Birla Sun Life Insurance Annual Report 2014-15: Journey to Empowerment

Birla Sun Life Insurance
Journey to empowerment
At BSLI, we believe that empowering our stakeholders with nancial

security is a not just a journey, but our ultimate destination. This year, as
an organisation, we have embarked on this unique journey towards building
a trust surplus organisation by empowering the lives of customers, advisors
and employees.
Over the last few years, the insurance industry has undergone drastic
changes. Changes in the regulatory environment in particular have had a
signicant impact on the development of the industry. Consumer awareness
and protection has been a critical part of the regulatory agenda. At BSLI,
we are conscious of the fact that a long term sustainable business model is
crucial towards achieving sustainable growth.
Thus began our journey to explore new avenues, to see endless possibilities,
to experience the change in the route that leads us to newer horizons, and to
shape numerous dreams into reality. It is undoubtedly the road less travelled
towards a world of new possibilities.
Our approach is clear. Our journey requires the right companions (People),
a navigation in the right direction (Process), and the eventual destination
(winning the trust of our Customers). The key is to empower our people,
strengthen our processes and serve our customers, thus developing a strong
partnership of long term success.
1 | ANNUAL REPORT 2014-15
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MESSAGE FROM THE MD & CEO
The secret of change is to focus all your energy not on ghting

the old, but on building the new. - Socrates
We embarked on a unique journey towards building this trust

surplus and empowering the lives of customers, advisors and
employees by reimagining the way we conduct business. To
achieve this vision, we have relooked at our business models
and business practices, in the way we approach and provide
solutions to our customers towards proactively addressing the key
challenges faced by the industry today.
At BSLI, we have taken concrete steps in re-orienting ourselves

completely to meet the changing needs of our customers to
their satisfaction. As an organisation, we have made a conscious
effort and have moved towards co-creation through the process
of solutions counselling. We have focussed on unique customers
solutions based on exclusive needs and counselling as a method to
deliver our solutions. In this initiative, we lay emphasis on investing
time and resources in understanding customer needs better and
counselling them in every step, thus empowering them to co-
create a solution to meet nancial needs. Our business model
is to build a sustainable business to meet customer outcomes.
These are very simple, yet powerful principles. Our protection
counsellors are trained to provide superior advisory skills and
have a deep commitment to customer welfare, managing their
Dear stakeholders, hard earned money with care.
It gives me great pleasure to connect with you once again. Last We have taken several strides in our journey towards providing
nancial year has been signicant for Birla Sun Life Insurance complete customised services. These would not be possible
(BSLI). A year that will be known in the history of BSLI as the year without the help of our advisors, strong in-house cross functional
of transformation, not just for BSLI but the life insurance industry teams, a committed management, absolute shareholder support,
at large. This change is reective of our endeavour to build a Trust and overall economic recovery.
surplus organisation that will epitomise a culture of customer
centricity at BSLI shaping the organisation into a successful We remain committed to our promise of ensuring the best solution
business model for the future. to every customer. Each one of you is a valued customer and
I thank you for accompanying us on our journey and placing
Money as you know is a commodity that is intrinsic to the well- your beliefs in BSLI over the years. I would like to reinforce our
being of every person. It plays a signicant role in safeguarding commitment in serving you in the best way possible.
the nancial future of families. And it is at the very core of every
persons sense of security and well-being. A commitment to The destination is not the end of our journey, but the beginning
provide our customers with the means to protect loved ones of a new one. As we move forward, we depend on your crucial
against lifes uncertainties is thus our primary goal. This, in turn support to guide us in the right direction. You can reach out to
empowers us with a responsibility to shape up the nancial our advisors with your suggestions and thoughts on making our
well-being of our customers with their hard earned savings that services even more fruitful. My team and I will always be at your
they have bestowed with trust upon us. behest towards serving you better. The legendary Steve Jobs said,
The ones who are crazy enough to think that they can change the
Over the last 12 years, the insurance industry has been at the world, are the ones who do. My team is committed to help you
helm of transformational changes. These changes came into realise your dreams and push ourselves to better our own best.
being primarily in response to the key challenge the life insurance
industry faces, which is lack of customer condence. And it is this My best wishes on another successful journey.
very issue that is at the heart of our change initiative.
Pankaj Razdan
MD & Chief Executive Ofcer, BSLI

BOARD OF DIRECTORS
Mr. Kumar Mangalam Birla

Chairman
Mr. Kumar Mangalam Birla (47) is the Chairman of the US $40 billion multinational Aditya Birla Group, which operates in 36 countries
across 6 continents. Over 50% of its revenues ow from its operations outside India.
Mr. Birla chairs the Boards of all of the Groups major companies in India and globally. Among its clutch of companies globally feature
Novelis, Columbian Chemicals, Aditya Birla Minerals, Aditya Birla Chemicals, Thai Carbon Black, Alexandria Carbon Black, Domsj
Fabriker and Terrace Bay Pulp Mill, among others. In India, he chairs the Boards of Hindalco, Grasim, Aditya Birla Nuvo, UltraTech, Idea,
Aditya Birla Financial Services and Aditya Birla Retail.
The Groups businesses are spread across a swath of industries. These include aluminium, copper, cement, textiles (pulp, bre, yarn,
fabric and branded apparel), carbon black, insulators, natural resources, power, agribusiness, telecommunications, nancial services,
IT/ITeS, retail and trading.
Business record
Mr. Birla took over as Chairman of the Group in 1995, at the age of 28, after the untimely demise of his father. As Chairman,
Mr. Birla has taken the Aditya Birla Group to an altogether higher growth trajectory. In the 18 years that he has been at the helm of the
Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value.
In the process he has raised the Groups turnover from US $2 billion in 1995, to US $40 billion today. Mr. Birla has restructured
the businesses to emerge as a global/national leader in the sectors in which the Group operates. He has made 36 acquisitions in
19 years in India and globally, the highest by an Indian multinational in India.
The acquisition of Novelis, a global metals major, in 2007, the second largest acquisition ever by an Indian company, led to a new
found respect for Indian companies and stoked a higher level of interest in the country as well. Recently, the acquisition of Columbian
Chemicals, a US based company and the worlds 3rd largest carbon black manufacturer positioned the Group as the No. 1 player in this
sector, given its own sizeable carbon black operations today. Likewise, the acquisition of Domsj Fabriker, a leading Swedish speciality
pulp manufacturer enables the Groups Pulp and Fibre business to further consolidate its global position.
Besides these, over the years Mr. Birla has acquired manufacturing plants in Canada, China, Indonesia, plantations in Laos, and mines in
Australia, set up new plants in Egypt, Thailand and China. Alongside, he has expanded capacities in all of the Groups manufacturing units.
In India as well, he has made major acquisitions, the most notable being the Cement division of Larsen & Toubro, Indal from Alcan, Madura
Garments from Coats Viyella, the Chlor Alkali division of Kanoria Chemicals and Solaris Chemtech Industries.
Under his stewardship, the Aditya Birla Group enjoys a position of leadership in all the major sectors in which it operates. Over the years, Mr.
Birla has built a highly successful meritocratic organisation, anchored by an extraordinary force of 120,000 employees belonging to 42 different
nationalities. The Aditya Birla Group has been ranked 4th in the world and 1st in Asia Pacic in the Top Companies for Leaders study 2011,
conducted by Aon Hewitt, Fortune Magazine and RBL (a strategic HR and leadership Advisory rm). The Group has topped the Nielsens
Corporate Image Monitor 2013-14 and emerged as the Number 1 corporate, the Best in Class, for the second consecutive year.
In key responsible positions on various regulatory bodies

Mr. Birla holds several key positions on various regulatory and professional Boards. He was a Director on the Central Board of Directors of the
Reserve Bank of India. He was Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and also served on The
Prime Minister of Indias Advisory Council on Trade and Industry.
As the Chairman of Securities and Exchange Board of India (SEBI) Committee on Corporate Governance, he authored the First Report
on Corporate Governance titled Report of the Kumar Mangalam Birla Committee on Corporate Governance. Its recommendations were
path breaking and became the basis of corporate governance norms. Furthermore, as the Convener of the Prime Ministers Task Force on
Administrative and Legal Simplications, the extensive recommendations made by him in his report, have been implemented in totality. Mr.
Birla also served as Chairman of SEBIs committee on Insider Trading which formulated Corporate Governance principles for Indian corporates.
He is on the National Council of the Confederation of Indian Industry and the Apex Advisory Council of the Associated Chambers of Commerce
and Industry of India.

BOARD OF DIRECTORS
On the Board of Educational Institutions

Mr. Birla is deeply engaged with educational institutions. He is the Chancellor, of the renowned Birla Institute of Technology & Science (BITS),
with campuses in Pilani, Goa, Hyderabad and Dubai.
He is a Director of the G. D. Birla Medical Research & Education Foundation.
He serves on the London Business Schools Asia Pacic Advisory Board and is an Honorary Fellow of the London Business School.
Accolades conferred on Mr. Birla

Mr. Birla has won recognition for his exemplary contribution to leadership processes and institution/systems building. A selective list:
Inducted as an Honorary Member Rotary Club of Mumbai (November 2014)
Hello Hall of Fame Business Leader of the Year 2014 (November 2014)
US India Business Council (USIBC) 2014 Global Leadership Award
Business Leader of the Year, the Economic Times Awards for Corporate Excellence, 2012-13
Ranked the 4th Most Powerful CEO (2013) in the Economic Times Corporate Indias Denitive Power listing of 100 CEOs
Indore Management Associations Award - National Indian Business Icon, 2013
Forbes India Leadership Award-Flagship Award - Entrepreneur of the Year, 2012
NDTV Prot Business Leadership Awards 2012 - Most Inspiring Leader
The Degree of Doctor of Science (Honoris Causa) in recognition of his role in pioneering great Engineering
products involving Multi-disciplinary Engineering thought processes in the Country by the Visvesvaraya Technological
University, Karnataka, 2012
NASSCOMs Global Business Leader Award 2012
CNBC-TV18 India Business Leader Award 2012 for Taking India Abroad
GQ Business Leader of the Year Award-2011 from Cond Nast India Pvt. Ltd., an afliate of Cond Nast Global
CNN-IBN Indian of the Year 2010-Business, for being the most outstanding business person and making a success
out of most businesses including the sunrise sector, 2010
The All India Management Associations (AIMA), Managing India Awards 2010 Business Leader of the Year, 2010
The AIMA JRD Tata Corporate Leadership Award, 2008
The Honorary Degree of Doctor of Science (Honoris causa) in recognition of his invaluable contribution in the eld
of Business Administration by the G. D. Pant University of Agriculture & Technology, 2008
For the development of technology and also for the involvement in the eld of Industries in bringing the country at par with other
countries in the eld of Industries, the SRM University in Tamil Nadu conferred the Degree of Doctor of
Literature, 2008
The Asia Pacic Global HR Excellence Exemplary Leader Award, 2007
The Global Indian Leader of the Year by NDTV Prot in their Business Leader Awards category, 2007
The Lakshmipat Singhania-IIM, Lucknow National Leadership Award, Business Leader, 2006
Represented India at the Ernst & Young World Entrepreneur Award in Monte Carlo, Monaco in June 2006, where he was
inducted as a Member of the Ernst & Young World Entrepreneur of the Year Academy
The Ernst & Young Entrepreneur of the Year Award, 2005
Young Super Performer in the CEO Category by Business Today, 2005
Chosen by the World Economic Forum (Davos) as one of the Young Global Leaders, 2004
The D. Litt (honoris Causa) Degree by The Banaras Hindu University, 2004

BOARD OF DIRECTORS
Honorary Fellowship by the All India Management Association, 2004
The Business Leader of the Year, The Economic Times Awards for Corporate Excellence 2002-2003
Business Man of the Year-2003 by Business India
The Rajiv Gandhi Award for Business Excellence and his contribution to the country by the Mumbai Pradesh Youth
Congress, 2001
The National HRD Network, The Outstanding Business Man of the Year, 2001
The Institute of Directors Golden Peacock National Award for Business Leadership, 2001
Hindustan Times, The Businessman of the Year, 2001
The Bombay Management Association The Management Man of the Year 1999-2000
Among the 10 super Stars of Corporate Finance Global Finance, 1998
Among the top 10 of Indias most admired and respected CEOs and the top CEO of the coming millennium,
Business World, 1998
Beyond business: Reaching out to the marginalised sections of society

A rm practitioner of the trusteeship concept, Mr. Birla has institutionalised the concept of caring and giving at the Aditya Birla Group.
With his mandate, the Group is involved in meaningful welfare driven activities that distinctively impact the quality of life of the weaker
sections of society, surrounding hundreds of villages that are among the poorest in India, Thailand, Indonesia, Philippines and Egypt.
In India, the Group is engaged in 3,000 villages, reaching out to 7 million people annually and making a difference to their lives through
meticulously conceived projects, focusing on health care, education, sustainable livelihood, infrastructure and social causes. For
instance, the Group runs 42 schools which provide quality education to 45,000 children. Of these, over 18,000 children receive free
education. Additionally, over a 100,000 youngsters benet from bridge educational programmes and vocational training. Its 18 hospitals
tend to more than a million villagers. In line with its commitment to sustainable development, the Group has partnered with the Columbia
University in establishing the Columbia Global Centres Earth Institute in Mumbai. To embed CSR as a way of life in organisations, it has
set up the FICCI Aditya Birla CSR Centre for Excellence, in Delhi.
Educational background
A commerce graduate from the Bombay University, Mr. Birla is a Chartered Accountant. He earned an MBA from the London
Business School.
Personal details
Born June 14, 1967, in Kolkata, Mr. Birla was raised in Mumbai. Mr. Birla and his wife, Mrs. Neerja Birla, have three children, Ananyashree,
Aryaman Vikram and Advaitesha.

BOARD OF DIRECTORS
Mr. Donald A. Stewart

Non-Executive Director
Mr. Donald A. Stewart retired as Chief Executive Ofcer of Sun Life Financial Inc. in November, 2011, but continues to work fulltime
on a broad range of international business activities with a primary focus on nancial services. He is Chairman of Sun Life Assurance
Company of Canada (UK) in the United Kingdom, the AV Companies in Canada and the federal-provincial Nominating Committee of the
Canada Pension Plan Investment Board. He is a board member and chairs the Audit Committee of leading aluminium products company
Novelis, based in Atlanta. He is also a board member and Chair of the Risk Committee of Sun Life Everbright, based in Beijing and a
board member of Birla Sun Life Asset Management Company in Mumbai.
Mr. Bishwanath Puranmalka

Mr. Bishwanath Puranmalka, Director of Aditya Birla Groups Financial Services Companies has a total working experience of over 45
years. He has been associated with the Aditya Birla Group in various capacities since the inception of his career. He has experience in the
implementation and running of several manufacturing, training and service industry businesses, and setting up Greeneld manufacturing
operations. He also has wide experience in the set up and operation and maintenance of captive Power Plants of the Aditya Birla Group.
He has been looking after a NBFC-Birla Global Finance Co. Ltd. now known as Aditya Birla Finance Ltd., since June 1994.
Mr. Ajay Srinivasan

Mr. Ajay Srinivasan has been the Chief Executive, Financial Services at the Aditya Birla Group since July 2007.
In his role as Chief Executive, Financial Services, he sets the vision and provides strategic direction and leadership for the Groups
Financial Services business that covers several verticals such as Life Insurance, Fund Management, Private Equity, Wealth Management,
Retail Broking, Capital Markets Based Lending, Corporate Financing, Infrastructure Finance and General Insurance Broking. Under
his leadership, the nancial services business has grown rapidly with a turnover of USD 1.3 billion, over 5.6 million customers and a
workforce of over 17,500 people.
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Fund Management at Prudential Corporation Asia, based in Hong Kong.
Under Ajays leadership, Prudentials Fund Management operations in Asia grew rapidly, both organically and through acquisition. Ajay
oversaw a business that spanned ten markets, including Japan, with total funds under management of about USD 70 billion, which made
it at the time the second largest retail fund manager in Asia.
As a member of Prudential Corporation Asias Board of Directors, Ajay also oversaw the development of Prudentials retirement business
in Asia.

BOARD OF DIRECTORS
Ajay joined Prudential in 1998 as Managing Director of Prudential ICICI Asset Management Company, Prudentials Indian fund
management joint venture with ICICI Bank. Within two years of operation, Prudential ICICI AMC had grown to become the largest private
sector asset management company in India.
With a proven track record for building successful businesses, his experience in the nancial services industry spans over
two decades.
Ajay has in his nancial career engaged with several bodies including the Financial Planning Standards Board, the CII Committee on
Financial Sector Reforms, The CII Committee of Financial Inclusion, The CII Committee on Insurance and Pensions and the FICCI
Committee on Insurance.
Ajay holds a BA with Honours in Economics from St. Stephens College, University of Delhi and an MBA from the Indian Institute of
Management, Ahmedabad.
Mr. Kevin Strain

Mr. Kevin Strain is President, Sun Life Financial Asia. In this role, Mr. Strain is responsible for Sun Lifes interests in Asia, including
identifying opportunities for growth in the region and managing the Companys relationships with its partners. Sun Life has operated in
Asia since the 1890s, and today spans seven key markets the Philippines, Hong Kong, Indonesia, India, China, Vietnam and Malaysia.
Mr. Strain was appointed to the role effective April 2012, and is based in Sun Lifes Asia Regional Ofce in Hong Kong. He is also a
member of the Companys Executive Team. Mr. Strain has signicant insurance and leadership experience in both individual and group
businesses and in managing nance functions.
From 2007 to 2012, he was Senior Vice-President of Sun Lifes Individual Insurance and Investments division in Canada, responsible
for the creation and delivery of Insurance, Health and Wealth Management Products and Solutions nationwide. This included managing
an expansive distribution organisation encompassing Sun Lifes career sales force, the largest in Canada, and Third-party distributors.
In earlier roles, Mr. Strain was Vice-President of Investor Relations in Sun Lifes corporate ofce and held senior nance positions
in the companys Canadian operations. He joined Sun Life in 2002 as part of its acquisition of the Clarica Life Insurance Company,
where he had served in nance and customer-focused roles before being appointed head of Claricas Canadian pension and group
savings division.
Mr. Strain is a Chartered Accountant and holds a Master of Accounting degree from the University of Waterloo in Canada.
Mr. Sandeep Asthana

Mr. Sandeep Asthana is the India Country Head of Sun Life Financial, a leading global nancial services company, headquartered in
Canada, providing protection and wealth management products for over 150 years. In his role, Mr. Asthana manages Sun Life Financials
interest in its two joint ventures in India-Birla Sun Life Insurance Co. Ltd., and Birla Sun Life Asset Management Co. Ltd.
A chemical engineer from IIT Mumbai and MBA from IIM Lucknow, Sandeep started his career with Unit Trust of India in 1993, and was
closely involved with its plans for entry into life insurance and pensions. He joined Zurich Financial Services in 2000, and headed the life
insurance planning team. In 2003, Sandeep joined RGA, a leading US-based life and health reinsurer, and built up their business in India
to make it a leading reinsurance player in India. Prior to joining Sun Life Financial, Mr. Asthana was Managing Director of RGA Services
India Pvt. Ltd.

BOARD OF DIRECTORS
Mr. M. V. Nair
Independent Director
Mr. M. V. Nair is the Chairman, Credit Information Bureau (India) Ltd. He is also Non-Executive Chairman of SWIFT Domestic Services
Pvt Ltd., a joint venture between SWIFT Scrl, a global provider of secure nancial messaging services and seven Indian Banks.
Prior to this, he was CMD, Union Bank of India and Dena Bank.
He was also Chairman of the Indian Banks Association, Chairman of the Governing Board of Institute of Banking Personnel
Selection, Chairman of the Managing Committee of Indian Institute of Banking and Finance, a member of the Governing Council
of IDRBT as well as the member of the Governing Council of National Institute of Bank Management.
He was the Chairman of the Committee set up by the RBI to suggest revised guidelines for Priority Sector Lending Classification.
He was the member of Usha Thorat committee on Lead Bank Scheme, Damodaran Committee on Customer Service in Banks
and Khandelwal Committee on Human Resources issues of Public Sector Banks.
Ms. Tarjani Vakil

Ms. Tarjani Vakil has over four decades of experience in the eld of development banking and nancial services. Ms. Vakil started
her career with Maharashtra State Finance Corporation (MSFC) in 1958 and assumed several responsibilities till 1965. She moved
from MSFC to join Industrial Development Bank of India (IDBI) in 1965. After an illustrious seventeen years stint at IDBI in the capacity
of a Deputy General Manager, Ms. Vakil joined EXIM Bank of India as General Manager in 1982 and rose to the level of Chairman and
Managing Director (CMD) of Exim Bank of India and retired in 1996. Ms. Vakil is now a member of the several boards and sub committees
of the board of various companies and provides strategic direction.
She was responsible, as part of the top management team in 1982 to set up EXIM Bank as a model institution with an open ofce, no
peons, no clerical staff, less hierarchy and no computerisation ofce on an ongoing basis.
Her tenure as Chairman and Managing Director (CMD) of EXIM Bank of India is marked by several initiatives, setting up of a platform for
EXIM Bank of Asia and Australia. Those who joined this path rating initiatives initially were China, Japan, Australia, and Malaysia and so
on. This platform has ourished and grown bigger.
On further her appointment as CMD in 1996, Ms. Vakil became the rst lady to head a nancial institution in India. She has won many
laurels and awards, nationally and internationally.

BOARD OF DIRECTORS
Mr. Lalit Naik

Mr. Lalit Naik is the Managing Director of Aditya Birla Nuvo Ltd. and Sector Head of Chemicals Business. The business has its
manufacturing operations in India, Thailand and China. Mr. Naik provides strategic and operational leadership to these businesses, both
in domestic and international sectors.
Prior to joining Aditya Birla Group, Mr. Naik was the Regional MD, Asia Pacic of Saint Gobain, a 43 billion euro company.
Mr. Naik was in charge of Saint Gobains operations in India, China, Malaysia, Thailand, Abu Dhabi and had also acquired successful and
protable businesses in Korea, Japan, Malaysia and Vietnam.
Born in 1961, Mr. Naik completed B. Tech in Chemical Engineering from IIT Kanpur and a MBA from IIM Ahmedabad. Mr. Naik is married
and has two children. His son is studying in the US and the daughter is studying in the American High School.
Mr. Naik started his professional career with Bharat Petroleum and later joined Godrej Soaps Limited. During his long professional
career, he worked in Dow Chemical India Limited and soon became an Executive Director of BASF India Limited. He was responsible for
commissioning the rst SUPERPLASTICIZERS plant, Polymers/Dyestuff plants and acquisition of JBA printing inks. Mr. Naik with his
experience and expertise managed the entire business and lead it to the path of protability.
Mr. Naik has more than two and a half decades of rich professional experience in the eld of Chemicals and has worked in leadership
positions in many companies.
Mr. Haigreve Khaitan

Mr. Haigreve Khaitan is a Partner of Khaitan & Co.s Mumbai Ofce and also heads the Firm M&A practice. He started his career in
Litigation and moved on to specialise in M&A and Private Equity transactions, Project Finance transactions, Financing transactions. He
has been involved in some of the most high prole and complex deals in India.
He has rich experience in all aspects of Merger & Acquisitions-due diligence, structuring, documentation involving listed companies,
cross border transactions and medium and small business, etc. In restructuring, such as advice and documentation involving creditors
restructuring, sick companies, de-mergers, spin-offs, sale of assets, etc. And in foreign investment, joint ventures and foreign
collaborations. He advises a range of large Indian conglomerates and multinational clients in various business sectors including
infrastructure, power, telecom, automobiles, steel, software and information technology, retail, etc.
He has been recommended by Chambers & Partners, Legal 500, IFLR 1000 as a leading lawyer in India for Corporate/M&A transactions.
He is on the Board of Directors of various public listed companies such as Ambuja Cements Limited, CEAT Limited, Harrisons Malayalam
Limited, Inox Leisure Limited, Jindal Steel & Power Limited, Torrent Pharmaceuticals Limited and Karan Chand Thapar & Bros (Coal
Sales) Limited, amongst others.
He has been in the practice of corporate and commercial mergers and acquisitions, private equity project nance.
Mr. Khaitan is a Law Graduate from South Kolkata Law College afliation and involved in many as under Professional Afliations:
1. Bar Council of West Bengal 2. Incorporated Law Society, Kolkata
3. International Bar Association, London 4. The Indian Law Institute
5. The Bar Association of India 6. Young Presidents Organisation
He is serving directorship as an independent Non-Executive Director on the Board of Directors of several Indian public listed companies.

BOARD OF DIRECTORS
Mr. Pankaj Razdan

Managing Director & Chief Executive Ofcer
Mr. Pankaj Razdan is the MD & Chief Executive Ofcer at Birla Sun Life Insurance (BSLI). He has rich experience in the nancial
services business, across various functions and multiple lines of business. He has been with the Aditya Birla Financial Services Group
(ABFSG) since 2007, as a co-owner of the ABFSG Vision and the Deputy Chief Executive - Financial Services, a position he continues
to hold. At ABFSG, Pankaj has steered some of the key nancial services verticals successfully despite the challenging times. He has
guided Birla Sun Life Asset Management Company to an industry leadership position. He has also driven many key projects across
ABFSG, to help set a foundation for our leadership in the Indian nancial services industry.
In his role at Birla Sun Life Insurance, Pankaj provides BSLI strategic direction and leads the insurance team towards achieving rapid
growth and protability. As BSLI gears for its next phase of growth, the Company will benet from his experience and expertise in
growing businesses, developing new business models, building distribution efciency and customer management.
Pankajs professional experience spans organisations including the Karvy Group and ICICI Prudential Asset Management Company. He
has been a recipient of several personal and professional recognitions including being recognised as Indias Hottest Young Executives
by Business Today. He holds a degree in electronics engineering with the experience of multiple management development programs
from illustrious institutes including the Indian Institute of Management, Ahmedabad.

SENIOR MANAGEMENT TEAM
Mr. Mayank Bathwal

Deputy Chief Executive Ofcer
Mr. Mayank Bathwal is the Deputy Chief Executive Ofcer at BSLI. In this role, he partners the CEO and the leadership team in
managing the affairs of the company. He oversees the Finance, Planning, IT, Operations, Strategy, Group business and Investment
functions and also provides leadership to some very important areas of the Company including Revenue Assurance, Customer Service,
Technology enablement and Operational efciency.
Mayank has rich experience of nearly 20 years in the industry. He joined the Aditya Birla Group in early 1994 and has worked closely
in various units and projects of the group including fertilizer and copper smelting units, nancial services business and power projects.
He joined Birla Sun Life Insurance in December 1999 as part of the Project team to set up the Life Insurance venture and was looking after
the Business Strategy and Planning function prior to taking charge of other Finance Operations of the company. Mayank then moved
to take charge as the Chief Financial Ofcer of Sun Life, Indonesia in June 2006. He moved back to India in June 2007 as CFO at BSLI
with the objective of supporting BSLI in its transformational phase after his yearlong successful stint in Indonesia. As the CFO & Head of
Institutional Sales in FY 2011, in addition to the Finance operations he also took charge of the Institutional Sales teams which included
Bancassurance, Corporate Agency & Broking channels of BSLI.
Mayank is a Fellow member of the Institute of Chartered Accountants of India and the Institute of Cost & Works Accountants of India and
an Associate Member of the Institute of Company Secretaries of India. Mayank was also felicitated at Annual CFO100 Roll of Honour (for
the years 2012 and 2013) for his exceptional contribution to the area of Corporate Finance.
Mayank is also a member of CII CFO/Tax Committee and ICC Expert committee on Banking, Finance and Insurance.
Mr. Amit Jain

Chief Financial Ofcer (CFO)
Mr. Amit Jain is Chief Financial Ofcer (CFO) at BSLI overseeing the Finance, Accounts and Taxation functions. He holds a Masters
degree in Business Administration from the Faculty of Management Studies (FMS), Delhi and a Bachelors degree in Mechanical
Engineering from Delhi University.
Amit brings two decades of experience in Finance, Planning and Strategy. He has spent close to 10 years in BSLI. His sharp business
acumen has lent immense success to the Planning and Finance functions that he has spearheaded.
His professional experience spans organisations including IDBI Federal Life Insurance, Max India Ltd., CARE Ratings among others.

Mr. Anil Kumar Singh

Chief Actuarial Ofcer (CAO)
Mr. Anil Kumar Singh is the Chief Actuarial Ofcer & Appointed Actuary for Birla Sun Life Insurance (BSLI) and is responsible for all
Actuarial functions within the Company. Anil is a Fellow of the Institute of Actuaries of India, 2002 and holds a Masters in Statistics from
Lucknow University.
Before joining BSLI, Anil was the Chief Actuary & Appointed Actuary at Bajaj Allianz Life Insurance Company. Anil has vast experience
of close to 20 years in the Life Insurance industry in India, in Actuarial roles covering Valuation, Asset Liability Management, Product
Development and Pricing with organisations like LIC, Aviva Life Insurance and was also a part of the BSLI Actuarial team during its
inception in 2000-2001.
Mr. Ashok Suvarna

Chief Operating Ofcer
Mr. Ashok Suvarna is the Executive Vice President and COO at Birla Sun Life Insurance Company Ltd. In his role, he is responsible
for providing leadership to the Underwriting, Revenue Assurance, Customer Service and Operations teams. He is part of the Leadership
Team of Birla Sun Life Insurance and is involved in rolling out growth strategies of the company.
Ashok comes with an experience of over 20 years in the Financial Services industry. He has experience is setting up and managing
teams across functional areas including Technology, Operations, Projects and Quality Assurance. Prior to joining Birla Sun Life
Insurance, Ashok was EVP and COO at Birla Sun Life Asset Management Company Ltd, where he was providing leadership to the
Operations, Technology, Service and Marketing teams. Before joining the Aditya Birla Group, he was Senior Vice President and Head
of Operations at ICICI Prudential Asset Management Company Ltd, where he was responsible for Operations, Projects and Quality
Assurance and was also involved in pan Asia projects of Prudential Funds Management. He has been associated with many industry
rsts in the MF Industry including the launch of MF transactions on the Stock Exchange platform. Before joining ICICI Prudential
Asset Management Company Ltd, Ashok was associated with SBI Funds Management Pvt. Ltd. He is also a winner of several awards,
including the Aditya Birla Chairmans award.
Mr. Lalit Vermani

Chief Legal Compliance & Risk Ofcer (CLCRO)
Mr. Lalit Vermani is Chief Legal, Compliance and Risk Ofcer heading the Compliance, Legal, Risk and Internal Audit functions for the
Company. He has 20 years of experience in various areas of Financial Services including Insurance, Asset Management and Investment
banking. Prior to this assignment, Lalit was heading the Compliance function at Birla Sun Life AMC Ltd.
Lalit holds an Honours Degree in Economics and MBA with specialisation in Finance. He is also a certied Financial Risk Manager (FRM)
by Global Association of Risk Professionals.

Mr. Pramod Krishnamurthy

Chief Technology Ofcer (CTO)
Mr. Pramod Krishnamurthy is the Chief Technology Ofcer (CTO) for BSLI responsible for providing the crucial technology edge to
enable BSLI to differentiate itself positively in the marketplace.
Pramod is an IIT-IIM graduate and has over 22 years of work experience in the Financial Services Technology area. He has held several
senior leadership positions in the IT and Financial Services Industry, including running his own software company early in his career. Prior
to joining BSLI, Pramod was an Executive Vice President with Fullerton India Credit.
He was awarded the prestigious Pan-Asia IT Leadership Award for 2012 by Asia Insurance Review and Celent, for dening and
implementing the technology strategy and roadmap for BSLI. He was also recognised among the Top 100 CIOs in India for 2011, by his
peer group under the aegis of World CIO Council and CIO Association of India.
Mr. Sashi Krishnan

Chief Investment Ofcer (CIO)
Mr. Sashi Krishnan is the Chief Investment Ofcer (CIO) of Birla Sun Life Insurance. He joined the organisation in December 2011 and
has a rich experience of over 25 years in the Mutual Fund and Life Insurance industry.
Sashi has done his BE (Hons.) in Chemical Engineering and MSc (Hons.) in Economics from BITS, Pilani. He also has a Diploma in
Management from IGNOU with a specialisation in Finance. In addition, he has also done CAIIB from the Indian Institute of Bankers. He
has an extensive experience in Equity and Debt Markets. Prior to joining BSLI, Sashi was the Chief Investment Ofcer at Bajaj Allianz
Life Insurance Company where he managed Assets over ` 42,000 crores. Besides leading the Investments team and being a member
of the Investment Committee, he was also involved in product design and provided sales support. His previous assignments include
leadership roles with DBS Bank (Singapore), DBS Cholamandalam Asset Management Ltd. and Unit Trust of India. Sashi is the Member
of the Index Policy Committee of India Index Services & Products Ltd. and, also was the Co Chair of Life Insurance Committee of the
Bombay Chamber of Commerce and Industry.
He has also served as the Member of the Financial Planning Standards Board, India in 2004-2006. He is also a member of the Capital
Markets Committee of the Indian Merchants Chamber.

Ms. Shobha Ratna

Head Human Resource & Training
Ms. Shobha Ratna is Executive Vice President & Head Human Resource & Training at Birla Sun Life Insurance (BSLI). In this role,
she drives the Human Resource strategy at BSLI including talent management, talent development, compensation and culture creation.
Shobha has extensive experience of about eighteen years in the functional areas of talent, leadership and learning. Prior to this role
at BSLI, she managed talent and leadership development at the Aditya Birla Group (ABG) for six years. At ABG, Shobha contributed
signicantly to institutionalising the leadership development and talent management processes across the Group through a series of new
initiatives aimed to build the talent pipeline. Her professional experience also includes a stint of twelve years at Hindustan Unilever Ltd.
(HUL) with a year spent in Unilever London.
Shobha holds a Bachelors degree in Civil Engineering from the National Institute of Technology (NIT), Calicut and a Masters degree in
Personnel Management & Industrial Relations (PMIR) from the Tata Institute of Social Sciences (TISS).
Mr. Vikas Seth

Chief Distribution Ofcer (CDO)
Mr. Vikas Seth is Chief Distribution Ofcer (CDO) at BSLI. He is a qualied Electronics & Electrical Communication Engineer and has
completed a Masters Degree in Business Administration (Marketing). He joined BSLI in January 2008.
Currently at BSLI, Vikas is responsible for Direct Sales Force, Bancassurance and Corporate Agency and Broker channels.
Vikas has a strong professional experience of over 17 years in diverse industries including Telecom, FMCG and Life Insurance.
He has worked with organisations like Essar Telecom (Vodafone), Amway, ICICI Prudential and HDFC Life in the past. His expertise is
in start-up, building distribution, implementation of sales & marketing strategies. He has played an important role in building BSLIs
distribution capability.

SUMMARY OF FINANCIAL INDICATORS
Total Premium collected over the years (in crores) Total Premium Total Income
10,4
11
7,11 7,15 7,17

0 8 7
,885
5,677 5 5,61
4 5,21
6
5,23
3
3
4,83
2011 2012 2013 2014 2015
Total Premium for FY1415
Net Prot over the years (in crores)
542
461
371
305
285
2011 2012 2013 2014 2015
Net Profit for FY1415
Operating expenses over the years (in crores)
5
3 1,21
1,20 1
1,16 5
1,04
996
2011 2012 2013 2014 2015
OPEX for FY1415

We enhance our process...
to navigate
the path of success
On our journey to empowerment, we redened the business model based

on the core framework of CPS (Capacity-Productivity-Sustainability). We
are condent that using this framework will help us achieve our core vision
of building a trust surplus organisation.
01

PROCESS
Over the last decade, the insurance industry has undergone a Roles Capacity-Productivity-Sustainability
transformational change. At BSLI, we realise that for long term
sustainable growth, we need to realign the business model, adjust The rst step towards redening the Business Model is based
to increasing amounts of regulation and attempt to continuously on the core framework of CPS, which is Capacity-Productivity-
innovate for growth. Thus we started on to relook at our business Sustainability. Each function within the organisation is aligned by
models and the key challenges that the organisation was facing. this core framework of building capacity and capability, ensuring
productivity in a way that the business is sustainable.
The Direct Sales Force (Agency) Channel commands about 80%
of BSLIs business, and therefore was the natural rst choice Capacity The collective strength of our resources to
in this journey. After extensive research across stakeholders deliver on the customer promise
including employees, advisors, customers and competition in the Our goal is to understand the customers their needs, wants,
agency and third party distribution channel, three key challenges dreams and aspirations. After a thorough understanding, we offer
were identied them unique solutions that are mapped to their nancial needs.
This enables us to build forums that allow us access to invaluable
a. The challenge of accessing a large pool of customers in a customer insights. We believe that understanding the customer
manner that engenders trust and offering them solution based on their exclusive needs
b. The challenge of improving the quality of engagement and generates an environment of trust.
selling to the customers and
c. Building a pool of high quality and committed sales-force & Productivity Leveraging our strengths to serve the
distribution. customers in the best way possible
At BSLI, productivity is the core of all our actions. Our focus is
Innovation the key to progress on delivering superior performance across all touch-points of
customer delivery. Technological innovations have helped us
The Innovation and Design Lab is composed of two teams bring unprecedented convenience for customers, enabling them
Design and Intervention. The Design team with its unique research, to place their trust in us. Using innovative methods and effective
innovation, design and development capabilities, builds new tools communication tools, we continue to provide our customers with
and models collaborating with various functions as required. It greater service efciencies and a compelling value.
also plans launch, roll out and integration into the BSLI system
through training, etc. The Intervention team is in-charge of the roll Sustainability Building a lifelong relationship of trust with
out, assimilation and adoption of the model. They act as coaches the customer
for people on eld, and provide on-ground support and share best We understand that the key to our sustained trust with the
practices and success. customer is our determination to deliver on the customer promise.
Our energy comes from the desire to earn the trust of every
The entire approach is based on the core philosophy of trust customer we meet, rather than the zeal to beat competitors.
surplus, which automatically brings us closer to the customer. Thus, building trust and delivering superior performance are two
Each tool creates win-win for us and the competitors and builds integral values that are reected in our wide range of products and
unique competitive advantages over our competitors. solution offerings. We aim to build a sustainable business to meet
customer outcomes.
Building excellence in Agency Channel
Tools The Cluster Model Approach
Since its inception, BSLI has been at the helm of innovation within
the life insurance market, ushering in an industry-wide change Our new cluster approach gives us access to a vast customer
with the introduction of innovative unit-linked products and the network through the sustainable, professional and scientic
highest NAV plans. We strongly believe that innovation may cluster model. BSLI identies clusters based on similar proles,
ultimately be the key to growth, regardless of shifting economic understands their needs and introduces our advisors to the
and insurance market conditions, as they devise ways to thwart cluster, helping them easily target like-minded prospects. Using
ongoing and emerging competitive threats as well as capitalise on the Cluster Model, we can offer unique solutions that are mapped
new opportunities. to our customers nancial needs through a wide range of products
and combo solution offerings.
An Innovation and Design Lab was conceptualised with the vision
of addressing the fundamental issue of organisational quality as
a strategy to build a competitive advantage in every aspect of our
business. Our goal was to redene the business model and develop
solutions for the key challenges for not only insurance, but also
those that the nancial services industry was facing as a whole,
such as the challenge of accessing a large pool of customers,
building customer awareness towards nancial and protection
needs, improving customer engagement and conversion through
a robust sales force and distribution.
Based on this, the key levers were identied

(i) Roles Expansion and how to ensure that people contribute
more,
(ii) Tools That enable better performance and
(iii) Engagement New ways of working, dialoguing and
collaborating.

We guide our employees
in the
right
direction
At BSLI, we believe that the empowerment of the organisation begins with

the empowerment of its employees. By constantly developing scientic
tools and methodologies, we aim to provide our employees with the right
tools and techniques to achieve success.
01

EMPLOYEES
Last year, in January 2014, BSLI has embarked on a unique of the area by shifting our thinking from individual to groups
journey towards building a trust surplus organisation and of customers, having common goals and not just depend on
empowering the lives of advisors, employees and customers the natural market of the distributors.
by reimagining the way we conduct business. To achieve
this vision, we recognised the signicance of our employees 4. Customer Engagement
in building this trust surplus organisation. Our employees BSLI is committed towards empowering customers so
and advisors are an invaluable part of BSLI and we could not that they are able to discover their protection needs and
embark on a journey towards empowerment without their active identify relevant products/solutions to fulfil those needs.
support and involvement. With the help of the Protection Counselling tool, we made
a shift from push mode of engagement to co- creation and
The world is constantly changing and fast moving towards self-discovery.
customisation. Even though the concept of customisation is
relatively new to the nancial services domain, it is slowly nding Recruitment Strategy
its roots. The customers have now begun to expect more than
insurance solutions from us. Instead, they require assistance In an industry where nding right candidates who are committed
in achieving their protection outcomes. As an organisation, we to the business is difcult, our Discovery Recruitment Process
are therefore moving towards solutions counselling. We aim to is a unique strategy, where not just the company discovers
focus on unique customer solutions based on their exclusive about the prospect, but also the prospect discovers about him.
needs and counselling as a method to deliver our solutions. The discovery resume and mind set orientation helps us nd the
Our goal is to understand our customers needs, counsel them right tment for the company, rather than just depending on an
in every step of their journey of life, enable them to co-create a interview process, which is too dependent on individual skills
solution to meet their nancial needs and lead them on the road and judgement.
to empowerment.
A 4 step Recruitment Process was launched for FLS to ensure
Our Journey Redened quality recruitment in alignment to the new business model. The
tool required designing of resume, mind set orientation test and
We redened the Business Model based on the core framework career opportunity presentation. Workshops were conducted
of CPS which is Capacity-Productivity-Sustainability. Each with the Branch Managers to ensure adoptions. Similarly,
function in the organisation is aligned by this framework of a tool for recruiting right set of advisors called the Advisor
building capacity, ensuring productivity in a way that the Recruitment Roadmap was made to recruit right advisors,
business is sustainable. Based on this key theme, the team who are committed to business. This tool had three parts
has worked on four key tracks role alignment and measures, learning resources for FLS, engagement resources for advisor
recruitment strategy, market engagement and customer recruitment, and communication handouts. A very innovative
engagement. income calculator was also made to show earning potential
to advisors.
1. Redening the Roles & Measures
Differentiation of roles is critical, as drivers of success at Market Engagement
every level are different. So we redened the roles across
the sales hierarchy, based on the business model. The With a focus on insights and innovation, we have discovered
key objective was to move from just measuring business new ways to connect with our customers and build long-
performance to measuring business health. Thus emerged term relationships with them. With our new customer-centric
the new measurement framework of Capacity-Productivity approach, we have ensured that our employees and advisors
Sustainability, which helped us assess the business become a crucial part of the customers everyday life. After
outcomes in both qualitative and quantitative format. all, they are the face of BSLI for our customers and their
enthusiasm, energy and passion has played an important part
2. Ensuring Quality Recruitment in our success.
The new Business Model also required people with
certain mind sets, values and practices. It also required The cluster approach has not only helped us in building trust,
communicating the new way of doing business and setting but also led to long term sustainability of the business through
the expectation right in the minds of new employees referrals and upsell.
joining the organisation. A 4 step Recruitment Process was
launched for FLS to ensure quality recruitment aligned to the 1. Identifying customers
new business model, moving from push hiring to discovery We are now able to simplify and expand our reach, rather
recruitment. Similarly, a tool for recruiting the right set of than use the one-on-one approach to target a few
advisors who are committed to business was also made. people we know personally.
3. Market Engagement 2. Engaging with customers

One of the major challenges that insurance industry and With limited tools and resources, breaking the ice with
nancial services industry is facing is the challenge of prospective customers was a challenge. Now, we penetrate
nding new customers. To reach out to a large pool of the identied clusters through contribution events and equip
customers, we built the cluster based market engagement our advisors with the tools to engage with the customers.
approach. The core outcome was to recognise the potential

EMPLOYEES
3. Offering customised solutions Customer Engagement

Prospective customers found the one-size-ts-all approach
unconvincing. Thus, we now offer solutions and combos We launched a three level certication program called
that are tailor-made to our customers identied nancial Protection Counselling Program for our advisors, where they
needs. are systematically trained through three training interventions to
become certied Protection Counsellors. This brings immense
4. Empowering customers pride and recognition to the advisors as they graduate from
Conventional processes and services made it challenging being insurance advisors to protection counsellors.
to build a long-term relationship with customers. We have
now ensured to fast track processes and empower zones for
service convenience.

We lead our customers...
on the road to
empowerment.
The most crucial milestone on the journey to end-to-end empowerment

is building a sustainable relationship with customers. Through our various
customer-centric innovations and practices, we aim to generate more
engagement and involvement of the customers in our growth.

CUSTOMERS
Life insurance is a product which assures certainty in times of Easy readability

uncertainty. Customers invest with us for long term benets and
hence at the core of our entire business lies trust. To achieve the A unique app tracker: This allows the customer to keep
vision of being a leader and a role model in the industry, it has tracking his policy status. The feature is also available for
become extremely pertinent for BSLI to rebuild trust in the market ofine customers.
and convert the prevailing trust decit into a trust surplus.
Online medical appointment booking
We believe that to empower our customers and build a trust surplus
organisation, we need to have engagement with the customers and Sixty seconds call back for assistance
not just mere transaction. In the start of our journey, we redened
roles and measures, launched a new market engagement model to S4S engagement app
increase access to customers, redened the recruitment strategy In our endeavour to spread awareness about the value of Life
and made path breaking innovations in customer engagement by Insurance, we set out to empower our customers to protect
launching the Protection Counselling tool. themselves against the uncertainties of life. Hence, we created a
mobile application that would empower the customer to protect
Current Challenges of customers himself in an uncertain situation and be closer to his loved ones
when they are caught in a similar situation. The app was a safety
Though there are many challenges in an individuals life, most box of a secure nancial future. Thus we called it S4S Security
people are not aware of the risks and uncertainties that can for Self app.
prevent them from fullling their aspirations and responsibilities.
There also exist many products in the market and many rationales Key Features
to buy insurance and other similar products. Though every advisor Allows the user to send emergency messages with the current
may claim that he is selling the right product or solution, the location link illustrated in a map, to ve close contacts within
customer is in no way sure of having made an optimal choice. 5 seconds, through just a click
BSLIs approach to customer empowerment Enables the user to activate a siren to sensitise the immediate
surroundings and get help
BSLI is committed towards empowering its customers so that they
are able to discover their protection needs and identify relevant Permits the user to take a live recording of situation and send
products and solutions to full those needs. We believe that our an email with the voice recording when triggered
Protection Counselling tool has the potential to change the way
insurance is sold today, putting BSLI far ahead of the competition. Stores information about all insurance policies the user owns
This industry pioneering methodology has reached a new level in
customer engagement and consultative selling. These strategic Nominates multiple loved ones of the user to share the details
innovations are crucial to the growth of the insurance industry, of the policies
thus building customer-centricity across nancial services.
Store all medical data for easy access during emergencies
Building Sustainable relationships
Brand Campaign
The most crucial stage in end-to-end empowerment is building a
sustainable relationship with the customers. Khud ko kar buland
This was our biggest online and social campaign. It extended
We are launching a service Unique Customer History (UCH) where support to the brand campaign through extensive digital media
we are building a Roadmap of Engagement with the customer. and social promotions.
Each advisor will get unique history of customer engagement,
open solutions and strategies and timely updates on when and Some of the key highlights of this campaign are:
with what proposition they can engage with the customers.
Total impressions: 83 million
At BSLI, we strongly believe that through our various customer- Total clicks: 8.51 lakh
centric innovations and practices which are aimed to build the trust Overall CTR: 1.72%
surplus, we will build a strong partnership of long term success. Total views: 5.8 million + web + mobile
View Through Rate: 20%
Digitising Customer Experience
Top performers:
Launch of the e-commerce platform with Protect@Ease YouTube views: 3.4 million
We are focussed on building a platform with rst-in-industry Social Media reach: 47 lakh
features that would showcase BSLIs strength in the online Facebook reach: 5.3 million
marketplace. Facebook post-promotion activity: 80,000+ likes
Reach of Logical Indian: 9 lakh readers
Protect@Ease has many convenient features for customer
engagement. We also explored Facebook as a medium for reaching out to
existing customers for premium renewal payments. The message
A unique horizontal interface: The customer can see both his was successfully communicated to more than 6 lakh customers,
details input and the premium output without having to scroll engaging them for 3 months.
down. Any missing information can be viewed at one go as
opposed to scrolling up and down to nd the missing elds.

ACHIEVING MILESTONES
Key Rewards
&
Recognitions
Golden Peacock Award for Won a Silver metal at Big Bang

Business Excellence in 2014 Awards, 2014
Adjudged a top 5 employer in the BFSI Won the Kyoorius Advertising Awards,
sector in the annual Best Companies to 2014 for the most outstanding creative
Work for - BT - People Strong Survey. work in the Indian communications sphere.
Celent Model Insurer Asia 2014 Award in Won a Blue Elephant and a Black
the area of IT Management and Business Elephant (the Cannes Grand
Process Management. Prix equivalent)
Skoch Order-of-Merit Award for Won 3 Bronze metals at Goafest

Business Leadership in Insurance Creative & Media Abby Awards, 2014
through Strategy & Innovation.
Won a Silver metal at Efes, 2014 for Won a Silver metal at Emvies, 2014
its effective marketing campaign. for measurable and signicant
contributions in the eld of media.

FINANCIAL REPORT

Directors Report for the year ended March 31, 2015
Dear Shareholders,
On behalf of your Board of Directors, I present the fifteenth Annual Report, together with the Audited Statement of Accounts, of Birla Sun Life
Insurance Company Limited (the Company/BSLI) for the year ended March 31, 2015.
1. INDUSTRY & BUSINESS PERFORMANCE

Macro-economic conditions and regulatory changes have influenced the performance of Life Insurance Industry, shifting the priorities of Life
Insurers and driving the following key business trends:
In Individual life, LIC registered a 26% YoY de-growth in FY15, leading to decrease in its market share from 63% in FY14 to 53% in
FY15. The private sector grew by 16% in FY15. The combined market share of top four private insurance players increased from 22%
in FY14 to 31% in FY15, on the back of their captive Bancassurance channel.
Total Number of customer of all Insurance players (including LIC) declined by 37% over previous year. Even among the private insurance
players, the number of customers declined by 10% YoY, and the growth in new business premium was largely driven through higher
average premium per policy.
Bancassurance continues to grow, and has become the largest distribution channel in the private sector. While, share of sales by the
corporate agents and brokers continued to shrink, the direct channel showed significant growth during the year.
Positive equity sentiment on the back of a stable Government at the Centre and easing of inflation caused a shift in consumer preference
towards unit linked products.
In Group Life, market share of private insurance players increased from 32% in FY14 to 39% in FY15, with the top five private insurance
players contributing 29% of the group sales in FY15. The growth was mostly attributable to the private insurance players gaining
foothold in PSU and Mega customers segments where traditionally LIC has been the leading insurer.
Outlook for FY16 in terms of new business growth is positive due to recovery in GDP growth, easing of inflation, buoyant capital markets and
the Governments moves to encourage financial savings. Recent regulatory changes such as the easing of FDI limits in insurance can help
attract more capital to the insurance sector.
Your Company has taken several steps during the Year to transform its model for engagement with its customers and distributors. Overall, BSLI
has transitioned well in terms of its product strategy leading to a balanced suite of participating and non-participating products both traditional
and unit-linked. Your Company is well positioned to capitalise on the opportunities which the sector will offer in the next 3-5 years.
2. BUSINESS REVIEW AND FINANCIAL PERFORMANCE

Financial Performance
Table 1: Business & Financial Performance of Your Company (` in Crores)
Standalone Consolidated
Particulars
2014-15 2013-14 Inc. (%) 2014-15
Business Performance
New Business Premium 1,938 1,697 14% 1,938
Renewal Premium 3,295 3,136 5% 3,295
Total Premium 5,233 4,833 8% 5,233
Financial Performance
Income
Gross premium income 5,233 4,833 8% 5,233
Reinsurance (net) -165 -188 12% -165
Total premium income (net) 5,068 4,645 9% 5,068
Income from investments
Policyholders 5,309 2,496 113% 5,309
Shareholders 128 115 11% 128
Investment Income 5,437 2, 611 108% 5,437
Other Income 34 37 -8% 34
Total Income 10,539 7,293 45% 10,539
Less:
Commission 233 235 -1% 233
Expenses (including depreciation & Service tax) 996 1,045 -5% 996
Benefits paid (net) 3,772 3, 666 3% 3,772
Provisions for actuarial liability (net) 5,253 1,977 166% 5,253
Provision for Taxation
Profit for the Current Year 285 370 -23% 285
Share Capital 1,901 1,901 0% 1,901
Reserve & Surplus 268 268 268
Less:
Debit Balance in Profit and Loss Account 627 913 -31% 627
Net Worth 1,542 1,256 23% 1,542
2014_BSLI AR_Financial_Part 1.indd 25 11/10/15 3:58:03 PM

Your Company recorded satisfactory performance in FY15 across a range of key financial parameters:
The Company recorded new business premium of ` 1,938 crores in FY15 as compared to ` 1,697 crores in FY14. The Group Business
recorded new business premium of ` 1,177 crores in FY15, a growth of 44% over FY14.
Renewal premium at ` 3,295 crores was higher by 5% in FY15 as compared to previous year. BSLI will continue to focus on managing
its substantial in-force book and on improving persistency levels, which is important to deliver value from our existing book.
Traditional products accounted for 61% of sales in FY15 as compared to 59% in FY14. This was on account of continued focus on
improving the product mix.
The Company registered Net Profit of ` 285 crores for the year as compared to ` 370 crores in the previous year. The fall in net profit
was primarily due to lower profits from the inforce book especially the ULIP block sold before September 2010. The Company continues
its focus on profitability through better management of in-force business, driving right product mix, optimisation of expenses and
building efficiencies in distribution.
The Opex to Premium ratio has improved from 21.6% in FY14 to 18.6% in FY15.
Solvency margin at 2.05 for FY15 against the regulatory requirement of 1.5 indicates the Companys stable financial position.
With a robust operating platform, strong trusted brand and long term commitment towards life insurance business, the Company is well
positioned to meet the challenges and to tap the long term opportunities of the life insurance industry.
Summary of Operations and Business

BSLI continues to follow a successful multi-channel distribution strategy with 488 branches, around 90,600 Agents, 4 key bank
partners and 151 third party distributors.
Post the Oct. 2013 regulatory changes, the Company has moved to a balanced sales mix of participating/non-participating traditional
products and ULIP products. The Agency channel continues to be the Companys largest distribution channel contributing to over two
third of our individual business with New Business premium of ` 519 crores.
In FY15, the focus has been on implementing a new distribution model built around customer discovery, customer engagement and
solution fulfillment. The channel took significant steps towards digitisation by launching 2 new platforms My Solutions (Tablet based
platform to offer solutions to customers) and Empower@ease virtual office for sales managers and our Advisors.
The FY15 was marked by the exit of a major bancassurance relationship for the Company Citibank N.A. The 14 years relationship
with Citibank ended due to its global insurance tie-up with another larger global Insurer. Bancassurance channel delivered first year
premium of ` 143 crores. The recent draft guidelines by IRDA on open architecture for corporate agents are expected to provide the
Company with access to several opportunities for tie-ups with Banks. Our priorities for the channel moving forward will be to harvest
existing partners growing customer base and tapping new opportunities from the open architecture model.
First year premium from Corporate Agent & Brokers and other channels in FY15 was ` 84 crores. Sales from this segment were lower
compared to previous year due to initiatives taken to improve the quality of business. Going forward the focus will be on a few existing
strategic tie-ups and addition of new strategic capacities, even while continuing efforts to improve the quality of business.
Group Business registered a 44% YoY growth with first year premium of ` 1,177 crores in FY15. This came from improvement in
product lines across risk and fund based products and increasing our penetration across geographies & customer segments. This line
of business continues to be profitable for the Company.
During the year under review, the Company launched several new products
Online Term offering: BSLI Protect@Ease
Non-Participating Traditional products: BSLI Guaranteed Future
Participating Traditional products: BSLI Vision Moneyback Plus, BSLI Vision Star Child, and BSLI Vision Endowment Plus
Unit Linked products: BSLI Fortune Elite
Products under Rural and Group platform were also launched
Assets under Management (AUM) grew from ` 24,775 crores in FY14 to ` 30,185 crores in FY15. For unit-linked funds, Company
has delivered superior fund performance consistently beating its benchmarks. 100% of the funds outperformed their respective
benchmark over the long-term (across 2-4 years). 100% of the funds also outperformed their benchmark over the 5 year period ending
March 31, 2015.
The Companys continued quality initiatives such as pre-issuance verification calls, pre-issuance joint declaration from policy holder,
and quality agreements with distributors to drive the right sales behaviour and reduce first premium lapse, have started showing
positive results as the 13 month premium persistency was improved to 62% in FY15 from 59% in FY14.
With the focus on implementing the new distribution model of the Company and improving its customer-facing processes including
customer service and distribution support, the Company has launched Protection Counseling tool, which helps in determining the
financial needs of the customer as per his/her profile, thereby engaging the customer and building trust surplus.
Proactive measures have been undertaken to strengthen compliance and risk management functions given the Companys focus to
maintain robust internal controls, mitigate risks and improve sales conduct and thereby maintain the reputation of being one of most
compliant insurance companies in an environment of increasing regulatory oversight.

Our investment in branding yielded good results with both brand awareness as well as consideration scores (i.e. likelihood of prospective
customers to purchase a policy) showing improvements to an all-time high. Going forward strength of the BSLI brand is expected
to become more important and we continue to strengthen our brand performance through an optimal mix of above-the-line and
below-the-line activities.
Outlook for the Industry and Company

In the last few years, general market conditions have been difficult for sale of life insurance savings products. Factors included lackluster
equity markets, high interest rates, high inflation rates, and preference of customers towards physical savings over financial savings. Recent
changes in the external environment including stable government at the centre, optimistic outlook on GDP growth, easing of inflation and
buoyant capital markets augur well for the industry. India already has several structural advantages in terms of favourable demographics and
high rate of savings. The above positive sentiment in the external environment will definitely provide a fillip to the growth and expansion of the
industry. The recent regulatory changes such as The Insurance Laws (Amendment) Act, 2015 and Draft Registration of Corporate Agent (CA)
Regulations, 2015 are expected to provide more balanced growth opportunity for all the players in the Insurance industry.
3. BSLI CLAIMS MISSION FOR ITS POLICYHOLDERS

Our Mission is to provide hassle-free, seamless and speedy claim settlement services to our Customers and ensure prompt payment of
valid claims.
For FY14-15, some of the key noteworthy points for Claims function were:
1. Extension of Scope of Grievance Redressal Committee (GRC) to hear and address claims representations. It is chaired by an independent
Chairman Mr. N. N. Jambusaria (ex Chairman, LIC).
2. To facilitate swifter Claim settlement, introduced NEFT payment method for Individual & Group Claims process. This enabled our
Customers to speedily receive the claim monies directly into their bank accounts and saved them the hassles of receiving and banking
cheques. Over 95% of payments in H2 FY15 were through NEFT route.
3. To enhance customer experience in their moments of truth, BSLI rolled out innovative Claim Ambassador to assist on Claims process
to its Clients/Claimants in their hour of need.
4. Claims department has also proactively provided speedy claim settlement service in case of national tragedies and these claims have
been settled on topmost priority.
5. Improved results seen across all Channels in Claims processing.
Individual Life:
Claims Pending (Nos) ratio has reduced significantly from 2.67% in FY14 to 1.68% in FY15.
Overall Payment ratio in number terms has moved up significantly from 87.76% in FY14 to 95.30% in FY15.
The Repudiation ratio has reduced drastically from 9.57% in FY14 to 3.02% in FY15.
Group Life: 100% of Claims stand paid. i.e. zero pendency/Repudiation of Group Claims.
Health Life: Claim pendency numbers reduced drastically from 14% in FY14 to 1.5% in FY15.
Rural & Social Life: 100% of Claims stands paid i.e. zero pendency of Rural & Social Claims.
4. RESERVES
During the year, the Company generated profit after tax of ` 285 crores, leading to a reduction in accumulated losses. No amount was
transferred to General Reserve.
5. DIVIDEND
The Board of Directors have not recommended any dividend for the year ended March 31, 2015 due to carry forward losses.
6. Share Capital
The Authorised Share Capital of the Company is ` 3,750 crores. The Issued, Subscribed and Paid up Capital of the Company was
` 1,901 crores, as on March 31, 2015. There was no requirement of fresh capital infusion during the year under review.
7. Corporate Governance
Your Directors reaffirm their commitment to the corporate governance standards to the extent they are applicable to the Company. A detailed
Corporate Governance Report is annexed to and forms part of the Annual Report.
8. CONSOLIDATED FINANCIAL STATEMENT

In accordance with the Companies Act, 2013 (the Act) and Accounting Standard (AS) 21 on Consolidated Financial Statements, the
audited consolidated financial statement is provided in the Annual Report.
9. SUBSIDIARIES
During the year under review, the Company has incorporated a subsidiary Company in the name of Birla Sun Life Pension Management
Limited to act as the Pension Fund Manager of the NPS Trust under the National Pension System to manage the pension funds for private

sector in accordance with the applicable provisions of the NPS, the schemes, the guidelines issued by the Pension Fund Regulatory
and Development Authority (PFRDA). The subsidiary Company is yet to obtain certificate of registration/commencement of business
from PFRDA.
A statement containing the salient features of the financial statement of subsidiary in the prescribed format AOC1 is annexed to the Directors
Report. The statement also provides the details of performance and financial position of Subsidiary Company.
10. PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposit from the public falling within the ambit of Chapter V (Section 73)
of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report forms part of the Annual Report.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of Energy, Technology Absorption, Foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed to the Directors Report.
13. PARTICULARS OF EMPLOYEES

In pursuance of the Companys aspirations to maintain its position as the most preferred employer in the insurance industry, the Company
continued to invest in creating a pool of talent for the growing business needs. The Companys total workforce stood at 8014 as at March 31,
2015 against 9,732 as of the previous year end. Structured initiatives around talent management, learning and development and long term
retention plan for talent pool across levels were implemented for skill development to enhance productivity and performance of workforce.
The relevant particulars of employees as required to the extend applicable under Rule 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014 is attached to this report.
14. Directors
As on March 31, 2015, your Board of Directors comprises of eleven Directors including one Managing Director and CEO and three
Independent Directors.
During the year, following were the changes in the directorship of the Company:
Mr. Venkatesh Mysore (DIN 01401447) (Non-Executive Director) resigned from the Company w.e.f. August 01, 2014
Mr. Sandeep Asthana (DIN 00401858) was appointed as an Additional Director w.e.f. August 01, 2014
Mr. G.P. Gupta (DIN 00017639) (Independent Director) resigned from the Company w.e.f. August 20, 2014
Dr. Rakesh Jain (DIN 00020425) (Non-Executive Director) resigned from the Company w.e.f. December 05, 2014
Mr. Lalit Naik (DIN 02943588) (Non-Executive Director) was appointed as Director in casual Vacancy w.e.f. January 30, 2015
Mr. Haigreve Khaitan (DIN 00005290) (Independent Director) was appointed as an additional Director w.e.f. January 30, 2015
In accordance with the provisions of Section 149 of the Companies Act, 2013, Ms. Tarjani Vakil and Mr. M.V. Nair were appointed as
Independent Directors for a term of five years w.e.f. August 28, 2014.
In accordance with the provisions of the Companies Act, 2013 read with Article 83 of the Articles of Association of the Company,
Mr. Ajay Srinivasan and Mr. B.N. Puranmalka, Directors, retire by rotation at the ensuing Annual General Meeting (AGM) of the Company, and
being eligible, offer themselves for re-appointment.
Mr. Sandeep Asthana was appointed as an Additional Director of the Company by the Board of Directors at its meeting held on August 01,
2014. As per the provision of Section 161 of the Companies Act, 2013, Mr. Asthana holds office only up to the date of the ensuing AGM of
the Company. The Company has also received a Notice in writing along with requisite deposit under Section 160 of the Act, proposing his
candidature for the office of Director.
Mr. Haigreve Khaitan was appointed as an Additional (Independent) Director on the Board of the Company for a period of 5 years. Pursuant
to Section 161 of the Companies Act, 2013, Mr. Khaitan holds office only up to the date of the forthcoming AGM of the Company and in
accordance with the requirements of Section 150 and 152 of the Companies Act, 2013, his continuation as an Independent Director will
required to be approved by the Members of the Company in the ensuing AGM for a period of 5 years with effect from January 30, 2015.
Mr. Lalit Naik was appointed as Director in casual vacancy (in place of Dr. Rakesh Jain) on January 30, 2015. Pursuant to Section 161(4) of
the Companies Act, 2013, Mr. Naik holds office up to the date which the original Director (Dr. Rakesh Jain) would have held office if it had
not been vacated. Consequently, Mr. Naik holds office till the ensuing AGM of the Company, the date till which the original Director
Dr. Rakesh Jain, would have held the office and is eligible for re-appointment. The Company has received Notices in writing from
Members along with requisite deposit under Section 160 of the Act proposing the candidature of Mr. Khaitan and Mr. Naik for appointment
as a Director. The Board recommends the appointment of aforesaid Directors by the shareholders in the ensuing AGM.
The Company has also received requisite disclosures and undertakings from all the Directors in compliance with the provisions of the
Companies Act, 2013 and the Insurance Act, 1938 along with the other applicable guidelines issued by IRDA. The Independent Directors have
given the declarations under Section 149(6) of the Companies Act, 2013.

A detailed profile of the Directors seeking appointment at the ensuing Annual General Meeting of the Company is given in the Corporate
Governance Report, forming a part of this Annual Report.
15. KEY MANAGERIAL PERSONNEL

During the year under review, the Company had the following Key Managerial Personnel (KMP):
Mr. Pankaj Razdan (Managing Director and Chief Executive Officer)
Mr. Amit Jain (Chief Financial Officer)
Mr. Ashish Lakhtakia (Company Secretary upto, August 29, 2014)
Mr. Amber Gupta (Company Secretary, appointed w.e.f. August 29, 2014)
16. BOARD EVALUATION

Pursuant to the requirement of the Companies Act, 2013, the annual performance evaluation of the Board, the Directors (Independent and
others) individually, as well as applicable Committees of the Board viz Audit, Nomination and Remuneration Committee (NRC) and Corporate
Social Responsibility (CSR) Committee was carried out for FY14-15.
17. NOMINATION AND REMUNERATION COMMITTEE POLICY

The Board has formed the Nomination and Remuneration Committee. The Board has, on the recommendation of the Nomination & Remuneration
Committee, formulated a policy on Directors appointment and remuneration including the criteria for determining qualifications, positive
attributes and independence of a Director and other matters as specified under Section 178(3) of the Companies Act, 2013. The Nomination
and Remuneration Policy of the Company is annexed to the Directors Report.
18. MANAGERIAL REMUNERATION

The details on remuneration paid to the Non-Executive Directors are disclosed in the Corporate Governance Report and the details on
remuneration paid to the Managing Director is as per MGT 9 which forms part of the Directors' Report.
19. NUMBER OF BOARD MEETINGS

During the year under review four Board Meetings were convened and held, the details of which are given in the Corporate Governance
Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013. The detailed information
about Composition, Meetings and attendance are provided in the Corporate Governance Report.
20. AUDIT COMMITTEE

The Company has duly constituted Audit Committee. The details as regard to the Composition, Meetings, attendance and other information
are provided in the Corporate Governance Report.
21. WHISTLE BLOWER POLICY

The Company has implemented a Whistle Blower Policy providing a platform to all the employees and Directors to report any suspected or
confirmed incident of fraud/misconduct through any of the determined reporting protocols. The more details are provided in the Corporate
Governance Report.
22. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013, your Directors, to the best of their knowledge and belief confirm that:
in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation
relating to material departures;
the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of
the profit and loss of the Company for that period;
the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 2013 preventing and detecting fraud and other irregularities;
the Directors have prepared the annual accounts on a going concern basis; and
the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
23. AUDITORS AND AUDITORS REPORT

As per the Circular no. 36/7/F&A/EMPL/74/July/05 dated July 25, 2005 of the Insurance Regulatory and Development Authority, every
Insurance Company is required to have two statutory auditors for a joint audit.
The Joint Statutory Auditors M/s. Khimji Kunverji & Co. (Registration No. 105146W) and M/s. S. R. Batliboi & Associates LLP (Registration
No. 101049W), appointed at 14th AGM, hold office upto the ensuing 15th AGM of the Company. The term of office of M/s. S. R. Batliboi &
Associates LLP as the Statutory Auditor of the Company is expiring (after completing 5 years) in the forthcoming Annual General Meeting of
the Company.

The Board proposes to re-appoint M/s. Khimji Kunverji & Co. (being eligible for re-appointment) and appoint M/s. S. B. Billimoria & Co.
(Registration No. 101496W) as the Joint Statutory Auditors on recommendation of the Audit Committee of the Company. M/s. S. B. Billimoria
& Co. will replace M/s S. R. Batliboi & Associates LLP who have completed their term of five years with the Company.
The Company has received certificates from the proposed auditors confirming their eligibility and willingness for their appointment/
re-appointment pursuant to Section 139(1) of the Companies Act, 2013 and as per the requirement stipulated by IRDA. The auditors have
further certified that they have subjected themselves to the peer review process of the Institute of Chartered Accountants of India (ICAI) and
they hold a valid certificate issued by the Peer Review Board of ICAI.
The observations, if any, made by the Statutory Auditors of the Company in their report read with relevant notes to the Accounts are
self-explanatory and, therefore do not call for any further comments.
24. INTERNAL AUDIT FRAMEWORK

The Company has in place a robust internal audit framework to monitor the efficacy of internal controls with the objective of providing to the
Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the
organisations risk management, control and governance processes.
The framework is commensurate with the nature of the business and the size of its operations. Internal auditing, at BSLI, involves the
utilisation of a systematic methodology for analysing business processes or organisational problems and recommending solutions to add
value and improve the organisations operations. The audit approach verifies compliance with the regulatory, operational and system related
procedures and controls.
The purpose, authority and responsibility of the internal audit function is formally defined in the internal audit charter which is periodically
reviewed and presented to the Board for approval.
The internal audit plan is developed based on the risk profile of business activities of the organisation. The audit plan covers process audits
at head office and across various branches of the Company. The audits are carried out by external service providers, in-house internal audit
team and by audit team of the two promoters. The audit plan is approved by the Audit Committee, which regularly reviews compliance to
the plan.
Internal Audit Process followed by the Company is as follows:
Establish and communicate the scope and objectives for the audit to management;
Develop an understanding of the business area under review. This involves review of documents and interviews;
Identify control procedures used to ensure each key transaction type is properly controlled and monitored;
Develop and execute a risk-based sampling and testing approach to determine whether the key controls are operating as intended;
Key audit findings and recommendations made by the auditors are reported to the Audit Committee of the Company;
Monitor the implementation of audit recommendations and ensure periodic reporting to the Audit Committee.
The audit findings are used as a key input in the risk management process and all the key risks of the Company are mapped to the audit
processes to ensure a risk-based audit approach. Ongoing monitoring is performed as an integral part of the day to day supervision, review
and measurement of internal audit activity.
25. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has put in place adequate system and process for internal financial controls with reference to the financial statement.
26. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments, affecting the financial position of the Company which has occurred between the end of
the financial year of the Company i.e. March 31, 2015 and the date of the Directors report.
27. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with rule 9 of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Company has appointed M/s. N. L. Bhatia & Associates, a firm of Company Secretaries in Practice
to undertake the Secretarial Audit of the Company for the financial year 2014-15. The Report of the Secretarial Audit is annexed to the
Directors Report.
28. RISK MANAGEMENT FRAMEWORK

The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the various key
business risks. A detailed ERM report is annexed to and forms part of the Annual Report.
29. RELATED PARTY TRANSACTIONS

The Board has formulated and adopted a Related Party Transactions Policy (Policy) for the purpose of identification, monitoring and reporting
of such transactions. The Policy is available on the Companys website at www.birlasunlife.com.
All Related Party Transactions (RPT) entered into by your Company during the FY15 were on arms length basis and in the ordinary course
of business and since transactions were not material in accordance with the Related Party Transaction Policy framework, the particulars of
such transactions with the related parties are not required to be reported by your Company in the prescribed form AOC 2.

The details of all related party transactions (AS18) during the year under review are set out in Note No. 28 of the standalone financial
statement forming part of the Annual Report.
30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company, being an Insurance Company, the provisions of Section 186 of the Companies Act, 2013 are not applicable. Hence no
disclosures have been provided.
31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/TRIBUNALS

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Companys
operations in future.
32. CORPORATE SOCIAL RESPONSIBILITY

The Board of Directors of your Company have constituted a Corporate Social Responsibility (CSR) Committee and formulated a CSR Policy.
The said CSR Policy has been uploaded on the website of the Company at www.birlasunlife.com.
The required disclosure as per Rule 9 of Companies (Corporate Social Responsibility Policy) Rules 2014 annexed to the Directors Report.
33. CUSTOMER GRIEVANCE REDRESSAL

The Grievance Redressal Guidelines issued by IRDA has established uniformity in the insurance industry in terms of definitions, timeframes
for complaint resolution and classifications of complaints. In accordance with the Grievance Redressal Guidelines, BSLIs Grievance Redressal
Policy has been approved by the Board and filed with the IRDA. Grievance Officers have been appointed at each branch and at HO of
the Company.
BSLI has a Policyholders Grievances Redressal Committee (PGRC) which is headed by an independent Chairman Mr. N. N. Jambusaria
(ex-Chairman, LIC). PGRC meets periodically and decides on various requests/complaints from policyholders. Representatives of the
concerned sales channels along with customer service team are invited to attend the meetings.
In accordance with IRDAs Corporate Governance Guidelines, BSLI has also formed a Committee called the Policyholders Protection
Committee, which is also chaired by Mr. N. N. Jambusaria. This Committee looks into the broad aspects of protection of policyholders
interests, ensuring adequacy of and adherence to the Companys Grievance Redressal framework as well as ensuring adequate and correct
disclosures to customers.
Initiatives to spread awareness among employees/sales force as well as customers have been undertaken through e-modules/functional
trainings and through the BSLI website respectively.
Grievances received by BSLI are reported on Integrated Grievance Redressal Management System (IRDA - IGMS) online and a reverse feed
also gets downloaded for complaints registered by customers on IGMS against BSLI. Grievance Redressal team has been empowered to take
decisions for ensuring effective resolution of customer complaints.
To create customer awareness about the Grievance Redressal Mechanism; we have placed pamphlets at every front-office/customer walk-in
area across BSLI branches, indicating the Guidelines and the Escalation Matrix, which the customer can follow in case he/she is not satisfied
with the resolution provided.
34. AWARDS/RECOGNITIONS
Golden Peacock Award for Business Excellence in 2014
BSLI has been adjudged 1st Runner-up in QualTech Innovation Prize 2014 in services category for Process Monitoring Practices
BSLI has been adjudged a top 5 employer in the BFSI sector in the annual Best Companies to Work for-BT-PeopleStrong Survey
Celent Model Insurer Asia 2014 Award in the area of IT Management and Business Process Management
Won Grand Midas for BSLI and 4 Gold Midas for BSLI
Won a Gold and Bronze for BSLI at the Exchange4media OOH Awards, 2013
Winner under the Crisis management category for BSLI at the Exchange4media PR Awards, 2013
Won 2 Gold Creative Abbys for BSLI and 1 Silver Metal for BSLI at the Goafest Creative & Media Abby Awards, 2013 Outdoor Advertising
Awards, 2013
Won a Bronze Metal for BSLI at Effies, 2013
Won 2 Bronze and 1 Silver Metal for BSLI at the DMAi Award, 2013 Emvies, 2014
Won 1 Bronze Metals for BSLI at the Goafest Creative & Media Abby Awards
Won a Silver Metal for BSLI at the Big Bang Awards, 2014
Won a Blue Elephant and Black Elephant for BSLI at the Kyoorius Advertising Awards, 2014
Won a Silver Metal for BSLI at the Effies, 2014
35. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT 9 is annexed to the Directors Report.

36. ANTI-SEXUAL HARASSMENT POLICY

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding
sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review
there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.
37. OTHER STATUTORY INFORMATION

IRDA License
The Insurance Regulatory and Development Authority vide its circular dated 7th April, 2015 bearing reference number IRDA/F&A/CIR/
GLD/062/04/2015 has intimated all insurers that the Section 3 read with Section 3A of The Insurance Act, 1938 has been amended by the
Insurance Laws (Amendment) Act 2015. Pursuant to above, Insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on
an annual basis, the certificate of registration which expired on 31st March, 2015 shall continue to be in force from 1st April 2015 and the
Insurers to continue to pay such annual fee as may be prescribed by the Regulations.
Management Report
Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and
Auditors Report of Insurance Companies) Regulations, 2000, the Management Report forms a part of this Annual Report.
Appointed Actuarys Certificate
The certificate of the Appointed Actuary is attached to the Financial Statements.
Certificate from Compliance Officer (under the IRDA Corporate Governance Guidelines)
In compliance with Guidelines on Corporate Governance for the Insurance Sector (CG Guidelines) issued by IRDA, a Compliance Certificate
issued by the Company Secretary, designated as the Compliance Officer under CG Guidelines, is annexed to and forms part of the Corporate
Governance Report.
Solvency Margin
The Directors are pleased to report that the assets of the Company are higher than the liabilities of the Company with a solvency margin at
2.05 times in FY15, it is above the minimum solvency margin level of 1.50 times, as specified in Section 64VA of the Insurance Act, 1938
read with the IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000.
38. ACKNOWLEDGEMENTS
Your Board places on record its heartfelt appreciation to the dedicated efforts put in by the employees at all levels. The results of the year in
a tough environment are testimony to their hard work and commitment.
Your Board takes this opportunity to express sincere thanks to its valued customers for their continued patronage.
Your Board also acknowledges the contribution of insurance advisors, banks, corporate brokers/agents and intermediaries, training institutes,
bankers and business and technology partners, the Registrars, National Securities Depository Limited/Central Depository Securities Limited,
reinsurers, underwriters and other insurance intermediaries who have always supported and helped the Company achieve its objectives.
Your Board would like to thank the Aditya Birla Group and Sun Life Financial, Inc., for their constant support, guidance and cooperation.
Your Board would also like to express its gratitude for the valuable advice, guidance and support received from time to time from the
Insurance Regulatory and Development Authority, the Auditors and the other statutory authorities and look forward to their continued support
in future.
By order of the Board of Directors

For Birla Sun Life Insurance Company Limited
Sd/-
Kumar Mangalam Birla
Mumbai, 24th April, 2015 Chairman
(DIN No. 00012813)

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars pursuant to Rule 8(3) of The Companies (Accounts) Rules, 2014 are furnished hereunder:
A. CONSERVATION OF ENERGY : Not Applicable

B. TECHNOLOGY ABOSORPTION, RESEARCH
& DEVELOPMENT (R&D)
1. Specific areas in which 1. Empower@Ease
R&D is carried out by the Company An integrated end to end technology enabled solution for all Sales Management needs,
across channels, multilingual and empowered by the new age devices tablet, laptop
and mobile. Major modules that went live include My Solutions tool, Cluster Engagement
tool, Advisor Recruitment tool (A customised BOP tool for advisor recruitment), and
Protection Counseling tool (Help identify the protection needs of the customer based
on typical cluster needs).
2. Front End Enablers
Integration of core and peripheral systems providing de-dupe & requirements upfront
and a common data-entry software, with an objective to ensure all requirements are
conveyed to the customer at the POS. This has currently been implemented in our
illustration and receipting systems.
3. Protect@Ease
Increase Digital Presence, meet customer needs of an online product. Generate
revenue, create warm leads for sales force after doing analytics on customer base,
helping customer meet his/her increased insurance needs.
2. Benefits derived as a result of 1. Empower@Ease
the above R&D Standardised, platform agnostic, unique solutions approach
A s of date, 7 combo solutions have been launched: Aspire Future Solution, Enhanced
Family Protection Solution, Future Secure, Premier Retirement Solution, Wealth
Forever Solution, Lifetime Income and Make My Solution.
It can be accessed by Sales Force from Laptop/Desktop as well as Android tablet.
A vailable in multiple regional languages apart from English (Hindi, Telugu, Kannada,
Tamil and Malayalam)
T otal Annual Premium of the receipted combo applications for MTD is
` 593.03 lakhs
T otal Annual Premium of the receipted combo applications for YTD is
` 4660.09 lakhs
Office-in-a-box for front line sales force, that enhances customer trust surplus
To decrease non-medical requirement from 11% to 2%
Other benefits:
Responsiveness
Profitability/Cost reduction
Revenue enhancement
Customer empowerment
3. Protect@Ease
Increase digital presence
Meet customer needs of an online product
G
enerate revenue, create warm leads for sales force after doing analytics on
customer base
Helping customer meet his/her increased insurance needs
Digital platform is now ready for quickly launching new products online

3. Future Plan of action 1. Empower@Ease

Implement Pre-Sales/Post-Sales modules
M
PCT, SME and other Sales tools to increase the customer trust surplus and
completely transform the way sales force identifies a customer and his/her needs
To increase adaptability across advisors
3. Protect@Ease
Increase digital presence and meet customer needs of online products direct
from website and also through partnerships
4. Expenditure on R&D
a) Capital Approximately ` 37.50 Mn
b) Recurring Approximately ` 02.25 Mn
c) Total Approximately ` 39.75 Mn
d) Total R&D expenditure as a NA
percentage of total turnover
Technology absorption, adaption and
innovation
1. Efforts, in brief, towards technology 1. Zonal Empowerment Polad
absorption, adaption and innovation 2. Common Data Entry
3. MIS Automation for Ops
4. My Express Insights (MEI) Dashboard
5. Retention Tool
6. Test automation
7. Wi-Fi enablement of corporate offices
8. Asset replacement (laptop/desktop/etc.)
9. Disk based backup
10. Storage refresh
11. SSL VPN
12. Private cloud upgrade
2. Benefits derived as a result of Benefits derived from major initiatives:
the above efforts (e.g. Product Z onal Empowerment Polad: Automation by decentralisation of policy servicing
improvement, cost reduction, product requests coming at branches and hence aiming to improve processing time and
development, import substitution, etc.) reduce man power required at central office. Delegation of transaction processing/
approval rights, down-streaming/automating processes. Benefits accrued are:
a) Improvement in FTR percentage
b) CBA through reduction in back office staff
c) Capability enhancement of field operations
C
ommon Data Entry: Vendor agnostic data entry system with standardisation of
business rules leading to consistency and improvement in data entry quality.
M
IS Automation for Ops: Automation of various MIS's from the central system in
order to avoid manual work and error in compiling and reporting the data.
M
y Express Insights (MEI) Dashboard: Developing dashboard solution for Executives
with Sales, Health, Financial, Competition, Functional and Top/Bottom Analysis.
a) KPIs analysis and monitoring making an automated process for KPIs available at
Monthly and Daily level.
b) Reduce the report generation and publications which are generated to develop
unified interface for all business users.
Retention Tool: Systemic solution to aid in retention of surrenders.

T est Automation: Introduction of an automated testing tool to reduce the execution

time of test cases and increase testing accuracy. The implementation resulted in
significant saving of man hours. Additionally it resulted in better test-execution,
increased test coverage and faster time to market for new product launches.
a) Saving of approx. 4000 hours by using this tool on the Policy Issuance projects
b) Saving of approx. 1000 hours by using this tool on a Policy Automation project
c) Saving of approx. 31 hours for four New Product launches
d) Increased accuracy of testing as compared to manual testing
e) Better test-execution and increased test coverage
f) Faster time to market for new product launches
W
i-Fi Enablement of Corporate Offices: To access mobile applications within the
Intranet at major offices.
A
sset Replacement (laptop/desktop/etc.): Below assets which are more than
5 years vintage are required to be replaced.
a) 850 laptops
b) 1100 desktops
c) 240 UPS
D
isk Based Backup: Optimise time taken for backup; move to latest technology from
tape to disk.
S
torage Refresh: Current storage for production and DR data is 6 years old
technology which has been upgraded twice in last 2 years. With 115 TB there is no
further scope of upgrade. New storage is of 135 TB and with latest technology.
S
SL VPN: Existing VPN appliance was bought in 2007-08 and has gone out of support
by end Feb'15. It is being replaced with a common VPN solution across ABFS Group.
P
rivate Cloud Upgrade: Build redundancy for cloud to reduce downtime; Upgrade to
new version to accommodate more VMs in the server.
3. Particulars of imported technology
in the last five years (reckoned from
beginning of the financial year)
a) Technology imported NA
b) Year of import NA
c) Has technology been fully NA
absorbed
d) If not fully absorbed, areas where NA
this has not taken place, reasons,
therefore and future plans of action
C. FOREIGN EXCHANGE EARNINGS AND
OUTGO
1. Earnings Nil
2. Outgo 32,738,420 ( Amt. in INR)

Form No. MR-3

Secretarial Audit Report
To,
The Members
Birla Sun Life Insurance Company Limited
Our report of even date is to be read along with this letter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these
secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents
of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe
that the processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever require we have obtained the Management representation about the compliance of Laws, Rules and Regulations and happening
of events, etc.
5. The compliance of the provisions of Corporate and Other Applicable Laws, Rules, Regulations, Standard is the responsibility of Management.
Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which the
Management has conducted the affairs of the Company.
For N. L. Bhatia & Associates

UID No.: S1996MH016600
N. L. Bhatia
Membership No. 1176
CP No. 422

Secretarial Audit Report

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
For the Financial Year ended March 31, 2015
To,
The Members,
Birla Sun Life Insurance Company Limited,
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices
by Birla Sun Life Insurance Company Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Companys books, papers, minute books, forms and returns filed and other records maintained by the Company
and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of Secretarial Audit. We
hereby report that in our opinion, the Company has, during the financial year ended March 31, 2015 complied with the statutory provisions listed
hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject
to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year
ended March 31, 2015 according to the provisions of:
i. The Companies Act, 2013 (the Act) and the Rules made thereunder;
ii. Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange Management (Insurance) Regulations, 2000 and other Regulations
issued by RBI, if applicable
iii. Insurance Act, 1938 and Insurance Rules, 1939
iv. Insurance Regulatory and Development Authority Act, 1999 and Rules & Regulation, Circular, etc., issued by the IRDAI thereunder;
v. Recommendations made by the Institute of Company Secretaries of India (ICSI) for Corporate Governance;
vi. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI Act) are not applicable
to the Company:-
a) The Securities Contracts (Regulation) Act, 1956 (SCRA) and the Rules made thereunder;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999;
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies
Act and dealing with client;
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
Other Laws applicable to the Company:
1. Anti Money Laundering Regulation issued by IRDA/RBI and various circulars and guidelines thereunder
2. Employee Laws
The Payment of Gratuity Act, 1972;
The Payment of Bonus Act, 1965 and Payment of Bonus Rules, 1975;
The Payment of Wages Act, 1936;
The Minimum Wages Act, 1948;
The Employees Provident Fund and Miscellaneous Provisions Act, 1952, and Scheme framed thereunder;
The Employees State Insurance Act, 1948;
The Maternity Benefit Act, 1961;
The Contract Labour (Abolition and Regulation) Act,1970 & Rules;
3. Indian Stamp Act, 1899 and the state Stamp Acts;
4. The Labour Welfare Fund Act, 1953;
5. Income Tax Act, 1961;
6. Finance Act, 1994;

7. Service Tax;
8. The States Shops and Establishment Act;
9. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
We hereby have also examined compliance with the applicable clauses of the following:
i. Secretarial Standards issued by The Institute of Company Secretaries of India (ICSI)
ii. The Listing Agreement entered into by the Company with the Stock exchanges; not applicable to the Company.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.,
mentioned above.
We further report that; the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice is given to all Directors to schedule the Board Meetings, Board Committee Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before
the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members views are captured and recorded as part of the minutes. All the decisions have
been taken unanimously and no dissent recorded.
We further report that; there are adequate systems and processes in the Company commensurate with the size and operations of the Company
to monitor and ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
For N. L. Bhatia & Associates

(S1996MH016600)
N. L. Bhatia
(Managing Partner)
Place: Mumbai FCS No.: 1176
Date: 17th April, 2015 CP No. 422

Report on Corporate Social Responsibility

1. A brief outline of the Company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference
to the web-link to the CSR policy and projects or programs.
For us in the Aditya Birla Group, reaching out to underserved communities is part of our DNA. We believe in the trusteeship concept. This
entails transcending business interests and grappling with the quality of life challenges that underserved communities face, and working
towards making a meaningful difference to them.
Our vision is to actively contribute to the social and economic development of the communities in which we operate. In so doing build a
better, sustainable way of life for the weaker and marginalised sections of society and raise the countrys human development index.
Dr. (Mrs.) Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
Implementation process:
Identification of projects All projects are identified in consultation with the community in a participatory manner, literally sitting with them
and gauging their basic needs. We recourse to the participatory rural appraisal mapping process. Subsequently, based on a consensus and
in discussion with the village panchayats, and other stakeholders, projects are prioritised.
Arising from this our focus areas that have emerged are Education, Health care, Sustainable livelihood, Infrastructure development and
espousing social causes. All of our community projects/programmes are carried out under the aegis of The Aditya Birla Centre for Community
Initiatives and Rural Development. Our activities are in line with Schedule VII of the Companies Act, 2013.
Your Company has framed a CSR Policy in compliance with the provisions of the Companies Act, 2013 which is accessible from our
Companys website. (www.birlasunlife.com).
2. The Composition of the CSR Committee
A. Members:
Ms. Tarjani Vakil Independent Director
Mr. Ajay Srinivasan Non-Executive Director
Mr. Sandeep Asthana Non-Executive Director
B. Permanent Invitee(s):
Dr. (Mrs.) Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development.
Mrs. Pragnya Ram Group Executive President, Corporate Communications and CSR
Mr. Pankaj Razdan Managing Director and CEO
3. Average net profit of the Company for last three financial years ` 4,576,619 (Amount in Thousands)
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above) ` 91,532 (Amount in Thousands)
5. Details of CSR spent during the financial year.
a. Total amount to be spent for the financial year ` 91,532 (Amount in Thousands)
b. Amount unspent, if any; ` 91,532 (Amount in Thousands)
c. Manner in which the amount spent during the financial year is detailed below. NA
CSR project or Sector in which Projects or Amount outlay Amount spent on the Cumulative Amount spent:
activity the Project is programs(1) Local (budget) Project Project or programs expenditure upto Direct or
undertaken covered area or other or programs wise Subheads(1) the reporting through
(Specify the State Direct expenditure period implementing
or district where the on the projects or Agency*
Projects or programs programs
was undertaken)
* Give details of implementing agency:
6. In case the Company has failed to spend the two percent of the average net profit of the last three financial years or any part
thereof, the Company shall provide the reasons for not spending the amount in its Board report.
The Company has formulated its CSR policy in accordance with the directions specified in the Companies Act, 2013 read with the rules.
The Company is part of Aditya Birla Group and its overall vision is to actively contribute to the social and economic development of the
communities in which the Group operates and in so doing build a better, sustainable way of life for the weaker and marginalised sections of
society and raise the countrys human development index.
This is the first year requiring spending under CSR. Accordingly an amount of ` 91,532 (Amount in Thousands) (being 2% of Average net
profit of the Company for last three financial years) was to be invested in CSR. The Company was in the process of identifying and evaluating
Projects which were in line with the vision of The Aditya Birla Centre for Community Initiatives and Rural Development and the CSR policy. As
such all the projects would normally go through detailed evaluation process and assessed under agreed strategy and vision. However given
the projects were still under the evaluation strategy, the Company could not spend the allocated amount. The Company has plans for meeting
out the objectives and completing the identification of projects.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR
objectives and Policy of the Company.
The Company has not spent any amount during FY15. However, the projects are being evaluated, in line with the CSR policy.
Pankaj Razdan Tarjani Vakil
Managing Director & CEO Chairperson (CSR Committee)
Mumbai, 24th April, 2015 (DIN - 00061240) (DIN - 00009603)

Form No. MGT 9

Extract of Annual Return
as on financial year ended on 31.03.2015
Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management & Administration) Rules, 2014.
1. REGISTRATION & OTHER DETAILS:

CIN U99999MH2000PLC128110
Registration Date August 04, 2000
Name of the Company Birla Sun Life Insurance Company Limited
Category/Sub-category of the Company Company having Share Capital
One Indiabulls Centre, Tower-1, 16th floor, Jupiter Mill Compound, 841, S.B. Marg,
Address of the Registered office
Elphinstone Road, Mumbai 400 013.
& contact details
Telephone No. 022 67239100
Whether listed company No
MCS Limited
Office No. 21/11, Kashiram Jamnadas Bldg., Ground Floor, 5 P. D'Mello Road,
Near Ghadiyal Godi, Masjid (East), Mumbai 400 009.
Name, Address & contact details of the Registrar
Contact Person:
& Transfer Agent, if any.
Name: Mr. Uday Modgil
Contact Number: 022-23726253
Email Id: mcsonlineinfo@yahoo.com
2. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated
Name & Description of main "NIC Code of the Product/service" "% to total turnover of the company"
products/services
Life Insurance 65110 100%
3. PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES

Name & Address of CIN/GLN Holding/Subsidiary/ % of Shares Applicable
the Company Associate Held Section
Birla Sun Life Pension Management U66000MH2015PLC260801 Subsidiary 100% 2(87) (ii)
Limited
One Indiabulls Centre, Tower-1,
16th floor, Jupiter Mill Compound,
841, S.B. Marg, Elphinstone Road,
Mumbai 400 013
4. (i) SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during
(April 01, 2014) (March 31, 2015) the year
Category of Shareholders
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
(1) Indian
a) Individual*/HUF 5 5 5 5 Nil Nil
b) Central Govt. or State Govt.
c) Bodies Corporates 1406893915 1406893915 74.00% 1406893915 1406893915 74.00% Nil Nil
d) Bank/FI
e) Any other
SUB TOTAL: (A) (1) 1406893915 5 1406893920 74.00% 1406893915 5 1406893920 74.00% Nil Nil
(2) Foreign
a) NRI - Individuals
b) Other Individuals

No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during
(April 01, 2014) (March 31, 2015) the year
Category of Shareholders
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
c) Bodies Corp. 494314080 494314080 26% 494314080 494314080 26% Nil Nil
d) Banks/FI
e) Any other
SUB TOTAL (A)(2) 494314080 494314080 26% 494314080 494314080 26% Nil Nil
Total Shareholding of 1406893915 494314085 1901208000 100% 1406893915 494314085 1901208000 100% Nil Nil
Promoter
(A)=(A)(1)+(A)(2)
B. PUBLIC SHAREHOLDING Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
(1) Institutions
a) Mutual Funds
b) Banks/FI
c) Central govt.
d) State Govt.
e) Venture Capital Fund
f) Insurance Companies
g) FIIS
h) Foreign Venture Capital
Funds
i) Others (specify)
SUB TOTAL (B)(1): Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
(2) Non Institutions

a) Bodies corporates
i) Indian
ii) Overseas
b) Individuals
i) Individual shareholders
holding nominal share
capital upto ` 1 lakh
ii) Individuals shareholders
holding nominal share
capital in excess of
` 1 lakh
c) Others (specify)
SUB TOTAL (B)(2): Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Total Public Shareholding Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
(B) = (B)(1) + (B)(2)
C. Shares held by Custodian

for GDRs & ADRs
Grand Total (A+B+C) 1406893915 494314085 1901208000 100% 1406893915 494314085 1901208000 100% Nil Nil
(* Shares held as a Nominee of Aditya Birla Nuvo Limited)
(ii) Share Holding of Promoters

Shareholding at the beginning of the year Shareholding at the end of the year
(April 01, 2014) (March 31, 2015)
% change in
Sr. No. Shareholders Name No. of shares % of total shares % of shares No. of shares % of total shares % of shares share holding
of the company pledged of the company pledged during the year
encumbered to encumbered to
total shares total shares
1 Aditya Birla Nuvo Ltd. 1406893915 74.00% Nil 1406893915 74.00% Nil Nil
2 Sun Life Financial (India) Insurance 494314080 26.00% Nil 494314080 26.00% Nil Nil
Investments Inc.
3 Rajesh Shah jointly with Aditya 1 Nil 1 Nil Nil
Birla Nuvo Limited*
4 B. N. Puranmalka jointly with 1 Nil 1 Nil Nil
Aditya Birla Nuvo Limited*
5 Sushil Agarwal jointly with Aditya 1 Nil 1 Nil Nil
Birla Nuvo Limited*
6 Anil Rustogi jointly with Aditya 1 Nil 1 Nil Nil
Birla Nuvo Limited*
7 Shriram Jagetiya jointly with 1 Nil 1 Nil Nil
Aditya Birla Nuvo Limited*
Total 1901208000 100% Nil 1901208000 100% Nil Nil
(* Shares held as a Nominee of Aditya Birla Nuvo Limited)

(iii) Change In Promoters' Shareholding (specify if there is no change)

Share holding at the Cumulative Share holding
beginning of the Year (April 01, 2014) during the year (March 31, 2015)
Shareholders Name
No. of Shares % of total shares No. of Shares % of total shares
of the company of the company
At the beginning of the year No Change during the year
Date wise increase/decrease in Promoters Share No Change during the year
holding during the year specifying the reasons for
increase/decrease (e.g. allotment/transfer/bonus/
sweat equity, etc.)
At the end of the year No Change during the year
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters & Holders of gdrs & adrs)
Shareholding at the Cumulative Shareholding
Sr. beginning of the year (April 01, 2014) during the year (March 31, 2015)
Shareholders Name
No. No. of shares % of total shares No. of shares % of total shares
Nil Nil
Nil Nil
(v) Shareholding of Directors & Key Managerial Personnel

Shareholding at the Cumulative Shareholding
Sr. Name of Directors and beginning of the year during the year
No. Key Managerial Personnel No. of shares % of total shares No. of shares % of total shares
1 Mr. B. N. Puranmalka Jointly with Aditya
Birla Nuvo Limited, Non-Executive Director
At the beginning of the year 1 1
At the end of the year 1 1
* None of the KMP hold shares in the Company
(** Shares held as a Nominee of Aditya Birla Nuvo Limited)
5. INDEBTEDNESS
Nil.
6. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager
Sr. Name of MD/ Total Amount
Particulars of Remuneration
No. WTD/Manager (INR)
Pankaj Razdan
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 35,492,171 35,492,171
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 3,036,400 3,036,400
(c) Profits in lieu of salary under Section 17(3) Income-tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Commission
as % of profit
others, specify
5 Others, please specify
Total (A) 38,528,571 38,528,571
Ceiling as per the Act *
Note: The Provisions/Ceiling relating to payment of Managerial Remuneration under the Companies Act, 2013 are not applicable to the
Company since the Company is an Insurance Company under the provisions of Insurance Act 1938. The appointment of MD & CEO and
the payment of remuneration is as per the approval of Insurance Regulatory and Development Authority of India (IRDAI).

B. Remuneration to other directors:

Name of Directors
Sr. Mr. Haigreve Mr. M. V. Nair Ms. Tarjani Total Amount
Particulars of Remuneration
No. Khaitan (INR) Vakil (INR)
(INR) (INR)
1. Independent Directors
Fee for attending Board and Committee meetings 50,000 90,000 330,000 470,000
Commission
Others, please specify
Total (1) 50,000 90,000 330,000 470,000
2. Other Non-Executive Directors
Fee for attending board committee meetings
Commission
Others, please specify
Total (2) 0 0 0 0
Total (B)=(1+2) 50,000 90,000 330,000 470,000
Total Managerial Remuneration
Overall Ceiling as per the Act
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

Key Managerial Personnel
Total Amount
Company Secretary CFO
(INR)
Sr.
Particulars of Remuneration Mr. Ashish Lakhtakia Mr. Amber Gupta Mr. Amit Jain
No.
(April 1, 2014 to (August 29, 2014 to
August 29, 2014) March 31, 2015)
(INR) (INR)
1 Gross salary
(a) Salary as per provisions contained in 1,380,898 2,823,766 9,948,002 14,152,666
Section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the 21,600 21,600
Income-tax Act, 1961
(c) Profits in lieu of salary under Section
17(3) Income-tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Commission
as % of profit
others, specify
5 Others, please specify
Total 1,380,898 2,823,766 9,969,602 14,174,266
7. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES
There were no penalties/punishment/compounding of offences under the Companies Act, 2013.

Nomination and Remuneration Committee Policy

1. Purpose
The Nomination and Remuneration Committee (Committee) is appointed by the Board of Directors (Board) of Birla Sun Life Insurance
Company Limited (Company) and is charged with formulating and recommending to the Board of Directors:
I. The Companys policies relating to the remuneration of the Directors, key managerial personnel and other employees,
Section 178(3)
II. Criteria for determining the qualifications, positive attributes and independence of current and proposed Directors. Section 178(2)
2. Committee Constitution and Membership: Section 178(1)
The Committee shall consist of no fewer than three members, of which all shall be non-executive Directors and at least half shall be
independent. The Chairman of the Committee (Chairman) shall be an independent Director. The members, including the Chairman, shall be
appointed by the Board. The members of the Committee may be removed by the Board in its complete discretion. The Chairman of the Board
of Directors can serve as a member of the Committee, but may not serve as Committee Chairman. Section 178(1)
3. Roles and Responsibilities
The primary responsibilities of the Committee are set forth below.
Executive Remuneration: Section 178(4)
a. The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors and Senior Managers
of the quality required to run the Company successfully;
b. The relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
c. The remuneration provided to Directors and Senior Managers includes a balance between fixed and incentive pay reflecting short and
long-term performance objectives appropriate to the working of the Company and its goals.
Executive Talent:
a. Formulate appropriate policies, institute processes which enable the identification of individuals who are qualified to become Directors
and who may be appointed in senior management and recommend to the Board of Directors their appointment and removal from time
to time {Section 178(2)}
b. Review and Implement succession and development plans for Managing Director, Executive Directors and Senior Managers
Clause 49 IID(6) Listing Agreement
c. Devise a policy on Board diversity (Para IV of Clause 49)
d. Formulate the criteria for determining qualifications, positive attributes and independence of Directors {Section 178(3)}
Board Performance and Rewards
a. Establish evaluation criteria and conduct the process of performance evaluation of each Director in a structured manner:
{Section 134(3)(p)}
b. Establish evaluation criteria of Board and Board Committees {Section 134(3)(p)}
c. Review and make recommendations to the Board with respect to any incentive-based compensation and equity-based plans that are
subject to Board or shareholders approval (including broad-based plans). Section 178(3)
Disclosures
a. The Committee shall review and discuss with management the disclosures required to be included in the Directors' report as specified
in Section 197(12) of the Companies Act, 2013 and such other details as maybe prescribed in Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules 2014.
4. Organisation
The Committee will meet at least one time during each fiscal year, or more frequently as it deems necessary to carry out its responsibilities.
Meetings of the Committee may be called by the Chairman or a majority of the members of the Committee. A majority of the Committee
members will constitute a quorum. The act of a majority of the Committee members present at any meeting at which a quorum is present
will be the act of the Committee. In case of an equality of votes, the Chairman shall have a second or casting vote.
Minutes of the Committee will be recorded and maintained by the Company Secretary and presented to the Committee at the next Committee
meeting for approval. The Company Secretary, or his/her designate as approved by the Chairman, shall act as secretary for the meetings.
For in camera sessions held by the Committee without management present, minutes will be recorded and maintained by the Chairman or
his/her designate. Each member of the Board will have access to the minutes of the Committees meetings, regardless of whether he or she
is a member of the Committee.

The Committee will be called upon from time to time to enable the Board to decide on appointment and removal of Executives. The
Committee is expected to exercise due diligence, professional judgment and prudence in this process. In discharging its responsibilities, the
Committee will be supported by the Group Human Resources - Rewards and Benefits team of the Aditya Birla Group, who are independent of
the companies. In addition the Committee will have resources, authority and adequate funding to appoint external consultants.
5. Group Context
The Aditya Birla Group is a conglomerate and it is designed in a manner such that there is sharing of resources and infrastructure so that
there is a uniformity of business processes, systems thereby promoting synergies and exemplary customer experiences. In order to do there
are multiple entities within the group who provide such services. The manpower costs of these services are at arms length and arise in the
normal course of business. The details of the Group Context and its implications on Compensation programs are appended in Annexure 1
of this document.
Annexure 1: Aditya Birla Group Context
The Aditya Birla Group (ABG) is structured in a way such that:
1. Multiple Lines of Business (LOBs) coalesce under one legal entity
2. Multiple legal entities merge into a single LOB
3. One LOB is represented by a single legal entity (e.g. - Idea Cellular, Hindalco Industries, etc.)
This combination of business and legal structures have created a network of organisations who exemplify the concept of the Aditya Birla Group as
a conglomerate. This network enables individual entities to achieve economies of scale, sharing of resources, infrastructure and costs. In order to
understand the Groups philosophy and construct of compensation programs its important to recognise the salient features emanating out of the
structure which have an impact on compensation program design.
A. Synergy and Shared Infrastructure
In case of 1 and 2 above ABG companies utilise shared resources to ensure the uniformity of business processes, systems, promote synergies and
exemplary customer experience. The costs of implementing these processes (including manpower costs) are shared across these entities on an
arms length basis and arise in the normal course of business.
B. Specialist Services from the Groups Centre
A key enabler to businesses performance are world class specialist services provided from the Groups centre.
The Group centre hosts a number of Group Functions or Centres of Excellences (COEs). These COEs are instrumental in promoting specialist
services, processes and knowledge sharing across the Group. To achieve economies of scale, many of the businesses have interconnectivity
among themselves in terms of sharing of resources, infrastructure and costs. These services are provided strictly on arms length basis and in the
ordinary course of business.
C. People Advantage
The conglomerate structure enables the Group and its entities to attract and retain the best of talent by leveraging its Employer Brand. Employee
mobility, talent fungibility are the key propositions of the Employer Brand.
In order to leverage its talent pool, ABG compensation programs are governed by common principles and frameworks which are customised for
each sector. In addition Compensation programs are managed by an internal governance process which are applicable to every ABG entity.
The Nomination and Remuneration Committee is encouraged to take into account the three elements (A to C) above as part of its deliberations.
Executive Remuneration Philosophy

At the Aditya Birla Group, we expect our executive team to foster a culture of growth and entrepreneurial risk-taking. Our Executive Compensation
Philosophy supports the design of programs that align executive rewards including incentive programs, retirement benefit programs, promotion
and advancement opportunities with the long-term success of our stakeholders. Our reward programs recognise and reward executives who
display initiative, deliver superior individual performance, and contribute to sustainable corporate and business success.
Our business and organisational model
Our Group is a conglomerate and organised in a manner such that there is sharing of resources and infrastructure. This results in uniformity
of business processes and systems thereby promoting synergies and exemplary customer experiences.
I. Objectives of the Executive Remuneration Program
Our executive compensation program is designed to attract, retain, and reward talented executives who will contribute to our long-term
success and thereby build value for our shareholders.
Our executive compensation program is intended to:
1. Provide for monetary and non-monetary remuneration elements to our executives on a holistic basis

2. Emphasize Pay for Performance by aligning incentives with business strategies to reward executives who achieve or exceed Group,
business and individual goals.
II. Covered Executives
Our Executive Compensation Philosophy applies to those executives whose remuneration is subject to the approval of the Nomination &
Remuneration Committee. The covered executives are as follows:
1. Director: Defined as per the Act
2. Key Managerial Personnel: CFO, CS, any others CEO equivalent (ex: Deputy Managing Director)
3. Senior Management: Job Band 1 and above and all other employees as defined by the Act, Section (178)
III. Business and Talent Competitors
We benchmark our executive pay practices and levels against peer companies in similar industries, geographies and of similar size. In
addition to this, we look at secondary reference (internal and external) benchmarks in order to ensure that pay policies and levels
across the Group are generally equitable internally and support the Groups global mobility objectives for executive talent. The additional
reference points may take into account the executive pay practices and pay levels in other markets and industries, recognising the differences
in levels and medium of pay.
IV. Executive Pay Positioning
We aim to provide competitive remuneration opportunities to our executives by positioning target total remuneration (including perks and
benefits, annual incentive pay-outs, long term incentive pay-outs at target performance) and target total cash compensation (including annual
incentive pay-outs) at target performance directionally between median and top quartile of the primary talent market. We recognise the
size and scope of the role and the market standing, skills and experience while positioning our executives.
We use secondary market data only as a reference point for determining the types and amount of remuneration while principally believing
that target total remuneration packages should reflect the typical cost of comparable executive talent available in the sector.
V. i. Executive Pay-mix
Our executive pay-mix aims to strike the appropriate balance between key components: (i) Fixed Cash compensation (Basic
Salary + Allowances) (ii) Annual Incentive Plan (iii) Long-Term Incentives (iv) Perks and Benefits.
ii. Performance Goal Setting
We aim to ensure that for both annual incentive plans and long term incentive plans, the target performance goals shall be achievable
and realistic.
T hreshold performance (the point at which incentive plans are paid out at their minimum, but non-zero, level) shall reflect a base-line
level of performance, reflecting an estimated 90% probability of achievement.
Target performance is the expected level of performance at the beginning of the performance cycle, taking into account all known
relevant facts likely to impact measured performance.
Maximum performance (the point at which the maximum plan payout is made) shall be based on an exceptional level of achievement,
reflecting no more than an estimated 10% probability of achievement.
VI. i. Performance Measurement
Annual Incentive Plan:
We tie annual incentive plan pay-outs of our executives to relevant financial and operational metrics achievement and their
individual performance. We annually align the financial and operational metrics with priorities/focus areas for the business.
Long-Term Incentive:
Our Long-term incentive plans incentivise stretch performance, link executive remuneration to sustained long term growth and act
as an attraction and retention tool.
We use stock options as the primary long-term incentive vehicle for our executives as we believe that they best align executive
incentives with stockholder interests.
We grant restricted stock units, as a secondary long term incentive vehicle, to motivate and retain our executives.
ii. Executive Benefits and Perquisites
Our executives are eligible to participate in our broad-based retirement, health and welfare, and other employee benefit plans. In
addition to these broad-based plans, they are eligible for other benefits plans commensurate with their roles. These benefits are
designed to encourage long-term careers with the Group. They are also eligible for certain perquisites with each perquisite serving
a clear business purpose or need.

Other Remuneration Elements

Each of our executives is subject to an employment agreement. Each such agreement generally provides for a total remuneration
package for our executives.
We limit other remuneration elements, for e.g. Change in Control (CIC) agreements, severance agreements, to instances of compelling
business need or competitive rationale and we do not provide for any tax gross-ups for our executives.
Risk and Compliance
We aim to ensure that the Group's remuneration programs do not encourage excessive risk taking. We review our remuneration
programs for factors such as
1. Remuneration mix overly weighted towards annual incentives
2. Uncapped pay-outs
3. Unreasonable goals or thresholds
4. Steep pay-out cliffs at certain performance levels that may encourage short-term decisions to meet pay-out thresholds
Claw back Clause:
In an incident of restatement of financial statements due to fraud or non-compliance with any requirement of the Companies Act 2013
and the rules made thereafter, we shall recover from our executives the remuneration received in excess of what would be payable to
him/her as per restatement of financial statements the executives is obligated to pertaining to the relevant performance year.
Implementation
The Group and Business Centre of Expertise teams will assist the Nomination & Remuneration Committee in adopting, interpreting
and implementing the Executive Remuneration Philosophy. The costs of these services will be established through arms length,
market-based agreements entered into as needs arise in the normal course of business.

Form AOC-1
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of
subsidiaries/associate companies/joint ventures
Part A: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in `.)
Sr.
Particulars Details
No.
1) Name of the subsidiary Birla Sun Life Pension Management Limited
2) Reporting period for the subsidiary concerned, if different from the holding Companys January 9, 2015 (Date of Incorporation) to
reporting period March 31, 2015
3) Reporting currency and Exchange rate as on the last date of the relevant Financial Year INR
in the case of foreign subsidiaries
4) Share Capital 500,000
5) Reserves & Surplus (3,724,700)
6) Total Assets 500,000
7) Total Liabilities 3,724,700
8) Investments Nil
9) Turnover Nil
10) Profit before taxation (3,724,700)
11) Provision for taxation Nil
12) Profit after taxation (3,724,700)
13) Proposed Dividend Nil
14) % of shareholding 100%
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations.
2. Names of subsidiaries which have been liquidated or sold during the year.
Part B: Associates and Joint Ventures

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Not Applicable
1. Names of associates or joint ventures which are yet to commence operations. Not applicable
2. Names of associates or joint ventures which have been liquidated or sold during the year. Not Applicable
For and on behalf of the Board of Directors
Kumar Mangalam Birla Ajay Srinivasan Donald A. Stewart

Chairman Director Director
(DIN - 00012813) (DIN - 00121181) (DIN - 00438164)
Pankaj Razdan Mayank Bathwal Amit Jain

Managing Director & CEO Deputy Chief Chief Financial Officer
(DIN - 00061240) Executive Officer
Anil Kumar Singh Amber Gupta

Chief Actuarial Officer Company Secretary
Mumbai, 24th April, 2015 & Appointed Actuary

Management Discussion and Analysis for the year ended March 31, 2015
LIFE INSURANCE INDUSTRY STRUCTURE, PERFORMANCE & TREND

Industry Structure and Competitive Position Overview
T he growth of the insurance industry in the past one and a half decades has seen varied phases of growth. In the first decade before the
September 2010 ULIP regulations, the industry grew aggressively as a result the insurance penetration increased from 2.7% in 2001 to 5.2%
in 2009. Post the September 2010 regulations on products, the industry has seen a period of de-growth and resultant reduction in insurance
penetration to 3.2% in 2013.
T he reasons for the Industrys weak performance has been due to an inter play of various variables over the past 3-4 years including weak
macro-economic conditions, regulatory changes, high inflation, shift in product mix and uncertainty around new product launches.
T he market share of LIC and top 7 private insurance players, has broadly remained the same from FY10 to FY15. LIC market share which had
increased from 53% in FY10 to 63% in FY14, again reduced to 53% in FY15. The market share of top 7 private insurance players declined
from 37% in FY10 to 27% in FY14, again increased to 35%, in FY15. Given their distribution, brand strength and product expertise, the top 7
private insurance players re-gained ground in FY15.
120
Concentration of LIC, Top Seven Players and others in terms of Total Weighted NBP
90
Top 7 Players 31% 25% 30% 27% 35%
60
59% 65% 60% 63% 53%

LIC
30
Other Players 10% 10% 10% 10% 12%

0
FY11 FY12 FY13 FY14 FY15
As at the end of the FY15, BSLIs market share stood at 7.6% amongst private insurance players, (previous year: 7.6%). BSLI has transitioned
well in terms of its product strategy and has launched several new products to have a balanced mix of Participating, Non-Participating and
Unit linked products.
Industry Performance for FY 2015

While the overall life insurance industry showed negative growth in 2015, the private sector registered a growth of more than 15% in FY15.
The growth in private sector was largely driven through
Players having large private banks as bancassurance partners
Change in economic environment leading to revival of appetite for savings in financial products
Shift in product mix towards ULIPs leading to higher premium per policy
Focus on productivity of Sales Force through improved sales management methods and techniques
Increasing penetration of Digital Channels
However, the sector continued to show decline in customer acquisition and growth in new business premium was largely driven through
higher average premium per policy.
Life Insurance Premium at Industry Level
Particulars (INR Bn) Individual Life FY10 FY11 FY12 FY13 FY14 FY15
Life Insurance NB Premium (incl. LIC) 550 504 479 470 454 408
Growth (%) 17% -8% -5% -2% -3% -10%
LI NB Premium (Pvt. Players only) 288 230 175 178 172 200
Growth (%) 7% -20% -24% 2% -3% 16%
Source: IRDA New business Data.

REGULATORY & STATUTORY CHANGES IMPACTING INDUSTRY

The Insurance Laws Amendment Act, 2015
The Parliament enacted the Insurance Laws Amendment Act, 2015 to amend the Insurance Act, 1938. The following were the key changes:-
Increase in the Foreign Direct Investment (FDI) limit from 26% to 49%. This will strengthen the financial standing of the Industry and help in
bringing foreign capital and global best-practices.
Disallowing the repudiation of all claims coming after three years of the date of policy issuance.
Abrogation of the Sections 40 and 40A relating to limitation of payment of commission to agents, and Section 40B relating to limitation
of expenses of an insurance company. This will help the insurers bridge operational difficulties and aid them in scaling up their business.
The bill recognises E-form of policies thus facilitating further impetus on demat form of insurance policies which makes storage and
retrieval of insurance policies easy.
Opportunities
We believe that the following trends characterise the Indian economy and augur well for the life insurance industry:
Improving macro-economic indicators: India is projected to be one of the fastest growing economies in the world on a long term basis. This
augurs well for the industry as better economic growth will lead to higher household savings and within that pie of financial and insurance
savings will also increase.
Lower per capita insurance and penetration: The Indian life insurance industry has expanded significantly in terms of premiums since
liberalisation in 2000. However, its total premium collection to GDP ratio and per capita insurance is significantly lower than the developed
countries. India has one of the lowest insurance densities in the world, at USD 41.4 much lower than other developing countries such as USD
110.6 in China, USD 1,821.3 in South Korea and USD 791.9 in South Africa.
Increased distribution penetration: There is significant opportunity to increase the distribution reach within the country with the implementation
of proposed draft open architecture for corporate agents and Banks. The governments initiative on Financial Inclusion coupled with opening
up of Bancassurance and new models of distribution will provide opportunities for a more equitable growth across customer segments
including rural segments.
Pension Segment: There is an opportunity to explore underpenetrated and underinsured segments including retirement/health. There are
several product/customer segments in India that have a high potential to grow. For example, only about 15% of the working population
is covered under retirement plans. Penetrating in these segments will bring in more avenues for insurance companies to penetrate their
customer base.
Role of Digital: With the total numbers of internet users increasing to more than 20% of the total population of India (280 Mn), the size of the
digital opportunity has increased manifold. The industry has been making rapid strides to leverage this opportunity. The industry is working
extensively on reviewing its operating models to accelerate digitisation of their processes and platforms. The digital wave will lead to better
customer experience, higher customer engagement and increased productivity. The share of online platforms to directly distribute simple
and easy to understand life insurance products will continue to increase at a rapid pace for the next 5-7 years.
BSLI is well positioned to tap into the opportunities of the life insurance industry. The Company is expected to emerge stronger on the back of its
wide distribution franchise, a successful multi-channel strategy, a long history of product innovations & operational efficiency.
SUMMARY OF OPERATIONS
Sales Performance Review & Market Share Movement
As on March 31, 2015, BSLIs nationwide reach encompassed 488 branches, an agency force of over 90,600 empanelled agents, tie-ups with
around 150 non-bank corporate agents, brokers & business associates and 4 key bank partners.
The Company maintained its market share at 7.6% in FY15 in terms of new business premium. The Company recorded first year premium of
` 19,379 Mn. (growth of 14% over last year). The Company maintained its overall position at No. 6 among the private insurance players in terms
of new business premium.
The Company continues to follow a multi-channel strategy for its Individual Life Business. While the Agency channel continues to hold the major
share, the other channels like Bancassurance, Corporate Agents & Brokers and Direct Marketing contributed more than 30% of Individual Life sales
in FY15. The Company continues to review its portfolio of distribution partners on an ongoing basis to drive long term quality business.
9 Cr. 15 Cr.
(1%) (2%)
112 Cr. 84 Cr.

(12%) (11%)
586 Cr. 143 Cr. 519 Cr.

173 Cr.
(67%) (19%) (68%)
(20%)
Agency Agency
Banca Banca
CABC CABC
Direct Direct
FY14 FY15

PRODUCT STRATEGY & PERFORMANCE

During FY15, BSLI has seen a shift in product mix towards traditional products. After the September10 guidelines, there has been a major shift in
favour of traditional products. The Company has a balanced mix of ULIP, Non Par Traditional and Par Traditional Products to meet multiple customer
120
needs across different segments.
90 0% 5%
21%
32% 29%
46%
53%
0%
60
41%
0% 31%
95%
2%
30 68%
54%
45% 40% 38%
0
FY10 FY11 FY12 FY13 FY14 FY15
Non PAR PAR ULIP

During the year under review, the Company launched several new products to complete its product suite and capture new customer segments such
as child solutions, Super HNI customer segment and low-ticket size customer segment.
Key Summary of Financial Indicators at a Glance:
Following is the summary of BSLIs financial performance for FY15.
(in ` crores)
Current Year Previous Year
Particulars Inc (%)
2014-15 2013-14
Income
Gross premium income 5,233 4,833 8%
Reinsurance (net) (165) (188) 12%
Total premium income (net) 5,068 4,645 9%
Policyholders 5,309 2,496 113%
Shareholders 128 115 11%
Investment Income 5,437 2,611 108%
Other Income 34 37 -8%
Total Income (Including Sh Income) 10,539 7,293 45%
Less:
Commission 233 235 -1%
Expenses (including depreciation) 996 1,045 -5%
Benefits paid (net) 3,772 3,666 3%
Provisions for actuarial liability (net) 5,253 1,977 166%
Provision for Taxation
Profit for the Current Year 285 370 -23%
Share Capital 1,901 1,901 0%
Reserves & Surplus 268 268 0%
Net Worth 1,542 1,257 23%
The Company achieved total gross premium of ` 5,233 crores, a growth of 8% Y-o-Y. This was driven by 44% growth Y-o-Y in group
business premium.
The Company registered Net Profit of ` 285 crores in FY15 as against ` 370 crores in FY14. The fall in net profit is primarily due to lower
profits from in-force book especially the ULIP block sold before September 2010. Overall Commission ratio saw a marginal decrease to 4.5%
in FY15 as against 4.9% in FY14.
The company continues to focus on operating and cost efficiencies. While the total operating costs reduced from ` 1,045 crores in FY14 to
` 996 crores in FY15, the Opex to total premium ratio has reduced from 21.6% to 19% over the same period.
Given the robust financial performance and solvency position, there has been no capital infusion for the past 4 years.
We believe that the Companys profitable journey is sustainable as these profits are primarily driven by in force business, declining expense
ratios and changes in product structures. The Company took several steps to rationalise expenses, improve efficiencies and productivity across
its operations.

Premium Income
Premium Break-Up
Particulars (INR crores) FY15 FY14 % Growth
First year premium 1,938 1,697 14%
Individual Life 761 879 -13%
Group Business 1,177 818 44%
Renewal Premium 3,295 3,136 5%
Total Premium 5,233 4,833 8%
The total premium for the Company amounted to ` 5,233 crores with a growth of 8% Y-o-Y. While the new business premium registered a growth of
14%, renewal premium grew by 5%. As an insurer with long-established track record, a significant portion of our business is on a regular premium
basis, which has provided us with a regular stream of renewal premiums.
Investment Income
The Company continued excellence in investment performance for its policyholders. For all its ULIPs, the Company delivered excellent fund
performance across the board, consistently beating its internal benchmarks, overall and as well as across all the funds.
BSLI investments philosophy has been to build a sound investment portfolio within the regulatory guidelines, to ensure maximisation of
policyholders wealth consistently on a long term basis.
Assets under Management (AUM) grew from ` 15,828 crores in FY10 to ` 30,185 crores in FY15. Proportion of equity has remained stable for the
Company over the years and has been in the range of 38% to 46%.
30000
AUM (` crores)
24000
18000
12000 19,744 21,110 22,929 24,775 30,185
6000
0
120 Equity and Debt Component
90
46% 45% 41% 42% 38%
60
30 54% 55% 59% 58% 62%
0
Debt Equity

Investment Performance
40
36.1%
30.9%
30
27.1%
24.5%
22.7%
21.4%
20 18.5%
15.9%
10
0
Enhancer Magnifier Maximiser Super 20
Fund Performance Benchmark Performance

Fund Benchmark
Enhancer BSE 100 CRISIL Composite Bond Index/CRISIL Liquid Fund Index
Magnifier BSE 100 CRISIL Liquid Fund Index
Maximiser BSE 100 CRISIL Liquid Fund Index
Super 20 BSE Sensex/CRISIL Liquid Fund Index
Commissions
The commission rates for individual life business continued to be stable in FY15 compared to FY14. With higher focus on tradition products, the new
business commission has seen a marginal increase. The commission rates for total business and new business is provided in the table below:
Commission Ratios
Individual Life FY15 FY14
Total Commission/Total Premium Ind. Life 5.9% 6.0%
New Business Commission/NB Premium Ind. Life 17.4% 16.9%
Operating Expenses
Operating expenses in FY15 was ` 996 crores as compared to ` 1,045 crores in FY14. The decline in the expenses was mainly due to reduction
of 7% in Employees' remuneration and welfare benefits expenditure in FY15 as compared to FY14.
The Opex to Premium ratio has improved from 21.6% in FY14 to 19.0% in FY15, as can be seen from the below graph.
OPEX to Premium Ratio

1500
21.7% 20.7%
22.3%
1200 21.6%
19.0%
900
600 1,204 1,217 1,161 1,045 996
300
0
OPEX (` crores) X% OPEX as a Total Premium %

Our Companys cost structure is in line with expectations given the new business growth, product structures and our focus on long-term products.
We will continue to review our expense structure in line with the business growth.
Operating Expenses Break-Up
Particulars (INR crores) FY15 FY14 % Growth

Salary 469 506 -7%
Other Expenses 526 538 -2.2%
Total Expenses 996 1,045 -4.8%
Expense as % of total premium 19.0% 21.6%
NET PROFIT
The Company registered Net Profit of ` 285 crores in FY15 as against ` 370 crores in FY14. Our Net Profit has de-grown over previous year
primarily due to new business premium de-growth and decrease in the size of our ULIP in-force block sold before September 2010. The Company
shall continue to focus on its core strategy i.e. to focus on a profitable product mix while providing value-added proposition to its customers.
FINANCIAL CONDITIONS & ASSET UNDER MANAGEMENT

Share Capital, Dividend and Solvency Position
The Company is capitalised at ` 2,169 crores (including share premium and capital redemption reserves). Given the robust financial performance,
there has been no capital infusion for the last four years. The net-worth of the Company increased by 23% from ` 1,257 crores in FY14 to
` 1,542 crores in FY15.
Solvency refers to the minimum surplus that an insurance Company needs to keep aside in the form of additional capital to meet any unprecedented
increase in claims and to meet any adverse losses. As solvency needs to be maintained over very long periods for which policies are written it
is necessary to ensure that the assets exceed liabilities and are invested in risk-free assets. The Regulations prescribes that each insurance
Company must have free assets equal to 1.5 times of the required solvency margin. Our solvency margin in FY15 is at 2.05 times which was above
the regulatory requirements of 1.5 times. It also ensures that the Companys stakeholders and customers can have confidence in the Companys
long-term financial strength.
Human Resources
Employee Engagement BSLI engages effectively with its employees critical to building and sustaining a high-performing business and retaining
talent. Engagement initiative schemes were introduced in branches across the country which included celebrations, festivals, recreational and sport
activities, recognitions, etc. Additionally, Rewards and Recognition programme was initiated which was aimed at creating a culture of recognising
and celebrating performance at multiple levels across the organisation & group in addition to as well as across for individuals & teams.
Training & Development The Sales & Corporate Training Cell provides training architecture for structured and systematic learning from trainer,
supervisor and by self, improve retention, application of learning and improve discipline in participation.
BRAND PERFORMANCE
During FY15, Birla Sun Life Insurance launched its new Brand Positioning. The Brand Position was arrived at basis a core category need and with
an objective of becoming not just a marketing position but a position that the entire business would stand for the next decade if not more.
The Core Category need identified was that despite the efforts of 20+ insurance companies and over 2 million agents the category has a low
penetration of 4% of GDP. This is because the category has not been able to convincingly answer one fundamental question What role do we play
in the consumers life? Is Life Insurance a mode of saving, an avenue of investment, a protection solution or a tax saving instrument?
We at BSLI believe that we are in the business of protecting those we love and their dreams.
Therefore the Brand Position:
Honi ko aap rok nahin sakte
Par honi bhi aapko kahan rok sakegi.
Apno ko, apne sapno ko kar surakshit
KHUD KO KAR BULAND
The response to the new Brand Position has been extremely encouraging from both ends business partners and consumers.
Despite the fact that our key competitors were present on Television through the year but BSLI did not spend on Mass Media in the first three
quarters, we saw a sharp rise in our spontaneous awareness and consideration scores post the break of the campaign. BSLIs spontaneous
awareness scores increased by 9 points to reach 48% and our consideration scores increased by 7 points to reach 32%.
TECHNOLOGY
Technology led innovations and strategic partnership with business have been the key focus areas of BSLI Information technology function in
FY15. The role of technology has revved up from being a business facilitator to collaborator, by aid of best-in-class technological solutions and
infrastructure.

The function continued its endeavour towards partnering with business by supporting the new business model through launch of its digital
platform Empower@Ease, which among other tools consists of a distribution tool kit, protection counselling tool to help the front-line-sales to
better engage the customers and Office-in-a-box to provide post-sales service. BSLI has ventured into the Insurance Digital space and launched
our first online product on the e-platform and will continue to expand its presence in the Digital world.
CUSTOMER MANAGEMENT
Customer Service Capabilities
The Company continues to work towards making each aspect of business intrinsically customer-centric and constantly endeavours to understand
both stated and unstated requirements. Our approach has been built around (a) listening to our customers, (b) understanding their feedback and
point of view and (c) responding to the customer accordingly.
Continued focus to embrace technology while delivering service has helped Company to maintain and improvise customer relationship with
expanding business. While embarking on digital path, initiatives were rolled out in customer service area as well. This not only includes revamping
website & IVR to empower customer with more self-servicing feature, but also electronic issuance of policies in paperless environment with
faster KYC.
The Company has focused on improving customer service through a combination of capabilities and initiatives which include:
1. Institutionalising strong focus on zonal empowerment enabling faster resolution of customer request directly at the field.
2. BSLI Direct initiative by dedicated Orphan desk to reach out and proactively engage with Orphan customers.
3. Company has also started call centre operations in regional languages to provide better customer experience.
4. RCA approach (Root Cause Analysis) to understand the customer grievance better and improvise processes for avoidance of any such
grievance in future. In addition preventive actions were deployed wherein customers are approached during issuance stage itself to capture
their concerns, if any.
Customer Connect initiative launched in previous year is giving good results and considering its success, Company has rolled out other initiatives
to collect instant customer feedback, transactions survey, etc., to understand the customer experience and to improve it further.
Claims Experience
Individual Life:
The Repudiation ratio has reduced from 9.57% in FY14 to 3.02% in FY15
Claims Pending (Nos) ratio has reduced significantly from 2.67% in FY14 to 1.68% in FY15. {These claims could not get processed for want
of claim requirements/in due diligence process/open title claims}
Overall Payment ratio in number terms has moved up significantly from 87.76% in FY14 to 95.30% in FY15 during the same period.
Group Life: 100% of Claims stand paid. i.e. zero pendency/Repudiation of Group Claims.
OUTLOOK FOR THE COMPANY

The outlook for the growth of the Company continues to be stable and favourable. The improvement in macro-economic environment coupled
with more stability in regulations augurs well for the growth of the Company. The Company has identified the following key areas to strengthen its
competitive and financial position in the coming years:
Agency channel shall continue to be the engine of growth. A new distribution strategy has been implemented to enable sales force to
identify and access new markets/segments/customers.
New Sales enablement Tools, learning methodologies and engagement models have been initiated to drive higher productivity and
quality of sales/engagement with customers.
Maintain leadership in Group Channel Fund and Term with equal focus on revenues and profitability.
Growth in profitability with focus on product mix, balanced channel mix and expense efficiencies.
Continued focus on quality of business including Persistency and Claims management.

Corporate Governance Report for the year ended March 31, 2015
Philosophy of Corporate Governance

Corporate Governance involves a set of relationships between a Companys Management, its Board, its Shareholders and other Stakeholders
with an objective of enhancement of long term shareholder value, while at the same time protecting the interest of all stakeholders (investors,
customers, employees, vendors, government and society-at-large) and ensuring adherence to the applicable laws.
Good Corporate Governance consists of a system of structuring, operating and controlling a Company such as to achieve the following:
a culture based on a foundation of sound business ethics
fulfilling the long-term strategic goal of the owners while taking into account the expectations of all the key stakeholders, and in particular:
consider and care for the interests of employees, past, present and future
work to maintain excellent relations with both customers and suppliers
take account of the needs of the environment and the local community
maintaining proper compliance with all the applicable legal and regulatory requirements under which the company is carrying out its activities.
The philosophy and objective of Corporate Governance at Birla Sun Life Insurance Company Limited (BSLI) is "about working ethically and finding
a balance between economic and social goals including the ability to function profitably while complying with the applicable laws, rules and
regulations."
BSLI is committed to uphold the core values of transparency, integrity, honesty and accountability. This commitment lays the foundation for further
development of superior governance practices, which are vital for growing a successful business, creating sustainable long term shareholder value
and balancing it with the interests of other stakeholders in the Company. It is not a discipline necessarily imposed by a regulator rather a culture
that guides the Board, the Management and employees to function towards the best interest of the various stakeholders.
Reporting Under Clause 49 of the Listing Agreement

BSLI is an unlisted Public Company and consequently the Clause 49 of the listing agreement is not applicable. However, the Company on a
voluntary basis making the following reportings/disclosures to the extent applicable, in accordance with the requirements of Clause 49 of the
listing agreement, read with IRDA Corporate Governance Guidelines (IRDA CG Guidelines).
I. Board of Directors (Board)

T he Companys Board comprises of adequate mix of Independent and Non Independent Directors as well as Non-Executive and Executive
Directors.
The Board takes the responsibility to set strategic objectives for the Management and to ensure that the long term interests of all stakeholders are
served by adhering to and enforcing the principles of sound Corporate Governance.
BSLIs Board members have diverse areas of knowledge and expertise, which is necessary in providing an independent and objective view on
business issues and assess them from the stand-point of the stakeholders of the Company.
Composition of the Board
The Board comprised of eleven Directors as on March 31, 2015, ten being Non-Executive Directors (of which three were Independent) and a
Managing Director. The current Chairman of the Board, Mr. Kumar Mangalam Birla, is a Non-Executive Director.
Composition of Board and details of Directorships/Committee Membership
The composition of our Board, their Directorships/Committee Memberships and Chairmanships (excluding the Company) as on March 31, 2015
were as under:
No. of other No. of Committees**

Sr. Directorship(s)
Name of the Directors Designation/Category in other Public As Member As Chairman/
No.
Companies* Chairperson
1 Mr. Kumar Mangalam Birla Non-Executive Director (Chairman) 8
2 Mr. Ajay Srinivasan Non-Executive Director 6 5 Nil
3 Mr. Bishwanath Puranmalka Non-Executive Director 2 1 Nil
4 Mr. Donald A. Stewart Non-Executive Director 1 Nil Nil
5 Mr. G. P. Gupta1 Non-Executive Director (Policyholders
representative, Independent)
6 Mr. Haigreve Khaitan2 Non-Executive Director 9 6 1
(Independent)
7 Mr. Kevin Strain Non-Executive Director 1 Nil Nil
8 Mr. Lalit Naik3 Non-Executive Director 6 Nil Nil
9 Mr. M. V. Nair Non-Executive Director (Independent) 5 2 Nil
10 Mr. Pankaj Razdan Managing Director & CEO 2 Nil Nil
11 Dr. Rakesh Jain4 Non-Executive Director

No. of other No. of Committees**

Sr. Directorship(s)
Name of the Directors Designation/Category in other Public As Member As Chairman/
No.
Companies* Chairperson
12 Mr. Sandeep Asthana5 Non-Executive Director 2 1 Nil
13 Ms. Tarjani Vakil Non-Executive Director (Independent) 8 3 5
14 Mr. Venkatesh Mysore6 Non-Executive Director
1. Resigned w.e.f. August 20, 2014
2. Appointed w.e.f. January 30, 2015
4. Resigned w.e.f. December 05, 2014
5. Appointed w.e.f. August 01, 2014
* Excluding alternate directorships and directorships in foreign companies and companies under Section 8 of the Companies Act, 2013.
** Only Audit Committee and Stakeholders Relationship Committee of all public limited companies (whether listed or not) have been considered
for the purpose of the Committee positions (membership and chairmanship).
Non-Executive Directors compensation and disclosures
No remuneration is paid to the Non-Executive Directors, except the payment of sitting fees to the Independent Directors, as detailed hereunder.
As per earlier practice the Company used to pay sitting fees of ` 20,000 for attending each meeting of Board and its Committee to Independent
Directors only. The Board has revised the fees and Company now pays sitting fees of ` 50,000 per Board meeting, ` 25,000 per Audit Committee
and ` 20,000 for other Committee meetings to the Independent Directors for attending each meeting w.e.f. November 4, 2014.
The details of sitting fees paid to the Independent Directors during the FY14-15 is as under:
Total Sitting Fees Paid
Name of the Directors
(Amount in `)
Mr. Haigreve Khaitan1 50,000
Mr. M. V. Nair 90,000
Ms. Tarjani Vakil 3,30,000
Grand Total 470,000

Board Meetings
The meetings of the Board of Directors are usually held at Mumbai; the Board meets at least once in every quarter to inter-alia review the Companys
quarterly performance and financial results. As per the statutory requirements under the Companies Act, 2013, the meetings are scheduled in such
a manner that not more than one hundred and twenty days intervene between two consecutive meetings. The Company Secretary receives details
on matters which require the approval of the Board/Board Committees, from various departments of the Company well in advance, so that they
can be included in the Board/Board Committee agenda(s). All material information is incorporated, in detail, in the agenda papers for facilitating
meaningful and focused discussions at the meetings. As a part of information and agenda papers, following minimum information are provided to
the Directors for each meeting:
Minutes of the previous Board and Committee meetings;
Financial results;
Business review, plans and updates;
Regulatory updates and compliances;
Any material default, show cause, demand and penalty notices forming part of compliance report.
Board Meetings and attendance of Directors
During FY14-15 the Board of Directors met four times, as follows:
April 25, 2014;
August 1, 2014;
November 4, 2014; and
January 30, 2015.

The attendance of the Directors at the above Board meetings was as under:
Attendance in the last AGM
Number of Meetings
dated July 2, 2014
Sr. No. Name of the Directors
Held: 4 Held: 1
Attended Attended
1 Mr. Kumar Mangalam Birla 2 No
2 Mr. Ajay Srinivasan 3 No
3 Mr. Bishwanath N. Puranmalka 4 Yes
4 Mr. Donald A. Stewart 4 No
5 Mr. G. P. Gupta1 0 No
6 Mr. Haigreve Khaitan 2
1 No
7 Mr. Kevin Strain 3 No
8 Mr. Lalit Naik 3
0 No
9 Mr. M. V. Nair 3 No
10 Mr. Pankaj Razdan 4 No
11 Dr. Rakesh Jain 4
1 No
12 Mr. Sandeep Asthana5 3 Yes
13 Ms. Tarjani Vakil 4 No
14 Mr. Venkatesh Mysore6 0 No
4. Resigned w.e.f. December 5, 2014
Independent Directors Meeting
In accordance with the provisions of Schedule IV of the Companies Act, 2013, a meeting of the Independent Directors of your Company was held
on March 20, 2015 without the presence of the Non-Independent Directors and the members of the management.
Code of Conduct
The Company has designed and implemented a Code of Conduct. The code is applicable to the executive officers and all employees of the
Company. The code is available on our website, www.birlasunlife.com. All have affirmed to the Code as on March 31, 2015.
II. BOARD COMMITTEES

The Company has constituted certain Board Committees. Each of the Board Committee is constituted vide a formal approval of the Board, and
each Committee has been endowed with a definite scope of functions and responsibilities. Detailed descriptions of the all the Committees of the
Board are as under.
1. Asset Liability Management Committee

The Board has constituted an Asset Liability Management Committee (ALM) in compliance with the requirements of IRDA CG Guidelines. ALM
Committee sets policy framework and operating guidelines for asset liability matching to safeguard the interest of Shareholders and Policyholders.
The Committee ensures that the assets are created in line with the liabilities and monitors, reviews & evaluates all possible variant that can have an
impact on the Assets Liability Management. It also ensures that requisite measures are placed to manage risk arising out of all possible variants.
A. Terms of Reference:
The broad terms of reference of the Committee inter-alia includes the following:
to investigate any activity within its terms of reference;
to require other employees/persons to attend meeting or parts thereof;
to seek advise/information from any employee/employees, who shall co-operate with any request made by the committee in the course
of their duties;
to ask from the Investment, Finance & Actuarial function any specific details/information about the functional activities;
to direct the investment function to implement any specific strategy over & above the existing policy for safeguarding the interest of
the Policyholders and Shareholders;
to constitute any sub committee/persons to carry out activities and delegate requisite authorities to it.

B. Composition, Meetings and Attendance:

During FY14-15, the Asset Liability Management Committee members met four times, as follows:
April 22, 2014;
July 28, 2014;
January 27, 2015.
The Composition of the Asset Liability Management Committee and the attendance of Members at the meetings during FY14-15 were as under:
Sr. No. Name of the Committee Members Designation/Category No. of Meetings Attended
1 Mr. Ajay Srinivasan Non-Executive Director 4

2 Mr. Amit Jain Chief Financial Officer 4
3 Mr. Anil Kumar Singh Chief Actuarial Officer & Appointed Actuary 4
4 Ms. Keerti Gupta1 Head Risk 3
5 Mr. Lalit Vermani Chief Legal, Compliance and Risk Officer 4
6 Mr. Mayank Bathwal Deputy Chief Executive Officer 4
7 Mr. Pankaj Razdan Managing Director and CEO 3
8 Mr. Sashi Krishnan Chief Investment Officer 4
9 Mr. Sandeep Asthana2 Non-Executive Director 1
10 Mr. Venkatesh Mysore3 Non-Executive Director 0
1. Ceased w.e.f. December 31, 2014
3. Ceased w.e.f. August 1, 2014
The Company Secretary acts as the Secretary to the Committee.
2. Audit Committee
The Company has a qualified and Independent Audit Committee, and its composition is in line with the applicable provisions of Section 177 of the
Companies Act, 2013 read with IRDA Corporate Governance Guidelines.
A. Terms of References
to review the Companys financial statements, financial reporting, statement of cash flow and disclosure processes, both on an annual
and quarterly basis and to ensure that the financial statements are correct, sufficient and credible;
to recommend to the Board, the appointment, re-appointment and, if required, the replacement or removal of the statutory auditor(s)/
internal auditor(s) and concurrent auditor(s);
to review and approve related party transactions/related party transaction policy;
to review internal financial controls;
to review the performance of statutory auditors, internal auditors and concurrent auditors;
to ensure compliance with the internal control systems and its adequacy;
to review the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority
of the official heading the department, reporting structure coverage and frequency of internal audit and review reports submitted by
internal audit department;
to review the functioning of the Whistle Blower Mechanism/Vigil Mechanism.
During FY14-15, the Audit Committee met four times, as follows:
April 25, 2014;
August 1, 2014;
January 30, 2015.

The Composition of the Audit Committee and the attendance of Members at the meetings during FY14-15 were as under:
1 Mr. G.P. Gupta 1
Independent Director 0
3 Mr. B. N. Puranmalka2 Non-Executive Director 4
4 Mr. Haigreve Khaitan3 Independent Director 0
5 Mr. Kevin Strain4 Non-Executive Director 3
6 Mr. M. V. Nair5 Independent Director 0
7 Mr. Pankaj Razdan6 Managing Director & CEO 4
9 Ms. Tarjani Vakil Independent Director 4
2. Ceased w.e.f. January 30, 2015
All members of the Audit Committee are financially literate and have the necessary accounting and related financial management expertise. The
Audit Committee is chaired by an Independent Director.
The Chief Executive Officer, Deputy Chief Executive Officer, Chief Financial Officer, Appointed Actuary, Chief Legal Compliance and Risk Officer,
Statutory Auditors and the Internal Auditors attend each Audit Committee Meeting as invitees.
3. Investment Committee
The Investment Committee is set up in compliance with the provisions of the IRDA (Investments) Regulations, 2000 and IRDA Corporate Governance
Guidelines.
to investigate any activity within its terms of reference;
to require other employees/persons to attend meeting or parts thereof;
to seek advise/information from any employee/employees, who shall co-operate with any request made by the committee in the course
of their duties;
to ask from the investment function any specific details/information about the functional activities;
to direct the investment function to implement any specific strategy over & above the existing policy for safeguarding the interest of
the Policyholder and Shareholder.
During FY14-15, the Investment Committee members met four times, as follows:
April 22, 2014;
July 28, 2014;
January 27, 2015.
The Composition of the Investment Committee and the attendance of Members at the meetings during FY14-15 were as under:
4 Ms. Keerti Gupta1 Head Risk 3
5 Mr. Lalit Vermani Chief Legal, Compliance & Risk Officer 4

6 Mr. Mayank Bathwal Deputy Chief Executive officer 4
7 Mr. Pankaj Razdan Managing Director & CEO 3
8 Mr. Sashi Krishnan Chief Investment Officer 4
4. Policyholders Protection Committee
In accordance with the provisions of IRDA Corporate Governance Guidelines the Board has constituted the Policyholders Protection Committee
to address various compliance issues relating to protection of the interests of policyholders.
to put in place proper procedures and effective mechanism to address complaints and grievances of policyholders including misselling
by intermediaries.
to ensure compliance with the statutory requirements as laid down in the regulatory framework.
to ensure adequacy of disclosure of material information to the policyholders.
to review the status of complaints at periodic intervals to the policyholders.
to provide the details of grievances at periodic intervals to IRDAI.
to provide details of insurance ombudsmen to the policyholders.
to evaluate the merit of the investigated complaint cases.
During FY14-15, the Policyholders Protection Committee members met four times, as follows:
April 21, 2014;
August 6, 2014;
December 1, 2014; and
March 23, 2015.
The Composition of the Policyholders Protection Committee and the attendance of Members at the meetings during FY14-15 were as under:
1 Mr. N. N. Jambusaria Chairman 4
2 Mr. Amitabh Verma1 Chief Operating Officer 1
5 Ms. Anjali Makhija2 Head-Customer Service 2
6 Mr. Ashish Lakhtakia3 Company Secretary 2
7 Ms. Gayatri Nathan4 Head-Customer Service & Claims 2
8 Mr. Lalit Vermani Chief Legal, Compliance & Risk Officer 4
9 Mr. Mayank Bathwal Deputy Chief Executive Officer 4
11 Mr. Vikas Seth Chief Distribution Officer 3
12 Mr. Amber Gupta5 Company Secretary & Head Legal 2
1. Ceased w.e.f. April 30, 2014
4. Appointed w.e.f. December 01, 2014
5. Appointed w.e.f. December 01, 2014

5. Risk Management Committee

The Board has constituted the Risk Management Committee (erstwhile Risk Review Meeting) to oversee the risk management and compliance
activities of the Company in line with the requirements under IRDA Corporate Governance Guidelines. The Committee is responsible for putting in
place an oversight of the Companys Risk Management Strategy.
to identify and review with the Management the major areas of risk facing the business activities of the Company and strategies to
manage risks.
to review annually, the adequacy of and compliance with the policies implemented for the management and control of risk, including
investment policies, asset-liability risk management, operational risk, management of risk to reputation, management of outsourcing
arrangements and approves changes to the foregoing as appropriate.
to review annually and approve changes to policies or programs that provide for the monitoring of compliance with legal and regulatory
requirements including legislative compliance management systems.
to review status of compliance, compliance with codes of conduct.
to review market conduct practices.
to review procedures for dealing with customer complaints, and monitors and reviews the effectiveness of and compliance
with procedures.
to review procedures for complying with anti-money laundering and suppression of terrorism laws and regulations worldwide and
monitor its effectiveness.
During FY14-15, the Risk Management Committee members met four times, as follows:
April 22, 2014;
July 31, 2014;
October 29, 2014; and
January 22, 2015.
The Composition of the Risk Management Committee and the attendance of Members at the meetings during FY14-15 were as under:
2 Mr. G. P. Gupta1
Chairman Independent Director 0
3 Mr. Haigreve Khaitan 2
6 Ms. Tarjani Vakil Independent Director 4
7 Mr. Venkatesh Mysore 4
Non-Executive Director 0
6. Finance Committee
The Board has constituted Finance Committee in line with the requirements of the revised Clause 41 of the listing agreement, for the purpose of
approval of the quarterly audited and/or un-audited financial statements.
The broad terms of reference of the Committee inter-alia includes to approve the quarterly Audited and/or unaudited financial results of
the Company.


The Composition of Finance Committee as on March 31, 2015 was as under:
Sr. No. Name of the Committee Members Designation/Category

1 Mr. Ajay Srinivasan Non-Executive Director
2 Mr. B. N. Puranmalka1 Non-Executive Director
3 Mr. G. P. Gupta2 Non-Executive Director
4 Mr. Pankaj Razdan Managing Director & CEO
5 Mr. Sandeep Asthana3 Non-Executive Director
6 Ms. Tarjani Vakil Independent Director
7 Mr. Venkatesh Mysore4 Non-Executive Director
Since the financial statements/results are reviewed and recommended by the Audit Committee and approved by the Board of Directors, no separate
meeting of the Finance Committee was held during the FY14-15.
7. Share Allotment Committee

The Board has re-constituted Share Allotment Committee in line with the requirement of the Companies Act, 2013 and the Companies (Share
Capital and Debenture) Rules, 2014.
The broad terms of reference of the Committee inter-alia includes to allot the shares to the shareholders of the Company and to authorise
the issue of share certificates and shares in dematerialised form to the shareholders of the Company.
The Composition of Share Allotment Committee as on March 31, 2015 was as under:
Sr. No. Name of the Committee Members Designation

1 Mr. G. P. Gupta1 Chairman-Independent Director
2 Mr. B. N. Puranmalka Non-Executive Director
3 Mr. Pankaj Razdan Managing Director & CEO
4 Mr. Sandeep Asthana2 Non-Executive Director
5 Ms. Tarjani Vakil3 Independent Director
8. With Profits Committee
The Board has constituted with Profits Committee in line with IRDA (Non-linked Insurance Products) Regulation, 2013.
to ensure that assets share are maintained at policy level and only the portion of expenses representing this business shall be allocated
to and interest rate credits to these asset shares shall represents the underlying assets of these funds;
to approve the detailed working of the asset share, the expenses allowed for the investment income earned on the fund, etc., which
are represented in the asset share.
During FY14-15, the with Profits Committee members met once on February 24, 2015:
The Composition of the with Profits Committee and the attendance of Members at the meetings during FY14-15 were as under:
1 Mr. G. P. Gupta
1

4 Mr. Vivek Jalan Independent Actuary 1

5 Ms. Tarjani Vakil2 Independent Director 1
9. Corporate Social Responsibility Committee
The Board has constituted Corporate Social Responsibility Committee (CSR Committee) in line with the provisions of Section 135 of the Companies
Act, 2013 (Act) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.
to formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken
by the Company as specified in Schedule VII of the Act;
to recommend the amount of expenditure to be incurred on the activities referred to in Schedule VII; and
to monitor the Corporate Social Responsibility Policy of the Company from time to time.
The Composition of Corporate Social Responsibility Committee as on March 31, 2015 was as under:

3 Mr. Sandeep Asthana Non-Executive Director
10. Nomination and Remuneration Committee (Nrc)
The Board has constituted Nomination and Remuneration Committee (NRC) in line with the provisions of Section 178 of the Companies Act, 2013
read with rules made thereunder.
to identify persons who are qualified to become directors and who may be appointed in senior management.
to recommend to the Board the appointment/removal of directors and senior management in accordance with the criteria laid down
by the Board.
to carry out evaluation of every directors performance in accordance with the criteria laid down by the Board.
to formulate the criteria for determining qualifications, positive attributes and independence of a director.
to recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel, senior management
personnel and other employees.
The Composition of Nomination and Remuneration Committee as on March 31, 2015 was as under:

2 Mr. Kevin Strain Non-Executive Director
3 Mr. M. V. Nair Independent Director
III. Subsidiary Companies

Company has one non-listed Subsidiary namely Birla Sun Life Pension Management Limited (BSLPML) which was incorporated on January 9,
2015, to act as the Pension Fund Manager of the NPS Trust under the National Pension System to manage the pension funds for private sector
in accordance with the applicable provisions of the NPS, the schemes, the guidelines issued by the Pension Fund Regulatory and Development
Authority (PFRDA). The Subsidiary Company is yet to obtain certificate of registration/for commencement of business operations from PFRDA.
IV. Key Managerial Personnel (KMP)

In Compliance with the requirement of the Companies Act, 2013, the Company has appointed Chief Executive Officer, Chief Financial Officer and
Company Secretary as the Key Managerial Personnel.

V. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company has appointed M/s. N. L. Bhatia & Associates, a firm of Company Secretaries in Practice to
undertake the Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report as required to be provided in the format
prescribed in Form MR-3 forms part of the Annual Report.
VI. Disclosures
A. Related Party Transactions
A ll the related party transactions were in ordinary course of business and on arms length basis. The related party transactions of the
Company are quarterly placed and reviewed by the Audit Committee of the Company and necessary briefing is also given to the Board.
B. Remuneration of Directors
T he Company is currently paying sitting fees to the Independent Director and Remuneration to Mr. Pankaj Razdan, Managing Director and
CEO. The remuneration payable to the Managing Director and CEO is approved by the IRDAI. Other than this, the Company is not paying
remuneration/Commission to Directors.
T he details of sitting fees paid to the Independent Directors have been provided earlier in this Report. The details of remuneration paid to
Managing Director and CEO have been provided in form MGT 9 annexed to the Directors' Report.
nly one Director, Mr. Bishwanath N. Puranmalka holds one equity share of ` 10/- jointly with Aditya Birla Nuvo Limited in the share capital
O
of the Company. None of the other Directors of the Company have any holding in the share capital of the Company.
VII. Whistle Blower Policy

The Company has a Whistle Blower Policy to escalate any issues on integrity/business issues/people issues and gender issues. BSLI Grievances
and Disciplinary Committee members, constituted under the Whistle Blower Policy, conduct a proper and unbiased investigation and ascertain
the correctness and trueness of the complaint and recommend necessary corrective measures, including punitive actions such as termination
of employment/agency/contracts. Summary of cases, as and when reported, alongwith status is placed before the Policyholders Protection
Committee for their review and discussion.
VIII. LCMP Certification

This is an Internal Legal and Compliance Management Portal which is a repository for all regulatory notifications, legal & compliance query desk
which has been designed for better governance of Compliance. This is accessible to all employees and anyone can raise any legal, regulatory &
risk query.
Pursuant to applicable laws, the relevant Compliance Checklists, the necessary certificate(s) is/are installed in the System which is called as
Legal & Compliance Management Portal (LCMP). This is system automated tool subject to timely regulatory updation made by the concerned
functions.
This quarterly compliance certificate is taken from relevant function heads based on which the joint certification submitted by Chief Legal,
Compliance and Risk Officer, Chief Financial Officer, Chief Actuarial Officer and Managing Director and CEO and consolidated Compliance Certificate
is placed before Board, Audit Committee and Policyholders Protection Committee.
IX. Management
A detailed Management Discussion and Analysis Report form part of the Annual Report being sent to the stakeholders (including) shareholders of
the Company.
SHAREHOLDERS & GENERAL INFORMATION:
i) General Body Meetings
Details of Annual General Meetings:
Location and time, where Annual General Meetings (AGMs) and Extra Ordinary General Meetings in the last three years were held:
Financial Year AGM/EGM Date & Time Venue

2011-2012 AGM June 20, 2012 at 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower-1, Jupiter Mill
Compound, 841, S. B. Marg, Elphinstone Road, Mumbai 400 013.
2013-2014 EGM May 15, 2013 at 10.30 a.m. A-4, Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai 400 030.
2012-2013 AGM July 02, 2013 at 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower-1, Jupiter Mill
2013-2014 AGM July 02, 2014 at 10.30 a.m. Board Room, 16th Floor, One Indiabulls Centre, Tower-1, Jupiter Mill
2014-2015 EGM August 28, 2014 at 11.00 a.m. One Indiabulls Centre, Tower-1, 16th floor, Jupiter Mill Compound, 841,
S.B. Marg, Elphinstone Road, Mumbai 400 013.
2014-2015 EGM February 23, 2015 at 11.00 a.m. A-4, Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai 400 030.

The special resolutions passed at the Extraordinary General Meetings during the FY14-15 is given here under:
Date of AGM/EGM Particulars of Special Resolutions

August 28, 2014 a) Alteration of Article of Association
b) Ratification of Bonus rate for Par Products
February 23, 2015 a) Making of investment in Subsidiary Company
ii) Shareholder Information

Date, Time and Venue of the 15th Annual General Meeting June 16, 2015 at 11.00 a.m.
16th Floor, One Indiabulls Centre, Tower-1, Jupiter Mill Compound,
841, S. B. Marg, Elphinstone Road, Mumbai 400 013.
Financial Year 2014-15
Registrar and Transfer Agents MCS Limited
Registration no. of the Company as per Companies Act 128110
with the Registrar of Companies
Registration no. of the Company as per Insurance Act with 109
the Insurance Regulatory and Development Authority
ISIN INE951F01015
Corporate Identification Number (CIN) U99999MH2000PLC128110
Permanent Account Number (PAN) AABCB4623J
Registered office/address for correspondence One Indiabulls Centre, Tower-1, 16th Floor, Jupiter Mill Compound, 841,
S. B. Marg, Elphinstone Road, Mumbai 400 013.
iii) Means of Communication

As per the IRDA guidelines on public disclosures, the insurance companies are required to disclose their financials (Balance Sheet, Profit & Loss
Account, Revenue Account and Key Analytical Ratios) by newspapers publication and host the same on their websites within stipulated timelines.
Accordingly, the disclosures are hosted on BSLIs website (www.birlasunlife.com) and adequate steps have been taken to ensure publication of
requisite disclosure in news papers.
iv) Details of Directors seeking Re-appointment/Appointment at the 15th Annual General Meeting
Re-Appointment Appointment
Name of Directors
Mr. Ajay Srinivasan Mr. B. N. Puranmalka Mr. Lalit Naik Mr. Haigreve Khaitan Mr. Sandeep Asthana
Date of Birth November 2, 1963 November 2, 1935 October 10, 1961 July 13, 1970 April 16, 1968
Date of June 16, 2011 August 4, 2000 January 30, 2015 January 30, 2015 August 1, 2014
Appointment/ (Director in casual (Additional (Additional Director)
Re-appointment vacancy) Independent Director)
Qualification BA with Honours in B.Com, F.C.A. F.C.S. B.Tech in Law Graduate from Chemical Engineer
Economics from and LLB Chemical South Kolkata Law from IIT Mumbai
St Stephens College, Engineering from College and MBA from
University of Delhi IIT Kanpur and IIM Lucknow
and an MBA from a MBA from IIM
the Indian Institute Ahmedabad
of Management,
Ahmedabad.
Expertise in specific Financial Services Manufacturing and Manufacturing Mergers & Financial Services
functional Area Life Insurance, Service Industry Chemical Acquisitions, Private Insurance and Fund
Fund Management, Business, strategic Equity transactions, Management Business
Private Equity, Wealth and operational Project Finance
Management, Retail leadership in transactions and
Broking, Non-Banking Chemical Business Financing transactions
Financial Companies

Re-Appointment Appointment
Name of Directors
Mr. Ajay Srinivasan Mr. B. N. Puranmalka Mr. Lalit Naik Mr. Haigreve Khaitan Mr. Sandeep Asthana
List of Public 6 2 6 9 2
Ltd. Companies
(in India) in
which outside
Directorships held
Membership/ 5 1 0 7 0
Chairmanships
of Committees
of other Public
Companies
(includes only
Audit Committee
and Stakeholders
Relationship
Committee)
Reporting under IRDA Corporate Governance Guidelines (IRDA CG Guidelines)

A detailed report on status of Compliance with the Corporate Governance Guidelines (IRDA CG Guidelines) is filed on an annual basis in Compliance
with IRDA Circular no. IRDA/F&A/CG/081/2011 dated May 2, 2011.
Certification for compliance of the Corporate Governance Guidelines

I, Amber Gupta, Company Secretary hereby certify that the Company has complied with the corporate governance guidelines for Insurance
Companies as amended from time to time and nothing has been concealed or suppressed.
Amber Gupta
Company Secretary
Place: Mumbai
Date: April 24, 2015.

Enterprise Risk Management Report for the year ended March 31, 2015
Risk Management Framework

A. Risk Management Framework
The Company has an Enterprise Risk Management (ERM) framework covering procedures to identify, assess and mitigate the key business
risks. Aligned with the business planning process, the ERM framework covers all business risks including strategic risk, operational risks,
investment risks, insurance risks and catastrophic risks. The key business risks identified are approved by the Boards Risk Management
Committee and monitored by the Risk Management team thereafter.
The Company also has in place an Operational Risk Management (ORM) framework that supports excellence in business processes, system
and facilitates matured business decisions to move to a proactive risk assessment and is in the process of implementing the key operational
risk components.
BSLI recognises that information is a critical business asset, and that our ability to operate effectively and succeed in a competitive
market depends on our ability to ensure that business information is protected adequately through appropriate controls and proactive
measures. Accordingly, BSLI has an information security framework that ensures all the information assets are safeguarded by establishing
comprehensive management processes throughout the organisation.
The Companys Investments Function is governed by the Investment Committee and the Asset Liability Management Committee appointed
by the Board of Directors. Investment Policy and Operating Guidelines laid down by the Board provide the framework for management and
mitigation of the risks associated with investments. Asset Liability Policy and various ALM strategies are adopted to ensure adequate Asset
Liability Management. These policies are reviewed at frequent intervals by the respective Board Committees and approved by the Board
where required.
BSLI has a robust Business Continuity framework to ensure resumption of time sensitive activities within defined timeframe at defined
levels. BSLI was the 1st Insurance Company in India to be certified against the BS25999 standard and successfully got transitioned to
ISO 22301 (Globally accepted standard on Business Continuity).
The Company through its risk management policies has set up systems to continuously monitor its experience with regard to other
parameters that affect the value of benefits offered in the products. Such parameters include policy lapses, premium persistency,
maintenance expenses and investment returns.
ERM encompasses the following areas:
Governed by Risk Policies and Operating Guidelines approved by

Board Committee/Sub Committee of the board
Risk Identification Risk Assessment
Enterprise Risk Management

Framework in BSLI
Risk monitoring,
communication and Risk Response and Risk
reporting Management strategy

Risk Policies:
The following risk policies govern and implement effective risk management practices:
Product Design and Pricing Policy, Underwriting and Liability Management Policy, Reinsurance Ceded Policy, Capital Management Policy,
Investment Policies, Valuation Policy, Information Security Policies, Business Continuity Policy, Operational Risk Management Policy, Fraud
Reporting and Investigating Policy, Asset Liability Management policy, Outsourcing policy.
Risk Mitigation Strategies:
The Company is exposed to several risks in the course of its business. The risks on the liabilities front may arise due to more than expected
claims. On the assets front, risks could arise due to the possibility of fluctuations in their market value. The Company is also subject to
expense risk, since until new business volumes grow significantly, the actual expenses of the Company will exceed the expenses loaded into
the product pricing. The Company has implemented adequate safeguards to mitigate these risks. The overall business risks and mitigation
strategies are as described below:
Strategic Risk Risk to future earnings or capital in terms of failure to achieve the Companys strategic or long term business plans,
either through incorrect choices or improper implementation of those choices.
Mitigation Strategy: Strategic risks are managed through risk identification and review process through the
Enterprise Risk Management framework. Strategic risks and mitigating action plans are monitored by the Risk
Management Committee.
Investment Risk Risk to Investment Performance can be due to Systematic Risks like Markets, Interest Rates, Liquidity, etc., or
Unsystematic Risk like the Company specific or Industry Specific Risks. These risks can impact the Guarantees, other
than hampering the Investment performance on temporary/permanent basis.
Mitigation Strategy: Robust governance structure (Investment Committee) and well defined investment policies &
processes ensure that the risks involved in investments are properly identified and acceptable levels are defined.
Stringent investment norms and approval structure ensures healthy portfolio while delivering the expected
performance. All Regulatory and Internal norms are built in the Investment system, which monitors the Investment
limits and exposure norms on real-time basis. The Company uses systems like MSCI Barra One to evaluate and
monitor risks.
Asset Liability An asset-liability mismatch occurs when the financial terms of an institution's assets and liabilities do not correspond.
Management These can lead to non-payment/deferment of claims, expenses, etc.
(ALM) Risk Mitigation Strategy: Robust governance structure (ALM Committee) and well defined Asset Liability Management
framework ensures periodic monitoring of the Asset-Liability position of the Company. BSLIs Asset Liability
Management Techniques aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets
and liabilities as a whole so as to attain a predetermined acceptable risk/reward ratio. Strategies are reviewed
and revised based on the periodic monitoring. Various analyses are carried out to gauge the impact of the Interest
rate movements, market movements and mortality rate assumptions. Further the NAV guarantee products uses
proprietary monitoring mechanisms to ensure adequate ALM.
Operational Risk The uncertainty arising from more than expected losses or damage to finances or reputation resulting from inadequate
or failed internal processes, controls, people, systems or external events.
Mitigation Strategy: Operational risks are governed through Operational Risk Management policy. The Company
maintains an operational loss database to track and mitigate risks resulting in financial losses. The Company
has also initiated a Risk Control Self Assessment process to embed the control testing as a part of day to day
operations. To control operational risk, operating and reporting processes are reviewed and updated regularly.
Ongoing training through internal and external programs is designed to equip staff at all levels to meet the demands
of their respective positions. The Company has a Business Continuity Plan in place to manage any business
interruption risk. The Company is one of the few Indian Insurance companies to be ISO 22301 (Globally accepted
standard on Business Continuity) certified. Fraud management is handled through an internal committee and is
governed by the Fraud Reporting and Investigation Policy.

Insurance Risk The uncertainty of product performance due to differences between the actual experience and expected assumptions
affecting amount of claims, benefits payments, expenses, etc.
Mitigation Strategy: The Company through its risk management policies has set up systems to continuously monitor
its experience with regard to other parameters that affect the value of benefits offered in the products. Such
parameters include policy lapses, premium persistency, maintenance expenses and investment returns.
A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes
and procedures, and guided by international experts. The objective of the underwriting team is to minimise the risks
of abnormal mortality and morbidity by acquiring adequate information, to determine, whether to accept individual
lives, and if so, the extra premium if any, to compensate for any additional risk.
The operating expenses are monitored very closely. Many products offered by the Company also have an investment
guarantee. The Company has set aside additional reserves to cover this risk. Further, the possible financial effect of
adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements.
Further, the possible financial effect of adverse mortality and morbidity experience has been reduced by entering into
reinsurance agreements with RGA, Munich Re and Swiss Re (international reinsurers) for individual life business, RGA
and Munich Re (international reinsurers) for group business. All reinsurers are specialist international reinsurance
companies with excellent reputation and significant financial strength. The Company has entered into a separate
agreement with RGA to cover the catastrophic risks under individual and group business.
Information The risk arising from IT systems (Data Leakage, Application Vulnerabilities, Lack of Segregation of Duties and Access
Security Risk Control), Human error, etc., can cause damage to finances or reputation.
Mitigation Strategy: Information Security risks are governed through Information Security policy. The Company
has a comprehensive policy designed to comply with privacy and/or data protection legislations as specified
in Indian Information Technology Act 2008 and Notification dated 11th April, 2011 on protection of sensitive
personal information and it provides direction to Information Security staff as well as management and employees
regarding their responsibilities for the Information Security function. We also perform risk assessment before any IT
applications. Ongoing training through internal and external programs is designed to equip staff at all levels to meet
the demands of their respective positions.
Business Continuity Management Policy:
To have a planned response in the event of any contingency ensuring recovery of critical activities at agreed levels within agreed timeframe
thereby complying with various regulatory requirements and minimising the potential business impact to BSLI. Additionally to create a
system that fosters continuous improvement of business continuity management.
Business Continuity Management Objectives:
1. Ensuring a Proactive response to any contingency.
2. Ensuring recovery of identified critical activities within agreed timeframe.
3. Ensuring that we adhere to our clients, contractual, legal & regulatory requirements.
Business Continuity Management Framework:
Governance through Board Level Risk

Review Committee & ISO 22301 Framework
Planning Implementation Review through

Exercising through
through through Internal/ISO 22301
Disaster
Business Business Continual
Recovery/Alternate
Impact Continuity Assessment &
Site, Call Tree
Analysis Strategies/ Management
Testing, CMT drills
& Crisis Review Meeting
Evacuation Drills &
Risk Management with BCMS Steering
Facility Walkthrough
Assessment Plan/Alternate Committee
Site & DR Plan
Embedding Business Continuity in the Culture through Risk Awareness Week,

Workshops/Trainings, Screensavers & Mailers

B. Risk Management Committee

Governance structure:
Board of Directors
Risk Management Committee
Risk Management Team
Function Heads
Composition, Meeting, attendance and other details of Risk Management Committee are disclosed in Corporate Governance Report.
The risk management structure comprises of the Risk Management Team and Functional Heads governed by Board Level Risk Management
Committee. Briefly the Roles and Responsibilities of the Committee is summarised below:
Scope & Term of Risk Management Committee
Reference Risk Management
Requires management to identify and present to the Committee, major areas of risk facing the business
activities of the Company and strategies to manage those risks.
Reviews, at least annually, the adequacy of and compliance with the policies implemented for the
management and control of risk, including investment policies, asset-liability risk management, operational
risk, management of risk to reputation, management of outsourcing arrangements and approves changes to
the foregoing as appropriate.
Compliance
Reviews at least annually and approves changes to policies or programs that provide for the monitoring of
compliance with legal and regulatory requirements including legislative compliance management systems.
Reviews the status of compliance and regulatory reviews and business practice reviews worldwide, including
at least annually, compliance with codes of conduct of the Aditya Birla Group and Sun Life Financial.
Reviews market conduct practices.
Reviews procedures for complying with anti-money laundering and suppression of terrorism laws and
regulations worldwide and monitors and reviews the effectiveness and compliance with those procedures.
Others
Performs such other duties and exercises such other powers as may, from time to time, be assigned to
or vested in the Committee by the Board.
In addition to above any such other duties and exercises as may be specified by IRDA by way of notifications
or necessary amendments in applicable statutes and/or guidelines, from time to time.

Auditors Report for the year ended March 31, 2015
Independent Auditors Report

To the Members of Birla Sun Life Insurance Company Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Birla Sun Life Insurance Company Limited (the Company), which comprise
the Balance Sheet as at March 31, 2015, the related Revenue Account (also called the Policyholders Account or the Technical Account), the
Profit and Loss Account (also called the Shareholders Account or Non-Technical Account) and the Receipts and Payments Account for the year
then ended, and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to
the preparation of these standalone financial statements that give a true and fair view of the Balance Sheet, the related Revenue Account, the Profit
and Loss Account and the Receipts and Payments Account of the Company in accordance with accounting principles generally accepted in India,
including the provisions of the Insurance Act, 1938 (the Insurance Act), the Insurance Laws (Amendment) Act 2015 read with IRDAs Circular
no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the IRDA Act), the
Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies)
Regulations, 2002 (the IRDA Financial Statements Regulations), orders/directions issued by the Insurance Regulatory and Development Authority
of India (the IRDA) in this regard, and the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting
and the operating effectiveness of such internal control. An audit also includes evaluating the appropriateness of the accounting policies used and
the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements
give the information required in accordance the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations and the Act to the extent
applicable and in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India,
as applicable to Insurance Companies:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;
(b) in the case of Revenue Account, of the net surplus for the year ended on that date;
(c) in the case of Profit and Loss Account, of the profit for the year ended on that date; and
(d) in the case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.
Other Matter
The actuarial valuation of liabilities for life policies in force is the responsibility of the Companys Appointed Actuary (the Appointed Actuary). The
actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists
as at March 31, 2015 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance
with the guidelines and norms issued by IRDA and the Institute of Actuaries of India in concurrence with the IRDA. We have relied upon Appointed
Actuarys certificate in this regard for forming our opinion on the standalone financial statements of the Company.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDA Financial Statements Regulations, we have issued a separate certificate dated April 24, 2015 certifying the matters
specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.
2. As required by the IRDA Financial Statements Regulations, read with Section 143(3) of the Act, We report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of the audit .
(b) In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by
law have been kept by the Company so far as appears from our examination of those books.
(c) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by this Report
are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7of the Companies (Accounts) Rules, 2014 and with the accounting principles as prescribed in the IRDA Financial
Statements Regulations and orders/directions issued by IRDA in this regard;
(e) In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in
accordance with the provisions of the Insurance Act, the Regulations and/or orders/directions issued by IRDA in this regard;
(f) On the basis of written representations received from the Directors of the Company, as on March 31, 2015 and taken on record by the
Board of Directors, none of the Directors is disqualified as on March 31, 2015 from being appointed as a Director in terms of Section
164(2) of the Act.
(g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Schedule
16, Note 39 to the financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses,
if any, on long-term contracts. The Company did not have any derivative contracts as at balance sheet date - Refer Schedule 16,
Note 38 to the financial statements
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration No.: 101049W ICAI Firm Registration Number: 105146W
per Amit Kabra Hasmukh B. Dedhia

Partner Partner
Membership No. 094533 Membership No. F-33494
Mumbai, 24th April, 2015 Mumbai Mumbai

Annexure to the Auditors Report for the year ended March 31, 2015
Independent Auditors Certificate
To,
The Board of Directors,
One Indiabulls Centre, Tower-1,
16th floor, Jupiter Mill Compound, 841 S.B. Marg,
Elphinstone Road, Mumbai 400 013.
Dear Sirs,
[Ref: Certificate in accordance with the Regulation 13 (D)(7) of the IRDA (Investment) (5th Amendment) Regulations (the Regulations), 2013]
1. At the request of Birla Sun Life Insurance Company Limited (the Company), we have performed the procedures stated in paragraph 2 below,
for the purpose of issuing a certificate in connection with the Regulations, regarding the declaration of the Net Asset Value (NAV) of the
schemes of the Company as at March 31, 2015.
2. In this connection, we have performed the following procedures:
a. Obtained representation from the management that the Company has declared March 31, 2015 as a business day for accepting application
forms and that it has declared NAV for March 31, 2015;
b. Obtained the list of New Business applications, Renewal receipts, applications for Surrender, Free Look Cancellation, Fund Switches,
Withdrawal, Partial Withdrawal and Top Up received in respect of Unit Linked Products on March 31, 2015 (together referred to as
Application Forms), from the Management;
c. Selected a sample of Application Forms from listing mentioned in paragraph 2(b) above and verified whether:
i. The applications received on Tuesday, March 31, 2015, upto 3.00 p.m. have been appropriately stamped; and the NAV of March 31,
2015 is applied for applications received by the Company upto 3.00 p.m. on Tuesday, March 31, 2015 for the selected samples; and
ii. The applications received on Tuesday, March 31, 2015, after 3.00 p.m. hours have been appropriately stamped; and the NAV of
April 1, 2015 is applied for the applications received by the Company after 3.00 p.m. hours on Tuesday, March 31, 2015 for the
selected samples.
3. The compliance with conditions stated in the circular is the responsibility of the Companys management. Our responsibility is to perform the
above-mentioned procedures on the particulars and state our findings. We performed the above-mentioned procedures, in accordance with
the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (ICAI).
The above-mentioned procedures include examining evidence supporting the particulars on a test basis. Further, our scope of work did not
involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or
the financial statements of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression
of an opinion on the financial statements, specified elements, accounts or items thereof, for the purpose of this certificate. Accordingly, we do
not express such opinion.
4. Based on the procedures performed by us, as mentioned in paragraph 2 above, according to the information and explanations provided to us
and representation by the Companys management, we confirm that:
a. The Company has declared March 31, 2015 as a business day for accepting proposal forms;
b. The Company has declared NAV for March 31, 2015;
c. The applications received on Tuesday, March 31, 2015 upto 3.00 p.m. have been stamped as such and that the NAV of March 31, 2015 is
applied for proposals received upto 3.00 p.m.; and
d. The application received on Tuesday, March 31, 2015 after 3.00 p.m. have been stamped as such and that the NAV of next financial year
i.e. April 1, 2015 is applied for proposal received after 3.00 p.m.
5. The concurrent auditors of the Company, M/s. M. P. Chitale & Co., Chartered Accountants have issued a certificate dated April 21, 2015
confirming the compliance with requirements of Regulation 13 (D)(5) of the Regulations. We have read the certificate and found the same to
be in order.
6. This certificate is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts as per Regulation
13 (D)(7) of the Regulations and is not intended to be used or distributed for any other purpose. We have no responsibility to update this
certificate for events and circumstances occurring after the date of this certificate.

Partner Partner
Membership No. 094533 Membership No. 33494

Annexure to the Auditors Report for the year ended March 31, 2015
Independent Auditors Certificate

(Referred to in paragraph 1 of our Report on Other Legal and Regulatory Requirements forming part of the Independent Auditors Report dated
April 24, 2015)
T his certificate is issued to comply with the provisions of paragraphs 3 and 4 of Schedule C of the Insurance Regulatory and Development Authority
(Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2002, (the Regulations) read with regulation 3
of the Regulations.
Management of the Company is responsible for complying with the provisions of The Insurance Act, 1938 (the Insurance Act), the Insurance
Laws (Amendment) Act 2015 read with IRDAs Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the Insurance Regulatory and
Development Authority Act, 1999 (the IRDA Act), the Insurance Regulatory and Development Authority (Preparation of Financial Statements
and Auditors Report of Insurance Companies) Regulations, 2002 (the IRDA Financial Statements Regulations), orders/directions issued by
the Insurance Regulatory and Development Authority of India (the IRDA) which includes the preparation of the Management Report. This includes
collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as
aforesaid.
Our responsibility, for the purpose of this certificate, is limited to certifying matters contained in paragraphs 3 and 4 of Schedule C of the
Regulations. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued
by the Institute of Chartered Accountants of India (the ICAI).
In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the
books of account and other records maintained by Birla Sun Life Insurance Company Limited (the Company) for the year ended March 31, 2015,
we certify that:
1. We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2015, and on the basis of our
review, there is no apparent mistake or material inconsistencies with the financial statements;
2. Based on management representations and compliance certificates submitted to the Board of Directors by the officers of the Company
charged with compliance and the same being noted by the Board, we certify that the Company has complied with the terms and conditions
of registration stipulated by the IRDA;
3. We have verified the cash balances, to the extent considered necessary, and securities relating to the Companys loans and investments as at
March 31, 2015, by actual inspection or on the basis of certificates/confirmations received from the Custodian and/or Depository Participants
appointed by the Company, as the case may be. As at March 31, 2015, the Company does not have reversions and life interests;
4. The Company is not a trustee of any trust; and
5. No part of the assets of the Policyholders Funds has been directly or indirectly applied in contravention to the provisions of the Insurance
Act, 1938, relating to the application and investments of the Policyholders Funds.

Partner Partner
Membership No. 094533 Membership No. F-33494

Revenue Account for the year ended March 31, 2015
Birla Sunlife Insurance Company Limited Form A-RA

Registration Number: 109 dated 31st January 2001
Policyholders Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Year ended Year ended
Particulars Schedule
31st March 2015 31st March 2014
Premiums Earned - Net
(a) Premium 1 52,332,246 48,330,521
(b) Reinsurance ceded (1,648,583) (1,882,008)
(c) Reinsurance accepted
Sub-Total 50,683,663 46,448,513
Income from Investments
(a) Interest, Dividend & Rent - Gross 13,521,864 11,758,483
(b) Profit on Sale/Redemption of Investments 30,620,788 10,668,152
(c) (Loss) on Sale/Redemption of Investments (1,470,354) (7,676,685)
(d) Transfer/Gain (Loss) on revaluation/Change in Fair value 10,419,776 10,208,794
Sub-Total 53,092,074 24,958,744
Other Income
(a) Contribution from the Shareholders' Account (Refer Schedule 16 Note 6) 3,153,831 2,591,891
(b) Others (Interest, etc.) 336,157 365,427
Sub-Total 3,489,988 2,957,318
Total (A) 107,265,725 74,364,575
Commission 2 2,333,736 2,347,130
Operating Expenses related to Insurance Business 3 8,707,124 9,180,154
Service Tax on Charges 1,019,890 1,190,429
Provision for doubtful debts
Bad Debts written off
Provision for Fringe benefit tax
Provision (other than taxation)
(a) For diminution in value of investments (net)
(b) Others
Total (B) 12,060,750 12,717,714
Benefits paid (Net) 4 37,716,053 36,654,283
Interim Bonuses Paid 2,847 734
Change in valuation of liability in respect of life policies
(a) Gross 15,935,934 10,429,613
(b) Fund Reserve 34,340,805 10,372,440
(c) Premium Discontinuance Fund - Linked 4,224,216 2,704,030
(d) (Amount ceded in Re-insurance) (1,432,326) (2,376,717)
(e) Amount accepted in Re-insurance
Total (C) 90,787,529 57,784,383
Surplus (D) = (A) (B) (C) 4,417,446 3,862,477
Appropriations
Transfer to Shareholders' Account (Refer Schedule 16 Note 6) 4,966,022 5,224,519
Transfer to other Reserve
(Release from)/Transfer to Funds for Future Appropriation (548,576) (1,362,041)
Total (D) 4,417,446 3,862,478
The total surplus as mentioned below:
(a) Interim Bonuses Paid 2,847 734
(b) Allocation of Bonus to Policyholders 628,308 380,045
(c) Surplus shown in the Revenue Account 4,417,446 3,862,478
Total Surplus [(a)+(b)+(c)] 5,048,601 4,243,256
Significant Accounting Policies and Disclosures 16

The schedules and accompanying notes are an integral part of this Revenue Account
As required by Section 40B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business transacted in India by the Company have been
fully debited to the Policyholders' Account.
In terms of our report attached
For S. R. Batliboi & Associates LLP For Khimji Kunverji & Co. For and on behalf of the Board of Directors
ICAI Firm Registration No. 101049W ICAI Firm Registration No. 105146W
per Amit Kabra Hasmukh Dedhia Kumar Mangalam Birla Ajay Srinivasan Donald A. Stewart
Partner Partner Chairman Director Director
Membership No. 094533 Membership No. 33494 (DIN - 00012813) (DIN - 00121181) (DIN - 00438164)

Profit and Loss Account for the year ended March 31, 2015
Birla Sunlife Insurance Company Limited Form A-PL

Shareholders Account (Non-technical Account)
Particulars Schedule 31st March 2015 31st March 2014
Amounts transferred from Policyholders Account (Technical Account) 4,966,022 5,224,519
(Refer Schedule 16 Note 6)
(a) Interest, Dividend & Rent Gross 1,210,540 1,053,255
(b) Profit on sale/redemption of investments 65,860 108,540
(c) (Loss) on sale/redemption of investments (12,419)
Other Income
Total (A) 6,242,422 6,373,895
Expense other than those directly related to the insurance business 3A 234,562 74,468
Bad debts written off
(a) For diminution in the value of investment (net)
(b) Provision for doubtful debts
(c) Others
(d) Contribution to the Policyholders Account 3,153,831 2,591,891
Total (B) 3,388,393 2,666,359
Profit before tax 2,854,029 3,707,536

Provision for taxation
Profit after tax 2,854,029 3,707,536
Appropriations
(a) Balance at the beginning of the period (9,536,350) (12,424,921)
(b) Interim dividends during the period
(c) Proposed final dividend 700,000
(d) Dividend distribution tax 118,965
(e) Transfer to reserves/other accounts
Loss carried forward to Balance Sheet (6,682,321) (9,536,350)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `) 1.50 1.94
The schedules and accompanying notes are an integral part of this Profit and Loss Account
In terms of our report attached.
ICAI Firm ICAI Firm
Registration No. 101049W Registration No. 105146W

Balance Sheet for the year ended March 31, 2015
Birla Sunlife Insurance Company Limited Form A-BS

Balance Sheet as at 31st March, 2015
As at As at
Particulars Schedule 31st March 2015 31st March 2014
Sources of Funds
Shareholders funds:
Share Capital 5 19,012,080 19,012,080
Reserves and Surplus (Refer Schedule 16 Note 34) 6 2,682,948 2,682,948
Credit/(Debit)/Fair Value Change Account 1,409
Sub-Total 21,695,028 21,696,437
Borrowings 7
Policyholders Funds:
Credit/(Debit) Fair Value Change Account 335,732 40,623
Policy liabilities 42,856,865 28,353,255
Insurance reserves
Provision for linked liabilities 211,153,672 187,232,643
Funds for discontinued policies
(i) Discontinued on account of non-payment of premium 8,978,658 4,754,442
(ii) Others
Credit/(Debit) Fair Value Change Account (Linked) 24,879,886 14,460,109
Total Linked Liabilities 245,012,216 206,447,194
Sub-Total 288,204,813 234,841,072
Funds for Future Appropriation
Linked Liabilities 184,774 733,351
Total 310,084,615 257,270,860
Application of Funds
Investments
Shareholders 8 15,523,423 13,292,091
Policyholders 8A 41,311,520 28,007,168
Assets Held to Cover Linked Liabilities 8B 245,012,216 206,447,194
Loans 9 378,749 284,669
Fixed Assets 10 491,661 399,243
Current Assets
Cash and Bank Balances 11 4,311,893 5,076,825
Advances and Other Assets 12 3,875,590 3,540,989
Sub-Total (A) 8,187,483 8,617,814
Current Liabilities 13 6,817,496 7,786,437
Provisions 14 279,135 1,121,105
Sub-Total (B) 7,096,631 8,907,542
Net Current Assets (C) = (A B) 1,090,852 (289,728)
Miscellaneous Expenditure
(To the extent not written off or Adjusted) 15
Debit Balance in Profit and Loss Account (Shareholders Account) 6,276,194 9,130,223
Total 310,084,615 257,270,860
The schedules and accompanying notes are an integral part of this Balance Sheet
ICAI Firm ICAI Firm

Schedules for the year ended March 31, 2015
Schedule 1
Premium

Particulars
1 First Year Premium 18,963,685 16,387,172
2 Renewal Premium 32,952,821 31,355,621
3 Single Premium 415,740 587,728
Total Gross Premium 52,332,246 48,330,521
Premium Income from Business written:

In India 52,332,246 48,330,521
Outside India
Total Premium 52,332,246 48,330,521
Note: Refer Schedule 16 Note 2(c)(i)
Schedule 2
Commission expenses
Particulars
Commission Paid
Direct First Year Premium 1,321,172 1,486,361
Renewal Premium 1,007,208 851,244
Single Premium 5,356 9,525
Sub-Total 2,333,736 2,347,130
Add: Commission on Re-insurance Accepted

Less: Commission on Re-insurance Ceded
Others:
Bonus Commission
Net Commission 2,333,736 2,347,130
Breakup of Commission
Particulars 1,565,620 1,530,468
Individual Agents
Brokers 238,681 274,460
Corporate Agents 529,283 541,448
Referral 152 754
Total 2,333,736 2,347,130
Note: Refer Schedule 16 Note 2(e)

Schedule 3
Operating Expenses Related to Insurance Business
Particulars
1 Employees remuneration, welfare benefits and other manpower costs 4,691,423 5,064,391
2 Travel, conveyance and vehicle running expenses 202,647 180,677
3 Training expenses 134,032 40,786
4 Rents, rates and taxes 623,248 714,508
5 Repairs & maintenance 237,730 251,514
6 Printing and stationery 67,635 87,188
7 Communication expenses 170,253 161,506
8 Legal and professional charges 100,139 122,340
9 Medical fees 61,648 40,375
10 Auditors fees, expenses, etc.
(a) (i) As auditor 6,601 5,400
(ii) Out of pocket expenses 491 626
(b) As advisor or in any other capacity, in respect of
(i) Taxation services/matters
(ii) Management services 1,080 1,014
11 Advertisement and publicity 705,992 757,085
12 Interest and bank charges (112,794) 145,629
13 Others: 1) Distribution expenses 464,830 526,873
2) Agents recruitment, seminar and other expenses 10,661 11,186
3) Recruitment and seminar expenses 142,976 53,698
4) IT expenses (including maintenance) 418,065 363,272
5) Policy stamps 167,131 161,574
6) (Profit)/Loss on sale of assets 9,605 (1,339)
7) Service Tax expenditure including provision for unutilised credit* (108,274)
8) Electricity expenses 146,324 178,544
9) Miscellaneous expenses 39,725 5,141
10) Outsourcing expenses 227,474 252,490
14 Depreciation 190,207 163,949
Total 8,707,124 9,180,154
* Includes reversal of provisions relating to unutilised credit of service tax for earlier years.
Schedule 3A
Operating Expenses other than those Directly Related to Insurance Business
Particulars
1 Employees' remuneration, welfare benefits and other manpower costs 154,466 34,393
2 Legal and professional charges 13,564 8,778
3 Interest and bank charges 37,135 11,487
4 Miscellaneous Expenses 29,396 19,811
Total 234,562 74,470

Schedule 4
Benefits Paid (Net)
Particulars
1 Insurance Claims
(a) Claims by Death 3,536,825 3,394,929
(b) Claims by Maturity 503,908 599,761
(c) Annuities/Pension payment 25,354 4,549
(d) Other benefits
(i) Surrender 34,859,953 33,816,203
(ii) Riders 42,634 55,702
(iii) Health 11,619 8,866
(iv) Survival and Others 96,183 183,224
2 (Amount ceded in reinsurance):
(a) Claims by Death (1,356,734) (1,403,651)
(b) Claims by Maturity
(c) Annuities/Pension Payment
(d) Other benefits (Health) (3,689) (5,300)
3 Amount accepted in reinsurance:
(a) Claims by Death
(d) Other benefits
Total 37,716,053 36,654,283
Benefits paid to Claimants

1 In India 37,716,053 36,654,283
2 Outside India
Total 37,716,053 36,654,283
Note: Refer Schedule 16 Note 2(d)
Schedule 5
Share Capital
As at As at
Particulars
1 Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each 37,500,000 37,500,000
2 Issued, Subscribed & Paid-up Capital
1,901,208,000 Equity Shares (Previous Year: 19,012,080 19,012,080
1,901,208,000 Equity Shares) of ` 10/- each fully paid-up
Less: Preliminary Expenses
Total 19,012,080 19,012,080
Note: Of the above 1,406,893,920 Equity Shares (Previous Year: 1,406,893,920 equity shares) of ` 10/- each are held by Aditya Birla Nuvo Limited,
the holding Company.

Schedule 5A
Pattern of shareholding (As certified by the Management)
As at 31st March 2015 As at 31st March 2014
Shareholder
Number of Shares % of Holding Number of Shares % of Holding
Promoters:
Indian 1,406,893,920 74% 1,406,893,920 74%
Foreign 494,314,080 26% 494,314,080 26%
Others
Total 1,901,208,000 100% 1,901,208,000 100%
Schedule 6
Reserves and Surplus
As at As at As at As at
Particulars
31st March 2015 31st March 2015 31st March 2014 31st March 2014
1 Capital Reserve
2 Capital Redemption Reserve 682,920 682,920
3 Share Premium
Opening balance 2,000,028 4,800,000
Add: Additions during the year
Less: Utilised during the year 2,000,028 2,799,972 2,000,028
4 Revaluation Reserve
5 General reserve
Opening balance 406,127 406,127
Less: Debit balance of Profit & Loss Account 406,127 406,127
Less: Utilised during the year
6 Catastrophe Reserve
7 Balance of profit in Profit and Loss Account
Total 2,682,948 2,682,948
Schedule 7
Borrowings
As at As at
Particulars
1 Debentures/Bonds
2 Banks
3 Financial Institutions
4 Others
Total

Schedule 8
Investments - Shareholders
As at As at
Particulars
LONG-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills
(Refer Schedule 16 Note 17 (iii) a & b)* 6,272,100 5,311,487
2 Other Approved Securities 496,993 497,311
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(c) Derivative Instruments
(d) Debentures/Bonds 2,960,289 1,871,698
(e) Other Securities 458,500 99,000
(f) Subsidiaries*** 500
(g) Investment Properties-Real Estate
4 Investments in Infrastructure and Social Sector 4,504,366 3,414,290
5 Other than Approved Investments 12,500 12,500
Total (A) 14,705,248 11,206,286
SHORT-TERM INVESTMENTS
1 Government securities and Government guaranteed bonds including Treasury Bills 3,732
2 Other Approved Securities
- Fixed Deposits** 300,000 300,000
- Others 35,688
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds 314,305
(d) Debentures/Bonds 7,519 49,989
(e) Other Securities
(f) Subsidiaries
4 Investments in Infrastructure and Social Sector
5 Outstanding trades
6 Other than Approved Investments 506,924 1,385,823
Total (B) 818,175 2,085,805
TOTAL (A) + (B) 15,523,423 13,292,091
Notes:
1 Aggregate amount of Companys investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof.
As at As at
Particulars
Aggregate amount of Companys investments other than listed equity securities, mutual fund
and derivative instruments 15,016,500 11,591,963
Market value of above Investments 15,595,729 11,212,664
2 *** Investments in subsidiary companies at cost is ` 500 (Previous year ` Nil)

3 Investments made out of Catastrophe reserve is ` Nil (Previous year ` Nil)
4 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in
value of investments, if any.
5 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 506,923 (Previous Year: ` 1,698,719) and for equity ` 13,000
(Previous year: ` 12,500).
6 * Includes Government securities amounting to ` 275,359 have been deposited with Clearing Corporation of India Ltd. (CCIL) towards
Settlement Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL.
7 ** Fixed Deposit amounting to ` 250,000 and ` 50,000 have been placed with National Securities Clearing Corporation Ltd. (NSCCL) and
Indian Clearing Corporation Ltd. (ICCL) respectively towards margin requirement for Equity trade settlement.
8 Refer Schedule 16 Note 2(f).

Schedule 8A
Investments - Policyholders
As at As at
Particulars
1 Government securities and Government guaranteed bonds including Treasury Bills 20,266,454 12,256,995
2 Other Approved Securities 1,135,095 798,415
3 Other Investments
(a) Shares
(aa) Equity 2,705,948 270,335
(bb) Preference 2,178 1,905
(b) Mutual Funds
(e) Other Securities 735,200 185,200
(f) Subsidiaries
4 Investment in Infrastructure and Social Sector 8,023,803 5,170,449
5 Other than Approved Investments 69,850 5,211
Total (A) 38,807,564 22,367,573
1 Government securities and Government guaranteed bonds including Treasury Bills 699,714 1,791,486
- Fixed Deposits 100,000 950,000
- Others 297,145 1,656,350
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual fund 764,309 429,131
(d) Debentures/Bonds 59,826 50,000
(f) Subsidiaries
4 Investment in Infrastructure and Social Sector 138,566 80,005
5 Other than Approved Investments* 444,396 682,623
Total (B) 2,503,956 5,639,595
TOTAL (A) + (B) 41,311,520 28,007,168
Notes:
1 Aggregate amount of companys investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof.
As at As at
Particulars
Aggregate amount of Companys investments other than listed equity securities,
mutual fund and derivative instruments 37,219,176 26,589,498
Market value of above Investments 38,892,672 25,934,117
2 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous Year ` Nil).
3 Investments made out of catastrophe reserves is ` Nil (Previous Year ` Nil).
4 Debt Securities are held to maturity and reduction in market values represents market conditions and not a permanent diminution in the
5 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 1,208,705 (Previous Year: ` 1,110,898) and for equity
` 2,544,993 (Previous year: 266,151).

Schedule 8B
Assets held to cover linked liabilities
As at As at
Particulars
1 Government securities and Government guaranteed bonds including Treasury Bills 46,517,839 28,658,732
2 Other Approved Securities 495,756 354,506
3 Other Investments
(a) Shares
(aa) Equity 92,778,791 88,174,868
(bb) Preference 87,370 76,449
(b) Mutual Funds
(e) Other Securities 2,705,000 1,151,000
(f) Subsidiaries
5 Other than Approved Investments 2,365,041 2,662,100
Total (A) 215,372,878 169,860,079
1 Government securities and Government guaranteed bonds including Treasury Bills 514,818 444,641
- Fixed Deposits 3,269,800 7,163,100
- Others 7,415,909 7,518,280
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(d) Application Money
(f) Subsidiaries
5 Other than Approved Investments 8,199,668 9,537,866
Total (B) 23,037,638 30,887,858
OTHER ASSETS
1 Bank Balances 11,396 1,645,187
2 Interest Accrued & Dividend Receivable 3,729,385 3,225,643
3 Fund Charges
4 Outstanding Contracts (Net) 2,860,919 828,427
Total (C) 6,601,700 5,699,257
TOTAL (A) + (B) + (C) 245,012,216 206,447,194
Refer Schedule 16 Note 2(f)
Notes:
1 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil (Previous Year ` Nil).
2 Investments made out of catastrophe reserves is ` Nil (Previous Year ` Nil).
3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value
of investments, if any.
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 7,015,424 (Previous Year: ` 8,628,311) and for equity
` 90,094,930 (Previous year: ` 85,816,047).

Schedule 9
Loans
As at As at
Particulars
1 Security-wise classification
Secured
(a) On mortgage of property
(aa) In India
(bb) Outside India
(b) On Shares, Bonds, Govt. Securities, etc.
(c) Loans against Policies 378,749 284,669
(d) Others
Unsecured
Total 378,749 284,669
2 Borrower-wise classification
(a) Central and State Governments
(b) Banks and Financial Institutions
(c) Subsidiaries
(d) Companies
(e) Loans against Policies 378,749 284,669
(f) Others
Total 378,749 284,669
3 Performance-wise classification
(a) Loans classified as standard:
(aa) In India 378,749 284,669
(bb) Outside India
(b) Non-standard loans less provisions
(aa) In India
(bb) Outside India
Total 378,749 284,669
4 Maturity-wise classification
(a) Short-Term 116 2,248
(b) Long-Term 378,633 282,421
Total 378,749 284,669
Note: Refer Schedule 16 Note 2(g).

Schedule 10
Fixed Assets
Cost/Gross Block Depreciation Net Block
Schedules
As at Additions On Sales/ As at As at For the On Sales/ As at As at As at

Particulars
2014_BSLI AR_Financial_Part 1.indd 87

April 1, Adjustments March 31, April 1, year Adjustments March 31, March 31, March 31,
2014 2015 2014 2015 2015 2014
Goodwill
Intangibles (Software) 953,197 172,564 1,125,761 853,995 73,361 927,356 198,405 99,201
Land-Freehold
Leasehold property
Buildings
Furniture & Fittings 111,833 15,718 12,577 114,974 101,245 4,795 12,238 93,802 21,172 10,589
Information Technology Equipment 696,495 53,061 57,487 692,070 568,255 74,529 53,464 589,321 102,749 128,239
Vehicles 15,079 4,093 6,002 13,170 7,270 3,367 4,486 6,151 7,020 7,810
Office Equipment 204,786 10,824 19,234 196,376 177,961 10,919 18,357 170,522 25,854 26,825
Others (Leasehold Improvements) 364,528 21,205 41,464 344,269 287,447 23,235 30,683 280,000 64,269 77,081
Total 2,345,918 277,465 136,764 2,486,620 1,996,173 190,206 119,228 2,067,152 419,468 349,745
Capital Work in Progress
72,193 49,499
(Including Capital Advances)
Grand Total 2,345,918 277,465 136,764 2,486,620 1,996,173 190,206 119,228 2,067,152 491,661 399,243
Previous Year 2,322,534 199,124 175,742 2,345,915 1,991,726 163,948 159,503 1,996,171 399,243
Notes:
1. Refer Schedule 16 Note 2(h).
2. Sale/Adjustments as appearing in gross block includes closure of branches & assets write off thereon.
3. Jointly held assets which form part of Schedule 10.
Net Block
As at As at
Particulars
March 31, March 31,
2015 2014
Furniture & Fittings
for the year ended March 31, 2015
Information Technology Equipment

Vehicles
Office Equipment 60 897
Others (Leasehold Improvements) 72
Total 60 968
Grand Total 60 968
Previous Year 968

11/10/15 4:01:15 PM
Schedule 11
Cash and Bank Balances
As at As at
Particulars
1 Cash (including cheques on hand ` 1085,128/- Previous year ` 146,748/-) 1,123,823 1,076,194
(Stamps on hand ` 216/- Previous year ` 17,725/-)
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months) 3,063,421 3,922,148
(bb) Others
(b) Current Accounts 124,649 78,483
(c) Others
3 Money at Call and Short Notice

(a) With Banks
(b) With other Institutions
4 Others
Total 4,311,893 5,076,825
Balances with non-scheduled banks included in 2 above

1 In India 4,311,893 5,076,825
2 Outside India
Total 4,311,893 5,076,825

Schedule 12
Advances and Other Assets
As at As at
Particulars
ADVANCES
1 Reserve deposits with ceding companies
2 Application money for investments
3 Prepayments 184,796 183,822
4 Advances to Directors/Officers
5 Advance tax paid and taxes deducted at source 7,691 4,816
6 Other advances
(a) Advance to Suppliers/Contractors 30,782 67,913
(b) Others 66,060 35,303
Total (A) 289,329 291,854
OTHER ASSETS
1 Income accrued on Investments 1,703,114 1,223,721
2 Outstanding Premiums 1,022,818 1,038,095
3 Agents Balances (gross) 26,742 37,309
Less: Provision for doubtful debts 26,742 37,309
4 Foreign Agencies Balances
5 Due from other Entities carrying on insurance business 8,078 28,372
6 Due from Subsidiary company 3,646
7 Deposit with Reserve Bank of India
8 Service Tax unutilised credits 262,578 341,752
Less: Provision for Service Tax unutilised credits 262,578 341,752
9 Others-
Deposits & Others 333,180 371,607
Outstanding Trades 13,263
Insurance Policies (Leave Encashment) 226,105 195,016
Application money for Investment
Total (B) 3,586,261 3,249,135
Total (A + B) 3,875,590 3,540,989

Schedule 13
Current Liabilities
As at As at
Particulars
1 Agents Balance 510,546 554,781
2 Balances due to other insurance companies 27,968 27,012
3 Deposits held on re-insurance ceded
4 Premiums received in advance 1,114,921 1,576,145
5 Unallocated premiums 61,188
6 Sundry Creditors* 1,874,443 2,330,840
7 Due to holding company
8 Claims outstanding 126,711 91,612
9 Annuities Due
10 Due to Officers/Directors
11 Others
(a) Policy Application and other Deposits 687,160 743,249
(b) Due to Policyholders 64,913 30,245
(c) Taxes Payable 171,051 221,424
(d) Temporary Overdraft (as per books only)
(e) Unclaimed amounts of policyholders 2,178,595 2,211,129
(f) Interim dividend payable
Total 6,817,496 7,786,437
* T here are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at
31st March 2015. This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company.
Schedule 14
Provisions
As at As at
Particulars
1 For taxation
(a) Provision for wealth tax 78 84
2 For proposed dividends 700,000
3 For dividend distribution tax 118,965
4 Others
(a) Provision for long-term bonus plan [Refer Schedule 16, Note 25] 146,553 157,062
(b) Provision for renewal bonus
(c) Provision for gratuity
(d) Provision for leave encashment [Refer Schedule 16, Note 26 (a)(ii)] 132,504 144,994
Total 279,135 1,121,105
Schedule 15
(To the extent not written off or adjusted)
As at As at
Particulars
1 Discount Allowed in issue of shares/debentures
2 Others
Total

BIRLA SUN LIFE INSURANCE COMPANY LIMITED

Schedules forming part of the Financial Statements for the year ended 31st March 2015
Schedule 16
Notes to the Financial Statements
1. Background
Birla Sun Life Insurance Company Limited (the Company), headquartered at Mumbai, had commenced operations on 19th March 2001,
after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority (IRDA) on
31st January 2001. The license has been renewed annually and is in force as at 31st March 2015.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life
Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). This business spans across
individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering additional
benefits are offered under these products. These products are distributed through individual agents, corporate agents, banks, brokers and
other intermediaries across the country.
2. Significant Accounting Policies
a) Basis of preparation
The accompanying financial statements have been prepared and presented under the historical cost convention, on the accrual basis
of accounting, in accordance with accounting principles generally accepted in India, including the provisions of the Insurance Act,
1938 (the Insurance Act), the Insurance Laws (Amendment) Act 2015 read with IRDAs Circular no. IRDAI/F&A/CIR/FA/059/03/2015
dated March 31, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the IRDA Act), the Insurance Regulatory and
Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002
(the IRDA Financial Statements Regulations), orders/directions issued by the Insurance Regulatory and Development Authority of
India (the IRDA) in this regard, the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014, and various circulars issued by IRDA and practices prevailing in the insurance industry in India. The accounting
policies have been consistently applied by the Company.
The management evaluates all recently issued or revised accounting pronouncements on an ongoing basis.
b) Use of estimates
The preparation of the financial statements in conformity with generally accepted accounting principles (GAAP) requires that the
Companys management make estimates and assumptions that affect the reported amounts of income and expenses for the year,
reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the financial statements.
The estimates and assumptions used in the financial statements are based upon managements evaluation of the relevant facts and
circumstances as on date of the financial statement. Any revision to accounting estimates is recognised prospectively. Examples of
such estimates include valuation of policy liabilities, provision for linked liabilities, funds for future appropriations, provision for doubtful
debts, valuation of unlisted securities, if any, valuation of debt securities, future obligations under employee retirement benefits plans
and the useful lives of fixed assets, etc. Actual results could differ from these estimates.
c) Revenue recognition
i. Premium Income
Premium is recognised as income when due from policyholders. For unit linked business, premium income is recognised when
the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case
of linked business, top up premium paid by policyholders are considered as single premium and are unitised as prescribed by
the regulations. This premium is recognised when the associated units are created.
ii. Income from Investments
Interest income on investments is recognised on accrual basis. Amortisation of discount/premium relating to the debt securities
(in case of non-link policy holders) and money market securities is recognised over the remaining maturity period on a
straight-line basis.
Dividend income is recognised on ex-date.
The realised profit/loss on debt/money market securities for other than linked business is the difference between the net sale
consideration and the amortised cost.
The realised profit/loss on debt securities held for linked business is difference between net sale consideration and weighted
average cost and for money market securities it is the difference between the net sale consideration and the amortised cost.
The realised profit/loss on sale of equity shares and equity related instruments/mutual fund units is the difference between the
net sale consideration and weighted average cost.
iii. Reinsurance premium
Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and
conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of premium
is recognised in the year in which they occur.

iv. Income from linked policies

Income from linked policies, which include asset management fees, policy administration charges, mortality charges and other
charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the policies and recognised
when due.
Interest income on loans is recognised on an accrual basis and disclosed under other income.
d) Benefits paid (including claims)
Death and other claims are accounted for, when notified. Survival and maturity benefits are accounted when due. Surrenders/
Withdrawals under linked policies are accounted in the respective schemes when the associated units are cancelled. Reinsurance
recoverable thereon, if any, is accounted for in the same period as the related claim. Repudiated claims disputed before judicial
authorities are provided for based on management prudence considering the facts and evidences available in respect of such claims.
e) Acquisition costs
Acquisition costs are costs that vary with and are primarily related to acquisition of insurance contracts. Acquisition costs mainly
consists of commission, medical costs, policy printing expenses, stamp duty and other related expenses. These costs are expensed
in the year in which they are incurred. Clawback of the first year commission paid, if any, in future is accounted in the year in which it
is recovered.
f) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment)
Regulations, 2000, the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001 and various
other circulars / notifications issued by the IRDA in this context from time to time.
Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, setup cost, transaction
charges or any other charges included in broker note.
Brokerage and transaction cost which are incurred for the purpose of execution of trade and is included in the cost of investment, does
not exceed 0.15 percent in case of cash transactions.
i. Classification
Investments maturing within twelve months from the balance sheet date are classified as short-term investments.
Investments other than short-term investments are classified as long-term investments.
ii. Debt securities
Policyholders non-linked funds and shareholders investments:
All debt securities, including Central and State government securities (Government securities), are considered as held to
maturity and stated at amortised cost. The discount or premium which is the difference between the purchase price and the
redemption amount of fixed income securities is amortised and recognised in the revenue account, on a straight line basis
over the remaining period to maturity of these securities.
Policyholders linked funds:
All debt securities, including Government securities (excluding T Bills), under policyholders linked funds are valued using
average of the security level valuation provided by CRISIL & ICRA. The discount or premium on money market instruments
(including T Bills) which is the difference between the purchase price and the redemption amount is amortised and recognised
in the revenue account on a straight line basis over the remaining period to maturity of these securities.
iii. Equity shares/Preference shares & Exchange traded funds
Listed equity/preference shares, Exchange traded funds are valued and stated at fair value, using the last quoted closing prices
on the National Stock Exchange (NSE), at the balance sheet date. If the equity shares are not traded on the NSE, then closing
prices of the Bombay Stock Exchange (BSE) is considered.
Equity/preference, Exchange traded funds shares acquired through primary markets and awaiting listing are valued as per the
valuation policy of the Company duly approved by Investment Committee.
Unlisted equity/preference shares are valued as per the valuation policy of the company duly approved by Investment Committee.
A provision is made for diminution, if any, in the value of these shares to the extent that such diminution is other than temporary.
Social Venture Fund/Venture Capital Funds are valued at last available NAV.
iv. Mutual Funds
Mutual Funds are valued on previous days net asset value published by the respective mutual funds.
v. Gain/loss on equity, preference shares and mutual funds
Unrealised gains/losses are recognised in the respective funds revenue account as fair value change in case of linked funds.
Unrealised gain/loss due to changes in fair value of listed equity/preference shares and mutual funds are taken to the Fair Value
Change account for other than linked business and are carried to the Balance Sheet.
Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the
Revenue/Profit & Loss account.

vi. Investment transfer

Transfers of Investments from Shareholders funds to the Policyholders funds are affected at the lower of amortised cost or
market value in respect of all debt securities including money market instruments and at the market value in case of other
securities.
Inter-fund transfer of debt securities relating to Linked Policyholders Funds is effected at last available market value as per the
methodology specified in the Inter Fund transfer policy approved by the Investment committee. Inter fund transfer of equity are
done during market hours at the prevailing market price.
viii. Impairment on Investment
The carrying amounts of investments are reviewed at each balance sheet date, if there is any indicator of impairment based on
internal/external factors. An impairment loss is recognised as an expense in Revenue/Profit and Loss account, to the extent of
difference between the re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised
as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss, earlier recognised in profit and loss account
shall be recognised in Revenue/Profit and Loss account.
g) Loans against policies
Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalised interest and are subject to
impairment, if any.
h) Fixed assets, intangibles and depreciation
i. Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable
to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on fixed assets is expensed
out in the year of expense except where such expenditure increases the future economic benefits from the existing assets.
Advances paid towards the acquisition of fixed assets outstanding at each balance sheet date and the cost of fixed assets not
ready for its intended use before such date are disclosed under capital work-in-progress.
Assets costing upto ` 5 are fully depreciated in the year of acquisition. The rate of depreciation is higher of the management
estimate based on useful life or the rates prescribed in Schedule II to the Companies Act, 2013. Depreciation on fixed assets
is provided using the straight-line method based on the economic useful life of assets as estimated by the management is
as below:
Sr. No. Asset Type Estimated useful life (in years)

1 Leasehold Improvements and Furniture and fittings 5 years or the maximum renewable period of
at leased premises the respective leases, whichever is lower
2 Furniture & fittings (other than (1) above) 5
3 Information Technology Equipment 3
4 Vehicles 4/5
5 Office Equipment 5
6 Mobile Phones (included in office equipment under Schedule 10) 2
Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset.
ii. Intangibles
Intangible assets comprise of software licenses which are stated at cost less amortisation. Software expenses exceeding
`1,000 incurred on customisation of software (other than for maintenance of existing software) are capitalised. Software licenses
are amortised using Straight Line Method over a period of 3 years from the date of being ready for use.
iii. Impairment of Assets
At each balance sheet date, management assesses whether there is any indication, based on internal/external factors, that an
asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected
to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as
the excess of the carrying amount over the higher of the assets net sales price or present value as determined above. If at the
balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount, subject to maximum of depreciable historical cost.
i) Operating leases
The Company classifies leases, where the lessor effectively retains substantially all the risks and benefits of ownership over the lease
term, as Operating Leases. Operating lease rentals are recognised as an expense on a straight line basis over the non-cancellable lease
period.
j) Employee benefits
i. Short-Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits.
Benefits such as salaries & bonuses are recognised in the period in which the employee renders the related service.

ii. Long-Term Employment Benefits

The Company has both defined contribution and defined benefit plans. These plans are financed by the Company.
Defined Contribution Plans:
The Company has established defined contribution schemes for superannuation to provide retirement benefits to its
employees. Contributions to the superannuation schemes are made on a monthly basis and charged to revenue account
when due.
Defined Benefit Plans:
Gratuity liability is defined benefit obligation and is funded. The Company accounts for liability for future gratuity benefits
based on independent actuarial valuation under revised Accounting Standard 15 (AS 15) on Employee Benefits.
Provident Fund contributions are made to a Trust, administered by the Company. The interest rate payable to the members
of the Trust shall not be lower than the statutory rate of interest declared by the Central Government under the Employees
Provident Funds and Miscellaneous Provisions Act, 1952, and shortfall, if any, shall be made good by the Company. The
Companys liability is actuarially determined (using the Projected Unit Credit Method) at the end of the year and any shortfall
in the fund size maintained by the Trust set up by the Company is additionally provided for. Actuarial losses/gains are
recognised in the Statement of Profit and Loss in the year in which they arise.
iii. Other Employee Benefits
Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee
during the tenure of the employment, subject to the rules framed by the Company in this regard. Accumulated compensated
absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation.
Accumulated entitlements at the time of separation are entitled to be encashed.
k) Renewal bonus
Renewal bonus is payable to the individual insurance agents and a segment of the sales force. This constitutes a part of the first year
commission/incentives against receipt of the first year premium but due and payable at the end of the expiry of two years of the policy
and is accrued for in the year of sale of the policy, subject to the intermediaries and policys continued persistency.
l) Foreign currency transactions
Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and
liabilities in foreign currency are translated at the rates existing as at the balance sheet date. The resulting exchange gain or loss for
revenue transactions is reflected, in the revenue account or the profit and loss account, as the case may be.
m) Segment reporting
As per Accounting Standard 17 (AS 17) on Segment Reporting read with the Preparation of Financial Statements and Auditors Report
of Insurance Companies, Regulations 2002 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/
CIR/FA/059/03/2015 dated March 31, 2015, the Company is required to report segment results separately for linked, non-linked, health
and pension businesses. The business is broadly classified as Participating non-linked, Non Participating Unit Linked and Non-Linked
businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Individual Pension, Annuity Individual,
Group Pension, Group Pension Variable and Individual Health businesses. Accordingly, the Company has prepared the revenue account
and balance sheet for these primary business segments separately. Since the business operation of the Company is in India only, the
same is considered as one geographical segment.
The following basis has been used for allocation of revenues, expenses, assets and liabilities to the business segments:
evenues, expenses, assets and liabilities directly attributable and identifiable to business segments, are allocated on actual
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basis; and
ther expenses, assets and liabilities which are not directly identifiable though attributable to a business segment, are allocated
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on the following basis, as considered appropriate by the management:
Gross premium;
First year commission;
Sum assured;
Policy liability;
Asset under management;
New Business Policy Count;
Enforce policy count.
The accounting policies, used in segment reporting, are the same as those used in the preparation of the financial statements.
n) Taxation
i. Direct Taxes
The Income-Tax Act, 1961 prescribes that profits and gains of life insurance Companies will be the surplus or deficit disclosed
by the actuarial valuation made in accordance with the Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015 read
with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015.

Deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined
by the financial statements and the recognition for income tax purposes. The effect on deferred tax assets and liabilities of
a change in tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.
However, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognised
only if there is virtual certainty backed by convincing evidence that such deferred assets can be realised. Deferred tax assets
are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably or virtually
certain, as the case may be, to be realised.
Provision for wealth tax is made at the appropriate rates, as per the applicable provisions of Wealth Tax Act, 1957.
ii. Indirect Taxes
The Company claims credit of service tax for input services, which is set off against tax on output services. As a matter of
prudence, unutilised credits are deferred for recognition until such time that there is reasonable certainty of utilisation.
o) Provisions and Contingencies
A provision is recognised when the Company has a present legal obligation as a result of past event/s and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect current best estimates. A disclosure for contingent liability is made when there is a possible
obligation or present obligations that may, but probably will not, require an outflow of resources or it cannot be reliably estimated.
When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made. A contingent asset is neither recognised nor disclosed.
p) Funds for Future Appropriation
The balance in the funds for future appropriations account represents funds, the allocation of which, either to participating Policyholders
or to Shareholders, has not been determined at the Balance Sheet date. Transfers to and from the fund reflect the excess or deficit
of income over expenses and appropriations in each accounting period arising in the Companys Policyholders fund. In respect of
Participating policies any allocation to the policyholder would also give rise to a shareholder transfer in the required proportion.
Amounts estimated by the Appointed Actuary as Funds for Future Appropriation (FFA) in respect of lapsed Unit Linked Policies are
set-aside in the balance sheet and are not available for distribution to shareholders until expiry of the revival period.
q) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit
or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
r) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of Receipts and Payments account include cash and cheques in hand; bank balances
liquid mutual funds and other investments with original maturity of three months or less which are subject to insignificant risk of
changes in value.
3. Contingent liabilities
As at As at
Sr. No. Particulars
1 Partly paid-up investments Nil Nil
2 Claims, other than against policies, not acknowledged as debts by the Company 24,321 24,321
3 Underwriting commitments outstanding Nil Nil
4 Guarantees given by or on behalf of the Company Nil Nil
5 Statutory demands/liabilities in dispute, not provided for Refer Note Below Refer Note Below
6 Reinsurance obligations to the extent not provided for in the accounts Nil Nil
7 Others* 263,172 91,101
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Companys decision of repudiation of
death claims and customer complaints.
Note: The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of ` 398,203 as at
31st March 2015 (as at 31st March 2014 ` 398,203) plus applicable interest and penalty. Basis legal opinion obtained, management is of
the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at appellate authority.

4. Percentage of Business Sector-wise

Number of Number of Number Number of First year Number of Number of Number Number of First year
Particulars Individual Individual of Group Group lives and single Individual Individual of Group Group lives and single
policies lives Schemes covered premium life lives Schemes covered premium
issued covered issued policies covered issued
Total Business 289,101 213,198 536 971,319 19,379,426 415,770 380,714 401 912,855 16,974,898
Rural Sector 66,497 45,913 4,124 91,760 71,134 4,795
As a % of Total
23.00% 21.54% 0.02% 22.07% 18.68% 0.03%
Business
Social Sector 64,881 43,645 17 23,714 4,123 90,975 68,735 4,525
As a % of Total
22.44% 20.47% 21.88% 18.05%
Business
Amount of ` 38.46 Lacs from Individual rural business is qualifying for social business and is included in social premium.
ut of 69,761 policies from Individual rural business 64,881 policies are qualifying for social sector business and 66,497 is qualifying for
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rural sector.
ote: Basis the provisions in the Regulation 15 (2) of the IRDA (Micro Insurance) Regulations, 2005; customers from the rural policy database
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meet with the social sector definition and can therefore be reckoned under both rural sector obligation and the social sector obligation for
FY 14-15 as specified under the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002. Basis the above the total social
sector lives covered for the year FY 14-15 is 43,645 Lives.
5. Benefits paid include charges in respect of discount allowed to the policyholders amounting to ` 67,081 (Previous year ` 91,652) for
advance payment of future premiums subject to prepayment conditions.
6. Contribution from shareholders/policyholders account
The net surplus of ` 1,812,191 (Previous year: ` 2,632,628) based on the actuarial valuation made in accordance with the Insurance
Act, 1938 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31,
2015 and as certified by the appointed actuary is being transferred from policyholders account to shareholders account. The details are
tabulated below:
Surplus/(Deficit) of Business Segments Current Year Previous Year
Non Par Linked
Individual 4,370,706 4,276,011
Group 154,846 70,582
Individual Pensions 37,763 499,316
Group Pensions (93,195) (17,200)
Health 48,307 91,165
Non Par Non Linked
Individual (459,355) (452,921)
Group 205,826 (88,782)
Group Life Variable 91,575 52,699
Individual Pensions 23,929 (32,122)
Annuity Individual 26,637 34,557
Group Pensions (81,497) 200,188
Group Pension Variable (27,057) (226,781)
Health 6,436 (10,583)
Par Non Linked
Individual (2,492,727) (1,763,502)
Net Surplus for Policyholders 1,812,191 2,632,628
7. Operating lease commitments
In accordance with Accounting Standard 19 (AS 19) on Leases, the details of leasing arrangements entered into by the Company are
as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreements with
different lessors/licensors for the purpose of establishment of office premises, leasehold improvements, furniture and fixtures, information
technology and office equipments. These are generally in the nature of operating leases/leave and licenses.

The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet date, as per
the rentals stated in the agreements are as follows:
Particulars Current Year Previous Year
Total lease rentals charged to Revenue Account 518,656 607,863
Lease obligations for non-cancellable leases
Within one year of the balance sheet date 384,889 346,311
Due in a period between one year and five years 391,840 347,106
Due after five years 10,719 19,481
8. Foreign exchange gain/(loss)

The Company has recorded foreign exchange loss of ` 462 in the Revenue Account and the same is included under Interest and Bank
Charges in Schedule 3 (Previous Year loss ` 769).
9. Managerial remuneration
The appointment of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 and the
Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015 is approved
by the IRDA.

Salary 28,613 35,106
Other allowances 7,329 7,815
Contribution to:
Provident fund 1,473 1,028
Superannuation fund 866
Perquisites 200 372
Total* 37,615 45,187
*Of the above, amount of ` 22,615 (previous year ` 30,186) has been borne by shareholders. The remuneration stated above excludes
gratuity and leave encashment, accrued based on actuarial valuation for the Companys overall liability and performance/long term bonus
estimated and payable based on overall company performance.
Sitting Fees paid to independent directors in the current year is ` 480 (Previous Year: ` 520).
10. As required by Circular no. 067/IRDA/F&A/CIR/MAR-08 dated 28th March 2008. Break up of Operating expenses incurred under the
following heads.
(Previous year figures are presented in brackets)
Business Outsourcing Marketing
Particulars
Development Expense
Agents recruitment, seminar and other expenses 10,661
(11,185)
Distribution Expenses 464,830
(526,873)
Advertisement and Publicity Expenses 705,993
(757,086)
Recruitment and seminar Expenses 142,975
(53,698)
Outsourcing Expenses 227,473
(252,490)
618,466 227,473 705,993
Total
(591,756) (252,490) (757,086)

11. Earnings per share

Profit/(loss) as per profit and loss account 2,854,029 3,707,536
Weighted average number of equity shares 1,901,208,000 1,912,434,082
Earnings per share (Basic and Diluted) in ` 1.50 1.94
Face Value per share # 10 10
# Amount in absolute Indian Rupees.

12. Actuarial assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938 and the Insurance
Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, Regulations notified by
Insurance Regulatory and Development Authority and Practice Standard prescribed by the Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number of units with the unit price as on the valuation date.
Non Unit Reserves
Prospective gross premium cash flow method is used to compute the non unit liabilities in respect of the policies in force as at March 31,
2015. The cash flows are projected based on assumptions that reflect the expected future experience and have an appropriate allowance for
margins for adverse deviations. The major assumptions relate to mortality, interest, expenses, policy persistency and premium persistency.
Additionally, for traditional par policies current year bonus rate, future bonus rates and terminal bonuses (wherever applicable) consistent
with the valuation interest rate, transfer to shareholders and tax on the surplus are also taken into account while calculating the
policy liability.
Mortality rates are derived based on the Indian Assured Lives Mortality (2006-2008) table after making suitable adjustments depending
on the type of the product. Longitivity (for Annuity Products) rates are derived based on the LIC Annuitant table (96-98) table after making
suitable adjustments and with appropriate mortality improvements. Interest rates used to discount the future cash flows vary from 5.50%
to 7.75%. A prudent assumption is made for investment growth on the unit funds. An appropriate allowance is made for future policy
maintenance expenses and investment expenses. Policy persistency rates are derived based on expected future policyholder behavior. For
unit linked business, the discontinuance of premiums by the policyholders while keeping the benefits in force is allowed for by appropriate
premium persistency assumptions varying by product.
Additional provisions are made towards:
I. Investment guarantees for unit linked business
II. Substandard lives
III. Unearned premium/mortality charges (in accordance with IRDA Circular 50/IRDA/ACTL/CIR/GEN/050/03/2010)
IV. Reserves for free look option given to the policyholders
Analysis of recent experience has indicated that about 2.0% of the individual policyholders tend to exercise the option. Accordingly, with
appropriate prudence, 2.5% of the total charges collected (from the 11th to the end of that month) for new policies/coverages issued during
a given month is being set aside as the reserve. For traditional products, modal premium received (from the 11th to the end of that month)
for new policies/coverage issued during the month is being set aside as reserve.
V. Lapse policies eligible for revivals (in accordance with IRDA Circular 41/IRDA/ACTL/Mar-2006).
VI. New Business Closure Reserve
VII. Cash Surrender Value Deficiency Reserve
VIII. Premium Waiver Claim Provision
IX. Incurred But Not Reported Reserve
For group yearly renewable term business, unearned premium method is used to compute the reserves. In addition to the unearned premium
method, provision is also made for incurred but not reported claims.

13. Disclosure of discontinued linked policies

As required by Circular no. IRDA/Reg/2/52/2010 dated 1st July 2010 relating to treatment of discontinued linked insurance policies, the
disclosures are as under:-
Particulars
Sub-Total Total Sub-Total Total
Fund for Discontinues Policies:
Opening Balance of Funds for Discontinued Policies 4,754,442 2,050,412
Add: Fund of policies discontinued during the year 3,983,518 2,570,890
Less: Fund of policies revived during the year 364,288
Add: Net Income/(Gains on investment of the Fund) 645,610 265,680
Less: Fund Management Charges levied 40,610
Less: Amount refunded to policyholders during the year 132,540
Closing Balance of Fund for Discontinued Policies 8,978,671 4,754,442
Other disclosures:
No. of policies discontinued during the year 32,845 44,891
Percentage of discontinued policies to
total policies (product-wise) during the year
BSLI Fortune Elite 0.48%
BSLI Wealth Secure Plan 2.38% 0.00%
BSLI Wealth Assure 1.34% 0.00%
BSLI Empower Pension Product 7.63% 0.00%
BSLI Empower Pension Plan 0.00% 17.90%
BSLI Platinum Advantage Plan 0.00% 20.95%
Birla Wealth Secure 0.00% 5.51%
BSLI Classic Child Plan - 2010 0.00% 6.85%
Classic Endowment Plan 0.00% 15.08%
BSLI Classic Life 0.00% 13.33%
BSLI Dream Child Plan - 2010 0.00% 8.87%
Dream Endowment Plan 0.00% 19.38%
BSLI Dream Life 0.00% 20.46%
BSLI Wealth Assure Plan 0.00% 2.05%
No. of policies revived during the year 4,434 2,883
Percentage of policies revived (to discontinued policies) during the year 13.50% 6.00%
Charges imposed on account of discontinued policies 90,848 63,055
Charges readjusted on account of revival of policies 41,962
14. Percentage of risk-retained and risk-reinsured

Particulars
Sum Assured % Sum Assured %
Individual Business
Risk-retained 535,193,137 38.88% 543,286,492 39.68%
Risk-reinsured 841,337,292 61.12% 825,885,835 60.32%
Total Individual Risk 1,376,530,429 100.00% 1,369,172,327 100.00%
Group Business
Risk-retained 1,012,579,171 53.51% 382,929,176 24.82%
Risk-reinsured 879,631,763 46.49% 1,159,842,070 75.18%
Total Group Risk 1,892,210,934 100.00% 1,542,771,246 100.00%
15. Encumbrances
As on 31st March 2015, there were no encumbrances (Previous year: ` Nil) on the assets of the Company.
16. Commitments made and outstanding on Loans, Investments and Fixed Assets
The commitments made and outstanding for fixed assets by the Company as at 31st March 2015 are ` 99,400 (Previous Year: ` 15,900)
net of advances.
17. Investments
i. Value of contract outstanding
Value of contracts in relation to investments where purchases have been made and deliveries are pending is ` 1,330,670 (Previous
year: ` 1,360,785) as at the balance sheet date. There are no investment contracts where sales have been made and payments are
overdue as at the balance sheet date.

ii. Historical costs

As at 31st March 2015, the aggregate historical cost and market value of Linked investments, which are valued at fair value, is
` 212,913,504/- and ` 238,410,782/- respectively (Previous Year: ` 185,819,318/- and ` 200,747,937/-).
iii. Statutory deposits
a. As on 31st March 2015, the Company has securities with face value of ` 115,000 (Previous Year: ` 115,000) in CSGL Account with
Deutsche Bank, as required under Section 7 of the Insurance Act, 1938. The market value of these securities as at 31st March 2015
was ` 118,739 (Previous Year: ` 107,159).
b. As on 31st March 2015, the Company also has collateral deposit of Government Security with face value of ` 300,000 (Previous
Year ` 300,000) and cash ` 25,200 (Previous Year ` 25,200) with Clearing Corporation of India Limited.
c. As on 31st March 2015, Fixed deposit of ` 250,000 (Previous Year ` 250,000) and ` 50,000 (Previous Year: ` 50,000) has been
deposited with National Securities Clearing Corporation Limited and Indian Clearing Corporation Limited respectively towards
margin requirement for equity trade settlement.
iv. All investments are performing assets
18. Allocation of investments and income
The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments made out of the
shareholders and policyholders funds are tracked from their inception and the income thereon is also tracked separately. Since the actual
funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.
19. Policyholders' Liabilities Adequately Backed by Assets
Policyholders liabilities (Included funds for future appropriation) (43,041,639) (29,086,606)
Investments (As per schedule 8A)* 40,131,508 26,266,104
Loans to policyholders (As per schedule 9) 378,747 284,669
Fixed deposits, bank balances and cheques on hand (As per schedule 11) 2,282,777 2,184,261
Other receivables under schedule 12 representing Advances and other assets 1,092,565 434,150
* Excludes prepayment fund, (Liability numbers are presented in brackets).
20. Assets in the Internal Funds
The Company has presented the financial statements of each internal fund to which the policyholders can link their policy in Annexure 3.
Also additional disclosures as required by the Circular dated 20th February 2007 issued by IRDA are given in Annexure 3A.
The industry wise disclosures given in Appendix 3 of Annexure 3A has been made in accordance with IRDA (Investment) (5th Amendment)
Regulations, 2013.
21. Assets restructured during the year
Assets restructured during the year Nil Nil
NPA Nil Nil
22. Claims
The claims settled and remaining unpaid for a period of more than six months as at the balance sheet date amount to ` 33,577 (Previous
Year ` 50,682). Reinsurance recoverable is netted off against claim expenses incurred.
23. Foreign currency exposure
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:
Amount payable in foreign currency on account of import of services as follows:
Foreign currency Amount in Foreign Amount in Foreign
INR INR
currency currency
AED 168 10
BHD 40 0
CAD 35 1
EURO 4,469 68 5,146 63
GBP 20 0
HKD 30 4
KRW 8 140
MNT 10 175
OMR 32 0
SAR 13 1
SINGAPORE$ 115 3
THB 20 10
USD 8,233 137 5,525 92

24. Disclosure for Unclaimed Amount of Policyholders

Age-wise analysis of unclaimed amount by Policyholders/insured as required by Circular no. IRDA/F&I/CIR/CMP/174/11/2010 dated
4th November 2010.
AGE-WISE ANALYSIS
Total Beyond
Particulars Upto One 1-6 7-12 13-18 19-24 25-30 31-36
Amount 36
month months months months months months months
Months
Claims settled but not
1,077,588 955,308 88,703 409 5,950 6,045 8,707 3,806 8,660
paid to the policyholders/
insureds due to any reasons
except under litigation from (1,424,909) (1,295,578) (78,649) (15,063) (11,457) (11,482) (3,984) (705) (7,990)
the insured/policyholders
Sum due to the insured/ (366,054) (581,301) 84,556 126,926 (5,356) 2,407 1,741 1,753 3,221
policyholders on maturity or
(378,723) (160,184) (166,766) (6,646) (9,226) (6,460) (9,631) (4,766) (15,044)
otherwise
Any excess collection of the
premium/tax or any other
charges which is refundable
to the policyholders either
as terms of conditions of
the policy or as per law or

as may be directed by the
authority but not refunded
so far
Cheques issued but 1,593,105 104,568 132,571 127,450 148,975 178,046 178,103 360,855 362,536
not encashed by the
(2,325,190) 569,132 (367,449) (254,572) (242,234) (455,596) (119,874) (105,046) (211,286)
policyholder/insured*
Total 2,304,639 478,575 305,830 254,785 149,569 186,498 188,552 366,415 374,416
Previous Year# (4,128,822) (2,024,894) (612,864) (276,281) (262,918) (473,538) (133,490) (110,517) (234,320)
# Previous year amounts are in brackets.
* The cheques issued but not encashed by policyholder/insured category includes ` 126,044 pertaining to cheques which are within the
validity period but not yet encashed by policyholders as on March 31, 2015 (Previous Year ` 686,311). This amount forms a part of bank
reconciliation statement and consequently not considered in unclaimed amount of policy holders under Schedule 13 - Current Liabilities.
25. Provisions
Long-Term Incentive Plan
The cost estimate determined after the factoring in assumptions in respect of criteria identified in the Plan which include the following:
1. Employee Attrition Rate
2. Performance Condition
3. Discount Rate
Long-Term Incentive Plan
Particulars
Opening balance 157,062 83,435
Additional provision made 113,614 136,993
Incurred and charged (105,466) (63,366)
Unused amounts reversed# (18,656) Nil
Closing balance 146,553 157,062
Nature of obligation Long-Term Incentive Long-Term Incentive
Expected timing Upto 3 Years Upto 3 Years
Assumptions Mentioned above Mentioned above
# The unused amount of Long-Term Bonus Plan has been credited to Employees remuneration, welfare benefit and other manpower costs
Schedule 3.

26. Employee benefits

a) Defined benefit plans
(i) Gratuity
The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date using projected
unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of employment based
on the respective employees salary and the years of employment with the Company. The gratuity benefit payable is greater of the
provisions of the Payment of Gratuity Act, 1972 and the Companys Gratuity Scheme as mentioned below:
Change in Defined benefit obligations Current Year Previous Year

Present value of Defined benefit obligations as at beginning of the year 255,253 243,281
Service cost 47,552 41,155
Interest cost 20,599 21,313
Acquisition/Business Combination/Divestiture 2,505
Benefits paid (52,752) (29,296)
Past service cost
Actuarial (gain)/loss due to curtailment
Actuarial (gain)/loss on obligations (23,099) (21,200)
Present value of Defined benefit obligations as at end of the year 250,057 255,253
Reconciliation of present value of the obligation and the fair value of the
plan assets
Opening Fair Value of Plan assets 276,152 245,815
Contributions by the employer for the year 22,937 40,796
Benefits paid (52,752) (29,296)
Expected Return on Plan Assets 23,512 18,867
Actuarial Gain/(Loss) 23,581 (31)
Closing Fair Value of Plan assets 293,429 276,151
Net asset/(liability) as at end of the year 43,372 20,898
Cost recognised for the year
Current service cost 47,552 41,155
Interest cost 20,599 21,313
Expected return on plan assets (23,512) (18,867)
Past service cost
Actuarial (gain)/loss (46,680) (21,170)
Net gratuity cost (2,042) 22,432
Transitional Liability expended in Revenue Account
Investment in Category of Assets (% Allocation)
Insurer Managed Funds* 100% 100%
Group Stable Fund 0.00% 0.00%
Group Short-Term Debt Fund 0.00% 0.00%
Actuarial assumptions used
Discount rate 7.80% 9.00%
Rate of return on plan 9.00% 7.50%
Salary escalation rate 6.00% 6.00%
* The amount is invested in Group Secure Fund Plan 1 of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product
(GULP) scheme. Below is the asset allocation of fund.
Asset allocation Current Year Previous Year
Debt securities 99.73% 88%
Equity and money market 0.27% 12%
Total 100% 100%

Experience Adjustments
Particulars 2014-15 2013-14 2012-13 2011-12 2010-11
Defined Benefit Obligation 250,058 255,253 243,281 187,535 142,732
Plan Assets 293,429 276,151 245,816 184,933 129,960
Surplus/(Deficit) (43,372) 20,898 2,534 (2,602) (12,772)
Experience adjustment on Plan Liabilities 5,899 (1,908) 2,578 17,495 3,726
Experience adjustment on Plan Assets 23,581 (31) 7,442 (3,236) 3,965
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is ` 48,231 (Previous
Year: ` 45,384).
(ii) Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by using projected unit credit
method. This method takes into account the pattern of availment of leave while in service and qualifying salary on the date of availment
of leave. However in case of short-term liability the provision has been made to the extent of 50% of total short term liability.
Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:
Present value of obligations as at end of the year 132,505 144,995
Fair value of plan assets
Discount rate 7.80% 9.00%
Salary escalation rate 6.00% 6.00%
Cost recognised during the year (19,214) (22,931)
(iii) The details of the Companys Defined Benefit Plans in respect of the Company owned Provident Fund Trust.
Contribution to the Company Owned Employee's Provident Fund Trust 155,755 172,818
The Guidance Note on implementing AS-15, Employee Benefits (Revised 2005), issued by the ICAI states that the Provident Funds set
up by employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plans. The Company
set up Provident Fund does not have existing deficit of interest shortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no shortfall as at
31st March 2015.
The details of plan assets position are as under:
Plan Assets at Fair Value 1,733,391 1,490,314
Liability Recognised in the Balance Sheet 1,661,499 1,487,846
Assumption used in determining the present value obligation of
interest rate guarantee
Discount Rate for the term of the Obligation 7.82% 9.00%
Guaranteed Interest Rate 9.5% For first year and 8.75%
8.80% there after
b) Defined contribution plans
The Company has recognised the following amounts as expense in the Revenue account:
Contribution to superannuation fund 7,318 9,431
Contribution to ESIC 6,969 11,039
27. Segment reporting
As per Accounting Standard 17 on Segment Reporting read with the Preparation of Financial Statements and Auditors Report of Insurance
Companies, Regulations 2002 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015
dated March 31, 2015, the Company is required to report segment results separately as Participating non-linked, Non Participating Unit

Linked and Non-Linked businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Annuity Individual,
Individual Pension, Group Pension, Group Pension Variable and Individual Health businesses. The same is disclosed in Annexure 1.
28. Related Party Disclosure
During the year ended 31st March 2015, the Company has had transactions with related parties as defined in Accounting Standard 18
on Related Party Disclosures. Related Parties have been identified by the management on the basis of the information available with
the Company. Details of related parties with whom, the Company had transactions, nature of the relationship, transactions with them and
balances at year-end, are detailed in Annexure 2.
29. Summary of financial statements
A summary of the financial statements as per the formats prescribed by the IRDA in its circular dated 29th April 2003 is provided in
Annexure 4.
30. Accounting Ratios
Accounting ratios prescribed by the IRDA in its circular dated 29th April 2003 are provided in Annexure 5.
31. Statement containing names, descriptions, occupations of and directorships held by the persons in charge of management of the
business under Section 11 (2) of Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no.
IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015:
From 1st April 2014 to 31st March 2015
Name : Mr. Pankaj Razdan
Designation : Managing Director & CEO
Occupation : Service
Directorships Held during the year :
Director in : Birla Sun Life Asset Management Company Limited
Appointed w.e.f. 21/10/2009
: Birla Sun Life Insurance Company Limited
: Birla Sun Life Pension Management Limited
Resignation : Aditya Birla Financial Shared Services Limited
Resigned w.e.f. 30/10/2014
32. Penalty
As required by Circular no.005/IRDA/F&A/CIR/MAY-09 dated 7th May, 2009, the details of various penal actions taken by various Government
Authorities for the financial year 2014-15 are mentioned below:-
Amount in `
Non-Compliance/
Sr. No. Authority Penalty Penalty Penalty Waived/
Violation
Awarded Paid Reduced
1 Insurance Regulatory and Development Authority Yes 1,500 1,500 Nil
2 Service Tax Authorities Nil Nil Nil Nil
3 Income Tax Authorities Nil Nil Nil Nil
4 Any other Tax Authorities Nil Nil Nil Nil
5 Enforcement Directorate/Adjudicating Authority/Tribunal or Nil Nil Nil Nil
any Authority under FEMA
6 Registrar of Companies/NCLT/CLB/Department of Corporate Nil Nil Nil Nil
Affairs or any Authority under Companies Act, 2013
7 Penalty awarded by any Court/tribunal for any matter Nil Nil Nil Nil
including claim settlement but excluding compensation
8 Securities and Exchange Board of India Nil Nil Nil Nil
9 Competition Commission of India Nil Nil Nil Nil
10 Any other Central/State/Local Government/ Nil Nil Nil Nil
Statutory Authority

33. Disclosures relating to controlled Fund

As required by Circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated 17th March, 2010, the details of controlled fund for the financial year
2014-2015 and 2013-2014 are mentioned below:-
a) Statement Showing Controlled Fund

Computation of Controlled fund as per the Balance Sheet
Policyholders Fund (Life Fund)
Participating
Individual Assurance 1,365,610 271,749
Individual Pension
Any other (Pl. Specify)
Non-participating
Individual Assurance 21,066,267 14,444,519
Group Assurance 9,321,683 7,835,244
Group Life Variable 5,217,954 1,215,417
Individual Pension 378,760 519,350
Individual Annuity 451,076 293,702
Group Pension 3,775,128 2,641,426
Group Pension Variable 1,183,358 1,055,196
Health 97,027 76,652
Others
Linked
Individual Assurance 202,918,332 170,651,198
Group Assurance 24,079,937 19,524,527
Individual Pension 11,509,170 10,573,375
Group Superannuation 6,126,568 5,441,414
Group Gratuity
Health 378,209 256,682
Funds for Future Appropriations 184,774 733,351
Total (A) 288,053,853 235,533,800
Shareholders' Fund
Paid up Capital 19,012,080 19,012,080
Reserves & Surpluses 2,682,948 2,682,948
Fair Value Change 1,409
Total (B) 21,695,028 21,696,437
Misc. expenses not written off
Credit/(Debit) from P&L A/c. (6,276,194) (9,130,223)
Total (C) (6,276,194) (9,130,223)
Total shareholders funds (B+C) 15,418,834 12,566,214
Controlled Fund (Total (A+B+C)) 303,472,688 248,100,014

b) Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account

Opening Balance of Controlled Fund 248,100,014 228,242,993
Add: Inflow
Income
Premium Income 52,332,246 48,330,521
Less: Reinsurance ceded (1,648,583) (1,882,008)
Net Premium 50,683,663 46,448,512
Investment Income 53,092,074 24,958,744
Other Income 336,157 365,427
Funds transferred from Shareholders Accounts 3,153,831 2,591,891
Total Income 107,265,725 74,364,574
Less: Outgo
(i) Benefits paid (Net) 37,716,050 36,654,283
(ii) Interim Bonus Paid 2,847 734
(iii) Change in Valuation of Liability 53,068,630 21,129,654
(iv) Commission 2,333,736 2,347,130
(v) Operating Expenses 8,707,124 9,180,154
(vi) Provision for Taxation 1,019,890 1,190,429
(a) FBT
(b) I.T.
Total Outgo 102,848,276 70,502,383
Surplus of the Policyholders Fund 4,417,449 3,862,192
Less: transferred to Shareholders Account 4,966,022 5,224,519
Net Flow in Policyholders account (548,573) (1,362,325)
Add: Net income in Shareholders Fund 2,854,029 3,707,536
Less: Interim Dividend & Dividend distribution tax thereon (818,965)
Net In Flow/Outflow 2,305,456 1,526,244
Add: change in valuation Liabilities 53,068,633 21,129,367
Add: Increase in Paid up Capital
Add: Increase in Securities Premium (2,799,972)
Add: Credit/(Debit)/Fair Value Change Account (1,409) 1,382
Closing Balance of Controlled Fund 303,472,693 248,100,014
As Per Balance Sheet 303,472,688 248,100,014
Difference, if any

c) Reconciliation with Shareholders' and Policyholders' Fund

Policyholders Funds
Policyholders Funds Traditional-PAR and NON-PAR
Opening Balance of the Policyholders Fund 28,353,255 20,300,360
Add: Surplus of the Revenue Account
Add: Change in valuation Liabilities 14,503,611 8,052,895
Total 42,856,866 28,353,255
As per Balance Sheet 42,856,864 28,353,255
Difference, if any
Policyholders Funds - Linked*
Opening Balance of the Policyholders Fund 20,71,80,544 195,466,401
Add: Surplus of the Revenue Account (5,48,573) (1,362,327)
Add: Change in valuation Liabilities 3,85,65,022 13,076,471
Total 24,51,96,993 207,180,544
As per Balance Sheet 24,51,96,989 207,180,544
Difference, if any
Shareholders Funds
Opening Balance of Shareholders Fund 1,25,66,214 12,476,234
Add: Net income of Shareholders account (P&L) 28,54,029 3,707,536
Add: Infusion of Capital (2,799,972)
Add: Credit/(Debit)/Fair Value Change Account (1,409) 1,382
Less: Interim Dividend/Proposed and final & Dividend distribution tax thereon (818,965)
Closing Balance of the Shareholders fund 1,54,18,834 12,566,215
As per Balance Sheet 1,54,18,834 12,566,215
Difference, if any
* Includes Funds for Future Appropriations
34. Debit balance in Profit & Loss account
In accordance with IRDA (preparation of Financial Statements and Auditors' Reports of Insurance Companies) Regulation 2002 and the
Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, debit balance
in Profit and Loss account carried to the Balance Sheet has been shown as deduction from General reserve to the extent of ` 406,127 as
at 31st March 2015 (as at 31st March 2014 ` 406,127) and the balance of as ` 6,276,194 at 31st March 2015 (as at 31st March 2014
` 9,130,223) is shown in Balance Sheet under application of funds.
35. The interest & finance costs are net of reversal of interest provision amounting to ` 186,154 consequent to decision of CESTAT in favour of
the Company and expiry of statutory time frame for contesting the same during the period.
36. The Bonus to participating policyholders, for current year as recommended by Appointed Actuary has been included in change in valuation
against policies in force.
37. The Board of Director of the Company has noted that there is deficit in the PAR policyholders account amounting to ` 2,492,727 and
the same has been charged to shareholders account. The board has recommended that the same would be subjected to approval of the
shareholders of the Company at the ensuing annual general meeting. The transfer amount is irreversible in nature and will not be recouped
to the shareholder at any point of time in future.
38. The Company has a process whereby periodically all long-term contracts are assessed for material foreseeable losses. At the year end,
the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable
losses on such long-term contracts has been made in the books of account. The Company did not have any derivative contracts as at balance
sheet date.
For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for policies in force. The
Appointed Actuary has confirmed that the assumptions used in valuation of liabilities for policies in force are in accordance with the
guidelines and norms issued by the Insurance Regulatory and Development Authority of India ("IRDA") and the Institute of Actuaries of India
in concurrence with the IRDA.

39. The Companys pending litigations comprise of claims against the Company primarily by the customers and proceedings pending with
Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a materially adverse effect on its financial results. Refer Note 3 for details on contingent liabilities. In
respect of litigations, where the management assessment of a financial outflow is probable, the Company has made a provision of ` 174,506
as at 31 March 2015.
40. Depreciation on Tangible Fixed Assets is provided on Straight Line using the rates arrived at based on the useful lives as specified in the
Schedule II of the Companies Act, 2013 or estimated by the management. The company has used the following useful life to provide
depreciation on its fixed assets.
a) Assets where useful life is same as Schedule II
Useful Life as Prescribed by
Asset
Schedule II of the Co. Act, 2013
1. Information Technology Equipment 3 years
2. Office Equipment 5 years
b) Assets where useful life differ from Schedule II

Useful Life as Prescribed by
Asset Estimated Useful Life
Schedule II of the Co. Act, 2013
Furniture & fittings 10 years 5 years
Information Technology Equipment - Server 6 years 3 years
Mobile Phones 5 years 2 years
Vehicles 8 years 4/5 years
Useful life of assets different from prescribed in Schedule II has been estimated by management supported by technical assessment.
The revision in the useful life of the above mentioned categories as prescribed in the schedule II of the Companies Act 2013, would have
resulted in lower depreciation to the extent of ` 37,779/-
41. Previous year comparatives:
Previous year amounts have been reclassified, wherever necessary and to the extent possible, to conform to current years classification.
Sr. Regrouped from Amount (`) Regrouped to Reason
No.
1 Schedule 3: Interest & 11,123 Schedule 3A Interest Interest on delayed refund and claims regrouped from Sch 3
Bank Charges & Bank Charges to Sch 3A
2 Schedule 3: Service 1,190,429 Revenue Service Tax Pursuant to clarification issued by IRDAI on preparation of
Tax on Premium on Charges Financials Statements, service tax charged on fund management
or other service to ULIP Policyholders has been disclosed in
Revenue account as separate line item.

