For average of the total sums assured of paid up policies on which no further premiums
10 are payable at the beginning and end of the year 2,58,649 95,623 9,424 0.05% 129.32 47.81 4.71
11 For lapsed policies under the revival period at the beginning of the year
i) Total sum assured of lapsed policies under the revival period 95,343 8,41,922 5,513 0.01% 9.53 84.19 0.55
Total 87,151 1,15,095 27,062 18,144 42,705 5,706

* For where the maximum premiums paying period under the policy is less than ten years / five years as the case may be, be reduced to a number equal to seven and half times
the number of whole years in that period.
**Allowable percetnage of expense shall be in accordance with Part-B of Schedule-I
***Participating, Non-participating and Linked Business has to be further classified into the segments as specified in Regulation 15.
206
Schedule-II- Part-B
(Please Refer Regulation 10)
Name of the Insurer : Bharti AXA Life Insurance Co. Ltd.
Financial Year : 2020-21
S. Particular Allowable Actual Excess
No. Expense as Expenses
per Part A
1 Linked policies
i Life 5,697 6,898 (1,201)
ii. General Annuity and Pension 9 9 (0)
iii. Health - - -
iv. Variable - -
2 a) First year Regular Premium

i. Non-participating policies
a) Life 42,614 61,437 (18,823)
b) General Annuity and Pension - - -
c) Health 91 85 -
d) Variable - - -
ii. Participating Policies

a) Life 18,143 17,472 -
b) General Annuity and Pension 1 2 (1)
c) Health - - -
d) Variable - - -
Total (A) 66,554 85,902 (20,025)
3 Allowance of Head Office expense where the insurer has branch (please refer Regulation 6)
Gross Premium written direct outside Percentage of Allowable
Branch India through such branch Premium Expense
5
5
Total (B) - -
Total (A+B) 66,554 85,902 (20,025)
Notes:
i) As prescribed byIRDAI, expenses pertaining to linked Group Gratuity are classified as a separate segment in
the financials and the surplus on the same is not netted off from shortages in the deficit of other segments.
Consequently, the overall deficit at a company level as per the Financial statements is Rs. 20,040 (in Lacs)
For the purpose of this certificate, since there is no prescribed separate segment of group gratuity, this amount
is Rs. 20,025 (in Lacs)
ii) It is certified that the calculations given above are in accordance with Insurance Regulatory and Development
Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2016.
Chief Executive Officer Chief Financial Officer Chief Compliance Officer

Date : 22 May 2021
Place : Mumbai
207

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BHARTI AXA LIFE INSURANCE COMPANY LIMITED

BOARD OF DIRECTORS APPOINTED ACTUARY

Mr. Marc Pierre Charles Audrin (till 24.03.2021)

1. COMPANY SPECIFIC INFORMATION

(Figures in Rs. cr.)

For the year ended For the year ended

Transfer to/from Reserves 0.1 0.1

2. GENERAL REVIEW AND STATE OF COMPANY AFFAIRS

b. Performance Update 2020-21

The Company witnessed strong performance during FY 2020-21 in term of

x New business growth with focus on proprietary distribution expansion

c. Products launched during the year:

i. Simplification of Proposal form ( eASE 2.0):

ii. Implementation of E-NACH: New business & servicing

x Internet Banking via Account Number

iii. Pre-approved Sum Assured (PASA)

To increase customer experience we identified customer base eligible for

x Introduction of EPIVC App for enhanced customer onboarding experience &

iv. e-Policy Kit:

Implementation of Digi locker

e. Renewals & Persistency:

x Agency channel improved by 5% (from 64% in Mar 20 to 71% in Mar 21).

f. Customer Centricity Update

iii. Implementation of NPS (Net Promoter Score):

Customer Experience - Touchpoint NPS implemented across 10 touch points

Customer segmentation & engagement- Initiated

x Analytics was used to create customer segmentation for existing

x Periodic governance meeting with the CEO & Senior Management

o The above measures have yielded results in terms of reduction in

Overall 39% decrease in the number of complaints over last FY.

Claims o/s at the

Other Key Deliveries

i. Enablement of entire workforce to successfully work from home during Covid

Whistle Blower Policy

The Company encourages and supports employees/ whistleblowers to report any

Code of Conduct for Prevention of Insider Trading

Policy to prevent and deal with Sexual Harassment

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and

Policy on allocation of direct expenses and apportionment of indirect

k. Details and Status of acquisition, merger, expansion, modernization and

l. Developments, Acquisition and assignment of material Intellectual Property

m. Change in the nature of business:

n. Revision of financial statement:

3. CAPITAL AND DEBT STRUCTURE

a) Authorised Share Capital:

b) Paid-up Share Capital:

Sr. No. of % to the Paid

1 Shares in Demat 7 3,086,200,976 100

Total 7 3,086,200,976 100

As at 31 March 2021, the outstanding amount of Non-Convertible Debentures

a) 600 Unsecured Unlisted Redeemable Non-Convertible Debentures at

6. CREDIT RATING OF SECURITIES

1) [ICRA] AA- (Stable)

Board of Directors and Key Managerial Personnel:

As on 31 March 2021, the Company had eleven Directors with a Non-executive

2. Uma Relan was re-appointed as Independent Director of the Company for a

3. Appointment of Rajesh Sud, who was appointed as Additional Director on 28

a. Declaration by independent directors:

b. Key Managerial Personnel: