ULIPJan 2016

the analyst
monthly fund
factsheet for January 2016
the analyst
Fixed Income Market
January 2016
monthly fund factsheet
In a historic move, US Federal Reserve has raised the policy rate by 25 bps in order to normalize the interest rate in the economy. Continuous improvement in the employment data and steady state of the economy has prompted this move. However, we have yet to witness any
hint of inflationary pressure and probably this will allow gradual increase in the policy rate in future. Global markets were remains calm
afterward as this was the widely accepted event.
As RBI has already preemptively reduced the policy rates in September 2015, they choose to stay put this time while maintaini ng the accommodative stance. Going forward, if there is further disinflation than the projected glide path, than only we can expect further reduction in
policy rates.
Devaluation of the Chinese Renminbi (RMB) continued since August 2015 and this is putting pressure on other regional currencies including
Indian INR. Chinas objective is to reflect the fundamental value in its currency before it get included in the IMF basket of reserve currency.
investment philosophy
Rel ia nce Lif e Insu ra nce seeks
consistent and superior long-term ret urns with a we ll -d efi n ed a n d
disciplined investment approach
symbolizing integrity and transparency
to benefit all stakeholders.
31st Dec
15
30th Nov
15
%
Change
$ / Rs.
66.15
65.59
-0.78
CPI Inflations
5.61
5.41
0.20
350.37
351.62
-0.36
Economy Indicators
Forex Reserves ($ bn)
Brent Crude Price

($ per Barrel)
37.04
45.09
-12.45
Gold (Rs. per 10gm)
24994
25979
-0.22
Index of Industrial Production (IIP) surged sharply to a 5 year high at 9.8% (YoY) in October 2015 against 3.6% (YoY) in September 2015
due to one-off from shift in festival season this year and favorable lower base. Capital goods and consumer durables were the main contributors. However, it is expected that industrial production would be sluggish due to lower external and internal demand.
Trade deficit has narrowed marginally to $9.7bn in November 2015 against $9.8bn in October 2015 aided by drop in value of oil imports.
Exports fell for the 12th consecutive month to $20bn led by global slowdown and lower commodity prices. Imports also contracted to $30bn
(-30% YoY) led by 63% YoY decline in fertilizer imports. Gold imports were at $3.54bn against $5.57bn last year. In addition, 2QFY16 BOP
turned marginally negative (<US$1bn) for the first time after September 2013, as CAD inched up to US$8.2bn (6.1b in 1Q) and outflow of
US$6.4bn on account of sale by foreign investors.
Retail inflation (CPI) rose to a 14-month high in November 2015 at 5.4% (YoY) against 5% (YoY) in October 2015 led by pulses (up 3.6%
MoM) and new pressure points from edible oil (up 2.7%) and sugar (up 3.2%) as well as lower base. It is expected that with good harvest of
vegetable in the ensuing winter months will help moderate the inflation. In addition, prices of pulses are also expected to stabilize at higher
level as government has taken steps to import and put curbs on hoarding.
The Government had cut its divestment revenue target by 57% for the current fiscal as strategic sales have failed to take off. Government
has been indicating its resolve to adhering to its fiscal deficit target in FY 16. There are concerns on the 7 th Pay Commission expenditure
and increase in pension to military, which would make it challenging to stick to its path to fiscal prudence in the absence of buoyancy in
revenues. Though government is increasing excise duties on gasoline off late to take advantage of plunging prices to help mobilize additional resources to bridge the fiscal deficit as well as to spend on the developmental activities.
There is a continuous softening of the prices of the commodities. This has made the middle-east and other commodity exporting countries
vulnerable where fiscal deficit is widening to high levels. This along with difficulties associated with high debt in the Chinese economy would
put pressure on the global economic growth.
Money Market was tight considerably on account of advance tax outflow and thus rates went up marginally by 10-15 bps across the yield
curve. Banks were the major issuers of bonds to shore up capital adequacy.
Fixed Income Outlook:

Indices
31st
Dec 15
30th
Nov 15
%Change
BSE Sensex
26118
26155
-0.11
S&P CNX Nifty
7946
7949
0.14
CNX Mid Cap
13397
12985
1.10
BSE Small Cap
11837
11021
1.69
Going forward, government intention of easy fiscal policy to help support the growth and, on the other hand, stable inflation ary outlook will keep a
lid on the further monetary easing. Thus, it is expected that bond yield will remain firm.
Equity Market
Equity Outlook:
Global Indices
31st
Dec 15
30th Nov
15
%Change
Dow Jones
17425
16285
-1.69
FTSE 100
6242
6062
-1.82
Hang Seng
21914
20846
-0.37
Nikkei
19034
17388
-3.75
Indian markets were flattish (0.1%) in Dec as early losses were recovered in the latter half of the month after uncertainty over the Fed liftoff
eased. On the macro front, food inflation pressures persisted and RBI left policy rates unchanged. Pinning expectations on the GST bill
proved to be a disappointment as winter session of Parliament ended amid controversies and protests. Pharma, Metals and Energ y were
the notable outperformers in the month while Infra, Banks and Autos were the key laggards. Deal activity picked up albeit for small ticket
sizes dominated by the primary market.
Banks were notable underperformers in this month as uncertainty of Fed rate hike and new base rate system weighed on the stocks for the
first half of the month before recovering slightly. RBI unveiled new system for base rates with marginal cost of funds to guide lending rates
going forward. On UDAY reforms, states are expected to issue Rs 1000bn bonds in next 3 months while banks await for finer details.
Sectoral Indices
31st Dec
15
30th Nov
15
%Change
2769
2825
-0.08
CNX Infrastructure
CNX Energy
8584
7641
3.98
BSE Capital Goods
14128
15111
-3.25
BSE Bankex
19329
19682
-3.04
BSE Oil & Gas
9556
8695
2.38
BSE IT
11061
11578
1.01
IT stocks saw only a slight uptick as concerns on Chennai rains and H-1B visa program took the spotlight. TCS issued a revenue warning as
Chennai hosts one of companys largest delivery locations post heavy rains. Wipro announced acquisitions of Cellent AG in Europe and
US firm Viteos as it focuses on closing its portfolio gaps. Accenture 1Q results reiterate the outsourcing and growth challenges in the sector .In addition, H-1B visa fee hike raised concerns as it was termed as discriminatory to the Indian IT companies.
Pharma stocks bounced back from their poor performance last month on revival of approvals pace. Lupin annouced approval for generic
Femhrt tablets bringing their YTD tally to 19. Sun Pharmas much awaited Gleevec approval was followed by WL on its Halol plant.
Aurobindo Pharma continued its robust approval pace with US FDA nods on anti-allergic generic and oral contraceptive drugs among others.Cadilla Healthcare received Warning Letters from US FDA on its Moraiya & Ahmedabad facilities.
Amongst Autos, temporary registration ban on diesel vehicles above 2000cc in NCR by Supreme Court and introduction of odd even rule in
Delhi affected 4Ws performance. In addition, MM along with TechM announched acquisition of Italian design firm Pininfarina.
Fixed Income
Indicators (%)
31st Dec
15
30th
Nov 15
%Change
91 Day T-Bill
7.15
7.06
0.09
182 Day T-Bill
7.21
7.18
0.03
1 year GOI
Benchmark
7.29
7.21
0.05
5 Year GOI
Benchmark
7.78
7.70
-0.04
10 Year GOI
Benchmark
7.76
7.54
-0.02
5 Year Corp Bond

Benchmark
8.30
8.35
0.15
10 Year AAA Corp Bond

Benchmark
8.03
8.04
0.22
2.27
2.04
0.06
10 Year US Treasury
Source:
1
Bloomberg, 2 eaindustry.nic.in, 3 RBI
In Consumer space, Nestle India which relaunched Maggi last month, is still not out of the woods as retesting appeals continue. Marico
surged to a lifetime high prior to its 1:1 bonus issue record date in the month.Hindustan Unilever acquired Indulekha and marked its return to
the hair oil segment.
Among Industrials & Infra, Havells sold its Slyvania business as it prioritized domestic business for topline growth. On the railways front,
India & Japan signed a MoU for the high speel rail project. Progress is also underway for the 400 stations redevelopment plan via PPP .
In Metals & Mining, Govt unveiled quality control guidelines for steel products to check import of sub-standard items.Tata Steel signed
Letter of intent to sell Longs Business in UK .On mining front, Govt cancelled fourth round of coal block auctions amid low i nterest.
In Cement space, Competition Appellate Tribunal (COMPAT) remanded the case of alleged cartelization by cement companies back to CCI.
On pricing trends, there was correction in North & West while South remains resilient.
Amongst Energy stocks, Govt has introduced income cap on LPG subsidies, a positive sign for oil marketing companies. On PLNG, Qatar
agreed to lower gas price as it waived the $1.5bn penalty.
In Utilities space, UDAY reforms unveiled by the Govt last month has seen commitment from 12 states so far. IGL stood out as a beneficiary as odd even rule implemented in Delhi exempted CNG vehicles. CESC ventured into cricket and bought IPL team rights throug h a
subsidiary.
Amongst Telecom stocks, Idea lauched 4G services in 4 circles and plans to scale up by next quarter . Reliance Jio had a soft launch in
Dec for its employees as it plans a commercial rollout in 2016.
FIIs were marginal net buyers in the month and posted a net buying tally of $3.3bn for the complete year, DIIs remained net buyers in Dec
with robust net inflows for the full year at $10.3bn led by Mutual funds. Come Jan, watch out for the Q3 earnings season to c ommence.
Equity
Outlook:
Download
Your Unit Statement Instantly. Log on to with your Client ID and Password www.reliancelife.com
fund snapshot
gross return (CAGR*) (%) As on Dec 31, 2015
Life Equity Fund 1
Last 1
Year
5.18%
Last 2
Year
20.51%
Last 3
Year
16.14%
Page
No.
5
100% equity
Life Equity Fund 2
5.01%
21.12%
16.45%
100% equity
Life Equity Fund 3
1.38%
18.41%
14.21%
100% equity
Pension Equity Fund 1
5.19%
20.63%
16.37%
100% equity
4.84%
20.66%
16.14%
100% equity
1.36%
18.15%
13.80%
10
100% equity
Health Equity Fund 1
4.87%
20.75%
16.33%
11
100% equity
1.53%
18.34%
14.32%
12
100% pure equity
Life Pure Equity Fund 1
13.38%
24.39%
18.90%
13
100% pure equity
13.17%
23.89%
18.27%
14
100% pure equity
Pension Pure Equity Fund 1
13.22%
24.13%
18.85%
15
100% pure equity
12.70%
23.60%
18.77%
16
100% pure equity
Health Pure Equity Fund 1
12.04%
23.53%
18.55%
17
100% equity
Life Infrastructure Fund 1
5.69%
22.21%
10.45%
18
100% equity
5.63%
21.67%
10.15%
19
100% equity
Pension Infrastructure Fund 1
5.64%
22.47%
10.10%
20
100% equity
5.99%
22.73%
11.04%
21
100% equity
Health Infrastructure Fund 1
5.29%
21.77%
10.56%
22
100% equity
Life Energy Fund 1
5.41%
18.95%
11.52%
23
100% equity
Life Energy Fund 2
4.75%
18.59%
11.64%
24
100% equity
Pension Energy Fund 1
5.45%
19.08%
11.41%
25
100% equity
4.64%
18.35%
10.80%
26
100% equity
Health Energy Fund 1
5.23%
18.53%
11.45%
27
100% equity
Life Midcap Fund 1
7.31%
29.34%
19.55%
28
100% equity
Life Midcap Fund 2
7.10%
29.23%
20.37%
29
100% equity
Pension Midcap Fund 1
7.13%
29.11%
19.64%
30
100% equity
6.55%
29.63%
20.59%
31
100% equity
Health Midcap Fund 1
7.13%
28.35%
21.24%
32
80% equity, 20% debt
Life Super Growth Fund 1
3.60%
17.46%
14.17%
33
2.28%
16.40%
14.24%
34
Health Super Growth Fund 1
3.21%
17.03%
14.15%
35
Life High Growth Fund 1
4.68%
15.72%
12.80%
36
4.44%
15.42%
11.99%
37
Life Growth Plus Fund 1
5.28%
15.19%
12.49%
38
5.26%
14.79%
12.49%
39
Health Growth Plus Fund 1
5.27%
15.28%
13.07%
40
Life Growth Fund 1
5.80%
14.21%
11.64%
41
Life Growth Fund 2
6.00%
14.39%
11.53%
42
Pension Growth Fund 1
5.93%
14.32%
11.61%
43
5.90%
14.29%
11.58%
44
Life Balanced Fund 1
7.09%
12.83%
10.14%
45
Health Balanced Fund 1
6.98%
7.22%
6.07%
46
Pension Balanced Fund 1
7.22%
12.90%
10.30%
47
6.75%
12.60%
10.09%
48
asset allocation
funds
100% equity
fund snapshot
asset allocation
gross return (CAGR*) (%) As on Dec 31, 2015

Last 1
funds
Year
Last 2
Year
Last 3
Year
Page
No.
100% debt Instruments
Life Pure Debt Fund 1
8.44%
11.80%
9.70%
49
100% govt. securities
Life Gilt Fund 1
8.07%
12.39%
9.45%
50
Life Gilt Fund 2
7.89%
12.48%
9.57%
51
Pension Gilt Fund 1
7.95%
12.39%
9.54%
52
Health Gilt Fund 1
7.93%
12.39%
9.41%
53
100% money market instruments
Life Capital Secure Fund 1
8.20%
8.86%
9.15%
54
Pension Capital Secure Fund 1
8.23%
8.86%
9.12%
55
100% bond instruments
Life Corporate Bond Fund 1
8.66%
11.95%
9.87%
56
8.60%
11.79%
9.83%
57
Pension Corporate Bond Fund 1
8.50%
11.92%
9.75%
58
Health Corporate Bond Fund 1
8.57%
12.14%
10.06%
59
Pension Smart Fund 1
8.08%
10.30%
0.00%
60
Life Money Market Fund 1
8.61%
8.99%
9.13%
61
8.63%
9.04%
9.10%
62
Pension Money Market Fund 1
8.58%
8.99%
9.12%
63
8.65%
9.04%
9.11%
64
Health Money Market Fund 1
8.81%
9.08%
9.12%
65
Dynamic
Life Highest NAV Guarantee Fund 1
NA
NA
NA
66
Dynamic
Life Highest NAV Advantage Fund 1
NA
NA
NA
67
Dynamic
NA
NA
NA
68
Life Equity Fund 1

Fund Performance As on Dec 31, 2015
gross return
SFIN :
ULIF00328/07/04LEQUITYF01121
Fund name
Life Equity Fund 1
Benchmark
Inception Date : 9th Aug 2004
12 month 24 month 36 month

returns
returns
returns
5.18%
20.51%
16.14%
-4.06%
12.27%
10.40%
48 month
60 month
returns
returns
19.97%
10.01%
14.49%
5.31%
*Returns above 12 months are CAGR ( Compounded Annual Growth Rate ) returns.
fund objective
Provide high real rate of return in the
long-term through high exposure to
equity investments, while recognizing
that there is significant probability of
negative returns in the short term. The
risk appetite is high.
fund characteristics
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low
low to moderate moderate

moderate
to high
high
INFOSYS LIMITED
DIVIS LABORATORIES LIMITED
HDFC BANK LTD.
RELIANCE INDUSTRIES LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
MARUTI UDYOG LTD.
SUN PHARMACEUTICAL INDUSTRIES LTD.
ULTRATECH CEMCO LTD
HCL TECHNOLOGIES LIMITED
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
INDIABULLS HOUSING FINANCE LTD
STATE BANK OF INDIA
MOTHERSON SUMI SYSTEMS LTD.
TATA CONSULTANCY SERVICES LTD.
TECH MAHINDRA LIMITED
RELIANCE COMMUNICATION LTD
ADITYA BIRLA NUVO LIMITED
THE INDIAN HOTELS CO LTD
JUBILANT FOODWORKS LIMITED
HERO MOTOCORP LIMITED
SML ISUZU LIMITED
VEDANTA LIMITED
STRIDES SHASUN LIMITED
ONGC
PVR LIMITED
GUJARAT FLUOROCHEMICALS LTD.
total equity
total money market
total net assets
1.02
8.03
7.20
6.62
5.94
5.03
4.74
4.68
4.63
4.47
4.25
3.90
3.70
3.30
3.06
2.58
2.49
2.43
2.34
2.27
2.25
2.08
2.01
1.59
1.37
1.28
1.23
1.13
1.09
0.98
0.65
0.32
% total net asset

MONEY
MARKET
EQUITY
2.38
97.62
97.62
2.38
100.00
target asset allocation

Equity:
100%
benchmark construction
S&P CNX Nifty:
100%
Life Equity Fund 2

gross return
SFIN :
Fund name
th
Inception Date : 11 Jun 2008
Life Equity Fund 2

Benchmark
12 month 24 month 36 month 48 month 60 month

returns
returns
returns
returns
returns
5.01%
21.12%
16.45%
20.05%
10.08%
-4.06%
12.27%
10.40%
14.49%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
VEDANTA LIMITED
SML ISUZU LIMITED
ONGC
PVR LIMITED
total equity
total money market
total net assets
1.01
8.07
7.13
6.65
5.89
5.05
4.78
4.72
4.66
4.45
4.24
3.94
3.69
3.29
3.07
2.59
2.45
2.42
2.40
2.26
2.19
2.16
2.02
1.80
1.38
1.34
1.15
1.08
1.06
0.90
0.66
0.36
% total net asset

MONEY
MARKET
EQUITY
2.12
97.88
97.88
2.12
100.00

Equity:
100%
S&P CNX Nifty:
100%
Life Equity Fund 3

gross return
SFIN :
Fund name
Inception Date : 11th Jan 2010
Life Equity Fund 3

Benchmark
12 month
returns
1.38%
-4.06%
24 month
returns
36 month
returns
18.41%
12.27%
14.21%
10.40%
48 month
returns
60 month
returns
18.87%
14.49%
9.38%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
0.98
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
ICICI BANK LTD.
LARSEN&TUBRO
YES BANK LTD
MARUTI UDYOG LTD.
TATA MOTORS LTD.
ITC
KIRLOSKAR CUMMINS
ULTRATECH CEMCO LTD
STATE BANK OF INDIA
SANOFI INDIA LIMITED
COFFEE DAY ENTERPRISES LIMITED
D.B. CORP LIMITED
PURAVANKARA PROJECTS LIMITED
AXIS BANK LIMITED
ONGC
VEDANTA LIMITED
OBEROI REALTY LIMITED
SHOPPERS STOP LIMITED
IDFC LIMITED
DHANLAKSHMI BANK LIMITED
INOX WIND LIMITED
total equity
total money market
total net assets
8.03
7.18
6.92
5.64
4.95
4.91
4.53
4.39
4.38
4.01
3.31
3.22
3.12
3.08
2.95
2.84
2.51
2.37
2.11
2.11
2.11
1.67
1.27
1.10
1.09
1.05
1.00
0.98
0.90
0.89
0.87
0.77
0.68
0.63
0.37
0.23
asset allocation
% tota l net a sset
MONEY
MARKET
EQUITY
1.79
98.21
98.21
1.79
100.00

Equity:
100%
S&P CNX Nifty:
100%

gross return
SFIN :
Fund name
ULIF00601/11/06PEQUITYF01121
Inception Date : 12th Mar 2007

Benchmark
12 month
returns
5.19%
-4.06%
24 month
returns
36 month
returns
20.63%
12.27%
16.37%
10.40%
48 month
returns
60 month
returns
20.12%
14.49%
10.12%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
TATA MOTORS LTD.
YES BANK LTD
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
VEDANTA LIMITED
ONGC
SML ISUZU LIMITED
PVR LIMITED
total equity
total money market
total net assets
1.01
asset allocation
8.05
7.22
6.63
5.87
5.00
4.78
4.74
4.72
4.54
4.26
3.82
3.69
3.31
3.05
2.60
2.49
2.45
2.30
2.26
2.24
2.16
2.10
1.80
1.38
1.27
1.14
1.09
0.95
0.91
0.65
0.36
% total net asset

MONEY
MARKET
EQUITY
2.18
97.82
97.82
2.18
100.00

Equity:
100%
S&P CNX Nifty:
100%

gross return
SFIN :
Fund name
Benchmark
Inception Date : 4th Dec 2008
12 month
returns
4.84%
-4.06%
24 month
returns
36 month
returns
20.66%
12.27%
16.14%
10.40%
48 month
returns
60 month
returns
20.04%
14.49%
10.07%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
VEDANTA LIMITED
SML ISUZU LIMITED
PVR LIMITED
total equity
total money market
total net assets
1.02
8.05
7.26
6.76
5.99
5.01
4.72
4.71
4.65
4.53
4.27
3.88
3.63
3.38
3.07
2.80
2.57
2.50
2.42
2.39
2.25
2.16
2.15
1.77
1.37
1.28
1.17
1.13
1.05
0.64
0.32
% total net asset

MONEY
MARKET
EQUITY
2.13
97.87
97.87
2.13
100.00

Equity:
100%
S&P CNX Nifty:
100%

gross return
SFIN :
Fund name

Benchmark
12 month
returns
1.36%
-4.06%
24 month
returns
36 month
returns
18.15%
12.27%
13.80%
10.40%
48 month
returns
60 month
returns
18.28%
14.49%
8.96%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
ICICI BANK LTD.
LARSEN&TUBRO
YES BANK LTD
MARUTI UDYOG LTD.
TATA MOTORS LTD.
ITC
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
ULTRATECH CEMCO LTD
D.B. CORP LIMITED
IDFC LIMITED
VEDANTA LIMITED
ONGC
total equity
total money market
total net assets
8.10
7.10
6.50
5.69
5.08
4.98
4.67
4.48
4.44
4.20
3.40
3.32
3.29
3.12
3.06
3.00
2.72
2.43
2.23
2.21
1.95
1.81
1.34
1.24
1.21
0.98
0.98
0.96
0.93
0.66
0.65
0.37
0.16
0.98
asset allocation
% total net asset

MONEY
MARKET
EQUITY
2.72
97.28
97.28
2.72
100.00

Equity:
100%
S&P CNX Nifty:
100%
10

gross return
SFIN :
Fund name
ULIF01201/02/08HEQUITYF01121
Inception Date : 27th Feb 2008

Benchmark
12 month
returns
4.87%
-4.06%
24 month
returns
20.75%
12.27%
36 month
returns
16.33%
10.40%
48 month
returns
60 month
returns
19.90%
14.49%
9.96%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
TATA MOTORS LTD.
ICICI BANK LTD.
YES BANK LTD
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
SML ISUZU LIMITED
VEDANTA LIMITED
ONGC
PVR LIMITED
total equity
total money market
total net assets
1.01
8.09
7.11
6.72
5.96
4.92
4.73
4.70
4.63
4.46
4.25
3.82
3.63
3.29
3.01
2.55
2.50
2.40
2.38
2.23
2.23
2.16
2.03
1.77
1.35
1.25
1.21
1.11
1.09
0.96
0.64
0.32
% total net asset

MONEY
MARKET
EQUITY
2.51
97.49
97.49
2.51
100.00

Equity:
100%
S&P CNX Nifty:
100%
11

SFIN :
Fund name

Benchmark
Inception Date : 11h Jan 2010
12 month
returns
1.53%
-4.06%
gross return
24 month
returns
18.34%
12.27%
36 month
48 month
returns
returns
14.32%
18.83%
10.40%
14.49%
60 month
returns
9.40%
5.31%
fund objective
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
ICICI BANK LTD.
LARSEN&TUBRO
YES BANK LTD
TATA MOTORS LTD.
MARUTI UDYOG LTD.
ITC
KIRLOSKAR CUMMINS
ULTRATECH CEMCO LTD
STATE BANK OF INDIA
D.B. CORP LIMITED
VEDANTA LIMITED
ONGC
AXIS BANK LIMITED
IDFC LIMITED
total equity
total money market
total net assets
0.99
asset allocation
8.05
6.90
6.52
5.65
4.94
4.94
4.58
4.49
4.40
4.11
3.39
3.33
3.09
2.97
2.95
2.74
2.50
2.40
2.31
2.13
2.09
1.85
1.50
1.16
1.14
1.06
1.00
0.97
0.90
0.90
0.86
0.68
0.63
0.37
% total net asset

MONEY
MARKET
EQUITY
2.49
97.51
97.51
2.49
100.00

Equity:
100%
S&P CNX Nifty:
100%
12

SFIN :
Fund name
ULIF03010/06/08LPUEQUTY01121

Benchmark
Inception Date : 11h Jun 2008
gross return
returns
returns
returns
returns
returns
13.38%
24.39%
18.90%
19.08%
9.87%
2.23%
12.39%
14.27%
13.52%
5.85%
fund objective
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high

MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
HINDUSTAN LEVER LTD.
BHARTI AIRTEL LIMITED
ASIAN PAINTS LIMITED
INFOSYS LIMITED
LUPIN LIMITED
LARSEN&TUBRO
ECLERX SERVICES LIMITED
TRENT LTD
TATA MOTORS LTD.
BATA INDIA LIMITED
DR. REDDY LABORATORIES
total equity
total money market
total net assets
0.94
asset allocation
8.74
7.87
7.81
6.53
6.49
6.18
5.96
5.30
5.04
4.63
4.34
4.28
4.19
4.19
3.60
3.54
2.85
2.01
1.59
1.53
1.02
% total net asset

MONEY
MARKET
EQUITY
2.32
97.68
97.68
2.32
100.00

Pure Equity:
100%
(*Investments only in sectors other than banks and

non-banking financial companies, breweries,
distilleries, alcohol based chemicals, cigarettes,
tobacco, entertainment, leather, sugar and
hatcheries.)
S&P CNX Nifty Shariah Index:
100%
13

SFIN :
Fund name

Benchmark
gross return
12 month 24 month
36 month 48 month 60 month
returns
returns
returns
returns
returns
13.17%
23.89%
18.27%
18.56%
9.47%
2.23%
12.39%
14.27%
13.52%
5.85%
fund objective
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high

MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
INFOSYS LIMITED
LUPIN LIMITED
LARSEN&TUBRO
TATA MOTORS LTD.
TRENT LTD
BATA INDIA LIMITED
total equity
total money market
total net assets
0.94
asset allocation
8.87
7.97
7.88
6.61
6.51
6.25
6.01
5.38
5.09
4.65
4.37
4.35
4.22
4.17
3.57
3.10
2.84
2.06
1.54
1.52
1.02
% total net asset

MONEY
MARKET
EQUITY
1.99
98.01
98.01
1.99
100.00

Pure Equity:
100%

hatcheries.)
100%
14

SFIN :
Fund name
ULIF03504/12/08PPUEQUTY01121

Benchmark
Inception Date : 4h Dec 2008
gross return
returns
returns
returns
returns
returns
13.22%
24.13%
18.85%
19.01%
9.82%
2.23%
12.39%
14.27%
13.52%
5.85%
fund objective
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
INFOSYS LIMITED
LUPIN LIMITED
LARSEN&TUBRO
TATA MOTORS LTD.
TRENT LTD
BATA INDIA LIMITED
total equity
total money market
total net assets
0.94
8.73
7.88
7.80
6.59
6.47
6.19
6.01
5.29
5.16
4.62
4.33
4.28
4.27
4.22
3.51
3.27
2.76
2.00
1.62
1.53
1.03
% total net asset

MONEY
MARKET
EQUITY
2.44
97.56
97.56
2.44
100.00

Pure Equity:
100%

hatcheries.)
100%
15

SFIN :
Fund name
Benchmark
12 month
returns
gross return
24 month
returns
36 month
returns
48 month
returns
60 month
returns
12.70%
23.60%
18.77%
18.99%
9.79%
2.23%
12.39%
14.27%
13.52%
5.85%
fund objective
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
INFOSYS LIMITED
LUPIN LIMITED
LARSEN&TUBRO
TATA MOTORS LTD.
TRENT LTD
BATA INDIA LIMITED
total equity
total money market
total net assets
0.94
8.91
7.99
7.79
6.65
6.50
6.19
6.03
5.30
5.10
4.64
4.30
4.28
4.24
4.16
3.53
3.23
2.86
2.03
1.55
1.53
1.03
% total net asset

MONEY
MARKET
EQUITY
2.18
97.82
97.82
2.18
100.00

Pure Equity:
100%

hatcheries.)
100%
16

gross return
SFIN :
ULIF01601/02/08HPUEQUTY01121
Inception Date : 1st Aug 2008
Fund name
Benchmark
12 month
returns
12.04%
2.23%
24 month
returns
36 month
returns
23.53%
12.39%
18.55%
14.27%
48 month
returns
60 month
returns
18.55%
13.52%
9.46%
5.85%
fund objective
portfolio
security
%
total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
INFOSYS LIMITED
LUPIN LIMITED
LARSEN&TUBRO
TATA MOTORS LTD.
TRENT LTD
BATA INDIA LIMITED
total equity
total money market
total net assets
8.80
7.82
7.61
6.54
6.44
6.11
5.86
5.20
5.16
4.98
4.30
4.23
4.18
4.15
3.50
2.86
2.75
2.00
1.54
1.49
1.04
0.95
% total net asset

MONEY
MARKET
EQUITY
3.46
96.54
96.54
3.46
100.00

Pure Equity:
100%

hatcheries.)
100%
17

gross return
SFIN :
ULIF02710/06/08LINFRAST01121
fund Name
Inception Date : 11th Jun 2008

Benchmark
12 month
returns
24 month
returns
5.69%
-8.91%
22.21%
5.72%
36 month
returns
10.45%
2.32%
48 month
returns
11.66%
6.84%
60 month
returns
0.70%
-4.34%
fund objective
Provide high rate of return in the long
term through high exposure to equity
investments in Infrastructure and allied
sectors, while recognizing that there is a
significant probability of negative returns
in the short term. The risk
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

POWER GRID CORP OF INDIA LTD
KIRLOSKAR CUMMINS
LARSEN&TUBRO
NTPC LIMITED
ULTRATECH CEMCO LTD
ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD
VOLTAS LTD
BHARAT HEAVY ELECTRICALS LTD.
TATA MOTORS LTD.
CESC LTD
TEXMACO RAIL & ENGINEERING LIMITED
BHARAT FORGE
INOX WIND LIMITED
INDIAN METALS AND FERRO ALLOYS LIMITED
GUJARAT STATE PETRONET LIMITED
total equity
total money market
total net assets
0.88
8.95
8.87
8.57
8.34
7.65
7.28
7.01
5.54
5.50
4.41
4.41
4.31
4.30
3.46
3.30
3.12
1.87
1.02
% total net asset

MONEY
MARKET
EQUITY
2.09
97.91
97.91
2.09
100.00

Equity:
100%
CNX Infrastructure Index:
100%
18

gross return
SFIN :
fund Name
th
Inception Date : 11 Jan 2010

Benchmark

returns
returns
returns
returns
returns
5.63%
21.67%
10.15%
11.56%
1.24%
-8.91%
5.72%
2.32%
6.84%
-4.34%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

KIRLOSKAR CUMMINS
LARSEN&TUBRO
NTPC LIMITED
ULTRATECH CEMCO LTD
ADANI PORTS AND SPECIAL ECONOMIC ZONE
LTD
VOLTAS LTD
TATA MOTORS LTD.
CESC LTD
BHARAT FORGE
INOX WIND LIMITED
total equity
total money market
total net assets
0.88
8.84
8.84
8.66
8.37
7.49
7.32
6.98
5.48
5.46
4.40
4.36
4.32
4.27
3.52
3.35
3.10
1.60
1.02
% total net asset

MONEY
MARKET
EQUITY
2.64
97.36
97.36
2.64
100.00

Equity:
100%
100%
19

gross return
SFIN :
ULIF02101/03/08PINFRAST01121
fund Name

Benchmark

returns
returns
returns
returns
returns
5.64%
22.47%
10.10%
11.40%
0.51%
-8.91%
5.72%
2.32%
6.84%
-4.34%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

KIRLOSKAR CUMMINS
LARSEN&TUBRO
NTPC LIMITED
ULTRATECH CEMCO LTD
VOLTAS LTD
TATA MOTORS LTD.
CESC LTD
BHARAT FORGE
INOX WIND LIMITED
total equity
total money market
total net assets
0.88
8.93
8.86
8.56
8.31
7.60
7.25
6.99
5.50
5.49
4.41
4.40
4.31
4.26
3.48
3.32
3.11
1.79
1.02
% total net asset

MONEY
MARKET
EQUITY
2.42
97.58
97.58
2.42
100.00

Equity:
100%
100%
20

gross return
SFIN :
fund Name

Benchmark
12 month
returns
24 month
returns
5.99%
-8.91%
22.73%
5.72%
36 month
returns
11.04%
2.32%
48 month
returns
60 month
returns
12.20%
6.84%
1.69%
-4.34%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high

KIRLOSKAR CUMMINS
LARSEN&TUBRO
NTPC LIMITED
ULTRATECH CEMCO LTD
VOLTAS LTD
CESC LTD
TATA MOTORS LTD.
BHARAT FORGE
INOX WIND LIMITED
total equity
total money market

total net assets
0.88
asset allocation
8.93
8.88
8.56
8.35
7.93
7.29
7.02
5.51
5.27
4.51
4.42
4.40
4.32
3.54
3.33
3.12
1.62
1.02
% total net asset

MONEY
MARKET
EQUITY
1.96
98.04
98.04
1.96
100.00

Equity:
100%
100%
21

SFIN :
fund Name
ULIF06101/02/08HINFRAST01121

Benchmark
gross return
returns
returns
returns
returns
returns
5.29%
21.77%
10.56%
11.51%
0.58%
-8.91%
5.72%
2.32%
6.84%
-4.34%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high

KIRLOSKAR CUMMINS
LARSEN&TUBRO
NTPC LIMITED
ULTRATECH CEMCO LTD
LIMITED
VOLTAS LTD
TATA MOTORS LTD.
CESC LTD
BHARAT FORGE
INOX WIND LIMITED
total equity
total money market
total net assets
0.88
asset allocation
8.90
8.81
8.32
8.10
7.32
7.27
6.95
5.45
5.28
4.38
4.22
4.21
4.09
3.23
3.20
3.09
1.48
1.00
% total net asset

MONEY
MARKET
EQUITY
4.69
95.31
95.31
4.69
100.00

Equity:
100%
100%
22
Life Energy Fund 1

gross return
SFIN :
fund Name
ULIF02410/06/08LENERGYF01121
Life Energy Fund 1

Benchmark
12 month
returns
24 month
returns
5.41%
-0.66%
18.95%
3.84%
36 month
returns
11.52%
2.69%
48 month
returns
60 month
returns
11.70%
5.35%
4.17%
-2.57%
fund objective
investments in Energy and allied
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

NTPC LIMITED
OIL INDIA LIMITED
LARSEN&TUBRO
KIRLOSKAR CUMMINS
ONGC
GAS AUTHORITY OF INDIA LTD.
VOLTAS LTD
PETRONET LNG LIMITED
INDRAPRASTHA GAS LIMITED
INDIAN OIL CORPORATION LIMITED
MANGALORE REFINERY AND PETROCHEMICALS L
INOX WIND LIMITED
VEDANTA LIMITED
COAL INDIA LIMITED
total equity
total money market
total net assets
0.81
8.69
8.52
8.49
8.33
7.87
7.15
6.72
5.33
4.82
4.80
4.74
4.57
3.68
3.63
3.62
3.18
1.97
1.18
1.01
% total net asset

MONEY
MARKET
EQUITY
1.70
98.30
98.30
1.70
100.00

Equity:
100%
CNX Energy Index:
100%
23
Life Energy Fund 2

gross return
SFIN :
fund Name
Life Energy Fund 2
Benchmark
12 month
returns
4.75%
-0.66%
24 month
returns
18.59%
3.84%
36 month
returns
48 month
returns
11.64%
2.69%
11.83%
5.35%
60 month
returns
3.95%
-2.57%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high

NTPC LIMITED
OIL INDIA LIMITED
LARSEN&TUBRO
KIRLOSKAR CUMMINS
ONGC
VOLTAS LTD
INOX WIND LIMITED
VEDANTA LIMITED
COAL INDIA LIMITED
total equity
total money market
total net assets
0.81
asset allocation
8.58
8.44
8.42
8.35
7.90
7.07
6.67
5.33
4.77
4.76
4.69
4.52
3.91
3.68
3.64
3.18
1.95
1.17
1.01
% tota l net a sset

MONEY
MARKET
EQUITY
1.98
98.02
98.02
1.98
100.00

Equity:
100%
CNX Energy Index:
100%
24

SFIN :
fund Name
ULIF02001/03/08PENRGYYF01121

Benchmark
gross return
returns
returns
returns
returns
returns
5.45%
19.08%
11.41%
11.61%
4.10%
-0.66%
3.84%
2.69%
5.35%
-2.57%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high

NTPC LIMITED
OIL INDIA LIMITED
LARSEN&TUBRO
KIRLOSKAR CUMMINS
ONGC
VOLTAS LTD
INOX WIND LIMITED
VEDANTA LIMITED
COAL INDIA LIMITED
total equity
total money market
total net assets
0.81
8.58
8.46
8.44
8.33
7.82
7.15
6.73
5.33
4.82
4.80
4.71
4.54
3.68
3.64
3.45
3.18
1.97
1.17
1.01
% total net asset

MONEY
MARKET
EQUITY
2.17
97.83
97.38
2.17
100.00

Equity:
100%
CNX Energy Index:
100%
25

SFIN :
fund Name

Benchmark
gross return
12 month
24 month 36 month 48 month 60 month
returns
returns
returns
returns
returns
4.64%
18.35%
10.80%
11.35%
3.54%
-0.66%
3.84%
2.69%
5.35%
-2.57%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
NTPC LIMITED
OIL INDIA LIMITED
LARSEN&TUBRO
KIRLOSKAR CUMMINS
ONGC
VOLTAS LTD
INOX WIND LIMITED
VEDANTA LIMITED
COAL INDIA LIMITED
total equity
total money market
total net assets
0.81
8.54
8.49
8.43
8.37
7.82
7.11
6.70
5.27
4.83
4.79
4.67
4.50
3.81
3.64
3.63
3.17
1.96
1.16
1.00
% tota l net asset

MONEY
MARKET
EQUITY
2.11
97.89
97.89
2.11
100.00

Equity:
100%
CNX Energy Index:
100%
26

SFIN :
ULIF06001/02/08HENERGYF01121
fund Name

Benchmark
gross return
12 month 24 month
returns
returns
5.23%
-0.66%
18.53%
3.84%
36 month
returns
11.45%
2.69%
48 month
returns
60 month
returns
11.64%
5.35%
4.03%
-2.57%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
NTPC LIMITED
OIL INDIA LIMITED
LARSEN&TUBRO
KIRLOSKAR CUMMINS
ONGC
VOLTAS LTD
INOX WIND LIMITED
VEDANTA LIMITED
COAL INDIA LIMITED
total equity
total money market
total net assets
0.81
8.70
8.31
8.30
8.24
8.06
7.04
6.71
5.38
4.79
4.75
4.71
4.55
3.72
3.63
3.27
3.18
1.94
1.20
1.02
% total net asset

MONEY
MARKET
EQUITY
2.50
97.50
97.50
2.50
100.00

Equity:
100%
CNX Energy Index:
100%
27
Life Midcap Fund 1

gross return
SFIN :
ULIF02810/06/08LMIDCAPF01121
fund Name
Life Midcap Fund 1

Benchmark
12 month
returns
24 month
returns
7.31%
1.54%
29.34%
21.78%
36 month
returns
19.55%
12.96%
48 month
returns
60 month
returns
25.46%
18.14%
11.49%
3.20%
fund objective
investments in Midcap companies while
recognizing that there is
significant probability of negative
returns in the short term. The risk
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high
YES BANK LTD

STATE BANK OF INDIA
TRENT LTD
IDFC LIMITED
D.B. CORP LIMITED
VOLTAS LTD
DR. LAL PATHLABS LIMITED
MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD
CESC LTD
TATA MOTORS LTD.
HEXAWARE TECHNOLOGIES LIMITED
BATA INDIA LIMITED
BHARAT FORGE
SHARDA CROPCHEM LIMITED
OIL INDIA LIMITED
total equity
total money market
total net assets
1.15
asset allocation
6.61
5.20
4.79
4.45
4.24
4.02
4.00
3.93
3.82
3.69
3.64
3.40
3.22
3.13
3.07
2.84
2.75
2.61
2.60
2.58
2.58
2.57
2.54
2.35
2.09
1.99
1.97
1.91
1.79
1.51
0.79
% total net asset

MONEY
MARKET
EQUITY
3.33
96.67
96.67
3.33
100.00

Equity:
100%
Nifty Midcap 50:
100%
28
Life Midcap Fund 2

gross return
SFIN :
fund Name
Life Midcap Fund 2

Benchmark
12 month
returns
24 month
returns
7.10%
1.54%
29.23%
21.78%
36 month
returns
20.37%
12.96%
48 month
returns
60 month
returns
25.79%
18.14%
12.07%
3.20%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
equity
fund risk profile
low

moderate
to high
high
YES BANK LTD

STATE BANK OF INDIA
TRENT LTD
IDFC LIMITED
D.B. CORP LIMITED
VOLTAS LTD
MAHINDRA & MAHINDRA FINANCIAL SERVICES L
TATA MOTORS LTD.
CESC LTD
BATA INDIA LIMITED
BHARAT FORGE
OIL INDIA LIMITED
total equity
total money market
total net assets
1.15
asset allocation
6.57
5.18
4.88
4.76
4.23
3.99
3.96
3.94
3.83
3.67
3.62
3.38
3.16
3.11
3.07
2.83
2.76
2.68
2.60
2.60
2.56
2.56
2.56
2.10
1.98
1.97
1.94
1.91
1.79
1.51
0.92
0.78
% total net asset

MONEY
MARKET
EQUITY
2.62
97.38
97.38
2.62
100.00

Equity:
100%
Nifty Midcap 50:
100%
29

gross return
SFIN :
ULIF02201/03/08PMIDCAPF01121
fund Name
Benchmark
12 month
returns
24 month
returns
7.13%
1.54%
29.11%
21.78%
36 month
returns
19.64%
12.96%
48 month
returns
60 month
returns
25.45%
18.14%
11.47%
3.20%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
YES BANK LTD

STATE BANK OF INDIA
TRENT LTD
IDFC LIMITED
D.B. CORP LIMITED
VOLTAS LTD
TATA MOTORS LTD.
CESC LTD
BATA INDIA LIMITED
BHARAT FORGE
OIL INDIA LIMITED
total equity
total money market
total net assets
1.51
6.64
5.25
4.94
4.82
4.24
4.01
4.01
3.91
3.85
3.73
3.68
3.40
3.19
3.13
3.07
2.74
2.72
2.65
2.61
2.58
2.56
2.52
2.43
2.29
2.05
2.00
1.98
1.92
1.78
1.51
0.79
0.63
% total net asset

MONEY
MARKET
EQUITY
2.39
97.61
97.61
2.39
100.00

Equity:
100%
Nifty Midcap 50:
100%
30

gross return
SFIN :
fund Name
Benchmark
12 month
returns
24 month
returns
6.55%
1.54%
29.63%
21.78%
36 month
returns
20.59%
12.96%
48 month
returns
60 month
returns
26.15%
18.14%
12.31%
3.20%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
YES BANK LTD

STATE BANK OF INDIA
TRENT LTD
IDFC LIMITED
D.B. CORP LIMITED
VOLTAS LTD
TATA MOTORS LTD.
CESC LTD
BHARAT FORGE
BATA INDIA LIMITED
OIL INDIA LIMITED
total equity
total money market
total net assets
1.19
6.77
5.09
4.90
4.66
4.22
4.01
3.99
3.82
3.76
3.64
3.55
3.17
3.11
3.09
3.06
3.05
2.71
2.70
2.55
2.50
2.50
2.48
2.44
2.41
2.13
2.01
1.98
1.98
1.77
1.50
0.99
0.78
% total net asset

MONEY
MARKET
EQUITY
2.68
97.32
97.32
2.68
100.00

Equity:
100%
Nifty Midcap 50:
100%
31

gross return
SFIN :
ULIF06201/02/08HMIDCAPF01121
fund Name

Benchmark
12 month
returns
24 month
returns
7.13%
1.54%
28.35%
21.78%
36 month
returns
21.24%
12.96%
48 month
returns
60 month
returns
26.64%
18.14%
12.29%
3.20%
fund objective
appetite is 'high'
portfolio
security
% total
net
assets
Fund Beta
asset allocation
equity
fund risk profile
low

moderate
to high
high
YES BANK LTD

STATE BANK OF INDIA
TRENT LTD
IDFC LIMITED
D.B. CORP LIMITED
VOLTAS LTD
CESC LTD
TATA MOTORS LTD.
BATA INDIA LIMITED
BHARAT FORGE
OIL INDIA LIMITED
total equity
total money market
total net assets
1.15
6.83
5.42
4.90
4.83
4.31
4.11
4.10
4.03
3.79
3.74
3.67
3.25
3.19
3.17
3.06
2.87
2.72
2.72
2.62
2.59
2.57
2.51
2.46
2.46
2.06
2.05
2.01
2.00
1.79
1.48
0.78
% total net asset

MONEY
MARKET
EQUITY
1.90
98.10
98.10
1.90
100.00

Equity:
100%
Nifty Midcap 50:
100%
32

gross return
SFIN :
ULIF01009/04/07LSPRGRWT01121
Inception Date : 28th May 2007
12 month
returns
fund Name
Benchmark
24 month
returns
36 month
returns
48 month
returns
60 month
returns
3.60%
17.46%
14.17%
17.51%
9.73%
-1.46%
12.28%
10.28%
13.57%
6.21%
fund objective
investments, while recognizing that
there is significant probability of
negative returns in the short term, which
will be moderated through some
exposure to debt. The risk appetite is
high
portfolio
security
% total ratnet ing

assets
M. Duration of debt portfolio:

YTM of debt portfolio:
Fund Beta:
4.06 Years
7.90%
1.17
bond
8.97% TATA SONS NCD 15-07-2020
8.39% PFC NCD 19-04-2025
fund risk profile
total bond
gilts
low

moderate
to high
high
8.15% GOI CG 24-11-2026

8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
Equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
MARUTI UDYOG LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
BATA INDIA LIMITED
STATE BANK OF INDIA
HDFC LTD
IDFC LIMITED
ONGC
CIPLA LTD.
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
asset allocation
3.62 AAA
3.54 AAA
% total net asset
7.17
2.65
1.88
1.72
0.72
0.71
0.19
BONDS
7.17
MONEY
MARKET
7.43
GILTS
7.87
7.87
EQUITY
77.53
6.43
5.63
5.56
4.38
3.84
3.52
3.47
3.36
3.35
3.29
2.85
2.60
2.57
2.31
1.97
1.95
1.80
1.77
1.73
1.67
1.59
1.39
1.28
1.19
1.17
1.12
1.03
1.01
1.01
1.00
0.88
0.83
77.53
7.43
100.00

Debt:
Equity:
20%
80%
CRISIL Composite Bond Fund Index: 20%
S&P CNX Nifty:
80%
33

gross return
SFIN :
fund Name
Benchmark
12 month
returns
2.28%
-1.46%
24 month
returns
36 month
returns
16.40%
12.28%
14.24%
10.28%
48 month
returns
60 month
returns
16.82%
13.57%
9.19%
6.21%
fund objective
high
portfolio
security
% total rating
net
assets

Fund Beta:
4.30 Years
7.90%
1.01
bond
8.37% REC NCD 14-08-2020 134
8.39% PFC NCD 19-04-2025
fund risk profile
total bonds
gilts
low

moderate
to high
high
8.15% GOI CG 24-11-2026

8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
TATA MOTORS LTD.
YES BANK LTD
MARUTI UDYOG LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
BATA INDIA LIMITED
STATE BANK OF INDIA
CESC LTD
HDFC LTD
INOX WIND LIMITED
LUPIN LIMITED
CIPLA LTD.
IDFC LIMITED
VEDANTA LIMITED
ONGC
total equity
total money market
total net assets
4.34
4.33
AAA
AAA
asset allocation
8.67
2.36
2.10
1.68
0.61
0.22
0.17
% total net asset

MONEY
MARKET
6.13
GILTS
7.15
BONDS
8.67
7.15
6.00
5.78
4.29
4.28
4.01
3.87
3.67
3.62
3.12
3.07
3.03
2.83
2.69
2.51
1.97
1.93
1.88
1.80
1.77
1.76
1.47
1.47
1.45
1.41
1.35
1.31
1.28
1.15
1.02
0.97
0.83
0.48
EQUITY
78.05
78.05
6.13
100.00

Debt:
Equity:
20%
80%
S&P CNX Nifty:
80%
34

SFIN :
fund Name
ULIF01701/02/08HSPRGRWT01121
gross return
12 month 24 month
returns
returns

Benchmark
3.21%
-1.46%
17.03%
12.28%
36 month
returns
14.15%
10.28%
48 month
returns
60 month
returns
17.23%
13.57%
9.51%
6.21%
fund objective
high
security
% total ratnet ing

assets
bond
9.22% LICHFL NCD 16-10-2024 TR230
8.37% REC NCD 14-08-2020 134
fund risk profile
portfolio
total bonds

Fund Beta:
4.90 AAA
2.34 AAA
asset allocation
7.24
% total net asset
gilts
low

moderate
to high
high
8.15% GOI CG 24-11-2026

8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
8.17% GOI CG 01-12-2044
7.88% GOI CG 19-03-2030
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
AXIS BANK LIMITED
BATA INDIA LIMITED
HDFC LTD
MARUTI UDYOG LTD.
IDFC LIMITED
ONGC
INOX WIND LIMITED
CIPLA LTD.
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
2.74
2.02
1.67
0.61
0.19
0.12
7.34
6.60
5.61
5.58
4.19
3.85
3.77
3.51
3.46
3.43
2.99
2.69
2.45
2.31
1.98
1.97
1.95
1.80
1.80
1.72
1.62
1.56
1.43
1.36
1.19
1.17
1.11
1.07
1.06
1.04
1.01
0.88
0.86
3.73 Years
7.79%
1.17
BONDS
7.24
GILTS
7.34
MONEY
MARKET
8.40
EQUITY
77.02
77.02
8.40
100.00

Debt:
Equity:
20%
80%
S&P CNX Nifty:
80%
35

gross return
fund Name
SFIN :
ULIF00728/02/07LHIGROWT01121
st
Inception Date : 1 Mar 2007
12 month
returns

Benchmark
4.68%
1.12%
24 month
returns
36 month
returns
15.72%
12.20%
12.80%
10.06%
48 month
returns
60 month
returns
15.30%
12.54%
9.53%
7.00%
portfolio
fund objective
security
Provide, in the long-term, returns which

are significantly higher than the inflation
rate, through high exposure to equity
there is some probability of
negative returns in the short-term. The
risk appetite is moderate to high
bond
8.75% RIL NCD 07-05-2020
9.25% RJIL NCD 16-06-2024 SR-PPD3
11.00% PFC NCB 15-09-2018
9.50% HDFC NCD 09-05-2022 J-002
9.00% NTPC NCD 25-01-2023 XLII-I
8.30% REC NCD 10-04-2025
9.70% TATA SONS NCD 25-07-2022
8.93% NTPC NCB 19-01-2021 XXXVII.
9.54% TATA SONS NCD 25-04-2022
9.45% LICHFL NCD 30-01-2022
total bonds
fund risk profile
% total rating
net assets
5.49
3.32
1.72
1.63
0.94
0.91
0.60
0.58
0.07
0.07
15.35
gilts
low

moderate
to high
high
8.15% GOI CG 24-11-2026

8.27% GOI CG 09-06-2020
8.40% GOI CG 28-07-2024
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
MARUTI UDYOG LTD.
ITC
TATA MOTORS LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
BATA INDIA LIMITED
AXIS BANK LIMITED
HDFC LTD
IDFC LIMITED
ONGC
CIPLA LTD.
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
4.85
3.46
3.36
1.45
1.40
0.39
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA

Fund Beta:
4.11 Years
7.94%
1.17
asset allocation
% total net asset

MONEY
MARKET
11.17
GILTS
14.91
BONDS
15.35
EQUITY
58.57
14.91
4.82
4.31
4.17
3.17
2.91
2.85
2.61
2.52
2.47
2.23
2.16
1.96
1.92
1.82
1.60
1.58
1.48
1.35
1.28
1.27
1.21
1.05
1.02
0.90
0.88
0.84
0.76
0.76
0.76
0.67
0.65
0.61
58.57
11.17
100.00

Debt:
Equity:
40%
60%
S&P CNX Nifty:
60%
36

gross return
SFIN :
fund Name
12 month
returns

Benchmark
4.44%
1.12%
24 month
returns
36 month
returns
15.42%
12.20%
11.99%
10.06%
48 month
returns
60 month
returns
14.10%
12.54%
8.61%
7.00%
fund objective
risk appetite is moderate to high
portfolio
security
% rating
total
net
assets

Fund Beta:
bond
9.25% RJIL NCD 16-06-2024 SR-PPD3
10.00% IHFL NCD 29-09-2019
8.45% PFC NCD 10-08-2020 SR 138
fund risk profile
total bonds
gilts
low

moderate
to high
high
8.15% GOI CG 24-11-2026

8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
HDFC BANK LTD.
INFOSYS LIMITED
LARSEN&TUBRO
ICICI BANK LTD.
TATA MOTORS LTD.
YES BANK LTD
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
BATA INDIA LIMITED
CESC LTD
HDFC LTD
INOX WIND LIMITED
LUPIN LIMITED
CIPLA LTD.
IDFC LIMITED
VEDANTA LIMITED
ONGC
total equity
total money market
total net assets
9.88
6.61
3.15
19.63
5.42
3.56
3.53
1.51
1.37
0.47
4.78 Years
8.09%
1.01
asset allocation
AAA
AAA
AAA
% total net asset

MONEY
MARKET
GILTS
BONDS
15.87
EQUITY
6.63
15.87
19.63
57.87
4.27
3.92
3.49
3.21
3.00
3.00
2.67
2.65
2.34
2.32
2.25
2.04
1.94
1.86
1.48
1.42
1.40
1.34
1.29
1.28
1.17
1.09
1.07
1.07
1.05
1.00
0.96
0.86
0.74
0.72
0.61
0.36
57.87
6.63
100.00

Debt:
Equity:
40%
60%
S&P CNX Nifty:
60%
37

gross return
SFIN :
ULIF00809/04/07LGRWTPLS01121
Inception Date : 28th May 2007
fund Name
12 month
returns

Benchmark
5.28%
2.40%
24 month
returns
15.19%
12.12%
36 month
returns
12.49%
9.92%
48 month
returns
60 month
returns
14.60%
12.00%
9.75%
7.36%
fund objective
risk appetite is moderate to high.
portfolio
security
% total rating
net
assets
bond
10.00% IHFL NCD 29-09-2019
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.93% NTPC NCB 19-01-2021 XXXVII.
8.30% REC NCD 10-04-2025
9.30% HDFC NCD 18-01-2021 H-020
8.80% PGCIL NCD 13-03-2023 XLII
9.35% PGCIL NCD 29-08-2022 STRPPS G
8.45% PFC NCD 10-08-2020 SR 138
fund risk profile
low

moderate
to high
4.53
4.27
3.94
3.16
1.18
0.69
0.24
0.23
high
total bonds
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
MARUTI UDYOG LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
ULTRATECH CEMCO LTD
STATE BANK OF INDIA
AXIS BANK LIMITED
BATA INDIA LIMITED
KIRLOSKAR CUMMINS
HDFC LTD
IDFC LIMITED
ONGC
CIPLA LTD.
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA

Fund Beta:
4.39 Years
7.94%
1.17
asset allocation
% total net asset

MONEY
MARKET
13.13
18.23
6.58
4.67
4.30
2.23
1.78
0.48
20.03
BONDS
18.23
GILTS
20.03
EQUITY
48.61
4.01
3.51
3.43
2.74
2.42
2.40
2.18
2.16
2.08
2.02
1.83
1.60
1.58
1.38
1.23
1.20
1.20
1.12
1.05
1.03
0.99
0.84
0.84
0.75
0.73
0.70
0.64
0.63
0.62
0.61
0.55
0.51
48.61
13.13
100.00

Debt:
Equity:
50%
50%
S&P CNX Nifty:
50%
38

gross return
SFIN :
fund Name
12 month
returns
24 month
returns
36 month
returns
48 month
returns
60 month
returns
5.26%
14.79%
12.49%
14.22%
9.44%
Benchmark
2.40%
12.12%
9.92%
12.00%
7.36%
fund objective
portfolio
security
% total
net
assets
rating
bond
10.00% IHFL NCD 29-09-2019
9.50% HDFC NCD 09-05-2022 J-002
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.75% RIL NCD 07-05-2020
fund risk profile
total bonds
low

moderate
to high
5.44
5.44
5.43
5.24

Fund Beta:
AAA
AAA
AAA
AAA
asset allocation
% total net asset
21.56
MONEY
MARKET
high
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
7.88% GOI CG 19-03-2030
8.13% GOI CG 22-06-2045
8.17% GOI CG 01-12-2044
total gilts
equity
HDFC BANK LTD.
LARSEN&TUBRO
INFOSYS LIMITED
ICICI BANK LTD.
YES BANK LTD
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
TATA MOTORS LTD.
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
BATA INDIA LIMITED
CESC LTD
HDFC LTD
INOX WIND LIMITED
LUPIN LIMITED
CIPLA LTD.
IDFC LIMITED
VEDANTA LIMITED
ONGC
total equity
total money market
total net assets
6.69
5.12
4.23
2.26
2.13
0.26
20.68
4.62 Years
7.96%
1.00
8.99
GILTS
20.68
BONDS
21.56
EQUITY
48.77
3.65
3.53
2.78
2.75
2.61
2.45
2.24
1.99
1.98
1.91
1.80
1.75
1.68
1.60
1.24
1.21
1.19
1.15
1.13
1.08
0.93
0.93
0.91
0.91
0.90
0.86
0.82
0.73
0.64
0.61
0.52
0.30
48.77
8.99
100.00

Debt:
Equity:
50%
50%
S&P CNX Nifty:
50%
39

SFIN :
fund Name
ULIF01401/02/08HGRWTPLS01121
gross return
returns
returns
returns
returns
returns
5.27%
15.28%
13.07%
14.48%
9.63%
Benchmark
2.40%
12.12%
9.92%
12.00%
7.36%
fund objective
portfolio
security
% total rating
net
assets
bond
9.25% RJIL NCD 16-06-2024 SR-PPD3
9.22% LICHFL NCD 16-10-2024 TR230
8.93% NTPC NCB 19-01-2021 XXXVII.
10.00% IHFL NCD 29-09-2019
8.37% REC NCD 14-08-2020 134
fund risk profile
total bonds
low

moderate
to high
high
5.01
5.01
4.89
1.68
1.59

Fund Beta:
AAA
AAA
AAA
AAA
AAA
4.46 Years
7.97%
1.17
asset allocation
% total net asset
18.18
MONEY
MARKET
6.40
4.48
4.26
2.24
1.77
0.47
BONDS
18.18
GILTS
19.62
13.43
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
MARUTI UDYOG LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
AXIS BANK LIMITED
BATA INDIA LIMITED
HDFC LTD
IDFC LIMITED
CIPLA LTD.
INOX WIND LIMITED
ONGC
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
19.62
EQUITY
48.77
4.01
3.48
3.47
2.68
2.42
2.38
2.18
2.10
2.10
2.01
1.85
1.63
1.54
1.44
1.39
1.23
1.21
1.13
1.06
1.04
1.01
0.85
0.85
0.75
0.73
0.70
0.63
0.62
0.62
0.61
0.55
0.50
48.77
13.43
100.00

Debt:
Equity:
50%
50%
S&P CNX Nifty:
50%
40
Life Growth Fund 1

gross return
SFIN :
ULIF00428/07/04LGROWTHF01121
fund Name
12 month
returns
24 month
returns
36 month
returns
48 month
returns
60 month
returns
Life Growth Fund 1
5.80%
14.21%
11.64%
13.44%
9.31%
Benchmark
5.80%
14.21%
11.64%
13.44%
9.31%
fund objective
The investment objective of the fund is to
provide investment returns that exceed the
rate of inflation in the long-term while
maintaining moderate probability of negative
returns in the short-term. The risk appetite is
defined as moderate.
portfolio
security
% total ratnet assets ing
bond
8.93% NTPC NCB 19-01-2021 XXXVII.
9.25% RJIL NCD 16-06-2024 SR-PPD3
9.43% TATA SONS NCD 02-06-2019
8.30% REC NCD 10-04-2025
8.20% PGCIL NCD 23-01-2025 STRPP C
10.00% IHFL NCD 29-09-2019
fund risk profile
low

moderate
to high
high
total bonds
8.06
5.37
4.08
3.14
1.56
1.24
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
MARUTI UDYOG LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
AXIS BANK LIMITED
BATA INDIA LIMITED
HDFC LTD
IDFC LIMITED
CIPLA LTD.
ONGC
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
4.45 Years
7.95%
1.17
asset allocation
% total net asset

MONEY
MARKET
13.54
23.45
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
AAA
AAA
AAA
AAA
AAA
AAA

Fund Beta:
7.81
5.69
5.61
2.16
2.06
0.57
23.89
BONDS
23.45
GILTS
23.89
EQUITY
39.13
3.01
2.81
2.81
2.15
1.96
1.93
1.75
1.75
1.69
1.60
1.50
1.31
1.25
1.17
1.12
0.99
0.98
0.90
0.85
0.84
0.81
0.68
0.68
0.60
0.59
0.56
0.51
0.50
0.50
0.49
0.45
0.40
39.13
13.54
100.00

Debt:
Equity:
60%
40%
S&P CNX Nifty:
40%
41
Life Growth Fund 2

SFIN :
fund Name
Inception Date : 29th Nov 2007
Life Growth Fund 2
gross return
returns
returns
returns
returns
returns
6.00%
14.39%
11.53%
13.26%
9.16%
Benchmark
3.66%
12.03%
9.75%
11.43%
7.69%
fund objective
portfolio
security
% total rating
net
assets
bond
8.39% PFC NCD 19-04-2025
10.00% IHFL NCD 29-09-2019
8.93% NTPC NCB 19-01-2021 XXXVII.
8.97% TATA SONS NCD 15-07-2020
9.25% RJIL NCD 16-06-2024 SR-PPD3
fund risk profile
total bonds
low

moderate
to high
high
6.35
5.90
4.21
3.44
2.58
1.96
24.43
AAA
AAA
AAA
AAA
AAA
AAA

Fund Beta:
4.59 Years
7.89%
1.17
asset allocation
% total net asset

MONEY
MARKET
13.07
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
MARUTI UDYOG LTD.
TATA MOTORS LTD.
YES BANK LTD
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
AXIS BANK LIMITED
BATA INDIA LIMITED
HDFC LTD
IDFC LIMITED
ONGC
CIPLA LTD.
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
8.20
5.58
5.15
2.15
2.00
0.58
23.67
GILTS
23.67
BONDS
24.43
EQUITY
38.83
3.20
2.84
2.75
2.16
1.94
1.89
1.75
1.69
1.68
1.62
1.47
1.29
1.27
1.16
1.11
0.98
0.96
0.90
0.84
0.83
0.80
0.69
0.60
0.58
0.56
0.51
0.51
0.50
0.50
0.44
0.41
0.40
38.83
13.07
100.00

Debt:
Equity:
60%
40%
S&P CNX Nifty:
40%
42

gross return
SFIN :
ULIF03304/12/08PGROWTHF01121
fund Name
12 month
returns

Benchmark
5.93%
3.66%
24 month
returns
14.32%
12.03%
36 month
returns
11.61%
9.75%
48 month
returns
13.46%
11.43%
60 month
returns
9.33%
7.69%
fund objective
portfolio
security
% total rating
net
assets
bond
8.93% NTPC NCB 19-01-2021 XXXVII.
8.30% REC NCD 10-04-2025
8.97% TATA SONS NCD 15-07-2020
9.25% RJIL NCD 16-06-2024 SR-PPD3
10.00% IHFL NCD 29-09-2019
8.75% RIL NCD 07-05-2020
fund risk profile
low

moderate
to high
high
total bonds
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
MARUTI UDYOG LTD.
TATA MOTORS LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
BATA INDIA LIMITED
AXIS BANK LIMITED
HDFC LTD
IDFC LIMITED
CIPLA LTD.
ONGC
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity
total money market
total net assets
8.39
7.08
5.03
2.29
1.15
1.11
25.05
7.94
5.60
5.08
2.13
2.00
0.57
23.32
AAA
AAA
AAA
AAA
AAA
AAA

Fund Beta:
4.56 Years
7.97%
1.17
asset allocation
% total net asset

MONEY
MARKET
GILTS
BONDS
EQUITY
12.74
23.32
25.05
38.89
3.21
2.82
2.78
2.12
1.94
1.91
1.69
1.68
1.64
1.58
1.49
1.28
1.24
1.15
1.09
1.05
0.99
0.90
0.83
0.82
0.81
0.67
0.66
0.60
0.58
0.56
0.51
0.49
0.49
0.48
0.44
0.40
38.89
12.74
100.00

Debt:
Equity:
60%
40%
S&P CNX Nifty:
40%
43

SFIN :
fund Name
gross return
12 month 24 month
returns
returns

Benchmark
5.90%
3.66%
14.29%
12.03%
36 month
returns
11.58%
9.75%
48 month
returns
60 month
returns
13.06%
11.43%
9.02%
7.69%
fund objective
portfolio
security
% total rating
net
assets
bond
9.25% RJIL NCD 16-06-2024 SR-PPD3
10.00% IHFL NCD 29-09-2019
8.93% NTPC NCB 19-01-2021 XXXVII.
8.97% TATA SONS NCD 15-07-2020
8.30% REC NCD 10-04-2025
fund risk profile
total bonds
low

moderate
to high
high
7.89
3.96
3.85
3.84
2.50
22.04

Fund Beta:
AAA
AAA
AAA
AAA
AAA
4.44 Years
7.93%
1.17
asset allocation
% total net asset

MONEY
MARKET
14.70
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
8.53
5.65
5.25
2.21
1.97
0.68
24.29
BONDS
GILTS
EQUITY
22.04
24.29
38.97
equity
INFOSYS LIMITED
HDFC BANK LTD.
ICICI BANK LTD.
LARSEN&TUBRO
YES BANK LTD
TATA MOTORS LTD.
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
BATA INDIA LIMITED
AXIS BANK LIMITED
IDFC LIMITED
INOX WIND LIMITED
ONGC
CIPLA LTD.
VEDANTA LIMITED
CESC LTD
HDFC LTD
total equity
total money market
total net assets
3.20
2.83
2.64
2.02
1.98
1.76
1.76
1.74
1.71
1.71
1.47
1.42
1.33
1.09
1.06
0.99
0.99
0.93
0.90
0.82
0.77
0.69
0.60
0.59
0.56
0.56
0.52
0.51
0.49
0.45
0.44
0.44
38.97
14.70
100.00

Debt:
Equity:
60%
40%
S&P CNX Nifty:
40%
44
Health Balanced Fund 1

gross return
SFIN :
ULIF00128/07/04LBALANCE01121
fund Name
Inception Date : 2nd April 2012

Benchmark
12 month
returns
24 month
returns
6.98%
6.17%
7.22%
11.77%
36 month
returns
6.07%
9.33%
fund objective
The investment objective of the fund is
to provide investment returns that exceed the rate of inflation in the long-term
while maintaining a low probability of
risk appetite is defined as low to moderate.
portfolio
security
total money market

total net assets
% total
net assets
100.00
100.00
asset allocation
% total net asset
fund risk profile

MONEY
MARKET
low
low to moderate
moderate
moderate
to high
100.00
high

Debt.:
Equity:
80%
20%
S&P CNX Nifty:
20%
45

gross return
SFIN :
fund Name
Benchmark
12 month
returns
7.09%
6.17%
24 month
returns
36 month
returns
12.83%
11.77%
10.14%
9.33%
48 month
returns
60 month
returns
11.32%
10.23%
9.06%
8.26%
fund objective
low
low to moderate
moderate
ecurity
moderate
to high
6.14
4.30
4.04
3.66
3.47
2.73
2.62
2.28
1.37
0.95
0.40
high
total bonds
Gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
BATA INDIA LIMITED
CESC LTD
LUPIN LIMITED
HDFC LTD
INOX WIND LIMITED
CIPLA LTD.
IDFC LIMITED
VEDANTA LIMITED
ONGC
total equity
total money market
total net assets

Debt.:
Equity:
% total ratnet as- ing

sets
bond
9.25% RJIL NCD 16-06-2024 SR-PPD3
10.00% IHFL NCD 29-09-2019
8.93% NTPC NCB 19-01-2021 XXXVII.
8.30% REC NCD 10-04-2025
9.02% REC NCD 19-11-2019 111THOPTI
8.45% PFC NCD 10-08-2020 SR 138
8.75% RIL NCD 07-05-2020
9.22% LICHFL NCD 16-10-2024 TR230
10.20% RELIANCE POWER LTD NCD 18-07-2016 I
8.39% PFC NCD 19-04-2025
fund risk profile
portfolio
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
A1
AAA
AAA

Fund Beta:
4.43 Years
7.96%
1.00
asset allocation
% total net asset

MONEY
MARKET
18.47
EQUITY
19.46
31.96
GILTS
9.75
7.28
6.78
2.84
2.75
0.71
BONDS
30.12
31.96
30.12
1.49
1.43
1.40
1.08
1.00
0.99
0.93
0.88
0.76
0.75
0.72
0.68
0.63
0.61
0.49
0.46
0.45
0.45
0.43
0.37
0.36
0.35
0.35
0.34
0.32
0.32
0.31
0.29
0.23
0.23
0.19
0.17
19.46
18.47
100.00
80%
20%
S&P CNX Nifty:
20%
46

gross return
SFIN :
ULIF03104/12/08PBALANCE01121
fund Name

returns
returns
returns
returns
returns
7.22%
12.90%
10.30%
11.49%
9.25%
Benchmark
6.17%
11.77%
9.33%
10.23%
8.26%
fund objective
fund risk profile
security
low to moderate
moderate
moderate
to high
% total rating
net
assets
bond
8.30% REC NCD 10-04-2025
8.93% NTPC NCB 19-01-2021 XXXVII.
8.75% RIL NCD 07-05-2020
8.80% PGCIL NCD 13-03-2023 XLII
10.00% IHFL NCD 29-09-2019
8.97% TATA SONS NCD 15-07-2020
9.25% RJIL NCD 16-06-2024 SR-PPD3
9.30% LICHFL NCD 14-09-2022
total bonds
low
portfolio
6.55
6.39
5.99
5.37
3.46
2.01
1.03
1.03
31.84
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA

Fund Beta:
4.51 Years
7.96%
1.17
asset allocation
% total net asset

MONEY
MARKET
EQUITY
17.20
19.60
high
GILTS
31.37
BONDS
31.84
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
YES BANK LTD
TATA MOTORS LTD.
ITC
MARUTI UDYOG LTD.
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
STATE BANK OF INDIA
BATA INDIA LIMITED
AXIS BANK LIMITED
HDFC LTD
IDFC LIMITED
CIPLA LTD.
ONGC
INOX WIND LIMITED
CESC LTD
VEDANTA LIMITED
total equity

Debt.:
Equity:
80%
20%
total money market

total net assets
10.07
7.96
6.93
2.90
2.77
0.73
31.37
1.60
1.41
1.37
1.07
0.98
0.97
0.87
0.85
0.80
0.80
0.73
0.69
0.62
0.58
0.56
0.52
0.49
0.45
0.42
0.42
0.41
0.34
0.33
0.30
0.29
0.28
0.25
0.25
0.25
0.25
0.22
0.20
19.60
17.20
100.00
S&P CNX Nifty:
20%
47

gross return
SFIN :
fund Name
12 month
returns
24 month
returns
36 month
returns
48 month
returns
60 month
returns
6.75%
12.60%
10.09%
11.31%
9.10%
Benchmark
6.17%
11.77%
9.33%
10.23%
8.26%
fund objective
security
% total rating
net assets
bond
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.93% NTPC NCB 19-01-2021 XXXVII.
8.75% RIL NCD 07-05-2020
8.30% REC NCD 10-04-2025
8.80% PGCIL NCD 13-03-2023 XLII
fund risk profile
portfolio
total bonds
7.41
7.23
4.77
2.35
2.33
1.20
25.29

Fund Beta:
AAA
AAA
AAA
AAA
AAA
AAA
4.08 Years
7.87%
1.01
asset allocation
% total net asset

EQUITY
19.58
gilts
low
low to moderate
moderate
moderate
to high
high
8.15% GOI CG 24-11-2026

8.27% GOI CG 09-06-2020
8.40% GOI CG 28-07-2024
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
11.14
7.06
4.14
2.97
2.64
1.08
BONDS
25.29
MONEY
MARK
26.10
29.03
GILTS
29.03
equity
INFOSYS LIMITED
HDFC BANK LTD.
LARSEN&TUBRO
ICICI BANK LTD.
TATA MOTORS LTD.
YES BANK LTD
MARUTI UDYOG LTD.
ITC
ULTRATECH CEMCO LTD
KIRLOSKAR CUMMINS
AXIS BANK LIMITED
STATE BANK OF INDIA
BATA INDIA LIMITED
CESC LTD
INOX WIND LIMITED
HDFC LTD
LUPIN LIMITED
CIPLA LTD.
IDFC LIMITED
VEDANTA LIMITED
ONGC
total equity
total money market
total net assets
1.51
1.45
1.11
1.07
1.03
0.97
0.91
0.90
0.78
0.77
0.77
0.68
0.67
0.63
0.49
0.48
0.48
0.45
0.42
0.40
0.40
0.37
0.36
0.35
0.35
0.34
0.33
0.29
0.26
0.24
0.21
0.12
19.58
26.10
100.00

Debt.:
Equity:
80%
20%
S&P CNX Nifty:
20%
48

gross return
SFIN :
ULIF00909/04/07LPURDEBT01121
Inception Date : 9th Apr 2007
fund Name
12 month
returns

Benchmark
8.44%
8.63%
24 month
returns
36 month
returns
11.80%
11.43%
9.70%
8.82%
48 month
returns
60 month
returns
10.19%
8.96%
9.36%
8.55%
fund objective
Provide steady investment returns achieved
through 100% investment in debt securities,
while maintaining moderate probability of
negative returns in the short-term. The risk
appetite is defined as moderate.
portfolio
security
% total
net
assets
rating

bond
10.00% IHFL NCD 29-09-2019
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.93% NTPC NCB 19-01-2021 XXXVII.
8.45% PFC NCD 10-08-2020 SR 138
9.30% LICHFL NCD 14-09-2022
8.30% REC NCD 10-04-2025
9.70% TATA SONS NCD 25-07-2022
8.80% PGCIL NCD 13-03-2023 XLII
fund risk profile
low
low to moderate
moderate
moderate
to high
8.14
8.11
6.46
5.82
5.39
2.31
1.51
1.18
high
total bonds
gilts
38.91
8.15% GOI CG 24-11-2026

8.27% GOI CG 09-06-2020
8.40% GOI CG 28-07-2024
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
12.42
9.55
9.27
3.61
3.47
0.89
total gilts
total money market
total net assets
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
4.42 Years
7.95%
asset allocation
% total net asset

MONEY
MARKET
21.88
BONDS
38.91
GILTS
39.21
39.21
21.88
100.00

Debt Instruments:
100%
CRISIL Composite Bond Index: 100%
49
Life Gilt Fund 1

gross return
SFIN :
ULIF02610/06/08LGILTFUN01121
fund Name
Life Gilt Fund 1

Benchmark
12 month
returns
8.07%
7.77%
24 month
returns
12.39%
12.06%
36 month
returns
48 month
returns
9.45%
8.41%
60 month
returns
9.84%
9.29%
8.82%
8.43%
fund objective
Provide returns that exceed the
inflation rate, without taking any credit
risk (sovereign risk only) and
maintaining a low probability of negative
return in the short- term. The risk appetite is low to moderate.
portfolio
security
% total
net
assets

gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
8.13% GOI CG 22-06-2045
fund risk profile
low
low to moderate
moderate
moderate
to high
high
total gilts
total money market
total net assets
30.24
23.31
21.11
5.17
4.48
3.45
5.83 Years
7.85%
asset allocation
% tota l net a sset
MONEY
MARKET
12.24
87.76
12.24
100.00
GILTS
87.76

Government Securities:
100%
I-Sec Composite Sovereign Bond Index:100%
50
Life Gilt Fund 2

gross return
SFIN :
fund Name
Life Gilt Fund 2

Benchmark
12 month
returns
7.89%
7.77%
24 month
returns
36 month
returns
12.48%
12.06%
48 month
returns
9.57%
8.41%
9.99%
9.29%
60 month
returns
8.92%
8.43%
fund objective
portfolio
security
% total
net
assets

6.08 Years
7.88%
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
8.13% GOI CG 22-06-2045
fund risk profile
low
low to moderate
moderate
moderate
to high
high
total gilts
total money market
total net assets
asset allocation
32.25
24.11
22.22
4.95
4.50
3.64
91.67
8.33
% total net asset

MONEY
MARKET
8.33
100.00
GILTS
91.67

100%
51
Pension Gilt Fund 1

SFIN :
fund Name
ULIF06401/03/08PGILTFUN01121
Pension Gilt Fund 1

Benchmark
gross return
returns
returns
returns
returns
returns
7.95%
12.39%
9.54%
10.15%
9.01%
7.77%
12.06%
8.41%
9.29%
8.43%
fund objective
portfolio
security
% total
net
assets

gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
8.13% GOI CG 22-06-2045
fund risk profile
low
low to moderate
moderate
moderate
to high
high
total gilts
total money market
total net assets
asset allocation
30.12
23.10
20.62
5.51
4.45
3.36
87.17
12.83
100.00
5.78 Years
7.83%
% total net asset

MONEY
MARKET
GILTS
12.83
87.17

100%
52
Health Gilt Fund 1

gross return
SFIN :
ULIF01301/02/08HGILTFUN01121
fund Name
Health Gilt Fund 1

Benchmark
12 month
returns
7.93%
7.77%
24 month
returns
12.39%
12.06%
36 month
returns
9.41%
8.41%
48 month
returns
60 month
returns
10.05%
9.29%
8.96%
8.43%
fund objective
portfolio
security
% total
net
assets

5.68 Years
7.82%
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
8.13% GOI CG 22-06-2045
fund risk profile
low
low to moderate
moderate
moderate
to high
high
total gilts
total money market
total net assets
asset allocation
30.26
21.31
20.80
4.91
4.38
3.46
85.12
14.88
100.00
% total net asset

MONEY
MARKET
GILTS
14.88
85.12

100%
53

gross return
SFIN :
ULIF00228/07/04LCAPTSEC01121
fund Name
Benchmark
12 month
returns
8.20%
8.09%
24 month
returns
8.86%
8.46%
36 month
returns
9.15%
8.16%
48 month
returns
60 month
returns
9.30%
8.21%
9.25%
8.10%
fund objective
Maintain the capital value of all
contributions (net of charges) and all
interest additions, at all times. The risk
appetite is extremely low.
portfolio
security
% total
net assets
other money market

total net assets
100.00
100.00

fund risk profile
0.14 Years
7.30%
asset allocation
% total net asset
low
low to moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

Money Market Instruments :
100%
Yield on 182-day T.Bills :
100%
54

gross return
SFIN :
fund Name
ULIF00501/11/06PCAPTSEC01121

Benchmark
Inception Date : 8th Nov 2006
12 month
returns
8.23%
8.09%
24 month
returns
8.86%
8.46%
36 month
returns
9.12%
8.16%
48 month
returns
60 month
returns
9.28%
8.21%
9.25%
8.10%
fund objective
Maintain the capital value of all
contributions (net of charges) and all
interest additions, at all times. The risk
appetite is extremely low.
portfolio
security
% total
net assets
other money market

total net assets
100.00
100.00

0.15 Years
7.30%
asset allocation
fund risk profile
% total net asset
low
low to moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

100%
Yield on 182-day T.Bills :
100%
55

SFIN :
fund Name
ULIF02310/06/08LCORBOND01121

Benchmark
gross return
returns
returns
returns
returns
returns
8.66%
11.95%
9.87%
10.24%
9.65%
8.63%
11.43%
8.82%
8.96%
8.55%
fund objective
inflation rate, while taking some credit
risk (through investments in corporate
debt instruments) and maintaining a
moderate probability of negative return
in the short-term. The risk appetite is
low to moderate.
portfolio
security
% total rating
net
assets

bond
fund risk profile
low
low to moderate
moderate
moderate
to high
high
9.25% RJIL NCD 16-06-2024 SR-PPD3

10.00% IHFL NCD 29-09-2019
8.93% NTPC NCB 19-01-2021 XXXVII.
8.45% PFC NCD 10-08-2020 SR 138
10.20% RELIANCE POWER LTD NCD 18-07-2016 I
8.75% RIL NCD 07-05-2020
8.39% PFC NCD 19-04-2025
8.30% REC NCD 10-04-2025
8.35% LICHFL NCD 23-10-2020 TRN273
8.85% PGCIL NCD 19-10-2023 STRPP H
9.30% LICHFL NCD 14-09-2022
8.23% REC NCD 23-01-2025 SR-129
8.37% REC NCD 14-08-2020 134
9.70% TATA SONS NCD 25-07-2022
9.25% TATA SONS NCD 19-06-2019
total bonds
8.54
6.88
3.45
3.21
3.16
2.06
1.71
1.68
1.57
1.50
1.49
1.41
1.26
0.55
0.15
38.61
AAA
AAA
AAA
AAA
A1
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
3.89 Years
7.88%
asset allocation
% total net asset

MONEY
MARKET
GILTS
BONDS
23.92
37.47
38.61
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
total money market
total net assets
12.24
9.07
8.53
3.56
3.20
0.88
23.92
35.08
100.00

Bond Instruments: 100%
56

SFIN :
fund Name

Benchmark
gross return
returns
returns
returns
returns
returns
8.60%
11.79%
9.83%
10.15%
9.58%
8.63%
11.43%
8.82%
8.96%
8.55%
fund objective
low to moderate.
portfolio
security
% total rating
net
assets

asset allocation
bond
9.43% TATA SONS NCD 02-06-2019
8.93% NTPC NCB 19-01-2021 XXXVII.
8.30% REC NCD 10-04-2025
8.80% PGCIL NCD 13-03-2023 XLII
9.25% RJIL NCD 16-06-2024 SR-PPD3
9.30% LICHFL NCD 14-09-2022
8.37% REC NCD 14-08-2020 134
fund risk profile
low
low to moderate
moderate
moderate
to high
4.43 Years
7.98%
9.72
9.61
7.02
4.80
2.46
2.45
2.35
AAA
AAA
AAA
AAA
AAA
AAA
AAA
% total net asset

MONEY
MARKET
25.12
high
total bonds
38.40
gilts
8.15% GOI CG 24-11-2026
8.27% GOI CG 09-06-2020
8.40% GOI CG 28-07-2024
7.88% GOI CG 19-03-2030
8.13% GOI CG 22-06-2045
8.17% GOI CG 01-12-2044
total gilts
total money market
total net assets
12.94
8.87
6.51
3.59
3.56
0.99
GILTS
BONDS
36.47
38.40
36.47
25.12
100.00

57

gross return
SFIN :
ULIF01901/03/08PCORBOND01121
12 month
returns
fund Name
Benchmark
8.50%
8.63%
24 month
returns
36 month
returns
11.92%
11.43%
48 month
returns
9.75%
8.82%
60 month
returns
10.15%
8.96%
9.58%
8.55%
fund objective
low to moderate.
portfolio
security
% total rating
net
assets

bond
fund risk profile
low
low to moderate
moderate
moderate
to high
high
9.25% TATA SONS NCD 19-06-2019

8.93% NTPC NCB 19-01-2021 XXXVII.
9.30% LICHFL NCD 14-09-2022
8.30% REC NCD 10-04-2025
10.00% IHFL NCD 29-09-2019
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.80% PGCIL NCD 13-03-2023 XLII
8.37% REC NCD 14-08-2020 134
asset allocation
10.47
7.80
5.31
5.07
2.68
2.67
2.60
2.55
2.51
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
% total net asset

MONEY
MARKET
GILTS
total bonds
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
total money market
total net assets
4.43 Years
7.98%
20.20
38.16
41.64
12.71
9.28
8.64
3.73
2.90
0.90
BONDS
41.64
38.16
20.20
100.00

58

gross return
SFIN :
ULIF06301/02/08HCORBOND01121
fund Name
Benchmark

returns
returns
returns
returns
returns
8.57%
12.14%
10.06%
10.34%
9.73%
8.63%
11.43%
8.82%
8.96%
8.55%
fund objective
low to moderate.
portfolio
security
% total rating
net
assets

4.34 Years
7.87%
bond
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.93% NTPC NCB 19-01-2021 XXXVII.
8.30% REC NCD 10-04-2025
10.00% IHFL NCD 29-09-2019
fund risk profile
total bonds
gilts
low
low to moderate
moderate
moderate
to high
high
8.15% GOI CG 24-11-2026

8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
7.88% GOI CG 19-03-2030
8.13% GOI CG 22-06-2045
8.17% GOI CG 01-12-2044
total gilts
total money market
total net assets
9.72
9.48
9.23
4.87
AAA
AAA
AAA
AAA
asset allocation
% total net asset

33.29
MONEY
MARKET
12.96
8.69
8.65
4.28
3.49
0.93
BONDS
39.00
GILTS
27.71
100.00
27.71
33.29
39.00

59

gross return
SFIN :
ULIF06810/09/12PSMARTFU01121
12 month 24 month
returns
returns
8.08%
10.30%
fund Name
fund objective
To dynamically mange the allocation
between equity & debt instruments so
as to provide benefits at least equal to
the guaranteed benefit.
portfolio
security
% total rating
net
assets

bond
fund risk profile
low
low to moderate
moderate
moderate
to high
high
8.40% NPCIL NCD 28-11-2026 XXIX B

10.00% IHFL NCD 29-09-2019
8.75% RIL NCD 07-05-2020
8.93% NTPC NCB 19-01-2021 XXXVII.
9.25% RJIL NCD 16-06-2024 SR-PPD3
8.37% REC NCD 14-08-2020 134
10.20% RELIANCE POWER LTD NCD 18-07-2016
8.27% REC NCD 09-03-2022 SR132
8.39% PFC NCD 19-04-2025
8.80% PGCIL NCD 13-03-2023 XLII
8.85% PGCIL NCD 19-10-2023 STRPP H
11.15% HDFC NCD 06-08-2018
total bonds
6.98
5.07
5.05
4.93
2.71
2.41
2.21
1.73
1.71
1.20
1.05
0.66
0.18
AAA
AAA
AAA
AAA
AAA
AAA
AAA
A1
AAA
AAA
AAA
AAA
AAA
4.23 Years
7.93%
asset allocation
% tota l net a sset
MONEY
MARKET
26.97
BONDS
35.89
GILTS
37.14
35.89
gilts
8.15% GOI CG 24-11-2026
8.40% GOI CG 28-07-2024
8.27% GOI CG 09-06-2020
8.13% GOI CG 22-06-2045
7.88% GOI CG 19-03-2030
8.17% GOI CG 01-12-2044
total gilts
total money market
total net assets
12.35
8.80
8.41
3.53
3.42
0.63
37.14
26.97
100.00

Equity :
Debt :
0 to 100%
0 to 100%
60

gross return
SFIN :
ULIF02910/06/08LMONMRKT01121
fund Name
Benchmark
12 month
returns
24 month
returns
8.61%
8.23%
8.99%
8.72%
36 month
returns
9.13%
8.83%
48 month
returns
9.41%
8.75%
60 month
returns
9.42%
8.63%
fund objective
To achieve predictable investment return. This will be achieved through
100% investments in money market
instruments, The risk appetite is 'low'.
portfolio
security
other money market

total net assets
% total
net assets
100.00
100.00

0.40 Years
7.65%
asset allocation
fund risk profile
% total net asset
low
low to moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

100%
CRISIL Liquid Bond Index:
100%
61

SFIN :
fund Name

Benchmark
gross return
returns
returns
returns
returns
returns
8.63%
9.04%
9.10%
9.31%
9.34%
8.23%
8.72%
8.83%
8.75%
8.63%
fund objective
portfolio
security
other money market

total net assets
% total
net assets
100.00
100.00

0.47 Years
7.62%
asset allocation
fund risk profile
% total net asset
low
low to moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

100%
100%
62

gross return
SFIN :
ULIF03404/12/08PMONMRKT01121
fund Name
12 month
returns
24 month
returns
36 month
returns
48 month
returns
60 month
returns
8.58%
8.99%
9.12%
9.37%
9.38%
Benchmark
8.23%
8.72%
8.83%
8.75%
8.63%
fund objective
portfolio
security
other money market

total net assets
% total
net assets
100.00
100.00

0.41 Years
7.65
asset allocation
fund risk profile
% total net asset
low
low to moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

100%
100%
63

gross return
SFIN :
fund Name

Benchmark

returns
returns
returns
returns
returns
8.65%
9.04%
9.11%
9.36%
9.35%
8.23%
8.72%
8.83%
8.75%
8.63%
fund objective
portfolio
security
other money market

total net assets
% total
net assets
100.00
100.00

0.38 Years
7.57%
asset allocation
fund risk profile
% total net asset
low
low to moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

100%
100%
64

gross return
SFIN :
ULIF01501/02/08HMONMRKT01121
fund Name
Benchmark
12 month
returns
24 month
returns
8.81%
8.23%
9.08%
8.72%
36 month
returns
9.12%
8.83%
48 month
returns
9.33%
8.75%
60 month
returns
9.35%
8.63%
fund objective
portfolio
security
other money market

total net assets
% total
net assets
100.00
100.00

0.45 Years
7.63%
asset allocation
fund risk profile
% total net asset
low
low
low to
to moderate
moderate
moderate
moderate
to high
high
MONEY
MARKET
100.00

100%
100%
65

Highest NAV looked as on 3th Mar 2015
SFIN :
15.4055
ULIF05612/02/10LHNAVGUA01121
fund objective
Offer guarantee of maturity value, in an
equity oriented fund, at the highest NAV
achieved during the period of the guarantee. The risk appetite is moderate to
high
portfolio
security
% total
net
assets
rating
equity
fund risk profile
low
low to moderate
moderate
moderate
to high
high
INFOSYS LIMITED
ITC
HDFC BANK LTD.
HDFC LTD
LARSEN&TUBRO
ICICI BANK LTD.
TATA MOTORS LTD.
MARUTI UDYOG LTD.
MAHINDRA & MAHINDRA LTD.-FV5
STATE BANK OF INDIA
LUPIN LIMITED
ONGC
COAL INDIA LIMITED
WIPRO
BAJAJ AUTO LTD
CIPLA LTD.
NTPC LIMITED
AXIS BANK LIMITED
TATA IRON & STEEL COMPANY LTD
total equity
total money market
total net assets
5.25
4.54
4.46
4.15
3.20
3.05
2.58
2.38
2.18
2.03
1.53
1.50
1.46
1.21
1.18
1.08
1.07
1.02
0.96
0.92
0.84
0.83
0.81
0.79
0.74
0.49
0.48
0.43
0.43
0.38
asset allocation
% total net asset

MONEY
MARKET
EQUITY
48.01
51.99
51.99
48.01
100.00

Equity :
Debt :
0 to 100%
0 to 100%
66

SFIN :
12.4656
ULIF05803/09/10LHNAVADV01121
Inception Date : 8th Sep 2010
fund objective
high
portfolio
security
% total
net
assets
rating
equity
fund risk profile
low
low to moderate
moderate
moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
HDFC LTD
ITC
LARSEN&TUBRO
ICICI BANK LTD.
TATA MOTORS LTD.
AXIS BANK LIMITED
STATE BANK OF INDIA
MARUTI UDYOG LTD.
COAL INDIA LIMITED
LUPIN LIMITED
ONGC
WIPRO
CIPLA LTD.
BAJAJ AUTO LTD
NTPC LIMITED
total equity
total money market
total net assets
3.00
2.99
2.80
2.57
2.32
1.63
1.45
1.33
1.16
1.11
1.03
0.92
0.88
0.84
0.83
0.67
0.63
0.62
0.55
0.55
0.52
0.51
0.46
0.45
0.43
0.39
0.30
0.24
0.24
0.21
asset allocation
% total net asset

EQUITY
MONEY
MARKET
31.62
68.38
31.62
68.38
100.00

Equity :
Debt :
0 to 100%
0 to 100%
67

SFIN :
14.1025
Inception Date : 1st Jun 2011
fund objective
high
portfolio
security
% total
net
assets
equity
fund risk profile
low
low to moderate
moderate
moderate
to high
high
INFOSYS LIMITED
HDFC BANK LTD.
HDFC LTD
ITC
ICICI BANK LTD.
LARSEN&TUBRO
TATA MOTORS LTD.
AXIS BANK LIMITED
STATE BANK OF INDIA
MARUTI UDYOG LTD.
LUPIN LIMITED
ONGC
COAL INDIA LIMITED
WIPRO
BAJAJ AUTO LTD
CIPLA LTD.
NTPC LIMITED
ADANI PORTS AND SPECIAL ECONOMIC ZONE L
total equity
total money market
total net assets
3.23
3.17
2.99
2.81
2.56
2.32
1.89
1.60
1.35
1.23
1.16
1.05
0.93
0.92
0.89
0.73
0.69
0.66
0.64
0.61
0.57
0.57
0.52
0.51
0.49
0.46
0.34
0.27
0.27
0.23
asset allocation
% total net asset

EQUITY
MONEY
MARKET
35.65
64.35
35.65
64.35
100.00

Equity :
Debt :
0 to 100%
0 to 100%
68
Product Details
Navs As of 31st Dec, 2015
SFIN
Plan Name
Fund Name
ULIF00228/07/04LCAPTSEC01121
Reliance Golden Years Plan

Reliance Golden Years Plan - Plus
Reliance Golden Years Plan - Value
Reliance Money Guarantee Plan
Reliance Automatic Investment Plan
Reliance Market Return Plan

Life Growth Fund 2
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 1
Life Gilt Fund 1
Life Midcap Fund 1
Life Energy Fund 1
Life Equity Fund 2
Life Equity Fund 1
Life Growth Fund 1

Reliance Wealth + Health Plan
Life Midcap Fund 1

Health Gilt Fund 1
NAV
25.0564
21.1884
12.8006
23.3311
20.2834
22.4348
8.8317
20.3251
19.8176
25.0564
21.1884
12.8006
23.3311
20.2834
22.4348
8.8317
20.3251
19.8176
25.0564
21.1884
12.8006
23.3311
20.2834
22.4348
8.8317
20.3251
19.8176
16.8144
21.1326
21.2734
19.6640
25.1139
25.1139
18.4880
13.5409
20.9539
16.4783
21.1326
9.3633
19.4704
17.8585
21.9795
19.1151
25.1139
21.1148
13.5409
20.9539
47.0586
28.1382
9.3633
19.4704
21.9795
18.8182
12.6884
16.7542
16.5869
17.4654
69
Product Details
SFIN
Plan Name
Reliance Guaranteed Return Plan Series I - Insurance
Reliance Super Automatic Investment Plan
Reliance Super Golden Years Plan
Reliance Super Golden Years Plan - Plus
Reliance Super Golden Years Plan - Value
Reliance Total Investment Plan Series I - Insurance
Reliance Total Investment Plan Series II - Pension
Fund Name
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 1
Life Midcap Fund 1
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 1
Life Midcap Fund 1
Pension Gilt Fund 1
NAV
9.0895
21.0335
18.2117
19.6289
16.1699
25.1139
25.1139
18.4880
13.5409
20.9539
16.4783
21.1326
9.3633
19.4704
17.8585
21.9795
19.1151
25.0564
12.8006
20.2834
22.4348
8.8317
20.3251
17.0162
19.8176
25.0564
12.8006
20.2834
22.4348
8.8317
20.3251
17.0162
19.8176
25.0564
12.8006
20.2834
22.4348
8.8317
20.3251
17.0162
19.8176
18.4880
13.5409
20.9539
16.4783
9.3633
19.4704
17.8585
21.9795
25.1139
18.5529
12.8006
20.2834
16.5523
70
Product Details
SFIN
Plan Name
Reliance Total Investment Plan Series II
Reliance Super Market Return Plan
Reliance Super InvestAssure Plus Plan
Reliance Super InvestAssure Plan
Reliance Secure Child Plan
Reliance Imaan Investment Plan
Reliance Premier Life
- Pension
- Pension
- Pension
- Pension
Fund Name
Life Energy Fund 1
Life Equity Fund 2
Life Growth Fund 1
Life Midcap Fund 1
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 1
Life Midcap Fund 1
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 1
Life Midcap Fund 1
Life Energy Fund 1
Life Equity Fund 2
Life Growth Fund 2
Life Midcap Fund 1
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 2
Life Midcap Fund 1
NAV
8.8317
20.3251
15.6188
19.8176
25.1139
13.5409
20.9539
28.1382
9.3633
19.4704
17.8585
21.9795
25.1139
18.4880
13.5409
20.9539
16.4783
9.3633
19.4704
17.8585
21.9795
25.1139
18.4880
13.5409
20.9539
16.4783
9.3633
19.4704
17.8585
21.9795
25.1139
13.5409
20.9539
16.8144
9.3633
19.4704
19.6640
21.9795
21.9795
17.9883
13.5409
20.9539
15.9350
9.3633
19.4704
17.3116
71
Product Details
SFIN
Plan Name
Reliance Savings Linked Insurance Plan
Reliance Life Super Golden Years Basic Plan
Reliance Life Super Golden Years Term 10 Plan
Reliance Super Automatic Investment Basic Plan
Reliance Super Automatic Investment Term 10 Plan
Reliance Super Market Return Basic Plan
Fund Name
Life Energy Fund 1
Life Equity Fund 2
Life Gilt Fund 2
Life Midcap Fund 1
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Growth Fund 2
Life Equity Fund 3
NAV
17.3116
21.9795
13.5409
20.9539
15.9350
9.3633
17.3116
21.9795
19.4704
17.9883
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
16.5230
16.3354
25.1139
17.8585
16.4783
18.4880
17.2159
16.6012
9.5868
11.6301
17.6673
16.5230
16.3354
25.1139
17.8585
16.4783
18.4880
17.2159
16.6012
9.5868
11.6301
17.6673
25.1139
16.8144
17.8585
17.2159
16.6012
72
Product Details
SFIN
Plan Name
Reliance Super Market Return Term 10 Plan
Reliance Life Super Golden Years Plus Basic Plan
Reliance Life Super Golden Years Plus Term 10 Plan
Reliance Life Super Golden Years Value Basic Plan
Fund Name
Life Midcap Fund 2
Life Energy Fund 2
Life Growth Fund 2
Life Equity Fund 3
Life Midcap Fund 2
Life Energy Fund 2
NAV
9.5868
17.6673
11.6301
25.1139
25.1139
16.8144
17.8585
17.2159
16.6012
9.5868
17.6673
11.6301
25.1139
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
Reliance Life Super Golden Years Value Term 10 Plan

Reliance Life Super InvestAssure Basic Plan
Reliance Life Super InvestAssure Plus Basic Plan

Life Gilt Fund 1
Life Equity Fund 3
Life Equity Fund 2
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
18.4880
17.8585
17.8585
16.4783
17.2159
20.9539
9.5868
11.6301
17.6673
16.6012
25.1139
18.4880
17.8585
17.8585
16.4783
17.2159
9.5868
73
Product Details
SFIN
Plan Name
Reliance Life Super InvestAssure Plus Term 10 Plan
Reliance Life Imman Investment Basic Plan
Reliance Life Premier Basic Plan
Reliance Life Premier Term 10 Plan
Reliance Life Total Investment Term 10 Plan - Insurance
Reliance Life Total Investment Term 10 Plan - Pension
Reliance Life Insurance Wealth + Health Basic Plan
Fund Name
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Pension Gilt Fund 1
Health Gilt Fund 1
NAV
11.6301
17.6673
16.6012
25.1139
18.4880
17.8585
16.4783
17.2159
9.5868
11.6301
17.6673
16.6012
25.1139
16.6012
18.4880
17.8585
16.4783
17.2159
9.5868
11.6301
17.6673
16.6012
18.4880
17.8585
16.4783
17.2159
9.5868
11.6301
17.6673
16.6012
18.4880
17.8585
16.4783
17.2159
9.5868
11.6301
17.6673
25.1139
16.6012
18.5529
15.6188
16.5523
16.8899
9.8090
11.3993
17.8595
16.8453
18.8182
18.2117
16.5869
17.2330
9.0895
12.6884
21.0335
19.6289
16.1699
17.4654
74
Product Details
SFIN
Plan Name
Fund Name
NAV
Reliance Life Insurance Wealth + Health Term 10 Plan
18.8182
ULIF05612/02/10LHNAVGUA01121

Reliance Life Insurance Secure Child Basic Plan
Reliance Life Insurance Secure Child Term 10 Plan
Reliance Life Money Guarantee Basic Plan
Reliance Life Money Guarantee Term 10 Plan
Reliance Life Super Golden Years Senior Citizen Term 10 Plan
Reliance Life Highest NAV Guarantee Plan
Reliance Life Highest NAV Guarantee Plan
Reliance Life Highest NAV Advantage Plan

Health Gilt Fund 1
Life Growth Fund 2
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Growth Fund 2
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Growth Fund 2
Life Growth Fund 2
18.2117
16.5869
17.2330
9.0895
12.6884
21.0335
19.6289
16.1699
17.4654
25.1139
16.8144
19.6640
17.2159
16.6012
9.5868
11.6301
17.6673
25.1139
16.8144
19.6640
17.2159
16.6012
9.5868
11.6301
17.6673
16.8144
16.3354
16.0843
19.6640
25.1139
16.8144
16.3354
16.0843
19.6640
25.1139
15.5371
15.7509
15.6188
16.8899
16.8453
9.8090
17.8595
11.3993
13.7021
25.1139
11.4886
75
Product Details
SFIN
ULIF05703/09/10DISCPOLF01121
ULIF06720/12/11LASURMDEBT121
Plan Name
Reliance Life Classic Plan
Reliance Life Classic Plan - Limited
Reliance Life insurance Pay Five Plan
Reliance Assured Maturity Debt Fund
Fund Name
Discontinued Policy Fund
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Life Gilt Fund 1
Life Equity Fund 3
Life Energy Fund 2
Life Midcap Fund 2
Assured Maturity Debt Fund
NAV
25.1139
14.6585
12.8807
18.4880
17.8585
25.1139
16.4783
17.2159
9.5868
11.6301
17.6673
16.6012
14.6585
18.4880
17.8585
25.1139
16.4783
17.2159
9.5868
11.6301
17.6673
16.6012
14.6585
18.4880
17.8585
25.1139
16.4783
17.2159
9.5868
11.6301
17.6673
16.6012
14.6585
13.7607
76
Investment strategy and risk control
Macro analysis of the economy is carried out by tracking the trends in key economic indicators.
Macro Analysis
Appreciation of Market
Dynamics
Meeting Investment
Objective vis--vis Risk
Appetite
Asset Allocation Strategy

Security
Selection- Portfolio
Constriction
Benchmark
Risk Management /
Portfolio Evolution/
Diagnostics
Governance and
Process
Market dynamics are also studied apart from the above to determine our view of the changes likely in the
interest rate scenario and equity market movements. Price movements in the market are monitored at all
times along with factors that affect them such as the prevailing market sentiments, cash flows in the
market and views/actions of key market participants including institutional investors like FIIs and mutual funds.
For analyzing the debt markets, yield curve movements and changes in its shape are also studied.
The risk appetite and investment objective is clearly defined for each fund keeping in mind the
investment horizon, liquidity requirements etc.
A range of acceptable holdings under each asset class is determined at the investment policy level. The asset allocation primarily takes into account, the investment objectives, regulatory issues and the likely risk
return matrix to obtain a potential return which is the highest achievable for the risk that is assumed. Within
the strategic asset allocation, the fund managers determine the weights of the various asset classes; primarily
factoring in the developing market scenarios.
Based on the investment of objectives of each fund option, a rigorous security selection process is
followed. The fixed income fund manager identifies cheaper securities across the yield curve and builds a
basket of securities to arrive at the optimum level of yield within the range of pre-determined 'duration' for the
entire portfolio after paying particular attention to the liquidity position and the liquidity premium on the securities. An active fund management style is followed or the equity portfolios. A core portfolio of stocks is first
created driven by a top-down approach and a research based bottom-up stock selection method is followed.
Benchmarks are pre-determined for each fund based on the most appropriate indices available in the
market or by constructing proxy benchmarks out of multiple indices. Performance of each fund is
continuously tracked based on the benchmarks and recalibrated.
A statistical analysis is carried out to determine that the risk levels are in tune with the risk appetite of the
particular fund. Statistical tools such as the standard tools such as the standard deviation and risk-adjusted
return measures such as the Sharp ratio are calculated in order to compare the returns generated per unit of
risk vis--vis benchmarks.
The investment policy has been designed by the Board to cover regulatory guidelines, the various product
investment objectives, risk appetite strategic asset allocation and the investment style. It is ensued that the
portfolio is always kept complaint with the relevant regulations. Our rigorous process and
risk/compliance controls are well documented.
77
the analyst expressions
Gross Fund Return

Gross return for a fund is defined as the return calculated on an NAV basis plus the fund management fees
which are debited periodically to the fund. We calculate gross fund returns in order to give uniformity while
evaluating fund management performance as the fund management fees vary from company to company.
Fund management charges are a matter of policy decision by the top management of a life fund Insurance
Company. Hence, even if two funds from two different fund management companies give the same returns,
the returns may not reflect that if they are calculated on an NAV basis.
We shall highlight this with the help of an example.
Reliance Life Insurance
Balanced Fund
NAV based Return=11.50 %
Fund Management Fee=2%
Gross Fund Return=13.50%
Gross Fund Return
XYZ Insurance Company

Balanced Fund
NAV based Return=10.50%
Fund Management Fee=3%
Gross Fund Return=13.50%.
As seen above, though the gross return of both the companies were same, Reliance Life Insurance showed a
higher NAV based return as the fund management fees were lower. Please note that the returns as given in
The Analyst for all funds are computed on a gross basis.
Benchmark Return
Benchmark Return
Fund Standard Deviation
Fund Sharpe Ratio
A benchmark is a standard against which the performance of an investment can be measured. Benchmarks
are pre-determined primarily on the basis of the asset allocation structure of the fund.
Benchmarks can be readily available in the market or have to be constructed. The CNX Nifty is a readily
available benchmark for our equity portfolio manager as the equity fund primarily invests in equities.
However, the benchmark for the Growth Fund of Reliance Life Insurance has been constructed as 60% of
CRISIL Short Term Bond Index and 40% of CNX Nifty as the asset allocation of the growth fund is 60% of
debt and 40% of equity. (Please refer to the Growth Fund page of The Analyst).
Fund Standard Deviation

Risk of investing in a fund is identified by the volatility of the fund's periodic returns. Standard deviation measures the volatility of the fund's returns for a given time period.
In other words, Fund Standard Deviation for a particular time period gives us the deviation from the mean
returns, that has occurred for that fund during that time period. For e.g. let us assume that the Balanced Fund
has generated an average (mean) return of 11.55% for the last 2 years and that the corresponding standard
deviation was 4.44%. That means that during the last 2 year time period, the balanced fund return varied
between 15.99% (i.e. 11.55+ 4.44) and 7.11% (i.e. 11.55-4.44) during 65% of the time.
Higher the standard deviation, the greater the volatility, and therefore, the greater the risk of investing in that
fund.
Thus, an investor has more information available at his disposal to evaluate the quality of performance of the
fund and how volatile its returns are.
To carry it a step further, it is highly unlikely that a fund's return in any one year will be exactly the
average. Rather, it will always be either higher or lower than the average. Thus, standard deviation teaches
us to look beyond the average annual return figures that are touted by investment advisors.
Fund Sharpe Ratio

Sharpe ratio of a fund tells us how much return the fund has been able to generate per unit of risk. The higher
the Sharpe Ratio, the better the performance of a fund from a risk point of view.
The excess return generated by a fund for a particular time period is first calculated by subtracting the risk
free rate from the rate of return generated by that fund during that time period. Dividing this result by the standard deviation of the fund return during that time period, one can obtain the Sharpe ratio.
Sharpe Ratio = Excess return / Annualized standard deviation of fund return
The "risk-free return" is the annualized return currently available on "risk-free" investments. This is usually
assumed to be the return on a short government security like Treasury bill. A government security is
sovereign credit which is the nearest to a risk free asset that one can get. For our calculations of the Sharpe
ratios for all funds as given in the Analyst, we have assumed this risk free rate of interest to be at 5%.
78
the analyst expressions

Contd...
We shall assume that 9.85% was the annualized gross return for a 3-year time period for the balanced fund,
5% p.a. was the assumed risk free rate of return as discussed above and 4.14% p.a. was the
standard deviation of this 3-year return. The Sharpe ratio can be calculated as follows:
(9.85-5)%/4.14%=1.17.
The Sharpe ratio tells us whether the returns of a portfolio are due to smart investment decisions or a result
of excess risk. This measurement is very useful because although one portfolio or fund can reap higher returns than its peers, it is only a good investment if those higher returns do not come with too much additional
risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been.
Benchmark Sharpe Ratio

Just as the fund returns are compared to a benchmark return, the Sharpe ratio of the fund is also
compared to the benchmark's Sharpe ratio in order to evaluate the risk-adjusted performance. In our
example above, let us assume that the benchmark Sharpe ratio of the balanced fund for the last 3 years is
0.98. This means that over a three-year time period, the Balanced Fund of Reliance Life Insurance has given
a higher risk-adjusted return than the comparable risk-adjusted return provided by the constructed benchmark.
While calculating the benchmark Sharpe ratio of 0.98, let us assume that 9.10% was the annualized gross
return provided by the constructed benchmark for the balanced fund for the last 3-year time period, 5% p.a.
was the assumed risk free rate of return, and 4.21% p.a. was the standard deviation of the
3-year benchmark return.
Benchmark Sharpe Ratio
The benchmark Sharpe ratio for the Balanced Fund for the last three years has been calculated as follows:
(9.10-5)%/4.21%=0.98.
Modified Duration of Debt Portfolio
Modified Duration Of
Debt Profile
The value of a fund's debt portfolio is sensitive to changes in interest rates. When interest rates rise, bond
prices fall, and vice versa. Generally, a debt portfolio comprising of bonds with higher maturities will have a
higher price fluctuation than a portfolio comprising of bonds with lower maturities. Modified duration, indicates
the sensitivity of the value of the debt portfolio to any given change in interest rates. Modified Duration is
derived from Duration, which represents a weighted average of the time periods to maturity.
Fund Beta
Modified Duration gives one an immediate rule of thumb -- the percentage change in the price of a bond is
the duration multiplied by the change in interest rates. So, if a bond has duration of 10 years and
interest rates fall from 8% to 7.5% (a drop of 0.50 percentage points), the bond's price will rise by
approximately 5% (i.e. 10 x 0.50%).
Let us assume that the modified duration for the Balanced Fund is 2.03. If interest rates drop from 8% to
7.5%, the value of this debt portfolio will rise by 1.015% (i.e. 2.03 x 0.50%). Similarly, when interest rates rise
from 8% to 8.5%, say, the value of this debt portfolio will fall by 1.015%.
Fund Beta
Beta measures the risk of a security (say a particular stock) in relation to its broad market. The broad market
is generally defined as the specified benchmark index. The Beta assigned to the benchmark index is 1. Beta
of the stock describes the sensitivity of the price of the stock to the benchmark index. (For the more statistically inclined readers, Beta is the slope of the regression line). It is generally calculated for equity portfolio/
funds.
If a stock has a beta of 1, that stock is likely to generate the same returns as the market. If the beta of a stock
is more than 1, it means that the stock is likely to give higher returns compared to the market but also at a
higher risk as compared to the market. For instance, a stock with beta of 1.2 means that when the market,
say Nifty, gives a return of 10 %, that stock is likely to generate returns of 12% ( i.e. 1.2*10%). Similarly, a
low beta stock has given lower returns compared to what the market has delivered for a particular time period. For e.g. for a stock with beta of 0.80, if the Nifty gives returns of 10%, the stock is likely to give returns
of only half of that, i.e. 8%. (i.e. 0.80*10%)
Now we shall see the impact of these two stocks when the market falls. When the Nifty gives negative returns of 10%, i.e the market falls by 10%, the price of the stock with beta of 1.2 will fall by 12%. However,
though the price of the stock with the low beta of 0.8 will also fall when the market falls, it will not fall as much
as the market. If the market falls by 10%, the price of this scrip will fall only by 8%.
The fund beta is nothing but the betas of individual stocks in the equity portfolio multiplied by the weight of
that stock in the portfolio. If a fund has a high beta, the equity portfolio of that fund is aggressive and tilted
towards high beta stocks and vice versa. Please note that the betas of individual stocks as given in the Equity Fund page of the Analyst have been calculated based on the available prices of the stocks on the NSE
for the last 1-yr period.
79
the analyst
January 2016
Disclaimer
While every care has been taken in the preparation of this document, Reliance Life Insurance
Company ltd makes no representation or warranty about the accuracy or completeness of any
statement in it including, without limitation, any forecasts. Past performance is not a
reliable indicator of future performance. This document has been prepared for the purpose of
providing general information, without taking account of any particular investor's objectives, financial situation or needs. An investor should, before making any investment decisions,
consider the appropriateness of the investor's objectives, financial situation and needs. This
document is solely for the use of the party to whom it is provided.
Unit Link Life Insurance Products are different from the traditional insurance products and are
subject to the risk factors.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks
associated with capital markets and the NAVs of the units may go up or down based on the
performance of fund and factors influencing the capital market and the insured is responsible for
his/her decisions.
Reliance Life Insurance company Limited is only the name of the Insurance company and the
specified Unit Linked funds do not in any way indicate the quality of the contract, its future prospects or returns.
For more details on RLIC products and respective risk factors, terms and conditions please read
respective sales brochure documents carefully before concluding a sale. The respective sales
brochure documents for various products are published in the website www.reliancelife.com
Insurance is the subject matter of solicitation. Reliance Life Fund Insurance company Limited is
a licensed life fund Insurance company registered with the Insurance Regulatory and
Development Authority (Registration No: 121) in accordance with the provisions of the
Insurance Act 1938.
80

ULIPJan 2016

Enviado por

Dados do documento

Descrição original:

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

ULIPJan 2016

Enviado por

Direitos autorais:

Formatos disponíveis

the analyst

monthly fund factsheet

Forex Reserves ($ bn)

Brent Crude Price

Gold (Rs. per 10gm)

Fixed Income Outlook:

S&P CNX Nifty

CNX Mid Cap

BSE Small Cap

BSE Capital Goods

BSE Oil & Gas

182 Day T-Bill

5 Year Corp Bond

10 Year AAA Corp Bond

Life Equity Fund 1

Life Equity Fund 2

Life Equity Fund 3

Pension Equity Fund 1

Pension Equity Fund 2

Pension Equity Fund 3

Health Equity Fund 1

Health Equity Fund 2

100% pure equity

Life Pure Equity Fund 1

100% pure equity

Life Pure Equity Fund 2

100% pure equity

Pension Pure Equity Fund 1

100% pure equity

Pension Pure Equity Fund 2

100% pure equity

Health Pure Equity Fund 1

Life Infrastructure Fund 1

Life Infrastructure Fund 2

Pension Infrastructure Fund 1

Pension Infrastructure Fund 2

Health Infrastructure Fund 1

Life Energy Fund 1

Life Energy Fund 2

Pension Energy Fund 1

Pension Energy Fund 2

Health Energy Fund 1

Life Midcap Fund 1

Life Midcap Fund 2

Pension Midcap Fund 1

Pension Midcap Fund 2

Health Midcap Fund 1

80% equity, 20% debt

Life Super Growth Fund 1

80% equity, 20% debt

Life Super Growth Fund 2

80% equity, 20% debt

Health Super Growth Fund 1

60% equity, 40% debt

Life High Growth Fund 1

60% equity, 40% debt

Life High Growth Fund 2

50% equity, 50% debt

Life Growth Plus Fund 1

50% equity, 50% debt

Life Growth Plus Fund 2

50% equity, 50% debt