(DIN - 00012813) (DIN - 00121181) (DIN - 00438164)



Form A-RA Annexure 1
Revenue Account for the year ended 31st March 2015
Linked Business Non Linked Business Par
Non Linked
Group
Particulars Individual Group Pension Group Health Individual Group Group Life Pension Annuity Group Health Business Total
Pension
Life Life Individual Pension Individual Life Life Variable Individual Individual Pension Individual Individual
Variable

Life
Premium earned-Net
(a) Premium 24,575,983 3,788,184 1,117,091 409,387 110,570 8,636,800 3,302,150 3,797,427 38,187 150,233 1,398,835 465,042 9,789 4,532,568 52,332,246
(b) Reinsurance ceded (724,106) (356) (286) (2,859) (344,824) (567,520) (1,654) (6,978) (1,648,583)
Sub-Total 23,851,877 3,787,828 1,116,805 409,387 107,711 8,291,976 2,734,630 3,797,427 38,187 150,233 1,398,835 465,042 8,135 4,525,590 50,683,663
(a) Interest, Dividend & Rent - Gross 8,497,742 1,521,916 499,906 387,215 17,585 1,263,467 617,319 347,046 23,695 62,302 186,990 58,835 310 37,536 13,521,864
(b) Profit on Sale/Redemption of
Investments 26,868,407 1,232,538 1,685,099 313,590 67,043 101,542 174,928 98,342 1,904 3,719 53,875 16,951 25 2,825 30,620,788
Annexures to Schedule 16
(c) (Loss) on Sale/Redemption of

(1,256,294) (68,866) (82,631) (17,521) (2,444) (184) (21,613) (12,151) (3) (5) (6,553) (2,062) (27) (1,470,354)
Investments
(d) Transfer/Gain (Loss) on
revaluation/change in Fair value 8,878,799 885,729 428,406 225,353 1,489 10,419,776
Sub-Total 42,988,654 3,571,317 2,530,780 908,637 83,673 1,364,825 770,634 433,237 25,596 66,016 234,312 73,724 335 40,334 53,092,074
Other Income
(a) Contribution from the Shareholders
Account 93,195 459,355 81,497 27,057 2,492,727 3,153,831
(b) Others (Interest etc.) 161,403 19,266 5,681 2,074 567 92,269 16,794 19,313 763 764 7,114 2,365 55 7,729 336,157
Sub-Total 161,403 19,266 5,681 95,269 567 551,625 16,794 19,313 763 764 88,611 29,422 55 2,500,457 3,489,988
TOTAL (A) 67,001,934 7,378,411 3,653,266 1,413,293 191,951 10,208,426 3,522,058 4,249,977 64,546 217,013 1,721,758 568,188 8,525 7,066,381 107,265,725
Commission 865,486 357 24,448 65 3,885 549,068 8,041 124 2,572 261 394 879,035 2,333,736
Operating Expenses related to
Insurance Business 1,632,465 71,706 145,200 3,446 3,341 1,572,826 210,242 64,324 (10) 5,207 23,273 8,212 607 4,966,285 8,707,124
Service Tax on Charges 947,942 33,009 32,265 6,674 1,019,890
Provision for Tax
(a) For diminution in the value of
investment (net)
(b) Others (to be specified)
TOTAL (B) 3,445,894 105,072 201,913 3,511 13,900 2,121,894 218,283 64,324 114 7,779 23,273 8,473 1,001 5,845,321 12,060,750
Benefits paid (Net) 28,123,220 2,548,327 2,689,086 724,812 134 756,852 1,626,266 91,541 7,509 25,223 564,599 431,553 2,579 124,352 37,716,053
Interim Bonuses Paid 2,847 2,847
Change in valuation of liability against

life policies in force
(a) Gross (2,143,438) 13,911 (173,702) (184) 27,850 10,248,781 1,402,380 4,002,537 32,994 157,374 1,133,886 128,162 (2,190) 1,107,573 15,935,934
(b) Fund Reserve 28,282,755 4,555,409 695,960 685,154 121,527 34,340,805
(c) Fund Reserve - PDF 3,984,381 239,835 4,224,216
(d) (Amount ceded in Re-insurance) 1,435,504 846 118 (5,982) (2,919,102) 69,303 699 (13,712) (1,432,326)
TOTAL (C) 59,682,422 7,118,493 3,451,297 1,409,782 143,529 8,086,531 3,097,949 4,094,078 40,503 182,597 1,698,485 559,715 1,088 1,221,060 90,787,529
Surplus/(Deficit) (D) = (A) - (B) - (C) 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 4,417,446
Appropriations
Transfer to Shareholders Account 4,370,702 154,846 37,763 48,307 205,826 91,575 23,929 26,637 6,436 4,966,022
Transfer to Other Reserves
Balance being Funds for Future
Appropriations (497,084) (37,707) (13,785) (548,576)
TOTAL (D) 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 4,417,446
(a) Interim Bonuses Paid 2,847 2,847
(b) Allocation of Bonus to
Policyholders 628,308 628,308
(c) Surplus/(Deficit) shown in the
3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 4,417,446
Revenue Account

(d) Total Surplus: {a+b+c} 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 631,155 5,048,601
11/10/15 4:02:23 PM
Revenue Account for the year ended 31st March 2014
Group Non Linked
Particulars Individual Group Pension Group Health Individual Group Group Life Pension Annuity Group Health Total
Pension Individual

Life Life Individual Pension Individual Life Life Variable Individual Individual Pension Individual
Variable Life
Premium earned-Net
(a) Premium 25,607,960 3,831,611 1,422,852 508,064 134,012 8,847,801 2,695,229 1,207,610 55,422 289,241 422,258 773,332 24,016 2,511,113 48,330,521
(b) Reinsurance ceded (757,242) (1,968) (314) (4,106) (294,378) (816,325) (3,544) (4,131) (1,882,008)
Sub-Total 24,850,718 3,829,643 1,422,538 508,064 129,906 8,553,423 1,878,904 1,207,610 55,422 289,241 422,258 773,332 20,472 2,506,982 46,448,513
(a) Interest, Dividend & Rent - Gross 7,869,785 1,313,556 519,691 366,083 15,548 832,075 489,062 76,110 19,765 21,625 163,894 65,830 441 5,018 11,758,483

(b) Profit on Sale/Redemption of
Investments 9,106,098 527,728 742,753 147,076 19,019 52,157 43,038 6,698 1,239 1,269 14,250 5,724 28 1,075 10,668,152
(c) (Loss) on Sale/Redemption of
Investments (6,520,594) (401,224) (591,273) (111,820) (15,262) (21,848) (8,309) (1,293) (519) (387) (2,781) (1,117) (12) (246) (7,676,685)
(d) Transfer/Gain (Loss) on 9,635,768 (6,526) 563,624 (1,819) 17,747 10,208,794
revaluation/change in Fair value
Sub-Total 20,091,057 1,433,534 1,234,795 399,520 37,052 862,384 523,791 81,515 20,485 22,507 175,363 70,437 457 5,847 24,958,744
Other Income
(a) Contribution from the 17,200 452,921 88,782 32,122 226,781 10,583 1,763,503 2,591,891
Shareholders Account
(b) Others (Interest, etc.) 191,288 24,468 9,086 3,244 856 97,791 17,211 7,712 743 1,847 2,696 4,938 168 3,379 365,427.37
Sub-Total 191,288 24,468 9,086 20,444 856 550,711 105,993 7,712 32,865 1,847 2,696 231,719 10,751 1,766,882 2,957,318
TOTAL (A) 45,133,063 5,287,645 2,666,419 928,028 167,814 9,966,518.19 2,508,688 1,296,837 108,772 313,595 600,318 1,075,488 31,680 4,279,711 74,364,575
Commission 782,519 90 36,113 (74) 9,662 866,026 13,324 745 5,409 390 2,336 630,591 2,347,131
Insurance Business 1,737,401 92,826 208,557 6,290 30,658 3,472,654 186,890 28,075 382 3,179 9,725 18,619 21,870 3,363,028 9,180,154
Service Tax on Charges 1,120,483 27,637 34,001 8,308 1,190,429
Provision for Tax
investment (net)
(b) Others (to be specified)
TOTAL (B) 3,640,403 120,553 278,671 6,216 48,628 4,338,680 200,214 28,075 1,127 8,588 9,725 19,009 24,206 3,993,620 12,717,713
Benefits paid (Net) 29,710,968 1,851,904 2,573,396 864,265 1,163 750,451 590,300 646 2,446 4,590 271,008 1,284 8,135 23,727 36,654,283
Interim Bonuses Paid 734 734
(a) Gross (559,503) (3,888) (253,101) (2,796) (11,414) 6,411,081 1,819,228 1,215,417 105,199 265,860 119,397 1,055,196 (653) 269,590 10,429,613
(b) Fund Reserve 7,307,432 3,247,667 (309,750) 60,343 66,748 10,372,440
(d) (Amount ceded in Re-insurance) (715,303) 827 (2,344) (17,182) (1,533,693) (101,054) (8) (7,960) (2,376,717)
TOTAL (C) 38,409,302 5,096,510 2,046,523 921,812 39,315 5,627,839 2,308,474 1,216,063 107,645 270,450 390,405 1,056,480 7,474 286,091 57,784,383
Surplus/(Deficit) (D) = (A) - (B) - (C) 3,083,358 70,582 341,225 79,871 52,699 34,557 200,188 3,862,479
Appropriations
Transfer to Shareholders Account 4,276,014 70,582 499,316 91,165 52,699 34,557 200,188 5,224,519
Balance being Funds for Future (1,192,656) (158,091) (11,294) (1,362,041)
Appropriations
TOTAL (D) 3,083,358 70,582 341,225 79,871 52,699 34,557 200,188 3,862,478
(a) Interim Bonuses Paid 734 734
(b) Allocation of Bonus to
Policyholders 380,045 380,045
(c) Surplus/(Deficit) shown in the
Revenue Account 3,083,358 70,582 341,225 79,871 52,699 34,557 200,188 3,862,478
(d) Total Surplus: {a+b+c} 3,083,358 70,582 341,225 79,871 52,699 34,557 200,188 380,779 4,243,256
Note: In the current Financial year 2014-15, new segments for the Annuity Products, and the variable products under group life and group pension segment have been introduced in the segmented financial statements. Consequently the
segment allocation ratio has also undergone changes. The segment financials of the previous financial year 2013-14 has been reclassified accordingly to reflect comparative analysis.
11/10/15 4:02:26 PM
Form A-BS Annexure 1
Balance Sheet as at 31st March 2015
Group Group Non Linked Shareholders
Particulars Individual Pension Group Health Individual Pension Annuity Group Health Total
Group Life Group Life Life Pension Individual Fund
Life Individual Pension Individual Life Individual Individual Pension Individual

Variable Variable Life
Sources of Funds
Shareholders funds:
Share Capital 19,012,080 19,012,080
Reserves and Surplus 2,682,948 2,682,948
Credit/(Debit)/Fair Value Change

Account
Sub-Total 21,695,028 21,695,028
Borrowings
Credit/(Debit) Fair Value Change
Account 152,854 41,604 137,438 3,836 335,732
Policy Liabilities 2,224,970 40,075 77,645 14,162 94,045 18,841,298 9,281,608 5,217,954 301,115 451,076 3,760,967 1,183,358 2,982 1,365,610 42,856,865
Insurance Reserves
Provision for Linked Liabilities 171,113,887 23,066,548 10,727,781 5,868,736 376,720 211,153,672
(i) Discontinued on account
of non-payment of premium 8,700,501 278,157 8,978,658
(ii) Others
Account (Linked) 23,103,944 1,013,388 503,232 257,833 1,489 24,879,886
Total Linked Liabilities 202,918,332 24,079,936 11,509,170 6,126,569 378,209 245,012,216
Sub-Total 205,143,302 24,120,011 11,586,815 6,140,731 472,254 18,994,152 9,323,212 5,217,954 301,115 451,076 3,898,405 1,183,358 2,982 1,369,446 288,204,813
Linked Liabilities 127,400 10,237 47,137 184,774
Total 205,270,702 24,120,011 11,597,052 6,140,731 519,391 18,994,152 9,323,212 5,217,954 301,115 451,076 3,898,405 1,183,358 2,982 1,369,446 21,695,028 310,084,615
Investments
Shareholders 15,523,423 15,523,423
Policyholders 2,257,813 38,464 84,350 13,592 135,507 18,083,946 8,908,521 5,008,211 289,012 432,944 3,609,789 1,135,791 2,862 1,310,718 41,311,520
Assets Held to Cover Linked Liabilities 202,918,332 24,079,936 11,509,170 6,126,569 378,209 245,012,216
Loans 378,749 378,749
Fixed Assets 230,891 35,590 10,495 3,846 1,039 81,143 31,024 35,677 359 1,411 13,142 4,369 92 42,583 491,661
Current Assets
Cash and Bank Balances 2,216,635 341,676 100,756 36,925 9,973 778,997 297,838 342,509 3,444 13,550 126,168 41,945 883 473 121 4,311,893
Advances and Other Assets* (456,233) (577,094) 9,754 15,911 8,943 1,849,603 1,646,639 147,581 6,182 5,852 54,363 18,074 (17,643) 590,808 572,850 3,875,590
Sub-Total (A) 1,760,402 (235,418) 110,510 52,836 18,916 2,628,600 1,944,477 490,090 9,626 19,402 180,532 60,019 (16,760) 591,281 572,971 8,187,483
Current Liabilities 1,998,950 (480,263) 448,045 43,629 39,640 1,141,886 2,418,342 404,563 5,778 14,348 149,026 49,601 (50,218) 634,169 6,817,496
Provisions 131,049 20,200 5,957 2,183 590 46,055 17,608 20,249 204 801 7,459 2,480 52 24,170 78 279,135
Sub-Total (B) 2,129,999 (460,063) 454,002 45,812 40,230 1,187,941 2,435,950 424,812 5,982 15,149 156,485 52,081 (50,166) 658,339 78 7,096,631
Net Current Assets (C) = (A - B) (369,597) 224,645 (343,492) 7,024 (21,314) 1,440,659 (491,473) 65,278 3,644 4,253 24,046 7,938 33,406 (67,058) 572,893 1,090,852
(To the extent not written off or
Adjusted)
Debit Balance in Profit and Loss
6,276,194 6,276,194
Account (Shareholders Account)
Total 205,416,188 24,378,635 11,260,523 6,151,031 493,441 19,605,748 8,448,072 5,109,166 293,015 438,608 3,646,977 1,148,098 36,360 1,286,243 22,372,510 310,084,615
Note: Advances and other assets allocated to shareholders include tax assets.
11/10/15 4:02:30 PM
Balance Sheet as at 31st March 2014
Life Individual Pension Individual Life Individual Individual Pension Individual

Sources of Funds
Shareholders funds:
Share Capital 19,012,080 19,012,080
Credit/(Debit)/Fair Value Change
1,409 1,409
Account
Sub-Total 21,696,437 21,696,437

Borrowings
38,935 50 1,625 13 40,623
Account
Policy Liabilities 2,932,901 25,319 251,229 14,346 72,178 11,511,618 7,809,925 1,215,417 268,122 293,702 2,627,080 1,055,196 4,473 271,749 28,353,255
Insurance Reserves
(i) Discontinued on account
4,716,120 38,322 4,754,442
of non-payment of premium
(ii) Others
Account (Linked) 13,693,072 125,236 589,151 34,903 17,747 14,460,109
Sub-Total 173,584,099 19,549,846 10,824,603 5,455,760 328,859 11,550,553 7,809,975 1,215,417 268,122 293,702 2,628,705 1,055,196 4,473 271,762 234,841,072
Linked Liabilities 624,485 47,945 60,921 733,351
Total 174,208,584 19,549,846 10,872,548 5,455,760 389,780 11,550,553 7,809,975 1,215,417 268,122 293,702 2,628,705 1,055,196 4,473 271,762 21,696,437 257,270,860
Investments
Shareholders 13,292,091 13,292,091
Policyholders 3,425,368 24,379 288,071 13,813 128,160 11,084,409 7,520,090 1,170,312 258,171 282,802 2,529,586 1,016,036 4,307 261,664 28,007,168
Loans 284,669 284,669
Fixed Assets 211,539 31,652 11,754 4,197 1,107 73,089 22,264 9,976 458 2,389 3,488 6,388 198 20,744 399,243
Current Assets
Cash and Bank Balances 2,775,784 415,329 154,231 55,072 14,526 959,060 292,150 130,899 6,007 31,352 45,771 83,826 2,603 109,987 228 5,076,825
Advances and Other Assets* 1,588,319 311,528 (295,539) 23,729 6,331 1,819,875 (283,451) 56,403 9,665 13,549 19,722 36,122 5,087 224,833 4,816 3,540,989
Sub-Total (A) 4,364,103 726,857 (141,308) 78,801 20,857 2,778,935 8,699 187,302 15,672 44,902 65,493 119,948 7,690 334,820 5,044 8,617,814
Current Liabilities 4,636,273 476,960 162,708 63,263 38,647 1,215,185 419,371 150,412 10,054 33,352 52,594 96,413 (19,499) 450,704 7,786,437
Provisions 593,973 88,874 33,003 11,784 3,108 205,224 62,516 28,010 1,286 6,709 9,794 17,937 557 58,245 85 1,121,105
Sub-Total (B) 5,230,246 565,834 195,711 75,047 41,755 1,420,409 481,887 178,422 11,340 40,061 62,388 114,350 (18,942) 508,949 85 8,907,542
Net Current Assets (C) = (A - B) (866,143) 161,023 (337,018) 3,754 (20,898) 1,358,526 (473,188) 8,880 4,332 4,840 3,105 5,597 26,632 (174,129) 4,959 (289,728)
Adjusted)
9,130,223 9,130,223
Account (Shareholders Account)
Total 173,706,629 19,741,581 10,536,181 5,463,178 365,051 12,516,024 7,069,166 1,189,168 262,961 290,031 2,536,179 1,028,022 31,137 108,279 22,427,273 257,270,860
Note: In the current Financial year 2014-15, new segments for the Annuity Products, and the variable products under group life and group pension segment have been introduced in the segmented financial statements. Consequently the segment
allocation ratio has also undergone changes. The segment financials of the previous financial year 2013-14 has been reclassified accordingly to reflect comparative analysis.
11/10/15 4:02:33 PM
Schedule 1 Annexure 1
Premium for the year ended March 2015
Linked Business Non Linked Par
Group Non Linked

Pension Individual
Variable Life
First Year Premiums 2,502,590 3,779,728 310,297 58,578 86 1,524,691 2,245,282 3,797,427 (7,365) 1,316,484 450,012 1,462 2,984,413 18,963,685
Renewal Premiums 21,951,347 8,456 803,150 350,809 110,484 7,089,963 939,197 45,552 82,351 15,030 8,327 1,548,155 32,952,821
Single Premiums 122,046 3,644 22,146 117,671 150,233 415,740
Total Gross 24,575,983 3,788,184 1,117,091 409,387 110,570 8,636,800 3,302,150 3,797,427 38,187 150,233 1,398,835 465,042 9,789 4,532,568 52,332,246
Premiums
Group Non Linked
Pension Individual
Variable Life
First Year Premiums 2,987,613 3,703,050 490,667 174,956 20,655 2,506,204 1,821,192 1,207,610 (1,861) 372,834 773,045 9,885 2,321,322 16,387,172
Renewal Premiums 22,497,320 128,561 927,310 333,108 113,357 6,302,911 742,138 57,283 49,424 287 14,131 189,791 31,355,621
Single Premiums 123,027 4,875 38,686 131,899 289,241 587,728
Total Gross 25,607,960 3,831,611 1,422,852 508,064 134,012 8,847,801 2,695,229 1,207,610 55,422 289,241 422,258 773,332 24,016 2,511,113 48,330,521
Premiums
11/10/15 4:02:36 PM
Commission Expenses for the year ended March 2015
Individual Group Pension Pension Health Individual Group Group Pension Annuity Group Group Health Non Linked
Particulars Total

Life Life Individual Group Individual Life Life Life Individual Individual Pension Pension Individual Individual
Commission Paid
Direct - First Year Premiums 215,646 355 14,144 (614) 295,716 2,616 (541) (22) 261 173 793,438 1,321,172
Renewal Premiums 647,834 2 10,250 65 4,499 252,922 5,153 665 221 85,597 1,007,208
Single Premiums 2,006 54 430 272 2,594 5,356

Sub-Total 865,486 357 24,448 65 3,885 549,068 8,041 124 2,572 261 394 879,035 2,333,736
Add: Commission on

Re-insurance Accepted
Less: Commission on

Re-insurance Ceded
Net Commission 865,486 357 24,448 65 3,885 549,068 8,041 124 2,572 261 394 879,035 2,333,736
Particulars Total
Commission Paid
Direct - First Year Premiums 228,310 (26) 21,915 (94) 3,847 604,058 7,953 (143) 390 1,911 618,240 1,486,361
Renewal Premiums 552,491 116 14,121 20 5,815 261,263 3,755 888 425 12,350 851,244
Single Premiums 1,718 77 705 1,616 5,409 9,525

Sub-Total 782,519 90 36,113 (74) 9,662 866,026 13,324 745 5,409 390 2,336 630,590 2,347,130
Add: Commission on

Less: Commission on

Re-insurance Ceded
Net Commission 782,519 90 36,113 (74) 9,662 866,026 13,324 745 5,409 390 2,336 630,590 2,347,131
11/10/15 4:02:39 PM
Operating Expenses Related to Insurance Business for the year ended March 2015
Sr. Group Non Linked
No. Pension Business
Life Life Individual Pension Individual Life Life Variable Individual Individual Pension

Individual Individual Life
Variable
1 Employees remuneration 845,337 50,579 83,566 2,716 1,505 825,544 30,160 44,278 187 3,513 15,979 5,496 181 2,782,382 4,691,423
2 Travel, conveyance and vehicle 35,561 3,752 3,585 93 81 34,582 2,311 3,651 13 154 1,277 436 8 117,143 202,647
running expenses
3 Training expenses 16,659 66 2,292 3 (18) 22,971 40 61 1 120 22 7 (3) 91,811 134,032
4 Rents, rates and taxes 132,254 3,182 11,968 49 465 114,789 1,989 3,197 57 464 1,108 379 49 353,298 623,248
5 Repairs & maintenance 39,008 270 4,306 4 62 42,294 169 271 11 197 94 32 5 151,007 237,730
6 Printing and stationery 17,871 254 1,262 4 72 13,913 191 250 1 30 87 33 11 33,656 67,635
7 Communication expenses 51,507 1,125 3,632 21 274 33,995 707 1,115 28 100 388 133 32 77,196 170,253
8 Legal and professional charges 36,073 933 2,328 74 209 20,248 519 738 24 56 275 93 23 38,546 100,139
9 Medical fees 12,761 13 1 7,442 40,062 2 4 15 1,348 61,648
(a) i) as auditor 2,586 42 157 1 17 1,412 27 43 2 3 15 5 2 2,289 6,601
ii) out of pocket expenses 193 3 12 1 105 2 3 1 171 491
(b) as advisor or in any other capacity,
in respect of
i) Taxation services/matters
ii) Management services 355 62 22 1 2 194 39 62 22 7 314 1,080
11 Advertisement and publicity 112,161 1,246 7,377 16 (359) 157,346 2,072 1,059 (295) (17) 367 267 90 424,662 705,992
12 Interest and bank charges (74,017) (6,094) (319) (57,669) (37) (213) (35) 25,590 (112,794)
13 Others:
1) Distribution expenses 71,090 99 5,595 (191) 98,676 723 1 (149) 85 72 44 288,785 464,830
2) Agents recruitment, seminar and 1,406 (4) 110 (8) 2,305 15 (7) (4) 1 (2) 1 1 6,847 10,661
other expenses
3) Recruitment and seminar 23,200 2,258 1,971 49 (10) 27,551 1,526 2,203 (25) 53 768 276 11 83,145 142,976
expenses
4) IT expenses (including 115,442 4,128 8,642 67 580 80,567 2,578 4,138 64 264 1,435 491 64 199,605 418,065
maintenance)
5) Policy stamps 6,953 13 1,173 154 25,552 124,954 11 8 266 87 1 7,959 167,131
6) Fund and asset management
charges
7) (Profit)/Loss on sale of assets 1,231 3 165 (1) 1,654 2 3 9 1 6,538 9,605
8) Service Tax expenditure including
provision for unutilised credit

9) Policy processing expenses
10) Hire Charges and Insurance
Expense
11) Call Centre and Mother Portal
Expenses
12) Service Tax on Expenses
13) Electricity expenses 46,851 697 3,226 11 263 29,643 435 700 28 85 243 83 30 64,029 146,324
14) Miscellaneous expenses 16,378 790 1,015 136 84 7,354 362 382 14 27 173 57 8 12,945 39,725
15) Outsourcing expenses 65,475 972 4,830 20 336 44,852 603 962 37 145 335 114 37 108,756 227,474
14 Depreciation 56,130 1,223 4,060 27 295 37,506 756 1,201 33 118 419 143 33 88,263 190,207
Total 1,632,465 71,706 145,200 3,446 3,341 1,572,826 210,242 64,324 (10) 5,207 23,273 8,212 607 4,966,285 8,707,124
11/10/15 4:02:43 PM
Linked Business Non Linked Business
Par
Sr. Group
Particulars Individual Group Pension Group Health Individual Group Group Life Pension Annuity Group Health Non Linked Total
No. Pension
Life Life Individual Pension Individual Life Life Variable Individual Individual Pension Individual Individual Life

Variable
1 Employees remuneration 898,288 63,658 120,860 4,694 17,584 1,951,112 34,514 18,799 253 2,034 6,672 12,178 13,279 1,920,466 5,064,391
2 Travel, conveyance and vehicle 25,532 4,762 4,156 246 615 69,399 2,509 1,529 5 78 483 980 496 69,887 180,677
running expenses
3 Training expenses 3,113 (21) 948 144 17,655 (11) (8) (1) 21 (2) (5) 130 18,823 40,786
4 Rents, rates and taxes 161,111 5,076 18,065 240 2,644 269,143 2,678 1,655 63 279 511 1,060 1,872 250,111 714,508

6 Printing and stationery 17,563 277 1,743 10 274 33,830 391 91 15 28 70 164 32,732 87,188
7 Communication expenses 47,235 1,458 4,240 73 611 56,980 771 471 22 54 147 302 382 48,760 161,506
9 Medical fees 18,793 6 6 1 3,552 17,525 2 16 474 40,375
(a) i) as auditor 2,283 49 153 2 22 1,677 26 16 1 1 5 10 10 1,145 5,400
ii) out of pocket expenses 265 6 18 2 194 3 2 1 1 1 133 626
in respect of
ii) Management services 429 9 29 4 315 5 3 1 2 2 215 1,014
11 Advertisement and publicity 114,499 4,517 11,002 167 1,932 303,692 6,392 1,477 (72) 456 1,142 960 310,921 757,085
12 Interest and bank charges 67,605 4,938 699 57,917 36 48 371 14,015 145,629
13 Others:
1) Distribution expenses 79,027 16 8,160 (29) 1,407 214,755 2,598 8 (46) 21 2 132 755 220,067 526,873
2) Agents recruitment, seminar and 1,564 198 33 4,599 40 (1) 2 2 21 4,728 11,186
other expenses
3) Recruitment and seminar 2,368 3,932 1,030 207 153 19,716 2,071 1,258 (2) 24 399 806 144 21,592 53,698
expenses
4) IT expenses (including 106,686 5,216 9,460 246 1,362 126,106 2,751 1,701 51 119 525 1,089 847 107,113 363,272
maintenance)
5) Policy stamps 8,981 41 2,463 91 121 27,843 112,707 13 146 86 167 129 8,786 161,574
charges
7) (Profit)/Loss on sale of assets (1,809) (47) (53) (1) (7) 21 (27) (16) (1) 1 (5) (10) 2 613 (1,339)
8) Service Tax expenditure including (51,805) (970) (4,000) (46) (570) (48,883) (511) (316) (27) (42) (98) (202) (318) (486) (108,274)

Expense
Expenses
14) Miscellaneous expenses 3,463 699 259 163 3 (65) 293 78 5 5 90 54 (1) 95 5,141
15) Outsourcing expenses 80,109 1,565 6,778 80 971 87,763 822 503 40 81 159 322 584 72,713 252,490
14 Depreciation 50,508 1,037 4,377 55 628 57,447 543 331 25 54 105 212 481 48,146 163,949
Total 1,737,401 92,826 208,557 6,290 30,658 3,472,654 186,890 28,075 382 3,179 9,725 18,619 21,870 3,363,028 9,180,154
11/10/15 4:02:46 PM
Benefits Paid (Net) for the year ended March 2015
No. Individual

Pension
Life Life Individual Pension Individual Life Life Variable Individual Individual Pension Individual Life
Variable
1 Insurance Claims
(a) Claims by Death 1,356,451 879 58,777 10,093 1,779 1,136,240 851,889 3,284 146 (393) 117,680 3,536,825
(b) Claims by Maturity 370,633 127,255 6,020 503,908
(c) Annuities/Pension Payment 131 25,223 25,354
(d) Other benefits

(i) Surrender 26,692,586 2,547,957 2,503,190 714,719 7 25,889 1,283,021 91,541 2,614 564,453 431,553 2,582 (159) 34,859,953
(ii) Riders 15,047 500 7 8,312 9,298 9,470 42,634
(iii) Health (212) 11,831 11,619
(iv) Survival and Others 89,297 (436) (188) 5,882 1,611 (25) 42 96,183
(a) Claims by Death (400,925) (509) (200) (425,491) (517,942) (8,986) (2,681) (1,356,734)
(d) Other benefits (Health) (1,259) (2,430) (3,689)
3 Amount accepted in
reinsurance:
(a) Claims by Death
(d) Other benefits
Total 28,123,220 2,548,327 2,689,086 724,812 134 756,852 1,626,266 91,541 7,509 25,223 564,599 431,553 2,579 124,352 37,716,053
11/10/15 4:02:49 PM
Benefits Paid (Net) for the year ended March 2014
No. Individual

Pension
Variable
1 Insurance Claims
(a) Claims by Death 1,497,530 50,227 3,485 221 992,355 826,420 1,032 200 497 622 22,340 3,394,929

(d) Other benefits

(i) Surrender 27,939,615 1,851,904 2,452,297 860,780 2,432 22,021 411,985 646 436 270,511 1,284 2,230 62 33,816,203
(ii) Riders 20,837 200 21,738 11,599 1,328 55,702
(iii) Health (78) 8,944 8,866
(iv) Survival and Others 176,699 964 202 4,359 978 25 (3) 183,224
(a) Claims by Death (446,416) (1) (297,371) (659,863) (1,403,651)
reinsurance:
(a) Claims by Death
(d) Other benefits
Total 29,710,968 1,851,904 2,573,396 864,265 1,163 750,451 590,300 646 2,446 4,590 271,008 1,284 8,135 23,727 36,654,283
11/10/15 4:02:52 PM
Birla Sunlife Insurance Company Limited
Related Party Disclosure for the year ended 31st March 2015 required for Consolidation with parent company, Adiya Birla Nuvo Limited
Disclosures in respect of transactions with Related parties and outstanding for the year ended 31st March 2015 Annexure 2
Description Audited transactions Audited Outstanding balance

Sr. during the year ended recoverable/(payable) as on
Name of the related Party with whom the transaction has been made of Relationship with Nature of Transaction
No.
the party 31st March 2015 31st March 2014 31st March 2015 31st March 2014
1 2 3 4 5 6 7 8
1 Aditya Birla Nuvo Limited Holding Company a) Reimbursement of other expenses
b) Interest income on NCD 2,110
c) Final Dividend paid 518,000 874,458
d) Share capital Reduction 505,361
e) Share Premium 1,566,618
f) Recovery of Expenses 116 116
2 Sun Life Financial (India) Insurance Investment Foreign Promoter a) Final Dividend paid 182,000 307,242
b) Share capital Reduction 177,559
c) Share Premium 550,434
3 Aditya Birla Finance Limited Fellow Subsidiary a) Reimbursement of other expenses 362 692
b) Recovery of expenses 20,841 21,696 2,427
c) Security Deposit received - 8,830 (8,830) (8,830)
d) Purchase of NCD 250,000 100,000 350,000 100,000
e) Interest income on NCD 29,525 3,078 22,483 3,078
f) Repayment of Housing loan recovered 1,874
from employees
4 Aditya Birla Minacs Worldwide Limited (upto 8th May 2014) Fellow Subsidiary a) Expenses for outsourcing of Accounts Payable 7,298 71,745 (9,093)
and call centre activities
5 Aditya Birla Money Mart Limited Fellow Subsidiary a) Payment towards Advertisement Expenses 3,000 13,150 (3,747)
b) Reimbursement of Expenses 747
c) Recovery of expense 413 165
6 Aditya Birla Money Insurance Advisory Services Limited Fellow Subsidiary a) Payment of Commission 23,163 63,742 (6,541) 3,826
b) Payment towards co-branding of Expenses 2,000 17,000
7 Aditya Birla Money Limited Fellow Subsidiary a) Payment of Brokerage 13,154 10,892 (199)
8 Aditya Birla Financial Shared Services Limited Fellow Subsidiary a) Advance given for expenses 113,940 108,133 (3,681) (7,717)
b) Reimbursement of expenses 109,904 114,384
c) Recovery of expense 344 2,441
9 Aditya Birla Insurance Brokers Limited Fellow Subsidiary a) Reimbursement of expenses 489 345
b) Recovery of expenses 10 347 (345) 5
10 Aditya Birla Customer Service Private Limited Fellow Subsidiary a) Reimbursement of Advertisement Expenses 403 (66)
b) Recovery of Expenses 107
11 Birla Sun Life Assets Management Company Limited Fellow Subsidiary a) Reimbursement of expenses 9,021 2,867
b) Recovery of expenses 4,709 4,667 (2,376) 2,082
12 Aditya Birla Financial Services Limited Fellow Subsidiary a) Reimbursement of expenses 171,477 (31,046)
(Formerly Known as Aditya Birla Financial Service Private Limited)
(w.e.f. 4th December 2014)
13 Aditya Birla Housing Finance Limited Fellow Subsidiary a) Reimbursement of other expenses 811 (811)
14 Birla Sun Life Pension Management Limited Fellow Subsidiary a) Recovery towards Preliminary expenses 3,646 3,646
b) Share Capital Infusion 500

15 Mr Pankaj Razdan (w.e.f. 1st January 2014) Key Management
a) Managerial Remuneration 37,615 6,704
Managing Director Personnel
Note 1: Premium received from the related parties against life insurance products sold at market rates for the year ended 31st March 2015 is ` 30,976 and for the year ended 31st March 2014 ` 27,531.
Note 2: There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions.
Note 3: Related party relationship have been identified by the management and relied upon by the auditors.
Note 4: Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
Note 5: All the above transactions are reported inclusive of service tax, wherever applicable.
Note 6: Transactions of Aditya Birla Money Insurance Advisory Service Limited for the year ended 31st March 2015 includes service tax of ` 220.01 and for the year ended 31st March 2014 is ` 1,870.
Note 7: The Group Insurance business related advances by the holding company is outstanding in the books as of 31st March 2015 to the extent of ` 1,565, There is an interest payment to the extent of 178 in relation to the Group Pension Scheme of the holding
company.
11/10/15 4:02:55 PM
Form A-RA(UL) Annexure 3
Fund Revenue Account for the year ended 31st March 2015
Ind. Assure Ind. Income Advantage Ind. Protector Ind. Builder Ind. Balancer
Particulars Sch Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year

Interest income** 153,626 132,612 404,402 334,763 300,760 312,418 178,071 177,681 18,493 20,095
Dividend income 6,007 6,589 6,445 8,217 1,076 1,270
Profit/Loss on sale of investment 3,939 2,078 85,359 (10,679) 125,909 (5,077) 187,086 38,257 23,994 6,261
Profit/Loss on inter fund transfer/sale of investment 2,444 9,299 28,187 343 (5,207) 980 373 (2,503) 658 (1,382)
Miscellaneous Income/(Expenses)
Unrealised Gain/loss* 9,299 (2,422) 203,767 (110,334) 266,867 (49,952) 165,061 3,399 18,734 2,744

Total (A) 169,308 141,568 721,715 214,093 694,337 264,959 537,036 225,051 62,955 28,988
Fund management expenses 17,061 14,492 48,545 39,345 42,085 40,955 28,419 27,063 4,037 4,114
Fund administration expenses
Other charges F-5 24,423 24,171 96,184 102,959 83,139 93,745 42,636 46,474 8,194 9,289
Service Tax# 5,128 4,779 17,888 17,589 15,478 16,649 8,783 9,089 1,512 1,657
Total (B) 46,612 43,443 162,618 159,893 140,702 151,349 79,837 82,626 13,742 15,060
Net Income for the year (A-B) 122,696 98,125 559,097 54,200 553,635 113,610 457,199 142,425 49,213 13,928
Add: Fund revenue account at the beginning of the year 346,655 248,530 361,441 307,241 1,271,283 1,157,674 1,245,157 1,102,732 21,504 7,576
Fund revenue account at the end of the year 469,351 346,654 920,538 361,441 1,824,918 1,271,283 1,702,356 1,245,157 70,717 21,504
Ind. Enhancer Ind. Creator Ind. Magnifier Ind. Maximiser Ind. Multiplier
Interest income** 3,890,371 3,874,831 156,029 136,263 99,768 103,629 6,849 24,199 12,739 20,990
Dividend income 285,577 296,599 28,399 26,540 139,006 133,203 328,206 324,820 63,127 59,856
Profit/Loss on sale of investment 5,130,077 1,238,107 459,631 49,326 2,396,982 473,984 6,182,790 395,423 1,230,400 11,916
Profit/Loss on inter fund transfer/sale of investment 40,924 (19,331) 7,466 4,411 31,203 3,045 242,601 10,640 77,420 (24,952)
Unrealised Gain/loss* 3,272,302 394,242 301,487 177,258 374,867 840,173 580,178 2,546,749 493,223 642,019
Total (A) 12,619,251 5,784,449 953,012 393,797 3,041,826 1,554,033 7,340,624 3,301,831 1,876,909 709,829
Other charges F-5 2,182,059 2,615,124 48,040 50,567 129,078 146,654 396,163 519,575 73,994 99,903
Service Tax# 376,538 423,701 12,157 11,365 34,287 34,056 87,799 97,799 16,421 17,860
Total (B) 3,422,957 3,851,702 110,546 103,316 311,691 309,591 798,147 889,061 149,270 162,362
Net Income for the year (A-B) 9,196,294 1,932,747 842,466 290,482 2,730,135 1,244,442 6,542,477 2,412,770 1,727,639 547,466
Add: Fund revenue account at the beginning of the year 51,506 (1,881,240) 1,997,348 1,706,867 4,258,723 3,014,280 908,783 (1,503,987) (502,132) (1,049,599)
Fund revenue account at the end of the year 9,247,800 51,506 2,839,814 1,997,349 6,988,858 4,258,723 7,451,260 908,783 1,225,507 (502,132)
11/10/15 4:02:59 PM
Super 20 Ind. Platinum Plus 1 Ind. Platinum Plus 2 Ind. Platinum Plus 3 Ind. Platinum Plus 4

Interest income** 3,121 2,409 98,354 103,063 150,042 142,786 139,212 121,943 83,720 73,763
Dividend income 55,133 36,417 31,553 37,476 61,452 72,060 75,918 93,782 60,320 75,811
Profit/Loss on sale of investment 848,807 247,779 594,688 50,324 1,138,237 118,296 1,357,879 77,242 1,066,350 39,439
Profit/Loss on inter fund transfer/sale of investment 1,889 4,419 7,091 456 72,372 (3,019) 71,257 11,468 69,124 (5,335)
Unrealised Gain/loss* 282,529 304,872 5,888 252,672 34,149 485,170 104,458 680,396 76,459 564,058
Total (A) 1,191,479 595,895 737,574 443,991 1,456,252 815,292 1,748,724 984,831 1,355,973 747,736
Other charges F-5 66,397 64,901 31,368 39,442 31,138 40,020 30,353 43,898 25,846 36,809
Service Tax# 16,747 12,855 9,910 11,085 14,851 15,751 16,693 18,301 12,937 14,312
Total (B) 152,235 116,858 90,092 100,768 135,003 143,189 151,752 166,366 117,602 130,098
Net Income for the year (A-B) 1,039,244 479,038 647,482 343,224 1,321,249 672,104 1,596,972 818,465 1,238,371 617,638
Add: Fund revenue account at the beginning of the year 489,380 10,342 618,487 275,263 2,959,273 2,287,169 1,155,831 337,367 662,015 44,377
Fund revenue account at the end of the year 1,528,624 489,380 1,265,969 618,487 4,280,522 2,959,273 2,752,803 1,155,831 1,900,386 662,015
Ind. Platinum
Ind. Platinum Premier Ind. Foresight FP Ind. Foresight SP Titanium 1
Advantage
Particulars Sch
Current Previous Current Previous Current Previous Current Previous Current Previous
Interest income** 58,397 43,694 99,455 80,516 529,432 320,649 5,221 3,052 7,681 15,081
Dividend income 142,994 121,084 112,164 128,774 146,998 105,352 11,938 11,164 5,716 5,557
Profit/Loss on sale of investment 1,741,824 22,335 1,679,982 46,763 1,533,767 12,035 106,778 6,666 108,798 8,250
Profit/Loss on inter fund transfer/sale of investment 119,241 2,875 25,041 (31,935) 106,262 (84,207) 20,859 4,275 1,280 3,351
Unrealised Gain/loss* 890,300 1,211,620 496,349 1,011,337 1,436,621 1,034,091 85,010 99,762 8,745 39,967
Total (A) 2,952,756 1,401,608 2,412,991 1,235,455 3,753,080 1,387,920 229,806 124,918 132,220 72,206
Other charges F-5 77,049 123,759 77,857 147,275 704 551 4,505 7,764
Service Tax# 29,471 29,573 26,380 34,120 37,852 23,033 1,829 1,385 1,465 1,922
Total (B) 267,913 268,845 239,807 310,172 344,099 209,382 16,629 12,589 13,319 17,468
Net Income for the year (A-B) 2,684,843 1,132,763 2,173,184 925,283 3,408,981 1,178,538 213,177 112,329 118,901 54,738
Add: Fund revenue account at the beginning of the year 1,180,938 48,175 677,376 (247,907) 1,642,738 464,200 169,051 56,722 45,989 (8,749)

Fund revenue account at the end of the year 3,865,781 1,180,938 2,850,560 677,376 5,051,719 1,642,738 382,228 169,051 164,890 45,989
11/10/15 4:03:02 PM
Titanium 2 Titanium 3 Pure Equity Value Momentum Liquid Plus

Interest income** 1,667 5,939 1,268 3,105 2,208 899 34,166 14,329
Dividend income 1,643 2,184 804 566 1,203 400 6,549 2,623
Profit/Loss on sale of investment 27,690 1,934 9,692 657 23,141 758 54,181 (1,556) 1,538 652
Profit/Loss on inter fund transfer/sale of investment 168 4,626 78 407 19 13
Unrealised Gain/loss* 6,245 10,189 6,322 4,761 12,515 6,027 9,531 17,023 (18) 18

Total (A) 37,414 24,873 18,164 9,495 36,878 7,199 72,470 18,989 35,686 14,999
Fund management expenses 2,065 2,966 1,133 1,101 1,384 420 3,793 1,102 3,886 1,589
Other charges F-5 1,633 3,903 793 1,444 3,405 1,561 9,283 4,533 15,196 9,063
Service Tax# 457 849 238 314 592 245 1,616 696 2,358 1,316
Total (B) 4,155 7,717 2,165 2,859 5,381 2,226 14,692 6,331 21,441 11,969
Net Income for the year (A-B) 33,259 17,156 16,000 6,636 31,497 4,973 57,777 12,658 14,245 3,030
Add: Fund revenue account at the beginning of the year 14,454 (2,702) 4,473 (2,163) 4,577 (396) 9,550 (3,107) 1,953 (1,077)
Fund revenue account at the end of the year 47,713 14,454 20,473 4,473 36,074 4,577 67,327 9,550 16,198 1,953
Income Advantage
IPP - Growth IPP - Enrich IPP - Nourish Maximiser Guaranteed
Guaranteed
Particulars Sch
Interest income** 24,541 25,364 91,199 86,539 9,516 9,786 26,375 1,005 98 8
Dividend income 1,004 1,173 7,185 9,578 181 214 167 2
Profit/Loss on sale of investment 16,017 2,823 158,718 11,374 5,670 (248) 1,349 56 1
Profit/Loss on inter fund transfer/sale of investment 2,710 964 2,052 (8,235) 18 (1,022) 264 0 1
Unrealised Gain/loss* 20,061 1,013 120,602 49,407 6,681 (1,122) 17,587 422 3,081 192
Total (A) 64,333 31,338 379,756 148,663 22,066 7,609 45,575 1,483 3,348 202
Fund management expenses 3,547 3,689 21,394 20,441 1,322 1,311 4,019 148 241 7
Other charges F-5 4,482 4,583 22,579 22,569 1,914 1,991 1,086 118 56 5
Service Tax# 992 1,022 5,435 5,317 400 408 631 33 37 2
Total (B) 9,021 9,294 49,409 48,327 3,636 3,710 5,736 299 334 14
Net Income for the year (A-B) 55,311 22,043 330,348 100,336 18,430 3,898 39,841 1,184 3,016 188
Add: Fund revenue account at the beginning of the year 207,790 185,747 1,005,027 904,690 64,512 60,614 1,184 188
Fund revenue account at the end of the year 263,101 207,790 1,335,375 1,005,027 82,942 64,512 41,025 1,184 3,204 188
11/10/15 4:03:05 PM
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short-Term Debt

Interest income** 464,491 360,641 5,263 4,727 207,734 209,130 175,752 156,257 35,131 36,853
Dividend income
Profit/Loss on sale of investment 40,619 (14,116) 317 970 2,566 (7,635) 11,576 7,918 1,701 1,898
Profit/Loss on inter fund transfer/sale of investment 68,437 55,148 (1,480) 4 271 18,961 1 16 1,594 1,075
Unrealised Gain/loss* 248,220 (79,219) 7,010 (4,278) 77,329 (37,711) (297) 187 1,742 (853)
Total (A) 821,767 322,453 11,110 1,422 287,900 182,745 187,032 164,377 40,168 38,972
Fund management expenses 54,943 41,249 662 585 23,215 23,454 19,828 16,796 3,931 4,149
Other charges F-5 178 183 17 20 4 12 20 20
Service Tax# 6,813 5,121 82 72 2,871 2,901 2,452 2,077 489 515
Total (B) 61,934 46,554 743 658 26,103 26,375 22,284 18,885 4,440 4,683
Net Income for the year (A-B) 759,833 275,900 10,367 764 261,797 156,370 164,748 145,492 35,728 34,288
Add: Fund revenue account at the beginning of the year 900,541 624,642 10,671 9,907 1,146,938 990,568 491,667 346,175 240,122 205,834
Fund revenue account at the end of the year 1,660,374 900,541 21,038 10,671 1,408,735 1,146,938 656,415 491,667 275,850 240,122
Gr. Growth Advantage Gr. Income Advantage Gr. Secure Gr. Stable Gr. Growth
Interest income** 9,788 7,043 38,035 23,531 604,565 543,101 137,269 138,479 131,050 100,823
Dividend income 2,573 2,195 26,092 25,629 13,068 13,506 22,160 18,519
Profit/Loss on sale of investment 47,198 6,190 1,141 (1,060) 525,074 70,556 275,994 25,364 421,034 42,346
Profit/Loss on inter fund transfer/sale of investment 3,486 (1,943) 1,309 (1,644) 28,500 (30,677) 5,037 (5,790) 8,717 (8,994)
Unrealised Gain/loss* 17,957 9,015 27,997 (6,352) 422,336 (32,891) 114,991 48,791 172,508 100,481
Total (A) 81,002 22,501 68,482 14,475 1,606,567 575,718 546,359 220,349 755,469 253,174
Other charges F-5 314 363 523 830 173 129
Service Tax# 415 274 571 337 11,369 9,881 3,432 3,137 4,194 2,948
Total (B) 3,774 2,492 5,195 3,065 103,351 89,828 31,197 28,517 38,127 26,798
Net Income for the year (A-B) 77,228 20,010 63,287 11,410 1,503,216 485,890 515,162 191,833 717,342 226,376
Add: Fund revenue account at the beginning of the year 69,849 49,839 102,919 91,510 2,599,899 2,114,009 2,626,392 2,434,560 1,009,927 783,551
Fund revenue account at the end of the year 147,077 69,849 166,206 102,919 4,103,115 2,599,899 3,141,554 2,626,392 1,727,269 1,009,927
11/10/15 4:03:08 PM
Gr. Fixed Interest 2 Gr. Money Market 2 Gr. Bond 2 Gr. Short Term Debt 2 Gr. Stable 2

Interest income** 2,858 2,033 189 182 21,650 30,490 137 13
Dividend income 5 2
Profit/Loss on sale of investment 228 86 16 6 1,206 815 42 2
Profit/Loss on inter fund transfer/sale of investment 1,112 (557) 564 2,825 7 0
Unrealised Gain/loss* 1,736 376 1,790 (2,320) 191 11
Total (A) 5,934 1,938 205 188 25,210 31,809 382 27

Fund management expenses 21 9 160

Other charges F-5 197 145 13 13 1,097 1,384 13 2
Service Tax# 24 18 2 2 136 171 2
Total (B) 221 163 15 15 1,233 1,555 15 2
Net Income for the year (A-B) 5,713 1,775 190 173 23,977 30,254 367 25
Add: Fund revenue account at the beginning of the
7,704 5,929 2,326 2,153 742 742 83,236 52,982 5,888 5,863
year
Fund revenue account at the end of the year 13,417 7,704 2,516 2,326 742 742 107,213 83,236 6,255 5,888
Pension Life Discontinued Discontinued

Gr. Secure 2 Gr. Growth 2 Total
Discontinued Fund Fund Policy Fund
Particulars Sch
Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year Year Year
Interest income** 1,032 5,890 8,855 272 1,872 1,307 609,202 282,184 9,042,961 8,093,061
Dividend income 16 274 1,420 49 1,646,095 1,621,486
Profit/Loss on sale of investment 522 150 13,638 187 1 1 31,689 4,263 27,675,839 2,983,112
Profit/Loss on inter fund transfer/sale of investment (1,147) (326) 463 (13) 1,537 (1,830) 1,044,205 (94,093)
Miscellaneous Income/(Expenses) (339) (0) (339)
Unrealised Gain/loss* 3,738 (3,738) 13,833 159 (206) 1,387 10,419,776 10,208,794
Total (A) 3,822 2,251 38,209 656 1,873 1,308 642,222 286,004 49,828,537 22,812,360
Fund management expenses 113 80 35,950 16,846 2,933,482 2,503,030

Other charges F-5 38 432 1,027 36 2,829 1,952 48,358 70,477 3,546,305 4,336,696
Service Tax# 5 53 127 4 364 251 10,420 10,793 800,902 845,388
Total (B) 43 485 1,154 40 3,306 2,282 94,729 98,116 7,280,689 7,685,114
Net Income for the year (A-B) 3,779 1,766 37,055 616 (1,433) (974) 547,493 187,888 42,547,848 15,127,246
Add: Fund revenue account at the beginning of the
28,591 26,827 26,954 26,339 215,015 27,127 30,444,440 15,317,194
year
Fund revenue account at the end of the year 32,370 28,593 64,009 26,954 (1,433) (974) 762,508 215,015 72,992,288 30,444,440
* Net change in mark to market value of investments
** Includes Lending Fee on SLB
# Service Tax includes service tax on FMC & Other Charges
11/10/15 4:03:12 PM
Form A-BS(UL) Annexure 3
Fund Balance Sheet as at 31st March 2015
Particulars Sch Current Previous Current Previous Current Previous
Current Year Previous Year Current Year Previous Year

Year Year Year Year Year Year
Sources of Funds
Policyholder contribution F-1 1,253,392 1,359,125 4,567,840 4,107,792 2,467,838 2,883,177 1,228,148 1,461,798 265,874 283,055
Revenue Account 469,351 346,654 920,538 361,441 1,824,918 1,271,283 1,702,356 1,245,157 70,717 21,504
Total 1,722,743 1,705,779 5,488,378 4,469,233 4,292,756 4,154,461 2,930,504 2,706,955 336,591 304,559
Investments F-2 1,637,232 1,631,377 5,256,710 4,170,672 4,149,012 3,970,625 2,885,599 2,567,293 331,964 299,212
Current Assets F-3 109,678 87,662 304,496 344,241 188,214 242,435 77,977 163,884 8,294 7,321
Less: Current Liabilities and Provisions F-4 24,167 13,260 72,827 45,680 44,470 58,599 33,072 24,222 3,667 1,976
Net current assets 85,511 74,402 231,668 298,561 143,744 183,836 44,905 139,662 4,627 5,345
(a) Total 1,722,743 1,705,779 5,488,378 4,469,233 4,292,756 4,154,461 2,930,504 2,706,955 336,591 304,557
(b) Number of Units outstanding 73,630,375 79,615,680 273,680,945 255,558,484 132,646,472 149,742,178 70,601,127 77,963,619 12,594,762 13,670,031
NAV per Unit (a)/(b) (`) Plan I 23.40 21.43 20.05 17.49 32.36 27.74 41.51 34.72 26.72 22.28
Plan II
Particulars Sch Current Previous Current Previous Current Previous
Year Year Year Year Year Year
Sources of Funds
Policyholder contribution F-1 62,060,777 65,535,401 1,573,035 1,546,902 4,695,879 5,457,915 17,302,299 19,724,697 3,626,314 4,103,356
Revenue Account 9,247,800 51,506 2,839,814 1,997,349 6,988,858 4,258,723 7,451,260 908,783 1,225,507 (502,132)
Total 71,308,577 65,586,908 4,412,849 3,544,251 11,684,737 9,716,638 24,753,559 20,633,480 4,851,821 3,601,224
Investments F-2 69,726,215 63,386,782 4,329,142 3,451,384 11,079,986 9,462,429 24,716,026 21,027,911 4,832,181 3,502,728
Current Assets F-3 2,303,531 2,807,495 120,844 124,164 844,933 402,341 450,179 240,801 42,787 162,033
Net current assets 1,582,362 2,200,126 83,707 92,867 604,751 254,209 37,533 (394,431) 19,640 98,494
(a) Total 71,308,577 65,586,908 4,412,849 3,544,251 11,684,737 9,716,638 24,753,559 20,633,480 4,851,821 3,601,224
(b) Number of Units outstanding 1,468,054,757 1,599,821,704 109,951,167 110,907,306 274,253,470 298,421,112 1,122,399,958 1,272,984,715 220,150,980 251,696,852
Plan II
11/10/15 4:03:15 PM
Particulars Sch Current Previous Previous Current Current Previous Current Previous
Year Year Year Year Year Year Year Year

Sources of Funds
Policyholder contribution F-1 4,887,260 3,310,170 1,857,012 2,565,787 1,549,847 2,677,938 3,996,247 5,584,714 3,135,305 4,432,553
Revenue Account 1,528,624 489,380 1,265,969 618,487 4,280,522 2,959,273 2,752,803 1,155,831 1,900,386 662,015
Total 6,415,884 3,799,550 3,122,981 3,184,274 5,830,369 5,637,211 6,749,050 6,740,545 5,035,691 5,094,569

Investments F-2 6,361,230 3,773,925 3,058,927 3,183,035 5,628,889 5,654,936 6,507,752 6,627,955 4,853,229 5,044,215
Current Assets F-3 288,487 138,868 109,444 37,921 241,854 28,698 302,350 167,030 232,126 102,117
Net current assets 54,654 25,625 64,054 1,239 201,480 (17,725) 241,297 112,590 182,462 50,354
(a) Total 6,415,884 3,799,550 3,122,981 3,184,274 5,830,369 5,637,211 6,749,050 6,740,545 5,035,691 5,094,569
Plan II
Ind. Platinum Advantage Ind. Platinum Premier Ind. Foresight FP Ind. Foresight SP Titanium 1
Particulars Sch Previous Current Previous Current Previous Current Previous
Current Year Current Year Previous Year
Year Year Year Year Year Year Year
Sources of Funds
Policyholder contribution F-1 7,881,270 7,898,818 5,998,433 7,847,442 15,690,014 12,238,405 617,160 608,848 270,241 434,130
Revenue Account 3,865,781 1,180,938 2,850,560 677,376 5,051,719 1,642,738 382,228 169,051 164,890 45,989
Total 11,747,051 9,079,756 8,848,994 8,524,818 20,741,733 13,881,143 999,388 777,899 435,131 480,119
Investments F-2 11,422,610 8,982,473 8,735,513 8,447,708 19,235,051 13,014,036 948,721 766,019 432,014 485,243
Current Assets F-3 341,354 109,134 212,264 143,701 1,624,055 897,095 60,257 13,388 12,414 8,162
Net current assets 324,441 97,283 113,481 77,110 1,506,681 867,107 50,667 11,880 3,117 (5,124)
(a) Total 11,747,051 9,079,756 8,848,994 8,524,818 20,741,733 13,881,143 999,388 777,899 435,131 480,119
(b) Number of Units outstanding 787,755,337 796,324,031 526,951,376 653,220,498 1,457,914,712 1,197,644,824 63,421,466 62,830,954 25,916,101 36,744,041
Plan II
11/10/15 4:03:18 PM
Particulars Sch Current Previous Current Previous Current Previous Current Previous

Sources of Funds
Policyholder contribution F-1 82,456 127,685 54,056 68,841 149,925 47,574 396,397 131,093 594,783 338,412
Revenue Account 47,713 14,454 20,473 4,473 36,074 4,577 67,327 9,550 16,198 1,953
Total 130,169 142,139 74,529 73,314 185,999 52,151 463,724 140,643 610,981 340,367
Investments F-2 129,533 143,060 75,011 72,491 173,127 48,692 440,435 143,664 489,542 277,860
Current Assets F-3 4,284 2,710 912 2,017 19,894 9,276 24,745 3,735 122,404 63,278
Less: Current Liabilities and Provisions F-4 3,648 3,630 1,394 1,194 7,022 5,817 1,456 6,755 965 771
Net current assets 636 (919) (482) 823 12,872 3,459 23,289 (3,021) 121,439 62,507
(a) Total 130,169 142,139 74,529 73,314 185,999 52,151 463,724 140,643 610,981 340,367
Plan II
IPP - Growth IPP - Enrich IPP - Nourish Income Advantage Guaranteed Maximiser Guaranteed
Particulars Sch Current Previous Current Previous Current Previous Current Previous
Sources of Funds
Policyholder contribution F-1 54,017 156,038 333,356 625,700 42,381 64,904 476,687 221,879 20,763 7,599
Revenue Account 263,101 207,790 1,335,375 1,005,027 82,942 64,512 41,025 1,184 3,204 188
Total 317,118 363,828 1,668,731 1,630,727 125,323 129,416 517,712 223,063 23,967 7,787
Investments F-2 304,523 347,008 1,651,645 1,585,638 122,993 125,212 458,794 139,962 22,170 6,961
Current Assets F-3 17,475 19,172 38,532 61,463 4,334 4,591 60,543 83,127 2,575 2,746
Less: Current Liabilities and Provisions F-4 4,880 2,353 21,446 16,375 2,004 388 1,626 26 778 1,920
Net current assets 12,595 16,820 17,086 45,089 2,330 4,204 58,918 83,101 1,797 826
(a) Total 317,118 363,828 1,668,731 1,630,727 125,323 129,416 517,712 223,063 23,967 7,787
(b) Number of Units outstanding 9,388,225 12,766,956 41,117,274 49,479,845 4,664,802 5,626,708 44,523,159 21,812,048 1,772,892 733,209
Plan II
11/10/15 4:03:21 PM
Particulars Sch Current Previous Current Previous Current Previous Previous Previous
Current Year Current Year

Sources of Funds
Policyholder contribution F-1 5,040,565 3,968,142 95,263 52,239 1,015,466 1,185,264 571,817 3,148,910 348,350 416,078
Revenue Account 1,660,374 900,541 21,038 10,671 1,408,735 1,146,938 656,415 491,667 275,850 240,122
Total 6,700,939 4,868,683 116,301 62,910 2,424,201 2,332,202 1,228,232 3,640,577 624,200 656,200

Investments F-2 6,416,501 4,674,988 113,975 61,393 2,315,979 2,187,572 1,265,509 3,133,601 598,981 627,604
Current Assets F-3 402,299 193,731 2,326 1,516 109,555 144,659 25,690 640,732 25,219 28,709
Less: Current Liabilities and Provisions F-4 117,861 35 1,333 29 62,967 133,755 112
Net current assets 284,438 193,695 2,326 1,517 108,222 144,630 (37,277) 506,976 25,219 28,596
(a) Total 6,700,939 4,868,683 116,301 62,910 2,424,201 2,332,202 1,228,232 3,640,577 624,200 656,200
Plan II
Particulars Sch Previous Current Previous Current Previous Previous Previous
Current Year Current Year Current Year
Sources of Funds
Policyholder contribution F-1 251,447 132,977 506,922 261,329 5,841,947 4,757,717 (51,758) (222,398) 2,718,150 1,589,589
Revenue Account 147,077 69,849 166,206 102,919 4,103,115 2,599,899 3,141,554 2,626,392 1,727,269 1,009,927
Total 398,524 202,826 673,128 364,248 9,945,062 7,357,616 3,089,796 2,403,994 4,445,419 2,599,516
Investments F-2 391,566 203,739 545,231 341,541 9,785,099 7,130,166 3,101,421 2,340,965 4,373,402 2,517,060
Current Assets F-3 6,958 2,020 127,897 22,817 219,348 352,387 59,709 79,728 96,506 113,248
Less: Current Liabilities and Provisions F-4 2,932 110 59,385 124,936 71,334 16,698 24,489 30,792
Net current assets 6,958 (913) 127,897 22,707 159,963 227,450 (11,625) 63,029 72,017 82,457
(a) Total 398,524 202,826 673,128 364,248 9,945,062 7,357,616 3,089,796 2,403,994 4,445,419 2,599,517
Plan II
11/10/15 4:03:24 PM
Gr. Fixed Interest 2 Gr. Money Market 2 Gr. Bond 2 Gr. Short-Term Debt 2 Gr. Stable 2
Particulars Sch Current Previous Current Previous Previous Previous Previous
Current Year Current Year Current Year

Sources of Funds
Policyholder contribution F-1 26,255 23,762 (66) (64) (742) (742) 79,068 252,064 2,577 (5,612)
Revenue Account 13,417 7,704 2,516 2,326 742 742 107,213 83,236 6,255 5,888
Total 39,672 31,466 2,450 2,263 186,281 335,300 8,832 276
Investments F-2 39,513 30,598 2,378 2,226 173,968 320,410 8,587 256
Current Assets F-3 159 869 72 37 12,313 14,890 245 20
Less: Current Liabilities and Provisions F-4
Net current assets 159 869 72 37 12,313 14,890 245 20
(a) Total 39,672 31,466 2,450 2,263 186,281 335,300 8,832 276
(b) Number of Units outstanding 2,661,560 2,477,894 182,542 183,777 (0) 13,228,132 26,317,343 567,980 21,320
NAV per Unit (a)/(b) (`) Plan I 14.91 12.70 13.43 12.31 14.08 12.74 15.55 12.88
Plan II
Pension Life Discontinued

Gr. Secure 2 Gr. Growth 2 Discontinued Policy Fund Total
Discontinued Fund Fund
Particulars Sch
Current Previous Current Previous Current Previous Current Previous Current Current Previous
Previous Year
Year Year Year Year Year Year Year Year Year Year Year
Sources of Funds
Policyholder contribution F-1 (32,370) 72,824 259,457 (20,510) 51,715 41,398 8,125,444 4,539,424 172,019,911 176,002,745
Revenue Account 32,370 28,593 64,009 26,954 (1,433) (974) 762,508 215,015 72,992,288 30,444,440
Total 101,417 323,466 6,444 50,282 40,424 8,887,952 4,754,439 245,012,199 206,447,185
Investments F-2 99,207 319,103 6,316 49,158 39,765 8,874,587 4,729,779 238,410,498 200,747,927
Current Assets F-3 2,598 6,214 165 1,467 1,327 155,558 71,880 9,424,099 8,150,608
Less: Current Liabilities
F-4 388 1,851 37 343 668 142,194 47,220 2,822,397 2,451,350
and Provisions
Net current assets 2,210 4,363 128 1,124 659 13,365 24,660 6,601,701 5,699,258
(a) Total 101,417 323,466 6,443 50,282 40,424 8,887,952 4,754,439 245,012,199 206,447,185
(b) Number of Units outstanding 9,915,349 19,443,533 481,062 4,703,812 3,778,390 634,653,100 369,235,151 9,719,435,169 9,836,830,182
NAV per Unit (a)/(b) (`) Plan I 10.23 16.64 13.39 10.69 10.70 14.00 12.88
Plan II
11/10/15 4:03:27 PM
Schedules to Fund Balance Sheet Annexure 3
Schedule: F-1
Policyholders Contribution
Particulars Current Previous Current Previous Current Previous Current Previous Current Previous

Opening balance 1,359,125 1,045,778 4,107,792 3,362,977 2,883,177 2,916,719 1,461,798 1,656,346 283,055 336,474
Add: Additions during the year* ** 262,060 1,144,990 1,385,255 2,275,694 265,434 1,030,711 175,223 278,038 38,213 42,923
Less: Deductions during the year* ** 367,793 831,643 925,207 1,530,879 680,773 1,064,253 408,873 472,586 55,394 96,342

Closing balance 1,253,392 1,359,125 4,567,840 4,107,792 2,467,838 2,883,177 1,228,148 1,461,798 265,874 283,055
Opening balance 65,535,401 67,833,017 1,546,902 1,526,033 5,457,915 7,008,202 19,724,697 22,844,031 4,103,356 4,668,377
Add: Additions during the year* ** 7,983,321 10,258,422 591,764 656,580 864,648 886,751 3,257,325 3,694,106 564,609 613,112
Less: Deductions during the year* ** 11,457,945 12,556,038 565,631 635,711 1,626,684 2,437,038 5,679,723 6,813,440 1,041,651 1,178,133
Closing balance 62,060,777 65,535,401 1,573,035 1,546,902 4,695,879 5,457,915 17,302,299 19,724,697 3,626,314 4,103,356
Opening balance 3,310,170 2,457,049 2,565,787 3,370,365 2,677,938 3,949,250 5,584,714 7,078,482 4,432,553 5,662,514
Add: Additions during the year* ** 1,772,233 1,746,176 (12) (8,508) (59) 6,570 (189) 47,127 507 48,557
Less: Deductions during the year* ** 195,143 893,055 708,763 796,070 1,128,032 1,277,882 1,588,278 1,540,895 1,297,755 1,278,518
Closing balance 4,887,260 3,310,170 1,857,012 2,565,787 1,549,847 2,677,938 3,996,247 5,584,714 3,135,305 4,432,553
Particulars Previous Previous Previous Previous Previous
Current Year Current Year Current Year Current Year Current Year
Year Year Year Year Year
Opening balance 7,898,818 6,632,903 7,847,442 9,101,544 12,238,405 7,954,923 608,848 596,673 434,130 576,174
Add: Additions during the year* ** 1,028,011 2,829,963 7,568 286,243 4,761,038 5,367,888 8,584 12,865 (1,027) (36,953)
Less: Deductions during the year* ** 1,045,559 1,564,048 1,856,577 1,540,345 1,309,429 1,084,406 272 690 162,862 105,091
Closing balance 7,881,270 7,898,818 5,998,433 7,847,442 15,690,014 12,238,405 617,160 608,848 270,241 434,130
11/10/15 4:03:31 PM
Schedule: F-1

Opening balance 127,685 254,619 68,841 74,088 47,574 20,117 131,093 51,717 338,414 127,222
Add: Additions during the year* ** 151 2,034 5,062 10,959 71,970 35,874 128,114 104,657 881,583 450,965
Less: Deductions during the year* ** 45,380 128,968 19,847 16,206 (30,381) 8,417 (137,190) 25,281 625,214 239,773
Closing balance 82,456 127,685 54,056 68,841 149,925 47,574 396,397 131,093 594,783 338,412
Income Advantage
Guaranteed
Particulars
Opening balance 156,038 189,210 625,700 776,105 64,904 72,831 221,879 7,599
Add: Additions during the year* ** 13,311 15,977 70,648 88,646 5,919 11,701 305,744 221,881 18,490 7,598
Less: Deductions during the year* ** 115,332 49,149 362,992 239,051 28,442 19,628 50,936 2 5,326 (1)
Closing balance 54,017 156,038 333,356 625,700 42,381 64,904 476,687 221,879 20,763 7,599
Opening balance 3,968,142 3,118,768 52,239 42,083 1,185,264 1,283,722 3,148,910 710,488 416,078 41,533
Add: Additions during the year* ** 1,456,477 2,029,498 10,017 10,422 259,233 178,477 754,824 4,997,640 15,963 458,292
Less: Deductions during the year* ** 384,054 1,180,124 (33,007) 266 429,031 276,935 3,331,917 2,559,218 83,692 83,747
Closing balance 5,040,565 3,968,142 95,263 52,239 1,015,466 1,185,264 571,817 3,148,910 348,350 416,078
Opening balance 132,977 138,601 261,329 18,272 4,757,717 6,435,710 (222,398) 157,913 1,589,589 1,621,022
Add: Additions during the year* ** 36,341 86,038 260,924 263,862 879,130 5,839,433 428,326 318,378 144,706 429,732
Less: Deductions during the year* ** (82,129) 91,662 15,331 20,805 (205,100) 7,517,426 257,686 698,689 (983,855) 461,165
Closing balance 251,447 132,977 506,922 261,329 5,841,947 4,757,717 (51,758) (222,398) 2,718,150 1,589,589
11/10/15 4:03:34 PM
Schedule: F-1

Opening balance 23,762 (1,958) (64) (64) (742) (742) 252,064 373,837 (5,612) (5,584)
Add: Additions during the year* ** 5,074 28,195 1,459 2,290 8,362
Less: Deductions during the year* ** 2,581 2,475 2 (0) 174,455 124,063 173 28

Closing balance 26,255 23,762 (66) (64) (742) (742) 79,068 252,064 2,577 (5,612)
Gr. Secure 2 Gr. Growth 2 Pension Discontinued Fund Life Discontinued Fund Discontinued Policy Fund
Opening balance 72,824 (26,826) (20,510) (20,270) 4,539,424 2,023,284
Add: Additions during the year* ** 99,666 2,435 337 263 600 (4,438) 3,924,766
Less: Deductions during the year* ** 105,194 16 (277,532) 577 (51,452) (40,798) (3,590,458) 1,408,626
Closing balance (32,370) 72,824 259,457 (20,510) 51,715 41,398 8,125,444 4,539,424
Total
Particulars Current Previous
Year Year
Opening balance 176,002,747 178,053,520
Add: Additions during the year* ** 28,725,191 50,798,591
Less: Deductions during the year* ** 32,708,024 52,849,365
Closing balance 172,019,915 176,002,747
* Additions represents units creation & deductions represent unit cancellations

** Includes Last Day Collections
11/10/15 4:03:37 PM
Schedule: F-2
Investments
Particulars
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

Approved Investments
Government Bonds 2,560,588 1,254,257 1,969,276 1,534,805 1,308,108 954,622 144,236 121,055
Corporate Bonds 468,928 309,973 573,283 1,130,373 713,861 655,185 275,719 236,874 34,694 34,766
Infrastructure Bonds 252,890 150,314 2,000,197 388,125 986,899 908,862 686,671 608,276 51,563 53,523
Equity 394,112 393,392 537,872 525,559 77,058 71,898
Money Market 282,595 256,888 5,498 111,962
Fixed Deposits 473,300 670,300 930,000 50,000 60,000
Mutual Funds
Preference Shares 384 336 928 812 73 64

Total 1,477,713 1,387,475 5,134,068 3,708,253 4,064,532 3,654,542 2,809,299 2,386,144 307,624 281,306
Other Investments
Corporate Bonds 124,345 97,464 199,192 49,955 38,806 29,081
Infrastructure Bonds
Equity 22,722 12,507 30,228 14,378 3,112 3,952
Money Market 19,397 98,228
Fixed Deposits
Mutual Funds 15,776 146,439 122,643 263,227 11,805 166,542 46,075 137,691 21,228 13,956
Total 159,519 243,903 122,643 462,420 84,482 316,083 76,303 181,150 24,340 17,908
GRAND TOTAL 1,637,232 1,631,377 5,256,710 4,170,672 4,149,012 3,970,625 2,885,599 2,567,293 331,964 299,212
% of Approved Investments to Total 90% 85% 98% 89% 98% 92% 97% 93% 93% 94%
% of Other Investments to Total 10% 15% 2% 11% 2% 8% 3% 7% 7% 6%
Particulars
Government Bonds 20,196,507 17,138,243 1,350,984 766,845 20,966 7,920
Corporate Bonds 14,247,695 13,923,119 181,003 201,400 999 15,972
Infrastructure Bonds 11,395,511 9,080,941 618,882 381,298 8,006 32,019 41,550
Equity 20,352,439 17,099,874 1,984,480 1,634,616 9,715,249 7,592,752 22,804,565 18,459,730 3,775,507 2,951,938
Money Market 330,132 352,720 69,315 164,778 34,258 414,737 204,848 140,105
Fixed Deposits 305,600 529,300 20,000 540,900 850,600
Mutual Funds
Preference Shares 18,690 16,354 1,303 1,140 8,066 7,058 18,137 15,870
Total 66,846,574 58,140,550 4,136,653 3,005,299 10,363,501 8,671,098 22,856,960 18,890,337 3,980,354 3,133,594
Other Investments
Corporate Bonds 315,022 1,365,367 64,196 29,796
Equity 469,491 625,787 112,716 52,620 485,556 365,818 995,322 775,010 811,824 275,451
Preference Shares 19,646 98,228
Money Market
Mutual Funds 2,095,136 3,235,436 79,778 231,042 230,932 395,718 863,743 1,362,564 40,000 93,684
Total 2,879,649 5,246,235 192,494 446,085 716,488 791,332 1,859,066 2,137,575 851,824 369,135
GRAND TOTAL 69,726,215 63,386,782 4,329,142 3,451,384 11,079,986 9,462,429 24,716,026 21,027,911 4,832,181 3,502,728

11/10/15 4:03:40 PM
Schedule: F-2
Investments
Particulars

Government Bonds 128,031 161,592 442,559 221,326 747,988 237,313 208,194 105,138
Corporate Bonds 359,782 262,121 409,203 279,838 379,881 209,038 28,587 72,509
Infrastructure Bonds 737,804 330,354 1,334,826 538,473 1,023,507 256,323 1,192,015 241,288
Equity 6,026,884 3,424,456 1,426,162 2,204,036 2,911,127 4,289,315 3,751,961 5,699,475 2,998,822 4,493,500
Money Market 67,617 127,856 24,392 56,181
Fixed Deposits 235,500 44,600 291,900 300,500 69,800 119,800

Mutual Funds
Preference Shares 1,333 1,166 2,606 2,280 5,507 4,818 4,318 3,779
Total 6,094,501 3,552,312 2,888,612 3,028,261 5,392,219 5,387,412 6,209,344 6,476,767 4,551,736 4,916,214
Other Investments
Corporate Bonds -
Infrastructure Bonds -
Equity 32,965 60,058 50,115 117,017 63,499 144,581 50,698 115,045
Money Market -
Fixed Deposits -
Mutual Funds 266,729 221,613 137,352 94,718 186,554 150,508 234,909 6,607 250,796 12,957
Total 266,729 221,613 170,317 154,775 236,670 267,524 298,409 151,188 301,493 128,002
GRAND TOTAL 6,361,230 3,773,925 3,058,927 3,183,035 5,628,889 5,654,936 6,507,752 6,627,955 4,853,229 5,044,215
Particulars
Government Bonds 1,034,021 66,688 686,953 148,478 3,090,147 750,224 60,091 10,381 8,486 65,285
Corporate Bonds 235,938 84,130 382,440 60,656 1,527,150 987,719 40,569 20,002
Infrastructure Bonds 928,706 147,605 1,338,836 169,840 3,736,189 1,659,852 113,809 9,830 49,263 49,911
Equity 8,373,721 8,239,551 5,957,884 7,810,991 10,060,591 8,974,068 738,665 711,477 283,853 329,899
Money Market 166,994 49,083 49,040 143,923 89,897 3,499 6,392
Fixed Deposits 150,000 50,000 50,000
Mutual Funds
Preference Shares 4,853 4,246 7,511 6,572 8,484 7,424 712 623 417 365
Total 10,744,233 8,591,303 8,572,664 8,196,537 18,616,484 12,519,185 913,276 735,810 388,981 465,462
Other Investments
Corporate Bonds
Equity 154,017 212,629 107,044 202,689 231,194 18,402 6,632 15,192
Preference Shares
Money Market
Mutual Funds 524,360 178,540 55,804 48,482 618,570 263,659 35,445 11,806 36,400 4,589
Total 678,377 391,169 162,848 251,170 618,570 494,853 35,445 30,209 43,032 19,781
GRAND TOTAL 11,422,610 8,982,473 8,735,513 8,447,708 19,235,051 13,014,036 948,721 766,019 432,014 485,243
11/10/15 4:03:43 PM
Schedule: F-2
Investments
Particulars

Government Bonds 4,093 24,868 1,647 10,751
Corporate Bonds 5,995 7,997
Infrastructure Bonds 16,262 10,190 6,242 13,183 1,402
Equity 94,114 95,872 60,185 38,357 165,667 45,785 352,288 119,086
Money Market 43,846 16,094 298,697 172,375
Fixed Deposits 9,900 147,100 80,000
Mutual Funds
Preference Shares 121 106 49 42
Total 124,491 137,031 68,124 70,330 165,667 45,785 397,536 135,180 445,797 252,375
Other Investments
Corporate Bonds
Equity 2,327 4,490 1,304 1,774 7,460 2,907 42,899 8,484
Fixed Deposits
Mutual Funds 2,715 1,539 5,582 386 34,046 22,537
Total 5,042 6,028 6,886 2,160 7,460 2,907 42,899 8,484 43,744 25,484
GRAND TOTAL 129,533 143,060 75,011 72,491 173,127 48,692 440,435 143,665 489,542 277,860
Particulars
Government Bonds 98,460 107,063 669,066 451,155 50,362 51,154 217,117 37,259
Corporate Bonds 20,307 52,299 224,974 241,342 20,897 33,359 57,176 20,805
Infrastructure Bonds 105,261 74,707 163,325 164,175 38,793 13,348 131,203 33,862 21
Equity 60,090 67,137 548,443 545,074 12,012 12,494 20,007 4,718
Money Market 26,445 1,348 1,999
Fixed Deposits 19,300 39,300 30,000 10,000 40,400 10,000
Mutual Funds
Preference Shares 69 442 12
Total 303,487 340,566 1,606,251 1,432,133 122,076 120,365 445,895 128,371 21,377 6,717
Other Investments
Corporate Bonds 2,039
Equity 973 29,131 17,615 504 400 792 244
Money Market
Fixed Deposits
Mutual Funds 63 6,442 16,260 135,888 412 2,408 12,898 11,591
Total 1,036 6,442 45,391 153,503 916 4,846 12,898 11,591 792 244
GRAND TOTAL 304,523 347,008 1,651,645 1,585,638 122,993 125,212 458,794 139,962 22,170 6,961
11/10/15 4:03:47 PM
Schedule: F-2
Investments
Particulars

Government Bonds 4,216,236 1,912,193 109,864 57,471
Corporate Bonds 629,621 716,227 1,018,419 916,464 120,690 135,455
Infrastructure Bonds 1,370,085 906,678 865,531 591,132 198,324 34,853
Equity
Money Market 124,640 148,966 64,700 536,134 1,555,403 78,470 184,541
Fixed Deposits 779,700 69,300 539,600 618,000 1,220,600 119,400 239,900
Mutual Funds
Preference Shares

Total 6,215,943 4,439,438 109,864 57,471 2,102,217 2,111,896 1,154,134 2,776,003 516,885 594,748
Other Investments
Corporate Bonds 35,057 75,586 19,982 19,571
Equity
Fixed Deposits
Mutual Funds 200,557 200,492 4,111 3,922 213,762 90 53,182 357,596 52,416 13,285
Total 200,557 235,549 4,111 3,922 213,762 75,676 111,374 357,596 82,096 32,856
GRAND TOTAL 6,416,501 4,674,988 113,975 61,393 2,315,979 2,187,572 1,265,509 3,133,599 598,981 627,604
Particulars
Government Bonds 112,900 39,343 274,031 144,704 4,659,050 2,261,645 1,256,030 657,508 1,370,465 502,709
Corporate Bonds 4,140 16,228 48,476 135,646 1,389,069 1,128,940 191,017 157,489 236,233 160,741
Infrastructure Bonds 17,211 7,746 185,668 25,776 828,023 878,871 305,887 335,222 376,955 255,591
Equity 227,463 106,186 1,814,108 1,328,178 1,020,088 744,441 2,109,382 1,110,773
Money Market 31,301
Fixed Deposits 9,500 10,000 482,100 919,700 190,100 59,400 130,100
Mutual Funds
Preference Shares 106 1,372 763 1,092
Total 361,819 181,991 517,675 320,625 9,205,024 6,590,034 2,773,785 2,085,428 4,153,527 2,312,318
Other Investments
Corporate Bonds 73,870 198,753 1,926 19,867 29,412
Equity 9,705 4,316 77,120 54,132 41,423 31,493 87,522 45,821
Money Market
Fixed Deposits
Mutual Funds 20,043 17,432 27,559 20,917 429,085 287,249 286,211 222,118 112,485 129,509
Total 29,748 21,749 27,559 20,917 580,075 540,134 327,634 255,537 219,874 204,742
GRAND TOTAL 391,567 203,739 545,234 341,542 9,785,099 7,130,167 3,101,420 2,340,965 4,373,401 2,517,060
11/10/15 4:03:50 PM
Schedule: F-2
Investments
Particulars

Government Bonds 33,326 4,529 169
Corporate Bonds 1,985 29,304 68,438 80,745 -
Infrastructure Bonds 78,979 78,737 1,166
Equity 2,172 81
Money Market 400 876 1,590 1,594 75,752 449
Fixed Deposits 600 400 19,900 59,900
Mutual Funds
Preference Shares
Total 35,711 30,180 2,190 1,994 167,317 295,135 8,317 250

Other Investments
Corporate Bonds 2,039
Equity 77 5
Money Market 196
Fixed Deposits
Mutual Funds 3,802 418 190 36 6,654 23,240 192
Total 3,802 418 190 232 6,654 25,278 268 5
GRAND TOTAL 39,513 30,598 2,380 2,226 173,968 320,410 8,587 255
Particulars
Government Bonds 41,546 69,590 46,603 16,688
Corporate Bonds 6,919 25,184 3,026 524,940 199,166
Infrastructure Bonds 11,347 33,119 202,708 263,122
Equity 17,940 149,963 2,855
Money Market 7,553 1,798 49,159 39,765 5,673,336 3,319,007
Fixed Deposits 10,000 1,912,400 770,200
Mutual Funds
Preference Shares 22
Total 95,322 279,675 5,883 49,159 39,765 8,359,987 4,568,182

Other Investments
Corporate Bonds
Equity 762 6,272 121
Money Market 26,325
Fixed Deposits
Mutual Funds 3,122 33,154 311 514,600 135,274
Total 3,883 39,426 432 514,600 161,599
GRAND TOTAL 99,207 319,103 6,316 49,158 39,765 8,874,587 4,729,779
11/10/15 4:03:53 PM
Schedule: F-2
Investments
Total
Particulars

Government Bonds 47,150,506 29,860,396
Corporate Bonds 24,441,299 22,531,819
Infrastructure Bonds 31,381,739 18,746,927
Equity 108,806,937 99,145,504
Money Market 8,260,640 7,588,417
Fixed Deposits 5,974,800 8,314,100

Mutual Funds
Preference Shares 87,370 76,449

Total 226,103,290 186,263,612
Other Investments
Corporate Bonds 603,040 2,188,285
Equity 3,703,451 3,414,893
Fixed Deposits
Mutual Funds 7,904,015 8,635,580
Total 12,307,493 14,484,326
GRAND TOTAL 238,410,782 200,747,938
% of Approved Investments to Total 95% 93%
% of Other Investments to Total 5% 7%
11/10/15 4:03:56 PM
Schedule: F-3
Current Assets
Particulars
Accrued Interest 48,651 63,103 127,982 144,252 117,299 117,811 68,733 72,737 6,672 6,406

Cash & Bank Balance 35 24,559 27 199,983 62 93,424 60 82,624 66 855
Dividend Receivable 29 240 70 352 5 58
Receivable for Sale of Investments 1,040 30,947 8,150
Receivable from policy holder 60,992 176,481 69,777 9,103 1,549
Margin Money
Share Application Money
Other Current Assets (for Investments) 6 6 7 13 12 24 1 2
Total 109,678 87,662 304,496 344,241 188,214 242,435 77,977 163,884 8,294 7,321
Particulars
Accrued Interest 1,562,108 1,591,405 66,380 50,905 99,584 54,514 2,537
Cash & Bank Balance 279 368,693 41 72,048 136 45,461 195 132,363 423 24,019
Dividend Receivable 1,402 11,196 98 1,163 605 5,123 3,123 11,228 339 0
Receivable for Sale of Investments 305,180 835,692 5,375 653,767 296,968 122,598 96,537 135,350
Margin Money
Other Current Assets (for Investments) 707 509 32 48 481 275 971 673 136 127
Total 2,303,531 2,807,495 120,844 124,164 844,933 402,341 450,179 240,801 42,787 162,033
Particulars
Accrued Interest 65,357 35,274 55,615 24,554 98,942 40,753 50,823 10,351
Cash & Bank Balance 147 114,576 37 738 33 456 41 1,283 34 1,388
Dividend Receivable 2,145 100 1,879 195 3,630 413 5,353 324 4,208
Receivable for Sale of Investments 126,397 21,967 43,924 185,957 202,905 119,576 180,899 86,119
Receivable from policy holder 161,720 7 15 1 5
Margin Money
Total 288,487 138,868 109,444 37,921 241,854 28,698 302,350 167,030 232,126 102,117
Particulars
Accrued Interest 70,980 6,901 81,823 8,522 321,517 169,324 7,173 887 2,353 1,491
Cash & Bank Balance 318 96,042 167 2,236 279 573,098 7 123 34 1,278
Dividend Receivable 364 6,109 563 7,358 636 8,290 53 667 31 293
Receivable for Sale of Investments 193,348 129,025 125,498 768,513 146,289 53,013 11,704 9,990 5,093
Receivable from policy holder 76,255 617 532,964
Margin Money

Total 341,354 109,134 212,264 143,701 1,624,055 897,095 60,257 13,388 12,414 8,162
11/10/15 4:04:00 PM
Schedule: F-3
Current Assets
Particulars
Accrued Interest 727 1,088 430 1,015 2 3,689 3,220

Cash & Bank Balance 69 82 49 373 7,652 9,220 89 3,621 77 60,058
Dividend Receivable 9 85 4 34 65 56 96
Receivable for Sale of Investments 3,477 1,453 407 594 2,304 11
Receivable from policy holder 22 9,868 24,647 118,638
Margin Money

Total 4,284 2,710 912 2,017 19,894 9,276 24,745 3,735 122,404 63,278
Particulars
Accrued Interest 15,975 14,147 30,984 30,617 3,465 4,220 12,721 4,145
Cash & Bank Balance 64 693 61 30,484 38 363 7 78,982 34 2,744
Dividend Receivable 12 53 33 344 1 8 2
Receivable for Sale of Investments 4,277 112
Receivable from policy holder 1,423 7,445 719 47,815 2,541
Margin Money
Other Current Assets (for Investments) 1 2 10 18 0 0
Total 17,475 19,173 38,532 61,464 4,334 4,591 60,543 83,127 2,575 2,746
Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt
Particulars
Cash & Bank Balance 54 18,642 14 17 248 46,005 37 605,392 24 7,500
Dividend Receivable
Receivable for Sale of Investments
Receivable from policy holder 220,568 285 4,159 10,305
Margin Money
Other Current Assets (for Investments)
Total 402,299 193,731 2,326 1,516 109,555 144,659 25,690 640,732 25,219 28,709
Particulars
Cash & Bank Balance 20 119 18 15,222 61 34,313 62 28,237 24 75,378
Dividend Receivable 25 65 238 828 131 465 234 675
Receivable for Sale of Investments 1,189 341 9,394 111,773 4,312 3,819 9,460 3,644
Margin Money
Total 6,958 2,019 127,897 22,817 219,348 352,387 59,709 79,727 96,506 113,248
11/10/15 4:04:03 PM
Schedule: F-3
Current Assets
Particulars

Accrued Interest 128 827 15 1 12,284 14,464 159 1
Cash & Bank Balance 31 42 58 36 30 426 30 17
Dividend Receivable 0
Receivable for Sale of Investments 2
Receivable from policy holder 56
Margin Money
Other Current Assets (for Investments)

Total 159 869 72 37 12,313 14,890 245 20
Particulars
Accrued Interest 2,472 5,693 62 97,720 48,622
Cash & Bank Balance 6 61 94 10 41 12 23,258
Dividend Receivable 11 13 2
Receivable for Sale of Investments 108 441 7
Receivable from policy holder 1,457 1,286 57,826
Margin Money
Other Current Assets (for Investments) 1 7 0
Total 2,598 6,214 165 1,467 1,327 155,558 71,880
Total
Particulars
Accrued Interest 3,720,263 3,153,619
Cash & Bank Balance 11,396 2,876,569
Dividend Receivable 9,114 72,015
Receivable for Sale of Investments 3,013,026 2,045,919
Receivable from policy holder 2,666,981
Margin Money

Other Current Assets (for Investments) 3,319 2,487
Total 9,424,099 8,150,608
11/10/15 4:04:06 PM
Schedule: F-4
Current Liabilities
Particulars

Payable for Purchase of Investments 36,396 2,986 5,652 2,334 396
Other Current Liabilities 13,260 45,680 22,203 18,571 1,580
Payable to Policy holder 24,167 72,827 44,470 30,086 1,333
Total 24,167 13,260 72,827 45,680 44,470 58,599 33,072 24,223 3,667 1,976

Particulars
Payable for Purchase of Investments 277,695 244,427 15,372 156,629 59,611 233,014 450,063 28,851
Other Current Liabilities 362,942 15,924 5 88,520 185,168 34,687
Total 721,170 607,369 37,137 31,297 240,182 148,131 412,646 635,231 23,147 63,538
Particulars
Payable for Purchase of Investments 199,347 99,027 11,304 7,756 9,810 13,375 7,833 11,145
Other Current Liabilities 14,217 36,682 46,423 41,066 40,618
Total 233,833 113,244 45,390 36,682 40,373 46,423 61,053 54,441 49,664 51,763
Particulars
Payable for Purchase of Investments 20,336 89,960 22,164 9,589 1,506 2,293 7,884
Other Current Liabilities 11,851 46,255 7,823 5,401
Payable to Policy holder 16,912 98,784 27,414 7,005
Total 16,912 11,851 98,784 66,591 117,374 29,987 9,589 1,506 9,297 13,285
11/10/15 4:04:09 PM
Schedule: F-4
Current Liabilities
Particulars

Payable for Purchase of Investments 773 2,289 523 932 6,415 5,459 6,248
Other Current Liabilities 1,341 262 358 507 771
Payable to Policy holder 2,875 870 607 1,456 965
Total 3,648 3,630 1,394 1,194 7,022 5,817 1,456 6,755 965 771
Income Advantage
Particulars Guaranteed
Payable for Purchase of Investments 748 2,974 10,460 235 1,919
Other Current Liabilities 1,605 5,915 153 26 1
Payable to Policy holder 4,880 18,472 2,004 1,626 778
Total 4,880 2,353 21,446 16,376 2,004 387 1,626 26 778 1,920
Particulars
Payable for Purchase of Investments 117,861
Other Current Liabilities 35 29 133,755 112
Payable to Policy holder 1,333 62,967
Total 117,861 35 1,333 29 62,967 133,755 112
Particulars
Payable for Purchase of Investments 2,932 58,995 124,924 71,240 16,555 24,487 30,636
Other Current Liabilities 110 12 143 156
Payable to Policy holder 389 94 1
Total 2,932 110 59,385 124,937 71,334 16,699 24,489 30,792
11/10/15 4:04:12 PM
Schedule: F-4
Current Liabilities
Particulars

Payable for Purchase of Investments
Other Current Liabilities
Payable to Policy holder
Total

Particulars
Payable for Purchase of Investments 388 1,851 37
Other Current Liabilities 47,220
Payable to Policy holder 343 668 142,194
Total 388 1,851 37 343 668 142,194 47,220
Total
Particulars
Payable for Purchase of Investments 1,295,670 1,219,969
Other Current Liabilities 5 1,231,381
Payable to Policy holder 1,526,722
Total 2,822,397 2,451,351
11/10/15 4:04:15 PM
Schedules to Fund Revenue Account Annexure 3
Schedule: F-5
Other Expenses*
Particulars

(A) Other charges
Policy Administration charge 6,584 7,916 25,397 29,947 31,074 36,567 19,900 23,078 5,931 6,876
Surrender charge 996 1,201 6,986 12,983 324 521 490 348
Switching charge 91 94 39 41 40 43 7 8
Mortality charge 16,704 14,917 63,421 59,660 51,683 56,590 22,229 23,029 2,261 2,412
Discontinuance charge
Miscellaneous charge** 48 43 341 328 18 24 10 11 2 1
Total 24,423 24,171 96,184 102,959 83,139 93,745 42,636 46,474 8,194 9,289
(B) Service Tax
Service Tax on charges 3,019 2,988 11,888 12,726 10,276 11,587 5,270 5,744 1,013 1,148
Total 3,019 2,988 11,888 12,726 10,276 11,587 5,270 5,744 1,013 1,148
Total (A+B) 27,442 27,159 108,072 115,685 93,415 105,332 47,906 52,218 9,207 10,437
Particulars
(A) Other charges
Policy Administration charge 934,990 1,175,801 11,735 14,904 37,572 48,336 155,321 210,074 37,843 52,677
Surrender charge 47,380 74,721 964 1,499 1,706 3,590 26,614 38,007 2,669 4,566
Switching charge 28 26 9 8 49 23 103 43 34 7
Mortality charge 1,197,573 1,361,425 35,177 33,988 89,537 94,460 213,183 270,142 33,254 42,397
Miscellaneous charge** 2,087 3,151 154 168 214 245 942 1,309 194 256
Total 2,182,058 2,615,124 48,039 50,567 129,078 146,654 396,163 519,575 73,994 99,903
(B) Service Tax
Total 269,703 323,229 5,933 6,250 15,954 18,126 48,966 64,219 9,146 12,348
Total (A+B) 2,451,761 2,938,353 53,972 56,817 145,032 164,780 445,129 583,794 83,140 112,251
11/10/15 4:04:18 PM
Schedule: F-5
Other Expenses*
Particulars

(A) Other charges
Policy Administration charge 24,248 24,993 3,894 4,524 5,568 6,646 15,251 18,768 12,516 15,517
Surrender charge 6,528 12,577
Switching charge 61 58

Mortality charge 34,846 26,448 27,474 34,918 25,570 33,374 15,101 25,106 13,326 21,257
Miscellaneous charge** 714 825 1 24 4 35
Total 66,397 64,901 31,368 39,442 31,138 40,020 30,353 43,898 25,846 36,809
(B) Service Tax
Total 8,207 8,022 3,877 4,875 3,849 4,946 3,751 5,426 3,195 4,550
Total (A+B) 74,604 72,923 35,245 44,317 34,987 44,966 34,104 49,324 29,041 41,359
Particulars
(A) Other charges
Policy Administration charge 21,094 27,111 24,052 52,448 1,605 2,239
Surrender charge 37,510 67,166 1,641 3,583
Switching charge 1
Mortality charge 52,910 92,398 16,287 27,482 1,259 1,939

Miscellaneous charge** 3,044 4,250 8 179 704 551 3
Total 77,049 123,759 77,857 147,275 704 551 4,505 7,764
(B) Service Tax
Service Tax on charges 9,523 15,296 9,623 18,203 87 68 557 960
Total 9,523 15,296 9,623 18,203 87 68 557 960
Total (A+B) 86,572 139,055 87,480 165,478 791 619 5,062 8,724
11/10/15 4:04:21 PM
Schedule: F-5
Other Expenses*
Particulars

(A) Other charges
Policy Administration charge 458 583 236 586 489 199 1,353 456 496 402
Surrender charge 686 2,469 346 535
Switching charge 3 3 1 1
Mortality charge 489 849 211 319 2,882 1,336 7,853 4,023 14,649 8,618
Miscellaneous charge** 2 4 31 26 74 54 50 42
Total 1,633 3,903 793 1,444 3,405 1,561 9,283 4,533 15,196 9,063
(B) Service Tax
Service Tax on charges 202 482 98 178 421 193 1,147 560 1,878 1,120
Total 202 482 98 178 421 193 1,147 560 1,878 1,120
Total (A+B) 1,835 4,385 891 1,622 3,826 1,754 10,430 5,093 17,074 10,183
Income Advantage
Particulars Guaranteed
(A) Other charges
Policy Administration charge 4,331 4,411 21,471 21,229 1,820 1,886 1,114 118 57 5
Surrender charge
Switching charge
Mortality charge 151 172 1,108 1,337 94 105 (28) (1)

Miscellaneous charge** 3
Total 4,482 4,583 22,579 22,569 1,914 1,991 1,086 118 56 5
(B) Service Tax
Service Tax on charges 554 566 2,791 2,790 237 246 134 15 7 1
Total 554 566 2,791 2,790 237 246 134 15 7 1
Total (A+B) 5,036 5,149 25,370 25,359 2,151 2,237 1,220 133 63 6
11/10/15 4:04:25 PM
Schedule: F-5
Other Expenses*
Particulars

(A) Other charges
Policy Administration charge 178 183 17 20 4 12 20 20
Surrender charge
Switching charge

Mortality charge
Miscellaneous charge**
Total 178 183 17 20 4 12 20 20
(B) Service Tax
Service Tax on charges 22 23 2 2 1 1 3 2
Total 22 23 2 2 1 1 3 2
Total (A+B) 200 206 19 22 5 13 23 22
Particulars
(A) Other charges
Policy Administration charge 314 363 523 830 173 129
Surrender charge
Switching charge
Mortality charge
Total 314 363 523 830 173 129
(B) Service Tax
Service Tax on charges 39 45 65 103 21 16
Total 39 45 65 103 21 16
Total (A+B) 353 408 588 933 194 145
11/10/15 4:04:28 PM
Schedule: F-5
Other Expenses*
Particulars

(A) Other charges
Policy Administration charge 197 145 13 13 1,097 1,384 13 2
Surrender charge
Switching charge
Mortality charge
Total 197 145 13 13 1,097 1,384 13 2
(B) Service Tax
Service Tax on charges 24 18 2 2 136 171 2
Total 24 18 2 2 136 171 2
Total (A+B) 221 163 15 15 1,233 1,555 15 2
Particulars
(A) Other charges
Policy Administration charge 38 432 1,027 36 4 9 3,624 2,683
Surrender charge
Switching charge
Mortality charge 6 5,987 4,739

Discontinuance charge 2,825 1,937 38,747 63,055
Total 38 432 1,027 36 2,829 1,952 48,358 70,477
(B) Service Tax
Service Tax on charges 5 53 127 4 350 241 5,977 8,711
Total 5 53 127 4 350 241 5,977 8,711
Total (A+B) 43 485 1,154 40 3,179 2,193 54,335 79,188
11/10/15 4:04:31 PM
Schedule: F-5
Other Expenses*
Total
Particulars

(A) Other charges
Policy Administration charge 1,413,651 1,794,549
Surrender charge 134,840 223,766

Mortality charge 1,945,196 2,243,440

Discontinuance charge 43,509 63,055
Miscellaneous charge** 8,640 11,534
Total 3,546,305 4,336,696
(B) Service Tax
Service Tax on charges 438,323 536,013
Total 438,323 536,013
Total (A+B) 3,984,628 4,872,709
* Any expense which is 1% of the total expenses incurred should be
disclosed as a separate line item.
**Miscellaneous charge includes Reinstatement charge & Late
Payment charge
11/10/15 4:04:34 PM
Annexure to Revenue AccountBreak up of Unit Linked Business (UL) Annexure 3
Revenue Account for financial year ended 31st March 2015
Individual Life Pension Individual Group Life Group Pension Health Individual
Total Unit

Linked
Particulars Schedule Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11) (12)=(10)+ (13) (14) (15)=(13)+ (16)=(3)+(6)+(9)+
(11) (14) (12)+(15)
Premiums earned net
(a) Premium 1,383,304 23,192,682 24,575,986 38,713 1,078,378 1,117,091 3,788,184 3,788,184 409,387 409,387 9,295 101,275 110,570 30,001,218
(b) Reinsurance ceded (724,106) (724,106) (286) (286) (356) (356) (2,859) (2,859) (727,607)

(a) Interest, Dividend & Rent - Gross 214,701 8,283,042 8,497,743 13,690 486,216 499,906 1,521,916 1,521,916 387,215 387,215 6,919 10,666 17,585 10,924,365
(b) Profit on sale/redemption of 17,255 26,851,152 26,868,407 1,100 1,683,999 1,685,099 1,232,538 1,232,538 313,590 313,590 556 66,487 67,043 30,166,677
investments
(c) Loss on sale/redemption of (31) (1,256,263) (1,256,294) (2) (82,629) (82,631) (68,866) (68,866) (17,521) (17,521) (1) (2,443) (2,444) (1,427,757)
investments
(d) Unrealised gain/(loss) 8,878,799 8,878,799 428,406 428,406 885,729 885,729 225,353 225,353 1,489 1,489 10,419,776
(e) Gain Loss on Amortisation
Other income:
(a) Linked Income UL1 6,795,747 (6,795,747) 281,888 (281,888) 234,057 (234,057) 65,771 (65,771) 51,264 (51,264)
(b) Contribution from the 93,195 93,195 93,195
Shareholders' a/c
(c) Other Income 161,403 161,403 5,681 5,681 19,266 19,266 2,074 2,074 567 567 188,991
Total (A) 7,848,272 59,153,665 67,001,937 340,785 3,312,482 3,653,267 252,966 7,125,444 7,378,411 161,040 1,252,253 1,413,293 65,741 126,210 191,951 79,638,858
Commission 865,483 865,483 24,448 24,448 357 357 65 65 3,885 3,885 894,238
Operating Expenses related to 1,632,465 1,632,465 145,200 145,200 71,706 71,706 3,446 3,446 3,341 3,341 1,856,158
Insurance Business
Service Tax on Charge 947,942 947,942 32,265 32,265 33,009 33,009 6,674 6,674 1,019,890
Total (B) 3,445,890 3,445,890 201,913 201,913 105,072 105,072 3,512 3,512 13,899 13,899 3,770,286
Benefits Paid (Net) UL2 1,236,684 26,886,532 28,123,216 312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327 724,811 724,811 (4,548) 4,682 134 34,085,575
Interim Bonus Paid
Change in valuation of liability in
respect of life policies

Change in Valuation Liability (707,932) 32,267,134 31,559,203 (173,584) 935,795 762,212 14,757 4,555,409 4,570,166 (184) 685,154 684,970 21,867 121,527 143,394 37,719,944
Total (C) 528,753 59,153,667 59,682,419 138,816 3,312,482 3,451,297 (6,950) 7,125,443 7,118,493 (184) 1,409,965 1,409,781 17,319 126,209 143,529 71,805,519
SURPLUS/(DEFICIT) (D)=(A)(B)(C) 3,873,630 3,873,621 56 56 154,845 154,846 157,713 (157,713) 34,522 34,523 4,069,053
APPROPRIATIONS
Insurance reserve at the beginning
of the year
Transfer to Shareholders' a/c 4,370,714 4,370,714 37,763 37,763 154,845 154,845 157,713 (157,713) 48,307 48,306 4,611,629
Funds available for future (497,084) (497,084) (37,707) (37,707) (13,785) (13,785) (548,576)
appropriations
Total (D) 3,873,630 3,873,630 56 56 154,845 154,845 157,713 (157,713) 34,522 34,522 4,063,053
11/10/15 4:04:37 PM
Annexure to Revenue AccountBreak up of Unit Linked Business (UL) Annexure 3
Revenue Account for financial year ended 31st March 2014
Individual Life Pension Individual Group Life Group Pension Health Individual Total Unit

Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
Particulars Schedule
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11) (12)= (13) (14) (15)=(13) (16)=(3)+(6)+
(10)+(11) +(14) (9)+(12)+(15)
Premiums earned net

(a) Premium 2,526,577 23,081,383 25,607,960 535,107 887,745 1,422,852 3,831,611 3,831,611 508,064 508,064 47,372 86,640 134,012 31,504,499

(b) Reinsurance ceded (757,242) (757,242) (314) (314) (1,968) (1,968) (4,106) (4,106) (763,630)

(a) Interest, Dividend & Rent Gross 327,432 7,542,353 7,869,785 34,754 484,938 519,691 1,313,556 1,313,556 366,083 366,083 7,931 7,617 15,548 10,084,664
(b) Profit on sale/redemption of investments 20,524 9,085,574 9,106,098 2,178 740,575 742,753 527,728 527,728 147,076 147,076 497 18,522 19,019 10,542,675
(c) Loss on sale/redemption of investments (8,596) (6,511,998) (6,520,594) (913) (590,361) (591,273) (401,224) (401,224) (111,820) (111,820) (208) (15,054) (15,262) (7,640,173)
(d) Unrealised gain/(loss) 1 9,635,767 9,635,768 563,624 563,624 (6,526) (6,526) (1,819) (1,819) 17,747 17,747 10,208,795
(e) Gain Loss on Amortisation
Other income:
(a) Linked Income UL1 7,149,901 (7,149,901) 313,348 (313,348) 247,001 (247,001) 3,113 (3,113) 56,923 (56,923)
(b) Contribution from the Shareholders' a/c (81,427) 81,427 (20,136) 20,136
(c) Other Income 191,288 191,288 9,086 9,086 24,468 24,468 3,244 3,244 856 856 228,943
Total (A) 9,449,884 35,683,178 45,133,062 893,247 1,773,173 2,666,420 188,075 5,099,571 5,287,646 (13,778) 924,608 910,830 109,264 58,550 167,814 54,165,772
Commission 782,519 782,519 36,113 36,113 90 90 (74) (74) 9,662 9,662 828,309
Operating Expenses related to Insurance 1,737,401 1,737,401 208,557 208,557 92,826 92,826 6,290 6,290 30,658 30,658 2,075,732
Business
Service Tax on Charge 1,120,483 1,120,483 34,001 34,001 27,637 27,637 8,308 8,308 1,190,429
Total (B) 3,640,402 3,640,402 278,671 278,671 120,554 120,554 6,216 6,216 48,628 48,628 4,094,470
Benefits Paid (Net) UL2 907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397 1,851,904 1,851,904 864,265 864,266 (1,498) 22,797 21,299 35,021,838
Interim Bonus Paid
Change in valuation of liability in respect of
life policies
Transfer to Non-Linked Reserves 3,093,680 (3,093,680) 497,633 (497,633) 10,859 (10,859)
Change in Valuation Liability (1,274,806) 9,973,140 8,698,333 (255,445) (271,428) (526,873) (3,061) 3,247,667 3,244,606 (2,795) 60,343 57,548 (28,597) 66,748 38,151 11,511,765
Total (C) 2,726,127 35,683,178 38,409,305 273,351 1,773,173 2,046,524 (3,061) 5,099,571 5,096,510 (2,795) 924,608 921,814 (19,236) 78,686 59,450 46,533,603
SURPLUS/(DEFICIT) (D)=(A)(B)(C) 3,083,355 3,083,355 341,225 341,225 70,582 70,852 (17,199) (17,200) 79,872 (20,136) 59,736 3,537,698
APPROPRIATIONS
Insurance reserve at the beginning of
the year
Transfer to Shareholders' a/c 4,276,011 4,276,011 499,316 499,316 70,582 70,582 (17,199) (17,199) 91,166 (20,136) 71,030 4,899,740
Funds available for future appropriations (1,192,656) (1,192,656) (158,091) (158,091) (11,294) (11,294) (1,362,041)
Total (D) 3,083,355 3,083,355 341,225 341,225 70,582 70,582 (17,199) (17,199) 79,872 (20,136) 59,736 3,537,700
11/10/15 4:04:40 PM
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements Annexure 3
Schedule-UL1
Linked Income (Recovered from linked funds)* for the Year ended 31st March 2015
Particulars Individual Life Pension Individual Group Life Group Pension Health Individual Total
Fund Administration charges NA NA NA NA NA NA

Fund Management charge 2,970,780 151,434 233,198 62,569 4,571 3,422,551
Policy Administration charge 1,499,706 97,049 859 3,202 2,936 1,603,751
Surrender charge 128,401 23,106 151,507
Mortality charge/Rider Premium charge 2,147,163 971 43,661 2,191,796
Miscellaneous charge 9,462 151 95 9,708
Discontinuance charges 39,709 9,178 48,887

TOTAL (UL-1) 6,795,747 281,888 234,057 65,771 51,264 7,428,727
Charges are inclusive of Service tax
Schedule-UL2
Benefits Paid [Net] for the financial year ended 31st March 2015
Total Unit
Non-Unit Unit Linked Life Non-Unit Unit Linked Non-Unit Unit Linked Non-Unit Unit Linked Non-Unit Unit Linked
Sr. Linked
Particulars Pension Group Group Health
No.
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11) (12)=(10) (13) (14) (15)=(13) (16)=(3)+(6)+(9)
+(11) +(14) +(12)+(15)
1 Insurance Claims
(a) Claims by Death 1,059,049 297,400 1,356,449 1,192 57,585 58,777 879 879 10,093 10,093 1,339 440 1,779 1,427,977
(b) Claims by Maturity 370,632 370,632 127,255 127,255 497,887
(c) Annuities/Pension 131 131 131
payment
(d) Other benefits
Surrender 358,152 26,334,435 26,692,587 311,604 2,191,586 2,503,190 486,923 2,061,034 2,547,957 714,719 714,719 (4,446) 4,453 7 32,458,460
Riders 15,047 15,047 500 500 7 7 15,554
Health (212) (212) (212)
Survival 8,170 8,170 8,170
Others 74,231 6,895 81,126 (696) 260 (436) (188) (188) 80,502
Sub-Total (A) 1,506,610 27,017,532 28,524,142 312,599 2,376,687 2,689,286 487,802 2,061,034 2,548,836 724,811 724,811 (3,289) 4,682 1,393 34,488,469
2 Amount Ceded in reinsurance

(a) Claims by Death 400,926 400,926 200 200 509,509 (509,000) 509 401,635
(c) Annuities/Pension (131,000) 131,000
payment
(d) Other benefits Health 1,259 1,259 1,259
Sub-Total (B) 269,926 131,000 400,926 200 200 509,509 (509,000) 509 1,259 1,259 402,894
TOTAL (A) (B) 1,236,684 26,886,532 28,123,216 312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327 724,811 724,811 (4,548) 4,682 134 34,085,575
Benefits paid to claimants:
In India 1,236,684 26,886,532 28,123,216 312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327 724,811 724,811 (4,548) 4,682 134 34,085,575
Outside India
TOTAL (UL2) 1,236,684 26,886,532 28,123,216 312,399 2,376,687 2,689,086 (21,707) 2,570,034 2,548,327 724,811 724,811 (4,548) 4,682 134 34,085,575
11/10/15 4:04:44 PM
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements Annexure 3
Schedule-UL1
Linked Income (Recovered from linked funds)* for the Year ended 31st March 2014
Particulars Individual Life Pension Individual Group Life Group Pension Health Individual Total

Fund Administration charges NA NA NA NA NA NA
Fund Management charge 2,422,008 141,406 246,105 2,885 2,812,405
Policy Administration charge 1,943,969 125,571 896 3,113 3,775 2,077,324
Surrender charge 209,400 42,030 251,429
Mortality charge/Rider Premium charge 2,493,500 1,338 50,087 2,544,924
Miscellaneous charge 12,504 279 176 12,959

Discontinuance charges 68,123 2,725 70,849
TOTAL (UL-1) 7,149,901 313,348 247,001 3,113 56,923 7,770,287
Schedule-UL2
Benefits Paid [Net] for the financial year ended 31st March 2014
Total
Non-Unit Unit Linked Life Non- Unit Linked Non-Unit Unit Linked Non- Unit Linked Non- Unit Linked
Sr. Unit Linked
Particulars Unit Pension Group Unit Group Unit Health
No.
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10) (11) (12)=(10) (13) (14) (15)=(13) (16)=(3)+(6)+(9)
+(11) +(14) +(12)+(15)
1 Insurance Claims
(a) Claims by Death 1,332,833 164,701 1,497,534 30,964 19,263 50,227 3,485 3,485 116 105 221 1,551,467
(b) Claims by Maturity 522,703 522,703 69,709 69,709 592,412
(c) Annuities/Pension
payment
(d) Other benefits
Surrender 20,837 28,116,314 28,137,151 200 2,453,261 2,453,461 1,851,904 1,851,904 860,780 860,780 2,556 2,556 33,305,852
Survival
Sub-Total (A) 1,353,670 28,803,718 30,157,388 31,164 2,542,233 2,573,397 1,851,904 1,851,904 864,264 864,264 116 2,661 2,777 35,449,730
2 Amount Ceded in reinsurance
(a) Claims by Death 446,416 446,416 446,416
(c) Annuities/Pension payment

(d) Other benefits
Surrender 1,614 1,614 1,614
Survival (20,136) 20,136
Sub-Total (B) 446,416 446,416 1,614 (20,136) 21,750 448,030
TOTAL (A) (B) 907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397 1,851,904 1,851,904 864,264 864,264 (1,498) 22,797 (18,973) 35,001,700
Benefits paid to claimants:
In India 907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397 1,851,904 1,851,904 864,264 864,264 (1,498) 22,797 (18,973) 35,001,700
Outside India
TOTAL (UL2) 907,254 28,803,718 29,710,972 31,164 2,542,233 2,573,397 1,851,904 1,851,904 864,264 864,264 (1,498) 22,797 (18,973) 35,001,700
11/10/15 4:04:47 PM
Annexures to Schedule 16 for the year ended March 31, 2015
Disclosure for ULIP Business

1. Performance of the Fund (Absolute Growth %) (Appendix 1)
2. Investment Management
Activities Outsourced: Nil
F ees Paid for various activities charged to policyholders account for the period ended 31st March 2015: Nil
(Previous Year: Nil)
3. Related Party Transactions (Appendix 1A)
4. Company wise details of Investments held in Promoters Group along with its Percentage to funds under management. This information is to
be given fund wise and total fund under ULIP. (Appendix 2)
5. Industry wise disclosures of Investments (amount in thousands) (Appendix 3)
6. Unclaimed redemption of units ` 127,902 thousands (Previous year ` 20,826 thousand)
7. NAV: Highest, Lowest & Closing at the end of the Year (Appendix 4)
8. Expenses charged to Fund (%) (Appendix 5)
9. Ratio of Gross Income (including unrealised gains) to Average Daily Net Assets (Appendix 6)
10. As at 31st March 2015, there are no doubtful debts on assets of the respective funds.
11. Fund wise disclosure of appreciation and/or depreciation in value of Investments (Appendix 7)

Appendix 1 to Annexure 3A
Performance of ULIP funds (Absolute Growth %)
Returns as on 31st March 2015
INDIVIDUAL LIFE
Fund Name Year of Inception FY 2014-15 FY 2013-14 FY 2012-13 Since Inception
Ind. Assure Fund 12-Sep-05 9.20% 8.90% 10.19% 133.98%
Ind. Income Adv Fund 22-Aug-08 14.67% 4.41% 11.15% 100.54%
Ind. Protector 22-Mar-01 16.65% 5.49% 10.13% 223.62%
Ind. Builder 22-Mar-01 19.55% 7.45% 10.70% 315.08%
Ind. Balancer 18-Jul-05 19.95% 8.00% 10.25% 167.25%
Ind. Enhancer 22-Mar-01 18.48% 7.73% 9.74% 385.74%
Ind. Creator 23-Feb-04 25.59% 10.82% 8.83% 301.35%
Ind. Magnifier 12-Aug-04 30.85% 15.77% 8.07% 326.06%
Ind. Maximiser 12-Jun-07 36.06% 15.82% 6.58% 120.54%
Ind. Multiplier 30-Oct-07 54.03% 21.62% 3.67% 120.39%
Super 20 6-Jul-09 27.13% 19.20% 8.87% 114.24%
Ind. Platinum Plus 1 17-Mar-08 23.30% 12.53% 7.88% 65.63%
Ind. Platinum Plus 2 8-Sep-08 25.91% 13.27% 7.34% 141.17%
Ind. Platinum Plus 3 15-May-09 26.30% 13.47% 8.11% 86.31%
Ind. Platinum Plus 4 15-Sep-09 27.21% 13.43% 7.72% 67.01%
Ind. Platinum Premier 15-Feb-10 28.68% 14.00% 8.10% 67.93%
Ind. Platinum Advantage 20-Sep-10 30.78% 16.92% 8.13% 49.12%
Ind. Foresight FP 25-Feb-11 22.75% 10.28% 8.40% 42.27%
Ind. Foresight SP 25-Feb-11 27.28% 16.93% 8.58% 57.58%
Titanium 1 16-Dec-09 28.50% 13.42% 8.16% 67.90%
Titanium 2 16-Mar-10 28.58% 13.33% 7.89% 64.64%
Titanium 3 16-Jun-10 24.88% 12.05% 7.57% 46.41%
Ind. Liquid Plus 9-Mar-12 8.39% 8.53% 7.82% 26.92%
Ind. Pure Equity 9-Mar-12 49.73% 21.08% 10.35% 100.92%
Ind. Value Momentum 9-Mar-12 40.18% 13.05% 5.00% 67.11%
IPP - Nourish 12-Mar-03 16.81% 4.91% 9.94% 168.66%
IPP - Growth 18-Mar-03 18.53% 7.69% 9.79% 237.78%
IPP - Enrich 12-Mar-03 23.14% 8.00% 9.43% 305.85%
Discontinued Policy Fund 24-Jan-11 8.76% 8.16% 8.64% 40.04%
Income Advantage Guaranteed Fund 1-Jan-14 13.70% 2.27% NA 16.28%
Maximiser Guaranteed Fund 1-Jan-14 27.29% 6.20% NA 35.18%
Linked Discontinued Policy Fund 1-Jan-14 6.99% 0.00% NA 6.99%
Pension Discontinued Policy Fund 1-Jan-14 6.90% 0.00% NA 6.90%
GROUP LIFE
Fund Name Year of Inception FY 2014-15 FY 2013-14 FY 2012-13 Since Inception
Gr. Fixed Interest Plan I 18-Nov-02 14.94% 6.46% 12.50% 191.75%
Gr. Gilt Plan I 28-Apr-04 17.27% 0.94% 11.48% 112.22%
Gr. Bond Plan I 28-Apr-04 11.92% 6.96% 12.21% 135.67%
Gr. Money Market Plan I 31-Mar-05 8.64% 9.02% 9.75% 147.14%
Gr. Short Term Debt Plan I 10-Dec-08 9.29% 8.33% 10.92% 71.92%
Gr. Capital Protection Plan I** 31-Mar-06 NA NA NA NA
Gr. Floating Rate Plan I*** 28-Apr-04 NA NA NA NA
Gr. Secure Plan I 19-Jun-01 17.90% 6.67% 10.04% 324.19%
Gr. Stable Plan I 31-Aug-01 21.32% 8.33% 9.62% 483.16%
Gr. Growth Plan I 31-Aug-01 24.92% 9.98% 9.16% 605.66%
Gr. Growth Advantage 18-Feb-08 27.96% 11.32% 9.26% 154.69%
Gr. Income Advantage 23-Mar-10 14.33% 5.26% 11.37% 61.14%
Gr. Growth Maximiser**** 23-Mar-10 NA NA NA NA
Gr. Bond 2 ^ 28-Nov-11 NA NA NA NA
Gr. Fixed Interest 2 28-Nov-11 17.38% 9.21% 11.78% 49.06%
Gr. Growth 2 28-Nov-11 24.20% NA NA 66.36%
Gr. Money Market 2 28-Nov-11 9.10% 9.05% 9.38% 34.33%
Gr. Secure 2 ^^ 28-Nov-11 -2.23% 2.23% NA 0.00%
Gr. Short Term Debt 2 28-Nov-11 10.53% NA NA 40.82%
Gr. Stable 2 28-Nov-11 20.68% 10.26% 8.94% 55.47%
** The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units.
*** The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.
**** These funds do not have any units since their inception.
^ The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units. Returns for FY 11-12 are as on 30th March 2012.
^^ The Group Secure 2 Fund became a dormat fund on 23rd May 2014 on account of no units. Returns for FY 14-15 are as on 22nd May 2014.

Appendix 1A to Annexure 3A
Related Party Transactions
Related Party : Aditya Birla Money Limited
Service : Brokerage for purchase/sale of securities
Basis of Payment : As per agreed % of trade value
Fund Name Current Year Previous Year

Gr. Growth 327 158
Gr. Growth 2 22 0
Gr. Growth Advantage 48 26
Gr. Secure 324 409
Gr. Secure 2 0 8
Gr. Stable 172 133
Gr. Stable 2 1 0
Ind. Balancer 15 77
Ind. Builder 165 553
Ind. Creator 249 624
Ind. Enhancer 2,792 630
Ind. Foresight FP 347 253
Ind. Foresight SP 22 17
Ind. Magnifier 1,160 294
Ind. Maximiser 4,052 2,530
Ind. Multiplier 468 1,452
Ind. Platinum Advantage 314 397
Ind. Platinum Plus 1 56 178
Ind. Platinum Premier 343 244
Ind. Protector 61 159
IPP - Enrich 101 221
IPP - Growth 14 80
IPP - Nourish 4 6
Super 20 684 916
Titanium 1 67 233
Titanium 2 20 88
Titanium 3 8 24
Pure Equity 28 24
Value Momentum 36 133
Total 12,769 10,572

Related Party : Aditya Birla Finance Ltd.
Service : Purchase/sale of securities
Purchase of Investments Sale of Investments Interest Received

Particulars
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Ind. Enhancer 7,084,000
Gr. Bond 40,000
Gr. Short Term Debt 30,000
Gr. Secure 2,024,000
Discontinued Policy Fund 1,012,000
Ind. Assure 30,000
Related Party : Aditya Birla Nuvo Ltd.

Purchase of Investments Sale of Investments Interest Received

Particulars
Ind. Enhancer 250,000.00 19,695.89

Related Party : Birla Sunlife Mutual Fund

Purchase of Investments Sale of Investments

Particulars
Discontinued Policy Fund 10,943,285 7,186,702 10,710,374 7,047,900
Gr. Bond 686,285 3,625,926 651,258 3,608,380
Gr. Fixed Interest 2,444,116 3,921,167 2,416,955 3,937,199
Gr. Fixed Interest 2 22,608 47,939 22,462 47,552
Gr. Gilt 27,904 174,489 27,932 173,918
Gr. Growth 2,443,906 4,460,931 2,444,341 4,497,800
Gr. Growth 2 52,074 2,611 48,591 2,563
Gr. Growth Advantage 146,820 254,484 145,015 256,390
Gr. Income Advantage 178,996 276,659 176,106 274,740
Gr. Money Market 2,518,854 3,776,447 2,632,686 3,658,742
Gr. Money Market 2 1,339 2,598 1,332 2,564
Gr. Secure 8,527,372 14,126,586 8,515,037 14,073,311
Gr. Secure 2 5,550 37,591 5,826 37,308
Gr. Short Term Debt 152,295 305,991 152,020 299,431
Gr. Short Term Debt 2 97,101 178,646 96,341 185,528
Gr. Stable 3,338,637 3,467,557 3,293,467 3,434,098
Ind. Assure 762,572 2,313,735 809,170 2,269,995
Ind. Balancer 162,244 364,591 159,824 368,579
Ind. Builder 2,268,885 4,075,969 2,273,108 4,033,052
Ind. Creator 3,680,351 7,105,075 3,740,856 7,081,936
Ind. Enhancer 274,442,158 232,514,591 274,953,333 231,716,760
Ind. Foresight FP 30,655,401 17,685,700 30,439,593 17,711,025
Ind. Foresight SP 140,648 807,167 134,215 814,742
Ind. Income Advantage 2,677,603 5,714,274 2,658,499 5,759,106
Ind. Magnifier 8,645,055 18,829,094 8,658,532 19,067,257
Ind. Maximiser 5,932,795 34,026,746 6,224,548 33,669,989
Ind. Multiplier 4,036,069 10,036,402 4,071,955 10,121,736
Ind. Platinum Advantage 12,111,606 8,664,947 12,058,626 8,610,938
Ind. Platinum Plus 1 4,208,405 4,740,145 4,216,158 4,727,151
Ind. Platinum Premier 20,787,348 15,282,700 20,792,837 15,573,677
Ind. Protector 4,335,151 7,929,412 4,459,276 7,852,635
IPP - Enrich 823,055 2,203,225 828,947 2,204,313
IPP - Growth 82,689 148,742 84,226 151,131
IPP - Nourish 62,322 175,138 62,712 176,369
Liquid Plus 179,706 316,844 178,298 314,431
Super 20 544,192 7,242,205 603,034 7,242,100
Titanium 1 46,797 244,410 42,484 244,643
Titanium 2 40,330 83,187 39,432 87,853
Titanium 3 25,387 39,165 24,533 39,281
Value Momentum 2,403 2,411
Income Advantage Guaranteed 126,590 22,661 124,165 21,366
Gr. Stable 2 583 524

Investment in promoter group companies
As on 31st March 2015
Ind. Assure Ind. Income Adv Ind. Protector Ind. Builder Ind. Balancer Ind. Enhancer
Name of the

Company Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the
Fund Fund Fund Fund Fund Fund
Aditya Birla Finance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80,573.60 0.11
Ltd.
Birla Mutual Fund 15,776.35 0.94 80,358.02 1.48 11,805.00 0.28 46,075.20 1.56 3,998.63 1.19 1,983,956.10 2.78

Grasim Industries 0.00 0.00 0.00 0.00 3,405.01 0.08 0.00 0.00 0.00 0.00 169,185.48 0.24
Limited
Hindalco Industries 0.00 0.00 76,775.40 1.42 16,377.47 0.38 35,826.52 1.22 0.00 0.00 291,870.92 0.41
Limited
Idea Cellular Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 596.16 0.18 0.00 0.00
Ultratech Cement 0.00 0.00 0.00 0.00 4,267.93 0.10 5,594.64 0.19 489.24 0.15 387,684.79 0.54
Company Limited
Total Investment 15,776.35 0.94 157,133.42 2.90 35,855.41 0.84 87,496.36 2.97 5,084.03 1.51 2,913,270.89 4.08
in Promoter Group
Companies
Asset held 1,681,709.78 5,412,499.23 4,287,439.17 2,946,987.89 336,630.82 71,326,449.67
Ind. Creator Ind. Magnifier Ind. Maximiser Ind. Multiplier Super 20 Ind. Platinum Plus
Name of the
Aditya Birla Finance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ltd.
Birla Mutual Fund 28,339.56 0.64 230,931.63 1.98 210,901.29 0.86 40,000.00 0.83 0.00 0.00 91,766.06 2.92
Grasim Industries 16,702.66 0.38 80,662.49 0.69 190,858.00 0.78 0.00 0.00 0.00 0.00 0.00 0.00
Limited
Hindalco Industries 30,710.16 0.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Limited
Ultratech Cement 20,064.72 0.46 163,260.39 1.40 378,544.58 1.54 0.00 0.00 332,650.71 5.27 29,734.46 0.95
Company Limited
Total Investment 95,817.10 2.17 474,854.51 4.07 780,303.86 3.17 40,000.00 0.83 332,650.71 5.27 121,500.53 3.87
in Promoter Group
Companies
Asset held 4,406,522.20 11,657,771.58 24,612,309.08 4,834,908.69 6,316,196.26 3,140,617.35
11/10/15 4:06:19 PM
Ind. Platinum Plus Ind. Platinum Ind. Platinum Plus Ind. Platinum Ind. Platinum Premier
Name of the

Company Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the
Fund Fund Fund Fund Fund
Aditya Birla Finance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ltd.
Birla Mutual Fund 60,479.82 1.03 63,622.85 0.94 97,398.97 1.93 241,713.55 2.07 55,803.89 0.63
Grasim Industries 36,908.12 0.63 46,869.59 0.69 37,426.12 0.74 88,783.80 0.76 57,957.60 0.65
Limited
Hindalco Industries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Limited
Idea Cellular Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement 31,018.01 0.53 39,251.68 0.58 31,314.43 0.62 105,978.67 0.91 77,688.91 0.87
Company Limited
Total Investment 128,405.95 2.19 149,744.12 2.21 166,139.52 3.28 436,476.02 3.73 191,450.40 2.15
in Promoter Group
Companies
Asset held 5,856,770.17 6,778,631.35 5,058,014.15 11,702,152.56 8,909,483.65
Foresight FP 1 Titanium 1 Titanium 2 Titanium 3 Pure Equity Liquid Plus

Name of the
Ltd.
Birla Mutual Fund 443,233.35 2.18 4,400.00 1.01 1,000.00 0.76 1,089.08 1.45 0.00 0.00 4,336.55 0.84
Grasim Industries 125,423.87 0.62 0.00 0.00 0.00 0.00 0.00 0.00 3,886.78 2.17 0.00 0.00
Limited
Hindalco Industries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Limited
Ultratech Cement 108,053.63 0.53 6,302.60 1.44 2,244.76 1.70 1,266.28 1.69 4,495.28 2.51 0.00 0.00
Company Limited
Total Investment 676,710.85 3.33 10,702.60 2.45 3,244.76 2.46 2,355.35 3.15 8,382.06 4.69 4,336.55 0.84
in Promoter Group
Companies
Asset held 20,343,767.28 437,703.51 132,104.20 74,860.33 178,803.15 514,486.09
11/10/15 4:06:22 PM
IPP - Growth IPP - Enrich IPP - Nourish Gr. Fixed Interest Gr. Gilt Gr. Bond

Name of the Company Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the
Ltd.
Birla Mutual Fund 62.94 0.02 16,260.29 0.97 346.04 0.28 101,446.45 1.57 1,292.26 1.11 33,071.32 1.36

Grasim Industries 978.03 0.31 0.00 0.00 126.78 0.10 0.00 0.00 0.00 0.00 0.00 0.00
Limited
Hindalco Industries 10,236.72 3.22 30,710.16 1.84 0.00 0.00 122,838.24 1.90 0.00 0.00 61,420.32 2.53
Limited
Ultratech Cement 0.00 0.00 5,916.96 0.35 172.67 0.14 0.00 0.00 0.00 0.00 0.00 0.00
Company Limited
Total Investment 11,277.69 3.55 52,887.41 3.17 719.09 0.57 224,284.69 3.46 1,292.26 1.11 94,491.64 3.90
in Promoter Group
Companies
Asset held 317,841.56 1,668,770.38 125,223.50 6,480,370.10 116,301.58 2,425,248.39
Gr. Money Market Gr. Growth Advantage Gr. Secure Gr. Stable Gr. Growth Gr. Fixed Interest 2
Name of the Company Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the Amount % to the
Aditya Birla Finance 0.00 0.00 0.00 0.00 20,143.40 0.20 0.00 0.00 0.00 0.00 0.00 0.00
Ltd.
Birla Mutual Fund 17,543.08 1.36 4,025.43 1.02 220,000.00 2.21 108,633.13 3.52 48,277.48 1.09 616.00 1.55
Grasim Industries 0.00 0.00 1,927.09 0.49 14,949.44 0.15 7,987.28 0.26 16,510.67 0.37 0.00 0.00
Limited
Hindalco Industries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,355.08 0.35 0.00 0.00
Limited
Ultratech Cement 0.00 0.00 3,646.30 0.92 29,121.47 0.29 16,357.98 0.53 33,832.59 0.76 0.00 0.00
Company Limited
Total Investment 17,543.08 1.36 9,598.82 2.42 284,214.31 2.86 132,978.40 4.31 113,975.82 2.57 616.00 1.55
in Promoter Group
Companies
Asset held 1,287,039.29 395,924.99 9,936,912.75 3,083,450.08 4,442,876.43 39,671.84
11/10/15 4:06:26 PM
Ind. Maximiser
Ind. Foresight SP Gr. Short Term Debt Gr. Money Market 2 Gr. Stable

Guaranteed
Name of the Company
% to the % to the % to the % to the % to the
Amount Amount Amount Amount Amount
Fund Fund Fund Fund Fund
Aditya Birla Finance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ltd.
Birla Mutual Fund 10,000.00 1.00 6,218.77 1.01 46.20 1.88 60.67 0.69 0.00 0.00
Grasim Industries 10,280.23 1.03 0.00 0.00 0.00 0.00 21.73 0.25 0.00 0.00
Limited
Hindalco Industries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 213.62 0.96
Limited
Idea Cellular Ltd. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ultratech Cement 7,787.60 0.78 0.00 0.00 0.00 0.00 43.17 0.49 0.00 0.00
Company Limited
Total Investment 28,067.83 2.81 6,218.77 1.01 46.20 1.88 125.57 1.43 213.62 0.96
in Promoter Group
Companies
Asset held 999,388.04 613,894.54 2,452.12 8,774.68 22,246.36
Income Advantage
Gr. Growth 2 Gr. Short Term Debt 2 Gr. Income Advantage Discontinued Policy Fund ULIP Level
Guaranteed
Name of the Company
% to the % to the % to the % to the % to the % to the
Amount Amount Amount Amount Amount Amount
Aditya Birla Finance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100,717.00 0.04
Ltd.
Birla Mutual Fund 3,966.70 0.83 3,624.60 1.12 2,009.32 1.08 5,548.12 0.99 380,731.50 4.25 4,680,766.20 1.92
Grasim Industries 0.00 0.00 1,112.06 0.34 0.00 0.00 0.00 0.00 0.00 0.00 911,962.84 0.37
Limited
Hindalco Industries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 692,334.62 0.28
Limited
Ultratech Cement 0.00 0.00 2,400.17 0.74 0.00 0.00 0.00 0.00 0.00 0.00 1,829,184.61 0.75
Company Limited
Total Investment 3,966.70 0.83 7,136.83 2.21 2,009.32 1.08 5,548.12 0.99 380,731.50 4.25 8,215,635.02 3.37
in Promoter Group
Companies
Asset held 477,589.62 323,464.46 186,284.35 563,130.60 8,954,017.81 243,954,024.01
11/10/15 4:06:29 PM
Disclosure of Investment - Industrywise
Ind. Assure Fund
as on 31st March 2015
Nature of Current Year Previous Year

Industry Security
security Market value % holding Market value % holding
FINANCIAL AND 976,685 58.08 941,513 55.56
INSURANCE ACTIVITIES
10.10% HDB FINANCIAL SERVICES LIMITED NCD Debt 19,419 1.15
(MD 12/06/2017)
(MD 17/05/2016)
9.80% STATE BANK OF INDIA NCD (MD 30/06/2016) Debt 19,349 1.15
9.87% TATA SONS LTD. NCD (MD 17/07/2017) Debt 20,430 1.21
(MD 28/12/2018)
(MD 11/11/2016)
ANDHRA BANK CD (MD 16/11/2015) Debt 37,998 2.26
CANARA BANK CD (MD 20/05/2015) Debt 8,897 0.53
ICICI BANK LTD CD (MD 23/09/2015) Debt 96,150 5.72
9.90% CHOLAMANDALAM INVT AND FIN CO LTD NCD Debt 40,230 2.39
(MD 14/07/2016)
(MD 13/05/2016)
9.05% DEVELOPMENT CREDIT BANK QTR CMPD FD Debt 40,000 2.38
(MD 02/02/2016) FV 1 CR
FULLERTON INDIA CREDIT CO. LTD. CP Debt 55,949 3.33
(MD 20/01/2016)
(MD 25/02/2016)
8.75% CORPORATION BANK FD QTR COMP Debt 151,500 9.01
(MD 13/09/2016) (FV 1.01 CRS)
(MD 17/03/2016) (F.V. 1 CR)
8.75% BANK OF BARODA FD QUARTERLY COMP Debt 90,900 5.41
(MD 19/03/2016) (FV 1.01 Cr)
8.75% BANK OF INDIA FD QUARTERLY COMP (MD Debt 90,900 5.41
13/03/2016) (FV 1.01 CRORES)
HOUSING FINANCE 207,054 12.31 210,582 12.43

SERVICES
10.18% LIC HOUSING FINANCE LTD NCD Debt 71,335 4.24
(MD 19/09/2016)
8.58% HDFC LTD NCD (MD 08/05/2018) Debt 50,011 2.97
9.62% LIC HOUSING FINANCE LTD. NCD Debt 37,032 2.20
(MD 03/08/2015)
9.75% HDFC LTD. NCD MD (10/10/2016) Debt 48,677 2.89
INFRASTRUCTURE 199,512 11.86 NA NA

FINANCE
11.25% POWER FINANCE CORPORATION LTD NCD Debt 21,701,640 1.29
(MD 28/11/2018)
8.95% POWER FINANCE CORPORATION LTD Debt 50,894,050 3.03
(MD 11/03/2018)
9.81% POWER FINANCE CORPORATION LTD Debt 96,882,285 5.76
(MD 07/10/2018)
9.057% L AND T INFRASTRUCTURE FINANCE LTD Debt 30,034,470 1.79
NCD (MD 15/03/2017)
Others (Other than G-Sec) 253,981 15.10 479,282 28.28

Ind. Income Adv

Industry Security
ELECTRICITY, GAS AND 1,015,509 18.76 NA NA
STEAM SUPPLY 10.10% Power Grid Corporation NCD (12/06/2022) Debt 6,850 0.13
8.40% NUCLEAR POWER CORP OF INDIA Debt 102,578 1.90
LTD(C)(MD 28/11/2027) Series-XXIX
8.40% NUCLEAR POWER CORP OF INDIA LTD (A) Debt 51,119 0.94
(MD 28/11/2025) Series-XXIX
8.40% NUCLEAR POWER CORP OF INDIA LTD (E) Debt 102,847 1.90
9.05% PETRONET LNG LTD NCD (MD 28/10/2019) Debt 122,567 2.26
LTD(B)(MD 28/11/2026) Series-XXIX
8.93% POWER GRID CORPORATION OF INDIA LTD Debt 52,507 0.97
NCD (MD 20/10/2025) [H]
8.14% NUCLEAR POWER CORPN OF INDIA LTD Debt 40,183 0.74
(MD 25/03/2026) SR-XXX TRCH-A
(MD 25/03/2027) SR-XXX TRCH-B
(MD 25/03/2028) SR-XXX TRCH-C
(MD 25/03/2030) SR-XXX TRCH-E
8.20% POWER GRID CORPORATION NCD Debt 99,944 1.85
(MD 23/01/2025) SR-XLVIII STRPP C
(MD 23/01/2030) SR-XLVIII STRPP D
(MD 15/07/2028) [C]

FINANCE 9.02% RURAL ELECTRIFICATION CORPN. LTD. NCD Debt 41,540 0.77
(MD 19/11/2022)
NABARD ZCB (MD 01/01/2019) Debt 3,719 0.07
9.34% RURAL ELECTRIFICATION CORPN. LTD. NCD Debt 53,311 0.98
(MD 25/08/2024)
9.37% POWER FINANCE CORPORATION LTD NCD Debt 127,974 2.36
(MD 19/08/2024)
(MD 27/08/2029)
8.48% POWER FINANCE CORPN. LTD. NCD Debt 202,144 3.73
(09/12/2024) SERIES 124 C
(MD 27/08/2024)
(MD 06/02/2025)
(MD 28/12/2024)
(MD 23/01/2025)
Others (Other than G-Sec) 868,506 16.05 1,187,223 27.32
Note:
The following Sectors were having exposure of more than 10% during previous year but less than 10% during the current year:
Sector Market value % holding
FINANCIAL AND INSURANCE ACTIVITIES 1263960 29.08

HOUSING FINANCE SERVICES 459735 10.58

Ind. Protector

Industry Security
INFRASTRUCTURE 780,936 18.21 693,282 16.67
FINANCE
10.85% RECL Ltd NCD (MD 14/08/2018) Debt 37,511 0.87
11% Power Finance Corporation Ltd NCD Debt 11,837 0.28
(MD 15/09/2018)
11.25% Power Finance Corporation Ltd NCD Debt 66,190 1.54
(MD 28/11/2018)
8.19% IRFC NCD (MD 27/04/2019) Debt 10,063 0.23
(MD 22/01/2020)
8.68% Nat Cap Regional Planning NCD Debt 20,137 0.47
(MD 04/08/2020) P/C 04/08/17
8.70% Power Finance Corporation Ltd. NCD Debt 15,229 0.36
(MD 14/05/2020)
9.18% NABARD NCD SR XII - AB (MD 07/02/2017) Debt 30,550 0.71
(MD 15/06/2022)
9.57% IRFC NCD (MD 31/05/2021) Debt 107,541 2.51
9.61% POWER FINANCE CORPORATION LTD Debt 52,891 1.23
(MD 29/06/2021)
(MD 15/12/2018) Series 82-C
IDFC LTD. Equity 5,439 0.13
RURAL ELECTRIFICATION CORPORATION LIMITED Equity 3,428 0.08
(MD 21/10/2019)
(MD 25/08/2024)
(MD 17/07/2021)
PTC INDIA FINANCIAL SERVICES LIMITED Equity 2,900 0.07
(MD 17/09/2019)
9.057% L AND T INFRASTRUCTURE FINANCE LTD Debt 40,046 0.93
NCD (MD 15/03/2017)
Others (Other than G-Sec) 1,398,802 32.63 1,192,810 28.68
Note:
FINANCIAL AND INSURANCE ACTIVITIES 437766.42 10.53

Ind. Builder

Industry Security
Security Market value % holding Market value % holding
INFRASTRUCTURE 515,190 17.48 508,861 18.72
FINANCE
8.19% IRFC NCD (MD 27/04/2019) Debt 40,254 1.37
(MD 25/06/2015)
8.50% IRFC NCD (MD 22/06/2020) Debt 54,241 1.84
(MD 14/05/2020)
(MD 15/06/2022)
(MD 29/06/2021)
(MD 15/12/2018) Series 82-C
(MD 07/10/2018)
(MD 27/08/2029)
(MD 27/08/2024)
9.057% L AND T INFRASTRUCTURE FINANCE LTD Debt 30,034 1.02
NCD (MD 15/03/2017)
FINANCIAL AND 308,851 10.48 NA NA
(MD 30/11/2015)
8.85% STATE BANK OF INDIA NCD Debt 20,177 0.68
(MD 04/10/2021) CALL 04/10/16 STEPUP 9.35
(MD 16/03/2026) CALL 16/03/2021
AXIS BANK LIMITED Equity 15,980 0.54
HDFC BANK Equity 31,766 1.08
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 30,595 1.04
ICICI BANK LTD Equity 21,853 0.74
JAMMU AND KASHMIR BANK LTD Equity 5,544 0.19
KOTAK MAHINDRA BANK LIMITED Equity 13,454 0.46
SHRIRAM TRANSPORT FINANCE COMPANY LTD Equity 10,118 0.34
STATE BANK OF INDIA Equity 13,098 0.44
8.85% AXIS BANK NCD (MD 05/12/2024) Debt 51,429 1.75
9.60% CHOLAMANDALAM INVT AND FIN CO LTD Debt 15,035 0.51
NCD (MD 13/05/2016)
YES BANK LIMITED Equity 17,608 0.60
8.72% KOTAK MAHINDRA BANK LTD NCD
Debt 20,228 0.69
(MD 14/01/2022)
8.84% AXIS FINANCE LIMITED (MD 08/03/18) Debt 25,045 0.85
Others (Other than G-Sec) 753,453 25.57 1,103,811 40.61

Ind. Balancer

Industry Security
FINANCIAL AND 51,493 15.30 45,294 14.83
10.70% HDFC Bank Ltd NCD (MD 26/12/2018) Debt 1,075 0.32
9.00% EXPORT IMPORT BANK OF INDIA NCD Debt 13,415 3.98
(MD 10/01/2019)
SHRIRAM TRANSPORT FINANCE COMPANY LTD Equity 836 0.25
UNION BANK OF INDIA LTD. Equity 802 0.24
9.60% L AND T FINANCE LIMITED NCD Debt 15,080 4.48
(MD 09/06/2016)
INFRASTRUCTURE 39,398 11.70 41,158 13.47

FINANCE
(MD 15/09/2018)
(MD 01/08/2021)
9.40% NABARD NCD Sr XII-L (MD 13/09/2016) Debt 10,143 3.01
(MD 27/08/2019)

Ind. Enhancer
Industry Security
FINANCIAL AND 12,973,139 18.19 12,010,977 18.29
INSURANCE 10.00% HDB FINANCIAL SERVICES LIMITED NCD Debt 46,627 0.07
ACTIVITIES (MD 15/02/2019)
10.05% BAJAJ FINANCE LIMITED NCD (MD 10/01/2017) Debt 50,840 0.07
10.1% ICICI Bank (Call 09/08/16) MD - Perpetual Debt 51,036 0.07
(MD 12/06/2017)
(MD 30/11/2015)
10.12% ADITYA BIRLA FINANCE LTD NCD Debt 80,574 0.11
(MD 11/12/2015)
10.15% KOTAK MAHINDRA PRIME LTD NCD Debt 53,122 0.07
(MD 10/02/2017)
10.32% SUNDARAM FINANCE LTD. NCD (MD 13/08/2018) Debt 41,460 0.06
10.40% Punjab National Bank (Maturity-Perpetual) Debt 51,848 0.07
(Call 20/07/2017)
10.85% Punjab National Bank (MD 29/09/2023) Debt 290,822 0.41
Call 29/09/2018 step-up 11.35%
7.45% STATE BK OF INDIA 050515 AAA Debt 999 0.00
8.8% ST BK INDIA (050621) RSET050616 (Call 06/06/2016) Debt 1,006 0.00
8.8% State Bank of Hyderabad NCD (MD 29/04/2016) Debt 70,407 0.10
(MD 17/05/2016)
(MD 09/01/2023)
CALL 04/10/16 STEPUP 9.35
(MD 10/10/2022)
8.95% HDFC BANK LTD. NCD CALL 31/10/2017 Debt 96,223 0.13
(MD 31/10/2022)
8.97% Tata Sons Ltd. NCD (MD 15/07/2020) Debt 152,017 0.21
9% Canara Bank NCD (MD 09/01/2018) Debt 36,603 0.05
(MD 07/02/2022)
(MD 10/01/2019)
9.00% Punjab National Bank NCD (Perpetual) Call/Step-up Debt 89,448 0.13
27/11/2019
9.05% SBI Perpetual NCD (Call-27/01/2020) Step-up Debt 486,001 0.68
Rate 9.55%
9.05% STATE BANK OF HYDERABAD PERPETUAL CALL Debt 102,798 0.14
20/09/20 STEP UP 50BPS
Rate 9.6%
(MD 28/12/2022)
9.10% State Bank of Mysore Perpetual NCD Call/Step-up Debt 307,828 0.43
25/11/2019
9.15% Bank of Baroda Perpetual NCD Step-up 9.65% Debt 51,155 0.07
Reset 23/11/19
9.15% ICICI Bank Ltd NCD (MD 31/12/2022) Debt 124,282 0.17

Ind. Enhancer
Industry Security
9.15% State Bank of Patiala PERP NCD Call 18/01/2020 Debt 164,339 0.23
Step-up 9.65
9.20% State Bank of Hyderabad NCD Perpetual Debt 51,556 0.07
(MD 24/02/2020)
(MD 15/10/2018)
9.30% State Bank of Patiala NCD(MD 20/12/2022) Call fr Debt 56,430 0.08
20/12/2017 Int 9.80
9.35 Punjab National Bank (MD 05/03/2023) Call Debt 41,157 0.06
05/03/2018 Step-up 9.85
Call 19/03/18 Step-up 9.85
Call 16/03/2021
9.50% CANARA BANK FD QUARTERLY COMP (MD Debt 50,000 0.07
11/02/2019)
(MD 21/05/2018)
9.75% Punjab Nati Bank (Maturity-Perpetual) (Call Debt 102,772 0.14
11/12/2017) Step-up 10.25
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR Debt 9,900 0.01
COMP (MD 09/05/2019)
COMP (MD 11/09/2019)
COMP (MD 12/09/2019)
COMP (MD 23/05/2019)
COMP (MD 27/05/2019)
9.75% STATE BANK OF BIKANER AND JAIPUR FD Debt 9,900 0.01
QUARTERLY COMP (MD 10/09/2018)
Call 16/03/16
9.78% State Bank of Bik & Jai NCD(MD15/10/2022) Debt 74,633 0.10
Call-16/10/17 Step-up -10.28
9.8% State Bank of Mysore Perpetual (30/11/2017) Debt 103,320 0.14
Call- 301117 Step-up 10.30%
9.85% State Bank of Bik & Jai NCD (MD Perpetual) Debt 95,414 0.13
Call- 20/03/18 Step-up 10.35
9.85% State Bank of India (28/06/2016) Debt 79,480 0.11

Ind. Enhancer
Industry Security
9.95% L AND T FINANCE LIMITED NCD (MD 28/10/2016) Debt 50,586 0.07
9.95% State Bank of Hyderabad (MD Perpetual) Call Debt 48,885 0.07
28/03/2018 Step-up 10.45
CALL 16/03/2021
9.95% State Bank of Travancore NCD (MD Perpetual) Debt 40,566 0.06
Call 31/03/18 step-up 10.45
(MD 28/12/2018)
9.98% ICICI Bank Ltd (Maturity-Perpetual) (Call and Debt 204,080 0.29
Step-up 13/09/16) 10.98%
HDFC BANK Equity 1,695,992 2.38
ICICI BANK LTD Equity 1,115,759 1.56
TATA MOTORS FINANCE LTD. ZCB (MD 02/05/2015) Debt 81,397 0.11
9.60% L AND T FINANCE LIMITED NCD (MD 09/06/2016) Debt 20,107 0.03
9.20% AXIS BANK LTD. QTR CMPD FD (MD 06/03/2019) Debt 100,000 0.14
(FV 5 CR)
IDBI BANK LTD CD (MD 19/11/2015) Debt 14,240 0.02
9.65% KOTAK MAHINDRA PRIME LTD. NCD Debt 90,838 0.13
(MD 30/05/2016)
9.95% FAMILY CREDIT LIMITED NCD (MD 10/06/2016) Debt 126,112 0.18
(MD 14/07/2016)
(MD 13/05/2016)
(MD 20/12/2016)
(MD 05/02/2018) (FV 95 LACS)
(MD 16/01/2018) (FV 95 LACS)
(MD 17/01/2018) (FV 95 LACS)
(MD 22/12/2017) (FV 95 LACS)
(MD 23/01/2018) (FV 95 LACS)
(MD 23/01/2018) (FV 95 LACS) A
(MD 26/12/2017) (FV 95 LACS)
8.72% KOTAK MAHINDRA BANK LTD NCD Debt 121,367 0.17
(MD 14/01/2022)
BANK OF BARODA Equity 32,628 0.05

Ind. Enhancer
Industry Security
INFRASTRUCTURE 7,179,632 10.07 NA NA
FINANCE 10.60% IRFC NCD (MD 11/09/2018) Debt 50,595 0.07
10.70% IRFC NCD (MD 11/09/2023) Debt 205,275 0.29
(MD 11/08/2018)
(MD 15/09/2018)
(MD 28/11/2018)
8.50% IRFC NCD (MD 22/06/2020) Debt 173,979 0.24
8.55% IRFC NCD (MD 15/01/2019) Debt 300,186 0.42
8.60% IRFC Ltd NCD (MD 11/06/2019) Debt 51,061 0.07
(MD 07/08/2019)
(MD 07/08/2024)
8.68% Nat Cap Regional Planning NCD (MD 04/08/2020) Debt 80,548 0.11
P/C 04/08/17
8.70% Power Finance Corpn. Ltd. NCD (MD 15/01/2020) Debt 212,988 0.30
(MD 14/05/2020)
8.78% Power Finance Corp. (11/12/2016) Debt 30,201 0.04
(MD 15/11/2020)
(MD 20/02/2020)
(MD 12/04/2023)
8.90% POWER FINANCE CORPORATION LTD. Debt 36,604 0.05
(MD 18/03/2018)
(MD 19/11/2022)
9.07% RECL (MD 28/02/2018) Debt 51,220 0.07
9.15% Nat Cap Regional Planning NCD (MD 18/02/2019) Debt 30,172 0.04
P/C 18/02/16
9.18% POWER FINANCE CORPORATION Ltd NCD Debt 51,857 0.07
(MD 15/04/2021)
(MD 17/10/2018)
9.33% NABARD NCD (MD 12/06/2017) Debt 51,087 0.07
(MD 15/06/2022)
9.36% POWER FINANCE CORPN. LTD. NCD (MD Debt 9,418 0.01
01/08/2021)
(MD 20/07/2019)
9.43% IRFC NCD (MD 23/05/2018) Debt 135,259 0.19
(MD 23/09/2021) P/C 23/09/18
(MD 01/08/2026)

Ind. Enhancer
Industry Security
9.48% REC LTD. NCD (MD 10/08/2021) Debt 299,333 0.42
9.57% IRFC NCD (MD 31/05/2021) Debt 21,508 0.03
(MD 29/06/2021)
(MD 29/06/2016)
(MD 05/02/2019)
9.68% Power Finance Corporation (MD 09/06/2018) Debt 33,141 0.05
(MD 09/06/2021)
(MD 15/12/2018) Series 82-C
(MD 11/11/2021)
(MD 27/09/2016)
9.81% IRFC NCD (07/06/2017) Debt 155,274 0.22
(MD 07/10/2018)
9.90% NABARD NPS (MD 30/03/2017) Debt 117,747 0.17
9.96% Power Finance Corp (18/05/2017) Debt 159,925 0.22
India Structured Asset Trust-Series XII Class A11 PTC Debt 324,966 0.46
(MD 15/04/2015)
NABARD Bhavishya Nirman ZCB (MD 01/01/2018) Debt 7,252 0.01
(MD 12/10/2019)
(MD 27/08/2029)
8.48% POWER FINANCE CORPN. LTD. NCD (09/12/2024) Debt 151,608 0.21
SERIES 124 C
8.55% POWER FINANCE CORPN. LTD. NCD (09/12/2021) Debt 30,248 0.04
SERIES 124 B
(MD 21/12/2024)
(MD 06/02/2025)
(MD 28/12/2024)
(MD 23/01/2025)
8.55% INDIA INFRADEBT LTD NCD (MD 04/02/2020) Debt 49,877 0.07
Others (Other than 29,297,593 41.08 34,085,867 52
G-Sec)

Ind. Creator

Industry Security
FINANCIAL AND 742,068.05 16.84 654,117.27 18.57
(MD 31/10/2022)
JAMMU and KASHMIR BANK LTD Equity 20,554 0.47
MUTHOOT FINANCE LTD Equity 16,828 0.38
8.72% KOTAK MAHINDRA BANK LTD NCD
Debt 50,570 1.15
(MD 14/01/2022)
INFRASTRUCTURE 562,508.23 12.77 380,961.13 10.81
FINANCE 10.60% IRFC NCD (MD 11/09/2018) Debt 26,912 0.61
10.85% RECL Ltd. NCD (MD 14/08/2018) Debt 19,291 0.44
11% Power Finance Corporation Ltd. NCD
Debt 59,186 1.34
(MD 15/09/2018)
8.29% POWER FINANCE CORPORATION LTD NCD
Debt 24,956 0.57
(MD 25/06/2015)
8.45% IRFC NCD (MD 26/12/2018) Debt 50,685 1.15
8.82% RURAL ELECTRIFICATION CORPN. LTD. NCD
Debt 51,516 1.17
(MD 12/04/2023)
Debt 27,314 0.62
(MD 27/08/2029)
Debt 37,373 0.85
(MD 27/08/2024)
9.40% RURAL ELECTRIFICATION CORPN. LTD. NCD
Debt 188,972 4.29
(MD 17/07/2021)
PTC INDIA FINANCIAL SERVICES LIMITED Equity 14,835 0.34

Ind. Magnifier

Industry Security
FINANCIAL AND 3,202,978 27.48 2,968,467 30.37
8.80% HDB FINANCIAL SERVICES LIMITED NCD Debt 999 0.01
(MD 17/05/2016)
9.00 PUNJAB AND NATIONAL BANK FD QTR Debt 100,000 0.86
(MD 02/01/16) (FV 2 CR)
9.00 PUNJAB AND NATIONAL BANK FD QTR Debt 50,000 0.43
(MD 02/01/16) (FV 5 CR)
9.50% UNION BANK OF INDIA FD QUARTERLY Debt 100,000 0.86
COMP (MD 06/03/2016)
COMP (MD 13/03/2016)
COMP (MD 15/03/2016)
HDFC BANK LIMITED CD (MD 12/10/2015) Debt 28,683 0.25
YES BANK LIMITED Equity 153 0.00
8.75% BANK OF INDIA FD QUARTERLY COMP Debt 90,900 0.78
(MD 04/03/2016) (FV 1.01 CRORES)
COMPUTER 1,543,193 13.24 1,368,725 14.01
PROGRAMMING,
HCL TECHNOLOGIES LTD Equity 159,874 1.37
CONSULTANCY
INFOSYS LIMITED Equity 706,409 6.06
KPIT TECHNOLOGIES LIMITED Equity 107,106 0.92
TATA CONSULTANCY SERVICES LIMITED Equity 419,369 3.60
TECH MAHINDRA LIMITED Equity 150,435 1.29

Ind. Maximiser

Industry Security
FINANCIAL AND 6,074,883 24.68 5,023,273 24.27
ICICI BANK LTD Equity 1,365,528 5.55
COMPUTER 3,353,748 13.63 3,438,130 16.61

PROGRAMMING, HCL TECHNOLOGIES LTD Equity 432,988 1.76
CONSULTANCY INFOSYS LIMITED Equity 1,716,049 6.97
Note:
MANUFACTURE OF PHARMACEUTICALS 2,24,4998.55 10.85

Ind. Multiplier

Industry Security
FINANCIAL AND 788,303 16.30 551,245 15.24
FEDRAL BANK LTD Equity 41,040 0.85
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD Equity 150,131 3.11
SOUTH INDIAN BANK LTD. Equity 19,908 0.41
MANUFACTURE OF 511,468 10.58 NA NA

CHEMICAL PRODUCTS
COLGATE PALMOLIVE INDIA LIMITED Equity 278,088 5.75
RALLIS INDIA LIMITED Equity 51,920 1.07
UPL LIMITED Equity 117,170 2.42
BERGER PAINTS INDIA LTD. Equity 18,779 0.39
COROMANDEL INTERNATIONAL LIMITED Equity 45,512 0.94
MANUFACTURE OF 502,274 10.39 NA NA

ELECTRICAL EQUIPMENT
ALSTOM INDIA LIMITED Equity 242,274 5.01
INOX WIND LIMITED Equity 260,000 5.38
Note:
MANUFACTURE OF PHARMACEUTICALS 484,733.22 13.40
Super 20 Fund

Industry Security
FINANCIAL AND 1,484,752 23.51 724,117 19.46
INSURANCE ACTIVITIES AXIS BANK LIMITED Equity 250,558 3.97
COMPUTER 1,019,160 16.14 737,240 19.81
PROGRAMMING, INFOSYS LIMITED Equity 484,499 7.67
CONSULTANCY
Note:
MANUFACTURE OF PHARMACEUTICALS 541,715.74 14.56

Ind. Platinum Plus 1
Industry Security
FINANCIAL AND INSURANCE 820,033 26.11 660,557 20.51
ACTIVITIES
QTR COMP (MD 14/03/2018)
(MD 15/03/2018) (F.V. 5CR)
(MD 05/03/2018) (FV 1.01 CRS)
9.05% SUNDARAM FINANCE LTD. NCD Debt 150,255 4.78
(MD 12/04/2018)
INFRASTRUCTURE FINANCE 543,701 17.31 NA NA

(MD 28/11/2018)
(MD 18/03/2018)
(MD 11/03/2018)
9.07% RECL (MD 28/02/2018) Debt 5,122 0.16
9.43% IRFC NCD (MD 23/05/2018) Debt 104,046 3.31
(MD 07/10/2018)
Note:
COMPUTER PROGRAMMING, CONSULTANCY 383,160 11.90


Industry Security
FINANCIAL AND 1,338,539 22.85 1,339,095 23.56
(MD 10/01/2019)
(MD 29/11/2018)
(MD 17/09/2018) (F.V. 5CR)
(MD 17/09/2018) (FV 1.01 CRS)
(MD 05/03/2018) (FV 1.01 CRS)
INFRASTRUCTURE 1,181,528 20.17 NA NA

FINANCE
(MD 28/11/2018)
8.55% IRFC NCD (MD 15/01/2019) Debt 50,879 0.87
9.43% IRFC NCD (MD 23/05/2018) Debt 84,277 1.44
(MD 05/02/2019)
(MD 15/12/2018) - Series 82-C
(MD 07/10/2018)
NABARD Bhavishya Nirman ZCB (MD 01/01/2018) Debt 135,372 2.31
9.38% RECL LTD. NCD (MD 06/11/2018) Debt 103,195 1.76
Note:


Industry Security
FINANCIAL AND INSURANCE 1,518,147 22.40 1,606,262 23.69
ACTIVITIES 9.45% STATE BANK OF INDIA NCD Debt 1,060 0.02
(MD 16/03/2026) CALL 16/03/2021
QTR COMP (MD 10/05/2019)
QTR COMP (MD 13/05/2019)
QTR COMP (MD 13/09/2019)
QTR COMP (MD 14/05/2019)
QTR COMP (MD 15/05/2019)
QTR COMP (MD 16/05/2019)
QTR COMP (MD 16/09/2019)
QTR COMP (MD 17/05/2019)
9.75% STATE BANK OF BIKANER AND JAIPUR FD Debt 500 0.01
QTR COMP (MD 17/09/2019)
QTR COMP (MD 21/05/2019)
QTR COMP (MD 22/05/2019)
(MD 16/03/2026) CALL 16/03/2021
(MD 15/05/2019) (F.V. 5CR)
(MD 15/05/2019) (FV 1.01 CRS)
(MD 28/11/2018)
8.60% IRFC Ltd NCD (MD 11/06/2019) Debt 102,122 1.51
(MD 23/09/2021) P/C 23/09/18
9.63% RURAL ELECTRIFICATION CORPN. LTD. Debt 208,494 3.08
NCD (MD 05/02/2019)
(MD 07/10/2018)
(MD 27/08/2019)
8.20% SIDBI NCD (MD 07/06/2018) Debt 149,981 2.21
Note:


Industry Security
FINANCIAL AND 1,095,950 21.67 1,248,397 24.31
QTR COMP (MD 10/09/2019)
(MD 16/03/2026) CALL 16/03/2021
(MD 17/09/2019) (F.V. 5CR)
(MD 17/09/2019) FV (99 Lac)
FINANCE
(MD 05/02/2019)
(MD 27/08/2019)
(MD 21/10/2019)
(MD 12/10/2019)
(MD 17/09/2019)
Note:

Ind. Platinum Premier

Industry Security
FINANCIAL AND INSURANCE
1,926,302 21.62 2,113,218 24.66
ACTIVITIES
9.45% STATE BANK OF INDIA NCD
Debt 15,212 0.17
(MD 16/03/2026) CALL 16/03/2021
9.00% CORPORATION BANK FD QTR COMP
Debt 150,000 1.68
(MD 12/02/2020) (F.V. 5CR)
INFRASTRUCTURE FINANCE 1,134,840 12.74 NA NA

8.46% RURAL ELECTRIFICATION CORPN. LTD. TAX
Debt 27,448 0.31
REE NCD (MD 29/08/2028)
8.50% IRFC NCD (MD 22/06/2020) Debt 51,170 0.57
8.70% Power Finance Corpn Ltd NCD
Debt 25,356 0.28
(MD 15/01/2020)
8.70% Power Finance Corporation Ltd. NCD
Debt 184,775 2.07
(MD 14/05/2020)
8.82% Power Finance Corporation Ltd NCD
Debt 20,387 0.23
(MD 20/02/2020)
9.61% POWER FINANCE CORPORATION LTD
Debt 19,041 0.21
(MD 29/06/2021)
9.75% RURAL ELECTRIFICATION CORPN. LTD.
Debt 5,345 0.06
NCD (MD 11/11/2021)
RURAL ELECTRIFICATION CORPN LTD ZCB
Debt 43,622 0.49
(MD 15/12/2020)
8.55% IRFC NCD (MD 03/02/2020) Debt 51,054 0.57
8.87% RURAL ELECTRIFICATION CORPN. LTD.
Debt 153,412 1.72
NCD (MD 08/03/2020)
8.55% INDIA INFRADEBT LTD NCD
Debt 99,753 1.12
(MD 04/02/2020)
COMPUTER PROGRAMMING,
1,013,997 11.38 1,329,190 15.51
CONSULTANCY

Ind. Platinum Advantage

Industry Security
FINANCIAL AND 2,438,607 20.84 2,202,689 24.45
CALL 16/03/2021
COMPUTER 1,439,599 12.30 1,423,694 15.81

PROGRAMMING,
CONSULTANCY
Ind. Foresight FP

Industry Security
FINANCIAL AND INSURANCE 4,029,932 19.81 3,018,828 22.58
ACTIVITIES
(MD 10/01/2019)
(MD 21/09/2022)
(MD 05/09/2022)
(MD 30/03/2021)
9.30% STATE BANK OF INDIA NCD (MD Debt 10,086 0.05
16/03/2021) CALL 16/03/2016
9.50% CANARA BANK FD QUARTERLY COMP Debt 50,000 0.25
(MD 10/02/2019)


Industry Security
INFRASTRUCTURE FINANCE 2,479,411 12.19 NA NA
10.60% IRFC NCD (MD 11/09/2018) Debt 26,912 0.13
(MD 28/11/2018)
(MD 25/06/2015)
8.46% RURAL ELECTRIFICATION CORPN. LTD. TAX Debt 27,448 0.13
REE NCD (MD 29/08/2028)
(MD 19/11/2022)
(MD 15/06/2022)
(MD 01/08/2021)
(MD 20/07/2019)
9.57% IRFC NCD (MD 31/05/2021) Debt 537,703 2.64
(MD 29/06/2021)
RURAL ELECTRIFICATION CORPN LTD ZCB Debt 158,957 0.78
(MD 15/12/2020)
(MD 17/07/2021)
9.20% POWER FINANCE CORPORATION Ltd NCD Debt 32,196 0.16
(MD 07/07/2021)
(09/12/2021) SERIES 124 B
(MD 04/12/2021)
Note:

Ind. Foresight SP

Industry Security
ACTIVITIES
INDUSIND BANK LTD Equity 14,227 1.42
COMPUTER PROGRAMMING, 128,284 12.84 126,692 16.29

CONSULTANCY

(MD 01/08/2021)
(MD 04/12/2021)
Titanium 1

Industry Security
ACTIVITIES
UNION BANK OF INDIA LTD. Equity 2,480 0.57

8.70% Power Finance Corpn Ltd NCD Debt 25,356 5.79
(MD 15/01/2020)
(MD 05/02/2019)
(MD 12/10/2019)


Industry Security
CONSULTANCY
WIPRO LTD. Equity 4,472 1.02
Titanium 2

Industry Security
ACTIVITIES
(MD 20/03/2019) (FV 99 Lac)

CONSULTANCY
Titanium 3
Industry Security
FINANCIAL AND 18,071 24.14 15,771 21.44
COMPUTER 11,042 14.75 NA NA

PROGRAMMING,
CONSULTANCY

Ind. Pension Nourish Fund

Industry Security
INFRASTRUCTURE 28,651 22.88 13,416 10.38
FINANCE
10.70% IRFC NCD (MD 11/09/2023) Debt 3,499 2.79
(MD 01/08/2021)
(MD 07/10/2018)
IDFC LTD. Equity 132 0.11
(MD 12/10/2019)
(MD 19/08/2024)
FINANCIAL AND 13,248 10.58 27,428 21.21
(MD 05/09/2022)
AXIS BANK LIMITED Equity 274 0.22
FEDRAL BANK LTD Equity 184 0.15
HDFC BANK Equity 772 0.62
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 784 0.63
ICICI BANK LTD Equity 642 0.51
JAMMU AND KASHMIR BANK LTD Equity 125 0.10
MUTHOOT FINANCE LTD Equity 143 0.11
STATE BANK OF INDIA Equity 526 0.42
(MD 09/06/2016)
SOUTH INDIAN BANK LTD. Equity 264 0.21
SYNDICATE BANK LTD. Equity 158 0.13

Ind. Pension Growth Fund

Industry Security
INFRASTRUCTURE 53599.37 16.86 45169.36 12.38
FINANCE
9.02% RURAL ELECTRIFICATION CORPN. LTD. NCD Debt 20770 6.53
(MD 19/11/2022)
RURAL ELECTRIFICATION CORPORATION LIMITED Equity 345 0.11
8.96% POWER FINANCE CORPORATION LTD NCD Debt 5107 1.61
(MD 21/10/2019)
9.34% RURAL ELECTRIFICATION CORPN. LTD. NCD Debt 5331 1.68
(MD 25/08/2024)
9.37% POWER FINANCE CORPORATION LTD NCD Debt 21329 6.71
(MD 19/08/2024)
ELECTRICITY, GAS AND 52724.22 16.59 NA NA

STEAM SUPPLY
9.20% POWER GRID CORPN. OF INDIA LTD. NCD Debt 20773 6.54
(MD 12/03/2020)
9.35% POWER GRID CORPORATION NCD Debt 3155 0.99
(MD 29/08/2021)
8.40% NUCLEAR POWER CORP OF INDIA LTD (E) Debt 28797 9.06
FINANCIAL AND 46150.86 14.52 78088.97 21.40

9.65% CHOLAMANDALAM INVT AND FIN CO LTD NCD Debt 10071 3.17
(MD 21/05/2018)
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR Debt 9400 2.96
COMP (MD 17/09/2019)
9.75% STATE BANK OF BIKANER AND JAIPUR FD QTR Debt 9900 3.11
COMP (MD 24/05/2019)
HDFC BANK Equity 5891 1.85
HOUSING DEVELOPMENT FINANCE CORPORATION Equity 3027 0.95
ICICI BANK LTD Equity 3388 1.07
MUTHOOT FINANCE LTD Equity 973 0.31
Others (Other than G-Sec) 53589.13 16.86 116686.70 31.98

Ind. Pension Enrich Fund

Industry Security
FINANCIAL AND 253,362 15.18 221,950 13.59
(MD 10/02/2017)
(MD 05/09/2022)
9.30% STATE BANK OF INDIA NCD (MD Debt 13,414 0.80
16/03/2021) CALL 16/03/2016
(MD 30/05/2016)
NCD (MD 14/07/2016)
(MD 14/01/2022)
Note:
INFRASTRUCTURE FINANCE 167,188 10.24

Discontinued Policy Fund

Industry Security
FINANCIAL AND 7,092,017 79.20 3,936,501 82.38
(MD 17/05/2016)
COMP (MD 05/03/2016)
(MD 11/11/2016)
AXIS BANK CD (MD 03/09/2015) Debt 241,117 2.69
BANK OF INDIA CD (MD 02/06/2015) Debt 246,458 2.75
IDBI BANK LTD CD (MD 19/11/2015) Debt 223,094 2.49
ORIENTAL BANK OF COMMERCE CD Debt 383,077 4.28
(MD 05/10/2015)
PUNJAB NATIONAL BANK CD (MD 04/06/2015) Debt 246,343 2.75
State Bank of Mysore CD (MD-12/06/2015) Debt 245,854 2.75
TATA CAPITAL FINANCIAL SERVICES LIMITED CP Debt 35,095 0.39
(MD 10/11/2015)
(MD 30/05/2016)
(MD 07/02/2016)
9.10% STATE BANK OF TRAVANCORE FD QTR Debt 40,000 0.45
COMP (MD 01/08/2015) (FV 2CR)
9.15% STATE BANK OF TRAVANCORE FD QTR Debt 9,500 0.11
COMP (MD 15/09/2016) (FV 95 LAC)
9.20% AXIS BANK LTD FD QUARTERLY COMP Debt 50,000 0.56
(MD 08/09/2015)
BANK OF MAHARASHTRA CD (MD 11/03/2016) Debt 194,180 2.17
ORIENTAL BANK OF COMMERCE CD (MD Debt 231,321 2.58
11/03/2016)
VIJAYA BANK CD (MD 10/03/2016) Debt 203,495 2.27
(MD 02/02/2016) FV 1 CR
EXPORT IMPORT BANK OF INDIA CD Debt 425,155 4.75
(MD 21/03/2016)
INDIAN BANK CD (MD 15/03/2016) Debt 231,401 2.58
PUNJAB NATIONAL BANK CD (MD 04/03/2016) Debt 232,014 2.59
(MD 20/01/2016)
(MD 25/02/2016)
(MD 15/05/2019) (FV 1.01 CRS)
(MD 17/09/2018) (FV 1.01 CRS)


Industry Security
(MD 05/03/2016) (FV 1.01 CRS)
(MD 11/03/2016) (FV 1.01 CRS)
(MD 16/03/2016) (FV 1.01 CRS)
(MD 25/03/2016) (FV 1.01 CRS)
(MD 03/03/2016) (FV 1.01 CRS)
(MD 04/03/2016) (FV 1.01 CRS)
(MD 05/03/2016) (FV 1.01 CRS)
(MD 25/03/2016) (FV 1.01 CRS)
(MD 13/09/2016) (FV 1.01 CRS)
(MD 20/03/2016) (FV 1.01 CRS)
(MD 16/03/2016) (FV 1.01CR)
(MD 08/09/2016) (FV 10.01 CRS)
Others (Other than G-Sec) 1,439,445 16.08 535,541 11.21
Pure Equity
Industry Security
COMPUTER 27,307 15.27 NA NA
PROGRAMMING,
CONSULTANCY
KPIT TECHNOLOGIES LIMITED Equity 4,486 2.51
NIIT TECHNOLGIES LTD. Equity 2,662 1.49
CYIENT LIMITED Equity 2,003 1.12
HEXAWARE TECHNOLOGIES LTD. Equity 1,736 0.97
MANUFACTURE OF 25,497 14.26 8,737 17.39

CHEMICAL PRODUCTS
ASIAN PAINTS LTD. Equity 4,642 2.60
COLGATE PALMOLIVE INDIA LIMITED Equity 7,572 4.23
RALLIS INDIA LIMITED Equity 3,708 2.07
UPL LIMITED Equity 4,313 2.41
COROMANDEL INTERNATIONAL LIMITED Equity 5,262 2.94
Note:
MANUFACTURE OF PHARMACEUTICALS 6,685 13.30

Value Momentum

Industry Security
FINANCIAL AND 78,527 17.62 33,403 24.20
INSURANCE ACTIVITIES JAMMU AND KASHMIR BANK LTD Equity 10,984 2.47
KARNATAKA BANK LTD Equity 12,702 2.85
ORIENTAL BANK OF COMMERCE Equity 4,106 0.92
SOUTH INDIAN BANK LTD. Equity 14,404 3.23
SYNDICATE BANK LTD. Equity 8,691 1.95
BANK OF BARODA Equity 7,635 1.71
Note:
ELECTRICITY, GAS AND STEAM SUPPLY 14,072 10.20
Liquid Plus

Industry Security
FINANCIAL AND 384,031 74.64 218,039 76.45
INSURANCE ACTIVITIES ANDHRA BANK CD (MD 14/10/2015) Debt 33,473 6.51
(MD 10/11/2015)
(MD 08/10/2015) (FV 95 LAC)
9.10% STATE BANK OF TRAVANCORE FD QTR COMP Debt 9,000 1.75
(MD 09/07/2015) (FV 90 LAC)
(MD 10/07/2015) (FV 90 LAC)
(MD 15/07/2015) (FV 95 LAC)
(MD 16/07/2015) (FV 95 LAC)
BANK OF MAHARASHTRA CD (MD 11/03/2016) Debt 37,022 7.20
VIJAYA BANK CD (MD 10/03/2016) Debt 27,775 5.40
(MD 02/02/2016) FV 1 CR
EXPORT IMPORT BANK OF INDIA CD (MD 21/03/2016) Debt 36,970 7.19
(MD 20/01/2016)
(MD 25/02/2016)
(MD 05/03/2016) (FV 1.01 CRS)
(MD 03/03/2016) (FV 1.01 CRORES)
(MD 17/03/2016) (F.V. 1 CR)

Gr. Fixed Interest

Industry Security
ELECTRICITY, GAS AND 770,636 11.89 485,854 10.02
STEAM SUPPLY
(MD 20/05/2019) [C]
(MD 20/05/2021) [E]
(MD 20/05/2022) [F]
8.85% NHPC LTD NCD (MD 11/02/2021) (SR R2) Debt 51,433 0.79
8.85% NHPC LTD NCD (MD 11/02/2022) (SR R2) Debt 51,622 0.80
9.20% POWER GRID CORPN. OF INDIA LTD. NCD Debt 31,159 0.48
(MD 12/03/2020)
(MD 26/12/2019)
(MD 26/12/2020)
(MD 31/05/2021)
LTD(C)(MD 28/11/2027) Series-XXIX
8.40% NUCLEAR POWER CORP OF INDIA LTD (E) Debt 51,423 0.79
8.40% NUCLEAR POWER CORP OF INDIA LTD (D) Debt 51,341 0.79
LTD(B)(MD 28/11/2026) Series- XXIX
(MD 25/03/2026) SR-XXX TRCH-A
(MD 25/03/2027) SR-XXX TRCH-B
(MD 25/03/2028) SR-XXX TRCH-C
(MD 25/03/2029) SR-XXX TRCH-D
Note:
FINANCIAL AND INSURANCE ACTIVITIES 1,390,454 28.67

Gr. Bond

Industry Security
FINANCIAL AND 641,533 26.45 1,077,023 47.07
10.05% BAJAJ FINANCE LIMITED NCD Debt 50,840 2.10
(MD 10/01/2017)
(MD 09/01/2023)
(MD 10/01/2019)
9.15% State Bank of Patiala PERP NCD Call Debt 30,814 1.27
18/01/2020 Step-up 9.65
(MD 14/08/2023)
(MD 21/05/2018)
COMP (MD 11/02/2020)
COMP (MD 12/02/2020)
COMP (MD 13/02/2020)
COMP (MD 14/02/2020)
COMP (MD 20/05/2019)
COMP (MD 20/09/2019)
(MD 28/12/2018)
9.95% FAMILY CREDIT LIMITED NCD Debt 45,400 1.87
(MD 10/06/2016)
ELECTRICITY, GAS AND 449,058 18.52 333,905 14.59

STEAM SUPPLY
8.54% NUCLEAR POWER CORPORATION OF INDIA Debt 102,792 4.24
LIMITED (MD 15/03/2023)
8.65% NTPC Ltd NCD (MD 04/02/2019) Debt 22,349 0.92
8.84% POWER GRID CORPN. OF INDIA LTD. NCD Debt 20,433 0.84
(MD 21/10/2019)
9.25% POWER GRID NCD MD (26/12/2017) Debt 20,464 0.84
(MD 29/08/2020)
9.47% Power Grid Corporation Ltd NCD Debt 19,915 0.82
(MD 31/03/2022)
(MD 31/05/19)
8.40% NUCLEAR POWER CORP OF INDIA LTD (A) Debt 51,119 2.11
8.40% NUCLEAR POWER CORP OF INDIA LTD(B) Debt 51,211 2.11
8.64% POWER GRID CORPORATION MD (08/07/24) Debt 25,652 1.06

Gr. Bond

Industry Security
FINANCE
10.60% IRFC NCD (MD 11/09/2018) Debt 1,076 0.04
(MD 28/11/2018)
8.50% IRFC NCD (MD 22/06/2020) Debt 10,234 0.42
(MD 14/05/2020)
(MD 19/11/2022)
(MD 20/07/2019)
(MD 29/06/2016)
(MD 12/10/2019)
(MD 19/08/2024)
(MD 21/12/2024)
HOUSING FINANCE 335,270 13.82 337,810 14.76

SERVICES
10.05% CAN FIN HOMES LTD. NCD MD (13/01/2017) Debt 38,765 1.60
10.05% CAN FIN HOMES LTD. NCD MD (23/01/2017) Debt 51,025 2.10
(MD 20/06/2018)
(MD 07/09/2017)
(MD 11/06/2017)
9.75% HDFC LTD. NCD MD (10/10/2016) Debt 13,183 0.54
9.50% HDFC LTD NCD (MD 13/08/2024) Debt 106,250 4.38
(MD 30/03/2020)

Gr. Money Market

Industry Security
FINANCIAL AND 1,025,998 79.72 1,975,295 58.64
(MD 10/11/2015)
(MD 12/02/2016)
(MD 17/02/2016)
(MD 01/08/2015) (FV 2CR)
(MD 13/07/2015) (FV 90 LAC)
(MD 14/07/2015) (FV 95 LAC)
(MD 17/07/2015) (FV 95 LAC)
(MD 20/07/2015) (FV 95 LAC)
(MD 21/07/2015) (FV 95 LAC)
(MD 22/07/2015) (FV 95 LAC)
(MD 22/10/2015) (F.V. 5 CR)
(MD 22/10/2015) (F.V. 4 CR)
9.20% AXIS BANK LTD FD QUARTERLY COMP Debt 100,000 7.77
(MD 08/09/2015)
(MD 02/02/2016) FV 1 CR
(MD 20/01/2016)
(MD 04/03/2016) (FV 1.01 CRORES)
(MD 20/03/2016) (FV 1.01 CRS)
(MD 17/03/2016) (F.V. 1 CR)
(MD 10/03/2016) (FV 1.01 CRS)
CIVIL ENGINEERING 186,329 14.48 NA NA

AFCONS INFRASTRUCTURE LTD. CP (MD 08/12/2015) Debt 128,136 9.96
SHAPOORJI PALLONJI AND COMPANY LTD CP Debt 58,192 4.52
(MD 30/07/2015)
Note:
MUTUAL FUND 357,596 10.62

Gr. Short Term Debt

Industry Security
FINANCIAL AND 204,442 33.30 472,245 72.76
7.45% STATE BK OF INDIA 050515 AAA Debt 7,991 1.30
(MD 28/12/2022)
(MD 10/11/2015)
NCD (MD 14/07/2016)
(MD 02/02/2016) FV 1 CR
(MD 25/02/2016)
(MD 17/03/2016) (F.V. 1 CR)
(MD 23/03/2018) FV (99 Lac)
(MD 26/03/2018) (FV 99 Lac)
(MD 27/03/2018) (FV 99 Lac)
(MD 23/03/2018) (FV 99 Lac)
(MD 26/03/2018) (FV 99 Lac)
(MD 27/03/2018) (FV 99 Lac)
CIVIL ENGINEERING 101,626 16.55 NA NA

9.15% Larsen & Toubro Ltd NCD (MD 05/01/2019) Debt 58,480 9.53
AFCONS INFRASTRUCTURE LTD. CP Debt 33,447 5.45
(MD 08/12/2015)
SHAPOORJI PALLONJI AND COMPANY LTD CP Debt 9,699 1.58
(MD 30/07/2015)
ELECTRICITY, GAS AND 82,937 13.51 NA NA
STEAM SUPPLY
8.49% NHPC LTD NCD (MD 26/11/2016) Debt 26,059 4.24
(SR S1)
8.64 % POWER GRID CORPORATION MD (08/07/25) Debt 5,145 0.84
HOUSING FINANCE 74,279 12.10 NA NA
SERVICES
(MD 19/09/2016)
10.35% HDFC Ltd Sr E006 NCD (MD 06/06/2017) Debt 4,125 0.67
9.30 HDFC LTD. NCD (MD 04/10/2017) Debt 1,013 0.17
(MD 30/03/2020)

Gr. Secure

Industry Security
FINANCIAL AND 1,723,818 17.35 1,957,954 26.73
10.05% BAJAJ FINANCE LIMITED NCD Debt 50,840 0.51
(MD 10/01/2017)
10.12% ADITYA BIRLA FINANCE LTD NCD Debt 20,143 0.20
(MD 11/12/2015)
(MD 10/02/2017)
10.32% SUNDARAM FINANCE LTD. NCD Debt 51,825 0.52
(MD 13/08/2018)
(MD 10/01/2019)
Rate 9.55%
(MD 28/12/2022)
(MD 05/09/2022)
(MD 28/10/2016)
(MD 09/06/2016)
(MD 10/11/2015)
9.95% FAMILY CREDIT LIMITED NCD Debt 70,623 0.71
(MD 10/06/2016)
8.75% BANK OF BARODA FD QUARTERLY COMP
Debt 90,900 0.91
(MD 10/03/2016) (FV 1.01 CRS)
8.75% BANK OF BARODA FD QUARTERLY COMP
Debt 90,900 0.91
(MD 09/03/2016) (FV 1.01 CRS)
Debt 200,200 2.01
(MD 09/08/2016) (FV 10.01 CRS)
Debt 100,100 1.01
(MD 18/03/2016) (FV 10.01 CRS)
Others (Other than

3,402,231 34.24 2,910,569 39.74
G-Sec)

Gr. Stable

Industry Security
FINANCIAL AND 354,305 11.49 415,322 17.35
(MD 10/02/2017)
(MD 31/10/2022)
Note:
INFRASTRUCTURE FINANCE 284,315 11.88

Gr. Growth

Industry Security
FINANCIAL AND 773,022 17.40 528,593 20.93
(MD 10/02/2017)
(MD 31/10/2022)
9.05% SBI Perpetual NCD (Call-27/01/2020) Debt 26,658 0.60
Step-up Rate 9.55%
QTR COMP (MD 10/02/2020)
QTR COMP (MD 18/09/2019)
QTR COMP (MD 19/09/2019)
QTR COMP (MD 23/09/2019)
QTR COMP (MD 24/09/2019)
QTR COMP (MD 25/09/2019)
NCD (MD 14/07/2016)
Gr. Growth Advantage Fund

Industry Security
FINANCIAL AND 69,440 17.54 40,056 19.75
(MD 31/10/2022)

Gr. Inc. Advantage

Industry Security
INFRASTRUCTURE 126,674 22.49 91,125 26.10
FINANCE
(MD 28/11/2018)
(MD 19/11/2022)
9.70% NABARD NCD Sr XII-D (MD 06/06/2016) Debt 26,362 4.68
(MD 25/08/2024)
(MD 19/08/2024)
Gr. Short Term Debt 2
(Amount in thousands of Indian Rupees)

Industry Security
FINANCIAL AND 60,904 32.69 128,551 38.34
(MD 16/03/2026) CALL 16/03/2021
(MD 09/06/2016)
(MD 11/11/2016)
7.40% Canara Bank NCD (MD 29/04/2015) Debt 3,994 2.14
(MD 02/02/2016) FV 1 CR
ELECTRICITY, GAS AND 45,327 24.33 NA NA

STEAM SUPPLY
LTD(C)(MD 28/11/2027) Series - XXIX
8.49% NHPC LTD NCD (MD 26/11/2016) (SR S1) Debt 18,041 9.68
INFRASTRUCTURE 33,652 18.06 49,139 14.66

FINANCE
9.70% NABARD NCD Sr XII-D (MD 06/06/2016) Debt 18,250 9.80
(MD 12/10/2019)
HOUSING FINANCE 27,434 14.73 47,204 14.08

SERVICES
(MD 19/09/2016)

Gr. Growth 2

Industry Security
FINANCIAL AND 58,865 18.20 3,753 58.25
(MD 17/05/2016)
MUTUAL FUND 33,154 10.25 NA NA

BIRLA SUN LIFE CASH PLUS - DIRECT PLAN - 3,625 1.12
GROWTH
ICICI PRUDENTIAL LIQUID - DIRECT PLAN - Debt 7,303 2.26
GROWTH
AXIS LIQUID FUND -DIRECT PLAN - GROWTH Debt 7,139 2.21
OPTION
DWS INSTA CASH PLUS FUND - DIRECT PLAN - Debt 8,080 2.50
GROWTH
TATA LIQUID FUND - DIRECT PLAN - GROWTH Debt 7,008 2.17
Gr. Money Market 2

Industry Security
FINANCIAL AND 1,341 54.69 1,990 87.96
9.10% STATE BANK OF TRAVANCORE FD QTR Debt 200 8.16
COMP (MD 11/07/2015) (FV 2 Lac)
ANDHRA BANK CD (MD 01/03/2016) Debt 186 7.57
BANK OF MAHARASHTRA CD (MD 11/03/2016) Debt 185 7.55
ORIENTAL BANK OF COMMERCE CD Debt 185 7.55
(MD 11/03/2016)
VIJAYA BANK CD (MD 10/03/2016) Debt 185 7.55
8.75% BANK OF BARODA FD QUARTERLY COMP Debt 200 8.16
(MD 17/03/2016) (FV 1 Lac)
8.75% CORPORATION BANK FD QTR COMP Debt 200 8.16
(MD 17/03/2016) (FV 1 Lac)
Others (Other than G-Sec) 190 7.74 36 1.58

Gr. Fixed Interest 2

Industry Security
Note:
HOUSING FINANCE SERVICES 29,304 93.13
Gr. Stable 2

Industry Security
INFRASTRUCTURE
1,202 13.70 NA NA
FINANCE
10.70% IRFC NCD (MD 11/09/2023) Debt 1,166 13.29
Others (Other than G-Sec) 2,405 27.40 57 20.59
Note:
FINANCIAL AND INSURANCE ACTIVITIES 29 10.57

Ind. Income Advantage Guaranteed

Industry Security
FINANCIAL AND 95,495 20.00 39,117 26.03
(MD 15/02/2019)
(MD 10/01/2019)
(MD 16/03/2016) (F.V. 1.01 CR)
(MD 14/01/2022)
INFRASTRUCTURE 65,270 13.67 19,905 13.24

FINANCE
10.70% IRFC NCD (MD 11/09/2023) Debt 5,832 1.22
8.84% POWER FINANCE CORPORATION Ltd. NCD Debt 10,281 2.15
(MD 04/03/2023)
(MD 01/08/2021)
(MD 07/10/2018)
(MD 12/10/2019)
(MD 17/07/2021)
Ind. Maximiser Guaranteed

Industry Security
FINANCIAL AND 4,974 22.36 959 18.01
COMPUTER 4,010 18.03 910 17.09

PROGRAMMING,
CONSULTANCY
TATA CONSULTANCY SERVICES LIMITED Equity 822 3.70
Note:
MANUFACTURE OF TOBACCO PRODUCTS 599 11.26

NAV Highest, Lowest and Closing as on 31st March 2015
Individual Life
Highest Lowest Closing
Fund Name
Ind. Assure 23.3972 21.4252 21.4268 19.6772 23.3972 21.4252
Ind. Income Advantage 20.0608 17.4881 17.3788 16.2715 20.0539 17.4881
Ind. Protector 32.4405 27.7441 27.5634 25.3777 32.3624 27.7441
Ind. Builder 41.7072 34.7208 34.5035 31.2487 41.5079 34.7208
Ind. Balancer 26.9436 22.2793 22.1347 19.8326 26.7246 22.2793
Ind. Enhancer 48.9737 40.9964 40.8044 36.4803 48.5735 40.9964
Ind. Creator 41.0365 31.9569 31.8182 27.4030 40.1347 31.9569
Ind. Magnifier 44.1753 32.5602 32.4901 26.2362 42.6056 32.5602
Ind. Maximiser 23.0502 16.2087 16.1764 12.5111 22.0541 16.2087
Ind. Multiplier 22.5300 14.3078 14.2039 10.1405 22.0386 14.3078
Super 20 22.7511 16.8527 16.8262 13.0525 21.4243 16.8525
Ind. Platinum Plus 1 16.9402 13.4323 13.4042 11.2162 16.5625 13.4323
Ind. Platinum Premier 17.3982 13.0504 13.0032 10.5941 16.7928 13.0504
Ind. Platinum Advantage 15.5024 11.4021 11.3617 9.0642 14.9121 11.4021
Ind. Foresight FP 14.6279 11.5904 11.5541 9.7995 14.2270 11.5904
Ind. Foresight SP 16.4120 12.3809 12.3323 9.8923 15.7579 12.3808
Titanium Plus 1 17.3553 13.0666 13.0312 10.9775 16.7900 13.0666
Titanium Plus 2 17.1127 12.8049 12.7711 10.7587 16.4640 12.8049
Titanium Plus 3 15.2352 11.7245 11.7091 10.1111 14.6410 11.7245
Ind. Liquid Plus 12.6918 11.7091 11.7121 10.7916 12.6918 11.7091
Ind. Pure Equity 20.5435 13.4190 13.1462 10.7330 20.0921 13.4190
Ind. Value Momentum 17.4675 11.9209 11.8892 8.7025 16.7111 11.9209
IPP - Nourish 26.9476 23.0002 22.8214 21.0725 26.8655 23.0002
IPP - Growth 33.9933 28.4976 28.3130 25.6343 33.7783 28.4976
IPP - Enrich 41.0820 32.9574 32.7616 28.9914 40.5846 32.9574
Discontinued Policy Fund 14.0044 12.8765 12.8799 11.9072 14.0044 12.8765
Income Advantage Guaranteed Fund 11.6279 10.2266 10.1889 10.0000 11.6279 10.2266
Maximiser Guaranteed Fund 14.1001 10.6214 10.6272 9.7839 13.5180 10.6202
Linked Discontinued Policy Fund 10.6988 10.0000 10.0000 10.0000 10.6988 10.0000
Pension Discontinued Policy Fund 10.6897 10.0000 9.9997 10.0000 10.6897 10.0000
Group Life
Highest Lowest Closing
Fund Name
Gr. Fixed Interest Plan I 29.1751 25.3832 25.1934 23.5356 29.1751 25.3832
Gr. Gilt Plan I 21.2912 19.1366 17.8672 16.7726 21.2217 18.0970
Gr. Bond Plan I 24.7032 22.0728 21.9949 20.4029 24.7032 22.0728
Gr. Money Market Plan I 24.7142 22.7485 22.7544 20.8698 24.7142 22.7485
Gr. Short Term Debt Plan I 17.1921 15.7302 15.7310 14.5237 17.1921 15.7302
Gr. Capital Protection Plan I** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Floating Rate Plan I*** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Secure Plan I 42.6596 35.9783 35.7621 32.3879 42.4193 35.9783
Gr. Stable Plan I 59.0257 48.0668 47.8376 42.2208 58.3164 48.0668
Gr. Growth Plan I 71.9166 56.4890 56.2765 48.1755 70.5661 56.4890
Gr. Growth Advantage 26.0893 19.9029 19.8292 16.6391 25.4685 19.9029
Gr. Income Advantage 16.1142 14.1341 13.9799 12.9583 16.1142 14.0944
Gr. Growth Maximiser**** 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Bond 2 ^ 10.0000 10.0000 10.0000 10.0000 10.0000 10.0000
Gr. Fixed Interest 2 14.9055 12.7033 12.6025 11.2384 14.9055 12.6989
Gr. Growth 2 16.9434 13.3946 13.3272 11.2198 16.6361 13.3946
Gr. Money Market 2 13.4332 12.3125 12.3159 11.2941 13.4332 12.3125
Gr. Secure 2 ^^ 10.6136 10.2282 10.0000 9.1159 10.0000 10.2282
Gr. Short Term Debt 2 14.0824 12.7407 12.7397 11.6386 14.0824 12.7407
Gr. Stable 2 15.7246 12.8823 12.8820 11.3775 15.5467 12.8823
** The Group Capital Protection Fund became a dormat fund on 12th August 2008 on account of no units.
*** The Group Floating Fund became a dormat fund on 12th October 2009 on account of no units.
**** These funds do not have any units since their inception.
^ The Group Bond 2 Fund became a dormat fund on 31st March 2012 on account of no units.
^^ The Group Secure 2 Fund became a dormat fund on 23rd May 2014 on account of no units.

Annualised Expense Ratio to Average Daily Assets of the Fund
Management Fees for the Period (inclusive of service tax) 3,296,056 2,812,405
Average Daily AUM of the ULIP funds 228,526,296 194,646,722
Annualised Expense Ratio to Average daily AUM (%) 1.44% 1.44%
Statement showing Ratio of Gross Income (Including Unrealised Gain/Loss) to Average Daily Net Assets
A Income from Investment ULIP Assets Current Year Previous Year

1 Interest, Dividend & Rent Gross 9,785,616 8,891,427
2 Profit on Sale/Redemption of Investments 30,155,977 10,519,475
3 (Loss on Sale/Redemption of Investments) (1,436,275) (7,630,456)
4 Gain/(Loss) on Amortisation 903,439 823,120
5 Other Income/(Expense)
Sub Total 39,408,758 12,603,566
B Unrealised Gain / (Loss) 10,419,776 10,208,794
C Total (A+B) 49,828,534 22,812,360
D Average Daily AUM of the ULIP Funds 228,526,296 194,646,722
E Ratio of Gross Income to Average Daily Net Assets (%) 22% 12%

Fund Wise Disclosure of Appreciation and/or (Depreciation) in value of Investment segregated Class Wise
Ind. Income
Ind. Assure Ind. Protector Ind. Builder Ind. Balancer Ind. Enhancer Ind. Creator Ind. Magnifier Ind. Maximiser

Advantage
Particulars
Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
Government Bonds 55,826 (66,752) 68,774 (101,732) 47,397 (54,340) 5,346 (6,571) 451,235 (1,078,795) 65,551 (32,905) 67 69
Corporate Bonds 4,666 1,888 35,225 (520) 28,985 (5,797) 4,300 4,168 627 131 223,814 (130,297) 4,005 (2,614) 21 (124)
Infrastructure Bonds 4,496 6 35,543 (7,407) 22,029 (13,449) 22,208 (5,578) 2,885 104 215,910 (226,667) 18,213 (4,797) 44 130
Equity 97,810 74,975 144,200 112,808 19,975 16,420 4,125,935 3,268,785 450,175 293,725 1,764,820 1,427,125 3,357,743 2,762,573
Preference Shares 384 336 928 812 73 64 18,690 16,354 1,303 1,140 8,066 7,058 18,137 15,870
Money Market
Mutual Funds
Total 9,162 1,894 126,594 (74,679) 217,982 (45,667) 219,033 57,870 28,906 10,148 5,035,584 1,849,380 539,247 254,549 1,773,018 1,434,258 3,375,880 2,778,443
Other Investments
Corporate Bonds 355 (1,786) (2,718) 702 200 108 8,101 (35,625) (3,080) 1,041
Equity 2,852 (25) 5,515 1,413 368 383 41,231 (3,526) 13,729 (165) (26,715) (64,234) 27,558 24,642
Preference Shares
Money Market
Mutual Funds 111 223 162 96 9 2,386 184 371 (18,970) 1,204
Total 355 (1,675) (2,495) 3,554 337 5,515 1,617 368 392 49,332 (36,765) 13,729 (3,061) (26,715) (62,822) 8,588 25,846
GRAND TOTAL 9,517 219 126,594 (77,174) 221,536 (45,330) 224,548 59,487 29,274 10,540 5,084,916 1,812,615 552,976 251,488 1,746,303 1,371,436 3,384,468 2,804,289
11/10/15 4:08:45 PM
Ind. Platinum Ind. Platinum Ind. Platinum Ind. Platinum Ind. Platinum
Ind. Multiplier Super 20 Ind. Platinum Premier Ind. Foresight FP

Plus 1 Plus 2 Plus 3 Plus 4 Advantage
Particulars
Government Bonds 2,604 (2,242) 11,551 (2,180) 23,124 (5,240) 8,367 (1,784) 19,937 (6,669) 8,086 (449) 94,313 (39,459)

Corporate Bonds (84) (7,528) 3,871 (8,001) 1,720 (9,717) 166 (3,138) 4,244 (401) 2,382 (6,121) 45,297 (13,044)
Infrastructure Bonds 436 1,575 (15,700) 20,179 (11,222) 19,386 (5,710) 10,927 (13,596) 22,403 (11,014) 14,893 (6,211) 72,605 (70,059)
Equity 721,687 320,834 719,245 439,649 383,186 413,966 773,560 808,202 1,074,235 1,049,307 835,957 808,737 1,769,269 1,360,912 2,262,130 1,442,664 2,467,338 1,373,231
Preference Shares 1,333 1,166 2,606 2,280 5,507 4,818 4,318 3,779 7,511 6,572 4,853 4,246 8,484 7,424
Money Market
Mutual Funds
Total 721,687 321,270 719,245 439,649 388,614 389,662 811,767 789,079 1,123,972 1,033,458 859,735 793,998 1,823,364 1,349,400 2,292,344 1,434,129 2,688,037 1,258,093
Other Investments
Corporate Bonds
Equity 126,459 33,556 3,758 (3,282) 6,036 (5,601) 10,731 (3,220) 8,671 (2,063) 19,169 (3,266) 25,780 (6,502) (6,964)
Preference Shares
Money Market
Mutual Funds 97 3,109 176 102 178 6 13 51 197 290

Total 126,459 33,653 3,109 176 3,758 (3,180) 6,036 (5,423) 10,731 (3,214) 8,671 (2,050) 19,169 (3,215) 25,780 (6,305) (6,674)
GRAND TOTAL 848,146 354,923 722,354 439,825 392,372 386,482 817,803 783,656 1,134,703 1,030,244 868,406 791,948 1,842,533 1,346,185 2,318,124 1,427,824 2,688,037 1,251,419
11/10/15 4:08:48 PM
Ind. Foresight SP Titanium 1 Titanium 2 Titanium 3 Pure Equity Value Momentum Liquid Plus IPP - Growth IPP - Enrich

Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
Government Bonds 621 (684) 118 1,040 61 172 19 30 4,299 (6,274) 29,181 (24,936)
Corporate Bonds 10 (3) (5) (4) 46 (1,090) 5,552 (3,762)

Infrastructure Bonds 2,160 (171) 147 (463) 149 54 87 (21) 1,402 4,228 (1,307) 6,978 (591)
Equity 212,293 131,781 58,564 50,223 20,560 14,558 11,510 5,443 18,532 5,690 12,957 13,785 15,743 12,952 143,913 99,465
Preference Shares 712 623 417 365 121 106 49 42 69 60 442 387
Money Market
Mutual Funds
Total 215,786 131,549 59,256 51,162 20,891 14,885 11,665 5,490 18,532 5,690 14,359 13,785 24,385 4,341 186,066 70,563
Other Investments
Corporate Bonds
Equity (782) 773 119 287 47 159 13 83 410 9,616 658 23 5,178 (29)
Preference Shares
Money Market
Mutual Funds 9 3 1 18 5 108

Total (773) 773 122 287 48 159 13 83 410 9,616 658 18 23 5 5,178 79
GRAND TOTAL 215,786 130,776 60,029 51,284 21,178 14,933 11,824 5,503 18,615 6,100 23,975 14,443 18 24,408 4,346 191,244 70,642
11/10/15 4:08:52 PM
Income Advantage Maximiser Gr. Growth
IPP - Nourish Gr. Fixed Interest Gr. Gilt Gr. Bond Gr. Money Market Gr. Short Term Debt

Guaranteed Guaranteed Advantage
Particulars

Government Bonds 1,423 (3,108) 10,459 23 125,110 (38,673) 3,959 (3,055) 2,238 (3,906)
Corporate Bonds 857 395 1,600 232 22,467 (2,417) 31,831 (5,254) 735 679 32 122
Infrastructure Bonds 1,719 265 5,950 158 21 57,320 (2,200) 32,220 (7,013) 1,146 (105) 391 (36)
Equity 2,476 2,364 3,143 184 25,511 14,034
Preference Shares 12 11 106 92
Money Market
Mutual Funds
Total 6,487 (73) 18,009 413 3,164 184 204,897 (43,290) 3,959 (3,055) 64,051 (12,267) 1,881 574 28,278 10,306
Other Investments
Corporate Bonds (92) (176) (1,011) 18 (429)
Equity 30 (1) 109 8 159 160
Preference Shares
Money Market
Mutual Funds 3 9 143 3 297 12 14

Total 30 (90) 9 109 8 (33) 3 - (1,011) - 297 18 (417) 159 174
GRAND TOTAL 6,517 (163) 18,009 422 3,273 192 204,897 (43,323) 3,959 (3,052) 64,051 (13,278) - 297 1,899 157 28,437 10,480
11/10/15 4:08:55 PM
Gr. Income Gr. Fixed Gr. Money Gr. Short Term
Gr. Secure Gr. Stable Gr. Growth Gr. Bond 2 Gr. Stable 2

Advantage Interest 2 Market 2 Debt 2
Particulars
Government Bonds 13,162 (6,867) 148,438 (138,636) 34,437 (36,834) 27,837 (36,374) 2,207 38 4
Corporate Bonds 2,019 1,152 39,429 (3,572) 4,895 (757) 5,463 2,824 8 478 767 124
Infrastructure Bonds 6,604 (514) 19,470 (13,145) 4,700 (5,941) 5,696 (7,176) 760 (304) 71
Equity 239,182 182,996 138,142 110,395 250,048 157,645 104 18
Preference Shares 1,372 1,201 763 668 1,092 956
Money Market
Mutual Funds
Total 21,785 (6,229) 447,891 28,844 182,937 67,531 290,136 117,875 2,215 478 1,527 (180) 213 22
Other Investments
Corporate Bonds 1,885 (2,426) (31) 1,100 934 (100)
Equity 1,375 2,119 831 1,088 1,780 1,579 2
Preference Shares
Money Market
Mutual Funds 16 278 190 121 17

Total 16 3,260 (29) 831 1,247 2,880 2,634 (83) 2
GRAND TOTAL 21,785 (6,213) 451,151 28,815 183,768 68,778 293,016 120,509 2,215 478 - 1,527 (263) 215 22
11/10/15 4:08:58 PM
Life Discontinued Pension Discontinued Discontinued Policy
Gr. Secure 2 Gr. Growth 2 Total

Fund Fund Fund
Particulars
Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year Year Year

Government Bonds (5,290) 4,009 139 56 1,269,933 (1,702,361)
Corporate Bonds 228 26 435 668 475,613 (191,279)
Infrastructure Bonds (397) 88 622 516 635,225 (429,125)
Equity 1,898 9,896 440 22,129,839 16,777,784
Preference Shares 16 4 2 87,352 76,448
Money Market
Mutual Funds
Total (3,773) 14,225 468 1,196 1,240 24,597,962 14,531,467
Other Investments
Corporate Bonds 12,161 (45,191)
Equity 33 78 3 285,625 (33,429)
Preference Shares
Money Market
Mutual Funds 2 162 (15,861) 7,267

Total 35 78 3 162 281,816 (71,370)
GRAND TOTAL (3,738) 14,303 471 1,196 1,402 24,879,887 14,460,114
11/10/15 4:09:01 PM
Summary of Financial Statements

Annexure - 4
Sr. No. Particulars 2014-15 2013-14 2012-13 2011-12 2010-11

POLICYHOLDERS A/C
1 Gross Premium Income 52,332,246 48,330,521 52,162,991 58,853,594 56,770,665
2 Net Premium Income# 50,683,663 46,448,513 50,517,461 57,477,737 55,945,624
3 Income from investments (Net) @
53,092,074 24,958,744 20,700,492 (1,632,680) 14,919,387
4 Other Income 336,157 365,427 366,568 298,060 236,803
5 Total Income 104,111,894 71,772,685 71,584,521 56,143,117 71,101,814
6 Commissions 2,333,736 2,347,130 3,004,767 3,254,002 3,805,795
7 Brokerage
8 Operating Expenses related to insurance Business 9,727,014 10,381,707 11,597,047 12,151,175 12,034,778
9 Total Expenses 12,060,750 12,728,836 14,601,814 15,405,177 15,840,573
10 Payment to Policy holders 37,718,900 36,655,017 36,586,379 27,046,221 19,343,749
11 Increase in Actuarial Liability 52,520,053 19,767,326 16,124,872 9,871,376 33,252,514
12 Provision for Tax (including Fringe Benefit Tax) (5,875)
13 Surplus/(Deficit) from operations 1,812,191 2,621,506 4,271,456 3,820,343 2,670,853
SHAREHOLDERS A/C
14 Total Income under Shareholders Account 1,041,838 1,086,031 1,143,573 786,946 379,105
15 Profit/(loss) Before Tax 2,854,030 3,707,537 5,415,031 4,607,289 3,049,958
16 Profit/(loss) After Tax 2,854,030 3,707,537 5,415,031 4,607,289 3,049,958
17 Profit/(loss) carried to Balance Sheet (6,682,321) (9,536,350) (12,424,921) (13,762,293) (17,225,082)
18 (A) Policyholders account:
Total funds (incl Funds for Future Appropriation) 288,389,587 235,574,421 215,763,094 199,640,312 189,770,583
Total Investments (including policy loans) 286,702,486 234,739,033 215,866,081 201,197,493 190,888,814
Yield on investments
- Linked Fund (%)$ 24.90% 12.10% 10.88% -1.74% 9.45%
- Non Par Non-Linked Fund (%) 10.87% 9.03% 8.95% 8.31% 7.54%
- Par Non-Linked Fund (%) 7.45% 5.25% 4.25% NA NA
(B) Shareholders account:
Total funds (including unrealised gain) 15,418,834 12,566,214 12,476,234 10,732,754 7,269,919
Total investments 15,523,423 13,292,091 13,706,870 10,153,273 6,972,707
Yield on investments (%) 9.26% 8.90% 10.22% 9.85% 6.59%
19 Yield on total investments 11.72% 11.72% 10.65% -0.41% 9.20%
20 Paid up equity capital 19,012,080 19,012,080 19,695,000 19,695,000 19,695,000
21 Net worth 15,418,834 12,566,214 12,476,234 10,732,754 7,269,919
22 Total Assets 303,808,421 248,140,636 228,239,327 210,373,067 197,040,502
23 Earnings per share (share of FV of ` 10 each) ` 1.50 1.94 2.75 2.34 1.55
24 Book value per share (share of FV of ` 10 each) ` 8.11 6.61 6.33 5.45 3.69
# Net of Reinsurance
@ Net of Losses
$ Yield on Linked policyholders investments includes unrealised gains on investments.

Analytical ratio for the Financial Year: 2014-15 Annexure - 5

Sr. No Ratios for Life Insurers 31st March 2015 31st March 2014
1 New business premium income growth (segment-wise)
(New business premium for Current Year divided by new business
premium income for Previous Year)
a) Linked Life 0.84 0.67
b) Linked Group Life 1.02 1.23
c) Linked Pension individual 0.63 2.33
d) Linked Group Pension 0.33 4.00
e) Linked Health Individual 0.00 0.34
f) Non-Linked Life 0.61 0.49
g) Non-Linked Group Life 1.21 0.93
h) Non-Linked group Life variable 3.14 NA
i) Non-Linked Pension Individual 3.96 NA
j) Non-Linked Annuity Individual 0.52 NA
k) Non-Linked Group Pension 3.53 0.80
l) Non-Linked Group Pension Variable 0.58 NA
m) Non-Linked Health 0.15 0.35
n) Non-Linked Par Life 1.29 8.41
2 Net Retention Ratio (Net Premium divided by gross premium) 0.97 0.96
(Net premium divided by gross premium)
3 Expense of Management to Gross Direct Premium Ratio 0.21 0.26
(Expenses of management divided by the total gross direct premium)
Note: Expenses of Management = Operating Expenses related to Insurance Business
+ Commission Expenses
4 Commission Ratio 0.04 0.05
(Gross Commission paid to Gross Premium)
5 Ratio of Policyholders Liabilities to Shareholders Funds 18.70 18.75
Note: a) Policyholders Liabilities = Policy Liabilities + Funds for Future Appropriations
+ Provision for Linked Liabilities + Credit/(Debit) fair value change account
(Linked & Non-Linked)
b) Shareholders Funds = Share Capital + Reserves & Surplus
+ Credit/(Debit) fair value Current Year account + Credit/(Debit) balance in Profit
& Loss A/C
6 Growth Rate of Shareholders Funds 1.23 1.01
7 Ratio of Surplus/(Deficit) to Policyholders Liabilities 0.0044 0.0100
8 Change in Net Worth (` in 000) 2,852,621 89,981
9 Profit after Tax/Total Income 0.03 0.05
Note: Total Income = Total Income under Policyholders' Account excluding shareholders'
contribution + Total Income under Shareholders' Account excluding policyholders'
contribution
10 (Total Real Estate + Loans)/Cash & Invested Assets 0.00 0.00
11 Total Investments/(Capital + Surplus) 19.58 19.72
Note: Total Investments = Shareholders Investments + Policyholders Investments +
Assets held to cover Linked Liabilities
12 Total Affiliated Investments/(Capital + Surplus)* 0.73 0.46
13 Investment Yield
A. Without Unrealised Gains
Shareholders Funds 16.26% 9.46%
Non-Linked Participating 18.09% 8.90%
Non-Linked Non Participating 15.33% 8.90%
Linked Non Participating 20.77% 6.88%
B. Without Unrealised Gains
Shareholders Funds 9.04% 4.36%
Non-Linked Participating 7.39% 5.16%
Non-Linked Non Participating 7.33% 5.26%
Linked Non Participating 16.74% 12.18%
14 Conservation Ratio
Total Conservation Ratio (without Group) 82.10% 69.65%
Total Conservation Ratio (with Group) 69.02% 60.42%
15 Persistency Ratio**
For 13th month 62.17% 60.10%
For 25th month 53.71% 60.70%
For 37th month 56.61% 64.20%
For 49th Month 41.58% 53.30%
For 61st month 38.87% 43.50%
16 NPA Ratio
Gross NPA Ratio Nil Nil
Net NPA Ratio Nil Nil
Solvency Ratio 2.05 1.86
* Ratio calculated above is without considering policyholders funds amounting to ` 286,323,734 (Previous Year: ` 261,358,541 thousands).
The ratio after considering the policyholders funds for the Current year is 0.02 (Previous Year: 0.02).
** Last year ratios have been revised to reflect the calculation as per recent circular.

Management Report for the year ended March 31, 2015
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance
Companies) Regulations, 2002, and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated
March 31, 2015 the following Management Report is submitted by the Board of Directors:
1. Certificate of Registration
The Certificate of Registration granted by the Insurance Regulatory and Development Authority (IRDA) to enable the Company to transact life
insurance business was valid as on 31st March 2015 and is in force as on the date of this Report.
2. Statutory Dues
We hereby certify that all the material dues payable, other than those which are being contested with the statutory authorities, have been
duly paid.
3. Shareholding Pattern
The Company confirms that the shareholding pattern and any transfer of shares during the year are in accordance with the statutory and/or
regulatory requirements.
4. Investment of Funds
The Company has not, directly or indirectly, invested policyholders fund outside India.
5. Solvency Margin
The Company has maintained adequate assets to cover both its liabilities and the minimum solvency margin, as stipulated in Section 64 VA
of the Insurance Act, 1938.
6. Valuation of Assets
We hereby certify that all assets of the Company have been reviewed on the date of the Balance Sheet and to the best of our knowledge and
belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under
the several headings Loans, Investments (other than as mentioned hereunder), Agents balances, Outstanding Premiums, Interest,
Dividends and Rents outstanding, Interest, Dividends and Rents accruing but not due, Amounts due from other persons or Bodies
carrying on insurance business, Sundry Debtors, Bills Receivable, Cash and the several items specified under Other Accounts.
Market values of fixed income investments made in the shareholders funds and non-linked policyholders funds which are valued at amortised
cost as per the IRDA regulations, is higher by their carrying amounts by ` 2,252,726 (previous year lower by ` 1,034,679) in aggregate as
at 31st March, 2015.
7. Investment Pattern
We hereby confirm and certify that, no part of Life Insurance Fund has been directly or indirectly applied in contravention of provisions of the
Insurance Act 1938 (4 of 1938) relating to the application and investment of the life insurance funds.
8. Risk Minimisation Strategies
The Company is exposed to several risks in the course of its business. The risks on the liabilities side may arise due to more than expected
claims. On the assets side, the risks arise due to the possibility of fluctuations in their values. The Company is also subject to the expense risk,
since until new business volumes grow significantly, the actual expenses of the Company will exceed the expenses loaded into the product
pricing. The Company has implemented adequate safeguards to mitigate these risks, as are described below.
A strong underwriting team is in place to review all proposals from clients, supported by comprehensive processes and procedures, and
guided by international experts. The objective of the underwriting team is to minimise the risks of abnormal mortality and morbidity by
acquiring adequate information, on which to determine, whether to accept individual lives, and if so, the extra premium, to compensate for
any additional risk.
Further, the possible financial effect of adverse mortality and morbidity experience has been reduced by entering into reinsurance agreements
with RGA, Munich Re and Swiss Re (international reinsurers) for individual life business and RGA and Munich Re for group business. All
reinsurers are specialist international reinsurance companies with excellent reputation and significant financial strength. The Company also
has a separate agreement with RGA to cover the catastrophic risks under individual and group business.
The Company has also set-up systems to continuously monitor its experience in regard to other parameters that affect the value of benefits
offered in the products. Such parameters include policy lapses, premium persistency, maintenance expenses and investment returns. The
operating expenses are monitored very closely. Many products offered by the Company also have an investment guarantee. The Company
has set aside additional reserves to cover this risk.
The Companys investment team operates under the close supervision of the Investment Committee appointed by the Board of Directors. The
investments are made in line with the investment policy adopted by the Company.
The Company has a robust Business Continuity Plan in place to manage any business interruption risk which is certified against the global
standard ISO 22301.
Information Security risks are governed through Information Security policy. The Company has a comprehensive policy designed to comply
with privacy and/or data protection legislations as specified in Indian Information Technology Act 2008 and Notification dated 11th April 2011
on protection of sensitive personal information and it provides direction to Information Security staff as well as management and employees
regarding their responsibilities for the Information Security function.
9. Country Risk
The Company is operating in India only and hence has no exposure to any other country risk.

10. Ageing of Claims

The average claims settlement time from the date of receipt of complete requirements from the claimant to dispatch of claim payment for
the current year and previous four financial years are given below:
Average claim
Period
settlement time (in days)
2014-15 4
2013-14 4
2012-13 3
2011-12 3
2010-11 3
Ageing of claims outstanding

For Non-Linked Business
Claims registered and not settled Claims registered and settled
Period
No. of Amount No. of Amount No. of Amount No. of Amount
Claims (in '000) Claims (in '000) Claims (in '000) Claims (in '000)
Less than 30 Days 55 48,866 72 58,567 1 500
30 days to 6 months 52 85,207 57 59,338 2 3,732 5 2,718
6 months to 1 year 31 11,628 24 8,107 9 4,021
1 year to 5 years 56 23,600 39 12,502 8 4,836 6 2,514
5 years and above 1 50 1 2,500 2 2,700
Total for the Period 194 169,301 193 138,564 12 11,567 22 11,952
For Linked Business

Claims registered and not settled Claims registered and settled
Period
No. of Amount No. of Amount No. of Amount No. of Amount
Claims (in '000) Claim (in '000) Claims (in '000) Claim (in '000)
Less than 30 Days 10 7,931 17 10,607 7 3004
30 days to 6 months 4 7,250 14 8,459 12 13,128
6 months to 1 year 16 6,929 2 409 18 9,861
1 year to 5 years 13 5,892 73 33,982 21 24,570 34 21,604
5 years and above 4 1,085 4 900 6 1,690 7 1258
Total for the Period 31 22,158 124 60,877 29 26,669 78 48,855
The above includes provision made (net of reinsurance) for 124 cases (previous year 171 cases) amounting to ` 52,480/- (previous year
` 69,191/-) during the year where the Company has lost in the first forum of litigation and has appealed against the same.
11. Valuation of Investments
We hereby certify:
The investments of Shareholders Funds and Non-Linked Policyholders Funds are valued as under:
Debt Securities and money market instruments are valued on amortised cost basis.
Equities, Preference shares and ETF are valued on the last quoted closing price of the security on the National Stock Exchange
of India Limited (NSE). In case the shares are not traded on NSE, Valuation is done on closing price at Bombay Stock Exchange
(BSE). Investments in unlisted equity and preference shares are valued as per the valuation policy of the Company duly approved by
Investment Committee.
Social Venture Fund and Venture Capital Funds are valued on latest available NAV per unit.
Mutual Funds are valued on previous days NAV per unit published by the respective mutual funds.
The investments of linked funds of policyholders are valued as under:
All Debt securities having maturity more than 182 days and Government Securities (except T Bills) are valued at average of the security
level valuation provided by CRISIL & ICRA. Debt securities with a residual maturity of less than or equal to 182 days are amortised over
residual days to maturity.
Equities, Preference shares and Exchange Traded Funds (ETF) are valued on the last quoted closing price of the security on the National
Stock Exchange of India Limited (NSE). In case the shares are not traded on NSE, valuation is done on closing price at Bombay Stock


Exchange (BSE). Investments in unlisted equity and preference shares are valued as per the valuation policy of the Company duly
approved by Investment Committee.
Money Market Instruments are valued on amortised value.
Mutual Funds are valued on previous days NAV per unit published by the respective mutual funds.
12. Review of Asset Quality
Shareholders Fund
The company has invested more than 40% of the Shareholder funds in sovereign rated instrument like Government securities, Treasury
Bills and Collateralised Borrowing & Lending Obligation (CBLO). Around 40% of the funds have been invested in AAA/AA+/A1+ rated
securities (which include Infrastructure & Housing bonds). Around 8% of the funds are invested in the Fixed Deposits and liquid schemes
mutual funds.
The company has invested approx 0.08% of the Shareholder funds in unlisted equity shares.
Policyholders Fund
The policyholders funds are invested in accordance with regulatory norms, Investment policy, fund objective of unit linked funds and risk
profile of the respective fund In fixed income segment, majority of the investment is made in the government securities having sovereign
rating & debt securities issued by reputed corporate having rating AAA/A1+. The equity selection is made after appropriate research and
analysis of the investee company as well as the industry to which it belongs. To meet the liquidity requirement a part is invested into the
liquid mutual fund schemes and other money. Market instruments of high credit rating. The investments are also made keeping in mind the
asset-liability requirement of the respective funds.
13. Directors Responsibility Statement
The Board of Directors of the Company also state that:
The financial statements have been prepared in accordance with applicable accounting standards, the regulations stipulated by the
IRDA and the provisions of the Insurance Act, 1938 and the Companies Act, 2013 and disclosures have been made, wherever the same
is required. There is no material departure from the said standards, principles and policies;
The Company has adopted accounting policies and applied them consistently and has made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March 2015, and, of the
operating profit of the Company for the year ended on 31st March 2015;
Proper and sufficient care has been taken to maintain adequate accounting records in accordance with the applicable provisions of
the Insurance Act, 1938, Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
The financial statements of the Company are prepared on a going concern basis; and
The Company has appointed some audit firms to conduct the internal audit of the Company.
The scope of work of the audit firms is commensurate with the size and nature of the Companys business. The management certifies
that adequate internal control systems and procedures were in existence for this financial year.
The directors had laid down internal financial controls to be followed by the Company and that such internal controls are adequately
and were operating effectively.
The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
14. Schedule of payments made to individuals, firms, companies and organisation in which Directors of the Company are interested:
Amount Paid
Sr. No. Name of Director Entity in which Director is interested Interested as
1 Mr. Kumar Mangalam Birla Aditya Birla Management Corporation Director 13,016 6,247
Private Limited
Birla Sun Life Asset Management Director 9,021 2,867
Company Limited
Essel Mining & Industries Limited Member 15
2 Mr. Ajay Srinivasan Aditya Birla Finance Limited Director 252,236 100,000
Aditya Birla Housing Finance Limited Director 811
Aditya Birla Insurance Brokers Limited Director 489 345
Aditya Birla Money Mart Limited Director 3,747 13,150
Aditya Birla Management Corporation Director 13,016 6,247
Private Limited
Company Limited
Birla Sun Life Pension Management Director 500
Limited
3 Ms. Tarjani Vakil Idea Cellular Limited Director 14,603 11,773
Aditya Birla Nuvo Limited Director 518,000 874,458


Amount Paid
Sr. No. Name of Director Entity in which Director is interested Interested as
4 Mr. Rakesh Jain Aditya Birla Minacs Worldwide Limited Director 7,298 71,745
(Resigned w.e.f. 05.12.2014) Birla Management Centre Services Director 62,886 56,339
Limited
Pantaloons Fashion & Retail Limited Director 196
Aditya Birla Management Corporation Director 13,016 6,247
Private Limited
Idea Cellular Limited Director 14,603 11,773
Aditya Birla Nuvo Limited Director 518,000 874,458
5 Mr. Sandeep Asthana Birla Sun Life Asset Management Director 9,021 2,867
Company Limited
Limited
6 Mr. Pankaj Razdan Birla Sun Life Asset Management Director 9,021 2,867
Company Limited
Aditya Birla Financial Shared Director 223,844 222,516
Services Ltd.
Limited
7 Mr. M. V. Nair Credit Information Bureau (India) Limited Director 193 58
Rolta India Limited Director 409
8 Mr. Donald Stewart SLFC Assurance Company of Canada Director 41,125 20,583
(UK) Limited
Company Limited
9 Mr. B. N. Puranmalka Aditya Birla Money Mart Limited Director 3,747 13,150
Aditya Birla Finance Limited Director 252,236 100,000
10 Mr. G. P. Gupta Aditya Birla Retail Ltd. Director 326 88
(resigned w.e.f. 20.08.2014) Aditya Birla Nuvo Limited Director 518,000 874,458
Idea Cellular Limited Director 14,603 11,773
11 Mr. Kevin Strain Birla Sun Life Asset Management Director 9,021 2,867
Company Limited
12 Mr. Lalitkumar Naik Aditya Birla Nuvo Limited Director 518,000 874,458
(appointed w.e.f. 30.01.2015)
13 Mr. Haigreve Khaitan Khaitan and Co. Partner 450
(appointed w.e.f. 30.01.2015)

Kumar Mangalam Birla Donald A. Stewart Ajay Srinivasan

(DIN - 00012813) (DIN - 00438164) (DIN - 00121181)


Mumbai, 24th April, 2015

Cash Flow Statement for the year ended March 31, 2015
Receipts and Payments account (Cash Flow Statement)

For the year ended 31st March 2015
Audited Year Ended Audited Year Ended
Particulars
Cash flow from operating activities (A)
Premium received from policyholders, including advance receipts 51,905,194 47,659,254
Payments to the re-insurers, net of commissions and claims (266,909) (649,067)
Application money deposit & due to Policy holders (281,180) 241,362
Payments of commission and brokerage (2,367,402) (2,371,591)
Deposits taken from / (refunded to) agents
Payments of other operating expenses (10,168,901) (11,154,940)
Payments of claims (39,194,221) (37,882,146)
Deposits & others 38,426 69,341
Deposits with Reserve Bank of India
Other receipts 312,110 334,901
Income taxes paid (Net)
Service tax paid
Cash flows before extraordinary items (22,884) (3,752,887)
Cash flow from extraordinary operations
Net cash flow from operating activities (A) (22,884) (3,752,887)
Cash flow from investing activities (B)
Purchase of fixed assets (327,810) (309,242)
Proceeds from sale of fixed assets 7,930 17,578
Loan against Policies (57,859) 23,694
Loans disbursed
Purchase of investment (1,769,650,040) (2,133,513,863)
Proceeds from sale of investment 1,757,480,805 2,130,149,198
Expenses related to investments (12,343) (11,670)
Interest received (net of tax deducted at source) 10,893,384 9,596,097
Dividend received 1,732,850 1,617,987
Net cash inflow from investing activities (B) 66,919 7,569,781
Cash flow from financing activities (C)
Share capital issued / (Redemption) (682,920)
Share premium (2,117,052)
Dividend paid (700,000) (1,181,700)
Dividend distribution tax (118,965) (200,830)
Capital Redemption Reserve
Net cash used in financing activities (C) (818,965) (4,182,502)
Net increase / (decrease) in cash and cash equivalents (D=A+B+C) (774,930) (365,608)
Cash and cash equivalents at beginning of the year 5,076,826 5,442,434
Cash and cash equivalents as at end of the period 4,301,896 5,076,826
Notes:
1. Cash and cash equivalents at end of the period / year includes:
Cash and Bank Balances 43,11,896 50,76,826
Bank Deposits maturing > 3 months considered in investment activities (10,000)
Temporary overdraft (as per books only)
Cash and cash equivalents 43,01,896 50,76,826
ICAI Firm ICAI Firm

Balance Sheet Abstract for the year ended March 31, 2015
Balance Sheet Abstract and Companys General Business Profile

I Registration Details State Code 2 2
Registration No. 1 2 8 1 1 0
Balance Sheet Date 3 1 0 3 2 0 1 5
Date Month Year
II Capital Raised during the Year (Amount in ` thousands)
Public Issue Right Issue
N I L N I L

Bonus Issue Private Placement (Including Premium)
N I L N I L

III Position of Mobilisation and Development of Fund (Amount in ` thousands)
Total Liabilities Total Assets
3 1 7 1 8 1 2 4 5 3 1 7 1 8 1 2 4 5

Source of Funds
Paid-Up-Capital Reserve & Surplus
1 9 0 1 2 0 8 0 2 6 8 2 9 4 8

Secured Loans Unsecured Loans
N I L N I L

Net Fixed Assets Investments
4 9 1 6 6 1 3 0 1 8 4 7 1 6 2

Net Current Assets Misc. Expenditure
1 0 9 0 8 5 2 N I L

Accumulated Losses
6 2 7 6 1 9 1
IV Performance of Company (Amount in ` thousands)

Turnover Total Expenditure
1 0 4 1 3 3 8 4 3 1 0 1 2 7 9 8 1 3

Profit Before Tax Profit After Tax
2 8 5 4 0 2 9 2 8 5 4 0 2 9

Earning per Share Dividend Rate %
1 . 5 0

V Generic Names of Three Principal products/Services of Company (as per monetary terms)
Item Code No. (ITC Code) Product Description
N I L L I F E

I N S U R A N C E


(DIN - 00012813) (DIN - 00121181) (DIN - 00438164)
& Appointed Actuary

Appointed Actuarys Certificate for the year ended March 31, 2015
I have valued the policy liabilities of Birla Sun Life Insurance Company Limited at March 31, 2015 in accordance with accepted actuarial practice
and in line with relevant professional guidance issued by the Institute of Actuaries of India, including that covering the selection of appropriate
assumptions.
In my opinion, the amount of policy liabilities (` 287,869,080 net of reinsurance) makes appropriate provision for all policyholders obligations,
and the financial statements fairly present the result of the valuation.
Anil Kumar Singh

Chief Actuarial Officer & Appointed Actuary

CONSOLIDATED
FINANCIAL REPORT
2014_BSLI AR_Consolidated.indd 222 11/10/15 4:10:25 PM

Independent Auditors Report

To the Members of Birla Sun Life Insurance Company Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Birla Sun Life Insurance Company Limited (hereinafter referred to as
the Holding Company) and its subsidiary, Birla Sun Life Pension Management Limited (the Holding Company and its subsidiary together referred
to as "the Group"), comprising of the Consolidated Balance Sheet as at March 31, 2015, the related Consolidated Revenue Account (also called
the Policyholders Account or the Technical Account), the Consolidated Profit and Loss Account (also called the Shareholders Account or
Non-Technical Account) and the Consolidated Receipts and Payments Account for the year then ended, and a summary of significant accounting
policies and other explanatory information (hereinafter referred to as the consolidated financial statements).
Managements Responsibility for the Consolidated Financial Statements

The Holding Companys Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the requirements
of the Companies Act, 2013 (hereinafter referred to as the Act) that give a true and fair view of the consolidated financial position, consolidated
financial performance and consolidated receipts and payments of the Group in accordance with accounting principles generally accepted in India,
including the provisions of The Insurance Act, 1938 (the Insurance Act), the Insurance Laws (Amendment) Act 2015 read with IRDAs circular
no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the Insurance Regulatory and Development Authority Act, 1999 (the IRDA Act), the
Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations,
2002 (the IRDA Financial Statements Regulations), orders/directions/circulars issued by the Insurance Regulatory and Development Authority of
India (the IRDA) in this regard, and the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities;
the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the
consolidated financial statements by the Directors of the Holding Company, as aforesaid.
Auditors Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While conducting the audit, we have
taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
Holding Companys preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that
are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Holding Company has an adequate internal
financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Holding Companys Board of
Directors, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in
sub-paragraph (b) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give
the information required by the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations and the Act to the extent applicable and in
the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated
state of affairs of the Group as at March 31, 2015, the related consolidated Revenue Account (also called the Policyholders Account or the
Technical Account), the consolidated Profit and Loss Account (also called the Shareholders Account or Non-Technical Account) and the
consolidated Receipts and Payments Account for the year ended on that date.
Other Matter
(a) The actuarial valuation of liabilities for life policies in force is the responsibility of the Holding Companys Appointed Actuary (the Appointed
Actuary). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued
but liability exists as at March 31, 2015 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such

valuation are in accordance with the guidelines and norms issued by IRDA and the Institute of Actuaries of India in concurrence with the
Authority. We have relied upon Appointed Actuarys certificate in this regard for forming our opinion on the consolidated financial statements
of the Company.
(b) We did not audit the financial statements of the subsidiary, whose financial statements reflect total assets of ` 500 thousand as at
March 31, 2015, Nil revenues and net cash inflows amounting to ` 500 thousand for the year ended on that date, as considered in the
consolidated financial statements. These financial statements have been audited by other auditor whose report have been furnished to us
by the management and our opinion on consolidated financial statements, in so far as it relates to the amounts and disclosures included in
respect of such subsidiary and our report in terms of sub-sections (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid
subsidiary, is based solely on the report of other auditor.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in
respect of the above matters with respect to our reliance on the work done and the report of the other auditor.
Report on Other Legal and Regulatory Requirements
As required by IRDA Financial Statement Regulations, read with Section 143 (3) of the Act, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purpose of our audit of the aforesaid consolidated financial statements.
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have
been kept so far as it appears from our examination of those books and the report of the other auditor.
(c) The Consolidated Balance Sheet, the Consolidated Revenue Account, the Consolidated Profit and Loss Account and the Consolidated Receipts
and Payments Account dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation
of the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014 and with the accounting principles as prescribed in the IRDA Financial Statements
Regulations and orders/directions issued by IRDA in this regard.
(e) In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in accordance
with the provisions of the Insurance Act, the Regulations and/or orders/directions issued by IRDA in this regard.
(f) On the basis of written representations received from the directors of the Holding Company as on March 31, 2015 taken on record by the
Board of Directors of the Holding Company and the report of the statutory auditor of its subsidiary company, none of the directors of the Group
companies is disqualified as on March 31, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.
(g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group
Refer Schedule 16 Note 19 to the consolidated financial statements;
ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts. There were no derivatives contracts as at the balance sheet date Refer
Schedule 16 Note 18 to the consolidated financial statements;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company
and its subsidiary company.

Partner Partner
Membership No. 094533 Membership No. 33494

Consolidated Revenue Account for the year ended March 31, 2015

Form A-RA
Consolidated Revenue Account for the year ended 31st March, 2015
Audited
Particulars Schedule Year ended
31st March 2015
Premiums earned - Net
(a) Premium 1 52,332,246
(b) Reinsurance ceded (1,648,583)
Sub-Total 50,683,663
(a) Interest, Dividend & Rent - Gross 13,521,864
(b) Profit on Sale/Redemption of Investments 30,620,788
(c) (Loss) on Sale/Redemption of Investments (1,470,354)
(d) Transfer/Gain (Loss) on revaluation/Change in Fair value 10,419,776
Other Income
(a) Contribution from the Shareholders' Account 3,153,831
(b) Others (Interest, etc.) 336,157
Sub-Total 3,489,988
Total (A) 107,265,725
Commission 2 2,333,736
Operating Expenses related to Insurance Business 3 8,707,124
Service Tax on Charges 1,019,890
(a) For diminution in value of investments (net)
(b) Others
Total (B) 12,060,750
Benefits paid (Net) 4 37,716,053
Interim Bonuses Paid 2,847
Change in valuation of liability in respect of life policies
(a) Gross 15,935,934
(b) Fund Reserve 34,340,805
(c) Premium Discontinuance Fund - Linked 4,224,216
(d) (Amount ceded in Re-insurance) (1,432,326)
Total (C) 90,787,529
Surplus (D) = (A) - (B) - (C) 4,417,446
Appropriations
Transfer to Shareholders' Account 4,966,022
Transfer to Other Reserve
(Release from)/Transfer to Funds for Future Appropriation (548,576)
Total (D) 4,417,446
(a) Interim Bonuses Paid 2,847
(b) Allocation of Bonus to Policyholders 628,308
(c) Surplus shown in the Revenue Account 4,417,446
Total Surplus [(a)+(b)+(c)] 5,048,601
Significant Accounting Policies and Disclosures
16
The schedules and accompanying notes are an integral part of this Revenue Account
As required by Section 40B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business transacted in India by the Company have been
fully debited to the Policyholders' Account.
ICAI Firm Registration No. 101049W ICAI Firm Registration No. 105146W

Consolidated Profit and Loss Account for the year ended March 31, 2015

Shareholders Account (Non-technical Account)
Audited Year ended
Particulars Schedule 31st March 2015
Amounts transferred from Policyholders Account (Technical Account) 4,966,022
(a) Interest, Dividend & Rent Gross 1,210,540
(b) Profit on sale/redemption of investments 65,860
(c) (Loss) on sale/redemption of investments
Other Income
Total (A) 6,242,422
Expense other than those directly related to the insurance business 3A 238,287
Bad debts written off
(a) For diminution in the value of investment (net)
(b) Provision for doubtful debts
(c) Others
(d) Contribution to the Policyholders Account 3,153,831
Total (B) 3,392,118
Profit before tax 2,850,304

Provision for taxation
Profit after tax 2,850,304
Appropriations
(a) Balance at the beginning of the period (9,536,350)
(b) Interim dividends during the period
(c) Proposed final dividend
(d) Dividend distribution tax
(e) Transfer to reserves/other accounts
Loss carried forward to Balance Sheet (6,686,046)
Earning Per Share (Basic and Diluted), Face Value of ` 10 (in `) 1.50
The schedules and accompanying notes are an integral part of this Profit and Loss Account

ICAI Firm ICAI Firm

Consolidated Balance Sheet for the year ended March 31, 2015

Balance Sheet as at 31st March, 2015
As at
Particulars Schedule 31st March 2015
Sources of Funds
Shareholders funds:
Share Capital 5 19,012,080
Reserves and Surplus 6 2,682,948
Credit/(Debit)/Fair Value Change Account
Borrowings 7
Credit/(Debit) Fair Value Change Account 335,732
Policy Liabilities 42,856,865
Insurance Reserves
Provision for Linked Liabilities 211,153,672
(i) Discontinued on account of non-payment of premium 8,978,658
(ii) Others
Credit/(Debit) Fair Value Change Account (Linked) 24,879,886
Total Linked Liabilities 245,012,216
Sub-Total 288,204,813
Linked Liabilities 184,774
Total 310,084,615
Investments
Shareholders 8 15,522,923
Policyholders 8A 41,311,520
Assets Held to Cover Linked Liabilities 8B 245,012,216
Loans 9 378,749
Fixed Assets 10 491,661
Current Assets
Cash and Bank Balances 11 4,312,393
Advances and Other Assets 12 3,871,944
Sub-Total (A) 8,184,337
Current Liabilities 13 6,817,575
Provisions 14 279,135
Sub-Total (B) 7,096,710
Net Current Assets (C) = (A B) 1,087,627
(To the extent not written off or Adjusted) 15
Debit Balance in Profit and Loss Account (Shareholders Account) 6,279,918
Total 310,084,615
The schedules and accompanying notes are an integral part of this Balance Sheet

ICAI Firm ICAI Firm

Schedule 1
Premium
Year ended
Particulars
31st March 2015
1 First Year Premium 18,963,685
2 Renewal Premium 32,952,821
3 Single Premium 415,740
Total Gross Premium 52,332,246
Premium Income from Business written:

In India 52,332,246
Outside India
Total Premium 52,332,246
Note: Refer Schedule 16 Note 2(c)(i)
Schedule 2
Commission expenses
Year ended
Particulars
31st March 2015
Commission Paid
Direct First Year Premium 1,321,172
Renewal Premium 1,007,208
Single Premium 5,356
Sub-total 2,333,736
Add: Commission on Re-insurance Accepted

Less: Commission on Re-insurance Ceded
Others:
Bonus Commission
Net Commission 2,333,736
Breakup of Commission
Particulars
Individual Agents 1,565,620
Brokers 238,681
Corporate Agents 529,283
Referral 152
Total 2,333,736
Note: Refer Schedule 16 Note 2(e)

Schedule 3
Operating Expenses Related to Insurance Business
Year ended
Particulars
31st March 2015
1 Employees remuneration, welfare benefits and other manpower costs 4,691,423

2 Travel, conveyance and vehicle running expenses 202,647
3 Training expenses 134,032
4 Rents, rates and taxes 623,248
5 Repairs & maintenance 237,730
6 Printing and stationery 67,635
7 Communication expenses 170,253
8 Legal and professional charges 100,139
9 Medical fees 61,648
(a) (i) as auditor 6,601
(ii) out of pocket expenses 491
(b) as advisor or in any other capacity, in respect of
(i) Taxation services/matters
(ii) Management services 1,080
11 Advertisement and publicity 705,992
12 Interest and bank charges (112,794)
13 Others: 1) Distribution expenses 464,830
2) Agents recruitment, seminar and other expenses 10,661
3) Recruitment and seminar expenses 142,976
4) IT expenses (including maintenance) 418,065
5) Policy stamps 167,131
6) (Profit)/Loss on sale of assets 9,605
7) Service Tax expenditure including provision for unutilised credit*
8) Electricity expenses 146,324
9) Miscellaneous expenses 39,725
10) Outsourcing expenses 227,474
14 Depreciation 190,207
Total 8,707,124
* Includes reversal of provisions relating to unutilised credit of service tax for earlier years.
Schedule 3A
Operating Expenses other Than Those Directly Related to Insurance Business
Year ended
Particulars
31st March 2015
1 Employees' remuneration, welfare benefits and other manpower costs 154,466

2 Legal and professional charges 17,288
3 Interest and bank charges 37,135
4 Miscellaneous expenses 29,396
Total 238,287

Schedule 4
Benefits Paid (Net)
Year ended
Particulars
31st March 2015
1 Insurance Claims
(a) Claims by Death 3,536,825
(b) Claims by Maturity 503,908
(c) Annuities/Pension payment 25,354
(d) Other benefits
(i) Surrender 34,859,953
(ii) Riders 42,634
(iii) Health 11,619
(iv) Survival and Others 96,183
(a) Claims by Death (1,356,734)
(d) Other benefits (Health) (3,689)
3 Amount accepted in reinsurance:
(a) Claims by Death
(d) Other benefits
Total 37,716,053
Benefits paid to Claimants

1 In India 37,716,053
2 Outside India
Total 37,716,053
Note: Refer Schedule 16 Note 2(d)
Schedule 5
Share Capital
As at
Particulars
31st March 2015
1 Authorised Capital
3,750,000,000 Equity Shares of ` 10/- each 37,500,000
2 Issued, Subscribed & Paid-up Capital
1,901,208,000 Equity Shares of ` 10/- each fully paid up 19,012,080
Less: Preliminary Expenses
Total 19,012,080
Note: Of the above 1,406,893,920 Equity Shares of ` 10/- each are held by Aditya Birla Nuvo Limited, the holding Company.

Schedule 5A
Pattern of shareholding (As certified by the Management)
As at 31st March 2015
Shareholder
Number of Shares % of Holding
Promoters:
Indian 1,406,893,920 74%
Foreign 494,314,080 26%
Others
Total 1,901,208,000 100%
Schedule 6
Reserves and Surplus
As at As at
Particulars
1 Capital Reserve
2 Capital Redemption Reserve 682,920
3 Share Premium
Opening balance 2,000,028
Less: Utilised during the year 2,000,028
4 Revaluation Reserve
5 General reserve
Opening balance 406,127
Less: Debit balance of Profit & Loss Account 406,127
Less: Utilised during the year
6 Catastrophe Reserve
7 Balance of profit in Profit and Loss Account
Total 2,682,948
Schedule 7
Borrowings
As at
Particulars
31st March 2015
1 Debentures/Bonds
2 Banks
3 Financial Institutions
4 Others
Total

Schedule 8
Investments - Shareholders
As at
Particulars
31st March 2015
1 Government securities and Government guaranteed bonds including Treasury Bills 6,272,100
2 Other Approved Securities 496,993
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(d) Debentures/Bonds 2,960,289
(e) Other Securities 458,500
(f) Investment Properties-Real Estate
4 Investments in Infrastructure and Social Sector 4,504,366
5 Other than Approved Investments 12,500
Total (A) 14,704,748
Fixed Deposits 300,000
Others (0)
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds 0
(d) Debentures/Bonds 7,519
(f) Subsidiaries
4 Investments in Infrastructure and Social Sector
5 Outstanding trades
Total (B) 818,175
TOTAL (A) + (B) 15,522,923
Notes:
1 Aggregate amount of Company's investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof
As at
Particulars
31st March 2015
Aggregate amount of Company's investments other than listed equity securities, mutual fund and derivative
instruments 15,016,500
Market value of above Investments 15,595,729
2 Investments made out of Catastrophe reserve is ` Nil.

3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 506,923 and for equity ` 12,500.
5 Includes Government securities amounting to `275,359 have been deposited with Clearing Corporation of India Ltd. (CCIL) towards Settlement
Guarantee Fund (SGF) deposit for trades in Security & CBLO through CCIL.
6 Fixed Deposit amounting to ` 250,000 and ` 50,000 have been placed with National Securities Clearing Corporation Ltd. (NSCCL) and Indian
Clearing Corporation Ltd. (ICCL) respectively towards margin requirement for Equity trade settlement.

Schedule 8A
Investments - Policyholders
As at
Particulars
31st March 2015
2 Other Approved Securities 1,135,095
3 Other Investments
(a) Shares
(aa) Equity 2,705,948
(bb) Preference 2,178
(b) Mutual Funds
(e) Other Securities 735,200
4 Investment in Infrastructure and Social Sector 8,023,803
Total (A) 38,807,564
Fixed Deposits 100,000
Others 297,145
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual fund 764,309
(d) Debentures/Bonds 59,826
4 Investment in Infrastructure and Social Sector 138,566
Total (B) 2,503,956
TOTAL (A) + (B) 41,311,520
Notes:
1 Aggregate amount of companys investments (other than listed equity securities, mutual fund and derivative instruments) and the market
value thereof
As at
Particulars
31st March 2015
Aggregate amount of Companys investments other than listed equity securities, mutual fund and derivative instruments 37,219,176
Market value of above Investments 38,892,672
2 Investments made out of catastrophe reserves is ` Nil.

3 Debt Securities are held to maturity and reduction in market values represents market conditions and not a permanent diminution in the
4 Historical cost of Mutual Fund & Equity included above is, for Mutual Fund ` 1,208,705 and for equity ` 2,544,993.

Schedule 8B
Assets held to cover linked liabilities
As at
Particulars
31st March 2015
2 Other Approved Securities 495,756
3 Other Investments
(a) Shares
(aa) Equity 92,778,791
(bb) Preference 87,370
(b) Mutual Funds
(e) Other Securities 2,705,000
5 Other than Approved Investments 2,365,041
Total (A) 215,372,878
Fixed Deposits 3,269,800
Others 7,415,909
3 Other Investments
(a) Shares
(aa) Equity
(bb) Preference
(b) Mutual Funds
(f) Application Money
5 Other than Approved Investments 8,199,668
Total (B) 23,037,638
OTHER ASSETS
1 Bank Balances 11,396
2 Interest Accrued & Dividend Receivable 3,729,385
3 Fund Charges
4 Outstanding Contracts (Net) 2,860,919
Total (C) 6,601,700
TOTAL (A) + (B) + (C) 245,012,216
Refer Schedule 16 Note 2 (f)
Notes:
1 Investments in subsidiary/holding companies, joint ventures and associates at cost is ` Nil.
2 Investments made out of catastrophe reserves is ` Nil.
3 Debt Securities are held to maturity and reduction in market values represent market conditions and not a permanent dimunition in value
of investments, if any.
4 Historical cost of Mutual Fund & Equity included above is, for Mutual fund ` 7,015,424 and for equity ` 90,094,930.

Schedule 9
Loans
As at
Particulars
31st March 2015
1 Security-wise classification
Secured
(a) On mortgage of property
(aa) In India
(bb) Outside India
(b) On Shares, Bonds, Govt. Securities, etc.
(c) Loans against Policies 378,749
(d) Others
Unsecured
Total 378,749
2 Borrower-wise classification
(a) Central and State Governments
(b) Banks and Financial Institutions
(c) Companies
(d) Loans against Policies 378,749
(e) Others
Total 378,749
3 Performance-wise classification
(a) Loans classified as standard:
(aa) In India 378,749
(bb) Outside India
(b) Non-standard loans less provisions
(aa) In India
(bb) Outside India
Total 378,749
4 Maturity-wise classification
(a) Short-Term 116
(b) Long-Term 378,633
Total 378,749
Note: Refer Schedule 16 Note 2(g)

Schedule 10
Fixed Assets
Cost/ Gross Block Depreciation Net Block
Schedules
As at Additions On Sales/ As at As at For the On Sales/ As at As at
2014_BSLI AR_Consolidated.indd 236

Particulars
April 1, Adjustments March 31, April 1, year Adjustments March 31, March 31,
2014 2015 2014 2015 2015
Goodwill
Intangibles (Software) 953,197 172,564 1,125,761 853,995 73,361 927,356 198,405
Land-Freehold
Leasehold property

Buildings
Furniture & Fittings 111,833 15,718 12,577 114,974 101,245 4,795 12,238 93,802 21,172
Information Technology Equipment 696,495 53,061 57,487 692,070 568,255 74,529 53,464 589,321 102,749
Vehicles 15,079 4,093 6,002 13,170 7,270 3,367 4,486 6,151 7,020
Office Equipment 204,786 10,824 19,234 196,376 177,961 10,919 18,357 170,522 25,854
Others (Leasehold Improvements) 364,528 21,205 41,464 344,269 287,447 23,235 30,683 280,000 64,269
Total 2,345,918 277,465 136,764 2,486,620 1,996,173 190,206 119,228 2,067,152 419,468
72,193
Grand Total 2,345,918 277,465 136,764 2,486,620 1,996,173 190,206 119,228 2,067,152 491,661
Notes:
1. Refer Schedule 16 Note 2(h)
2. Sale/Adjustments as appearing in gross block includes closure of branches & assets write off thereon
3. Jointly held assets which form part of Schedule 10
Net Block
As at
Particulars
March 31,
2015
Furniture & Fittings

Information Technology Equipment
Vehicles
Office Equipment 60
Others (Leasehold Improvements)
Total 60
Grand Total 60
11/10/15 4:11:08 PM
Schedule 11
As at
Particulars
31st March 2015
1 Cash (including cheques on hand ` 1085,128) 1,123,823
(Stamps on hand ` 216)
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months) 3,063,921
(bb) Others
(b) Current Accounts 124,649
(c) Others
3 Money at Call and Short Notice

(a) With Banks
(b) With other Institutions
4 Others
Total 4,312,393
Balances with non-scheduled banks included in 2 above

1 In India 4,312,393
2 Outside India
Total 4,312,393

Schedule 12
Advances and Other Assets
As at As at
Particulars
ADVANCES
1 Reserve deposits with ceding companies
2 Application money for investments
3 Prepayments 184,796
4 Advances to Directors/Officers
5 Advance tax paid and taxes deducted at source 7,691
6 Other advances
(a) Advance to Suppliers/Contractors 30,782
(b) Others 66,060
Total (A) 289,329
OTHER ASSETS
1 Income accrued on Investments 1,703,114
2 Outstanding Premiums 1,022,818
3 Agents Balances (gross) 26,742
Less: Provision for doubtful debts 26,742
4 Foreign Agencies Balances
5 Due from other Entities carrying on insurance business 8,078
6 Due from holding company
7 Deposit with Reserve Bank of India
8 Service Tax unutilised credits 262,578
Less: Provision for Service Tax unutilised credits 262,578
9 Others
Deposits & Others 333,180
Outstanding Trades
Insurance Policies (Leave Encashment) 226,105
Application money for Investment
Total (B) 3,582,615
Total (A+B) 3,871,944

Schedule 13
Current Liabilities
As at
Particulars
31st March 2015
1 Agents Balance 510,546
2 Balances due to other insurance companies 27,968
3 Deposits held on re-insurance ceded
4 Premiums received in advance 1,114,921
5 Unallocated premiums 61,188
6 Sundry Creditors* 1,874,522
7 Due to holding company
8 Claims outstanding 126,711
9 Annuities Due
10 Due to Officers/Directors
11 Others
(a) Policy Application and other Deposits 687,160
(b) Due to Policyholders 64,913
(c) Taxes Payable 171,051
(d) Temporary Overdraft (as per books only)
(e) Unclaimed amounts of policyholders 2,178,595
(f) Interim dividend payable
Total 6,817,575
* T here are no Micro, Small and Medium Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at
31st March 2015. This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company.

Schedule 14
Provisions
As at
Particulars
31st March 2015
1 For taxation
(a) Provision for wealth tax 78
2 For proposed dividends
3 For dividend distribution tax
4 Others
(a) Provision for long-term bonus plan [Refer Schedule 16, Note 8] 146,553
(b) Provision for renewal bonus
(c) Provision for gratuity
(d) Provision for leave encashment [Refer Schedule 16, Note 11(a)(ii)] 132,504
Total 279,135
Schedule 15
(To the extent not written off or adjusted)
As at
Particulars
31st March 2015
1 Discount Allowed in issue of shares/debentures

2 Others
Total

BIRLA SUN LIFE INSURANCE COMPANY LIMITED

Schedules forming part of the Consolidated Financial Statements for the year ended 31st March 2015
(Amounts in thousands of Indian Rupees unless otherwise stated)
Schedule 16
Notes to the Consolidated Financial Statements
1. Background
These Consolidated financial statements comprise of the consolidated financial statements of Birla Sun Life Insurance Company Limited, the
Parent Company, with the financial statements of its subsidiary Birla Sun Life Pension Management Limited.
Birla Sun Life Insurance Company Limited (the Company), headquartered at Mumbai, had commenced operations on 19th March 2001,
after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority (IRDA) on
31st January 2001. The license has been renewed annually and is in force as at 31st March 2015.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life
Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). This business spans across
individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering additional
benefits are offered under these products. These products are distributed through individual agents, corporate agents, banks, brokers and
other intermediaries across the country.
Birla Sun Life Pension Management Limited (the Company) is a wholly owned subsidiary of Birla Sun Life Insurance Company Limited.
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 2013. The Company was
incorporated on 9th January 2015 with Registration Number U66000MH2015PLC260801 with specific purpose of managing pension fund
business.
2. Significant Accounting Policies
a) Basis of preparation
The accompanying Consolidated financial statements have been prepared and presented under the historical cost convention, on
the accrual basis of accounting, in accordance with the accounting principles generally accepted in India and in compliance with
the Accounting Standards 21 Consolidated Financial Statement and in accordance with the provisions of the Insurance Act, the
Insurance Laws (Amendment) Act 2015 read with IRDAs circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, the
Insurance Regulatory and Development Authority Act, 1999 (the IRDA Act), the Insurance Regulatory and Development Authority
(Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 (the IRDA Financial
Statements Regulations), orders/directions issued by the Insurance Regulatory and Development Authority of India (the IRDA) in this
regard, the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014,
and various circulars issued by IRDA and practices prevailing in the insurance industry in India. The accounting policies have been
consistently applied by the Company.
The management evaluates all recently issued or revised accounting pronouncements on an ongoing basis.
b) Use of estimates
The preparation of the Consolidated financial statements in conformity with generally accepted accounting principles (GAAP) requires
that the Companys management make estimates and assumptions that affect the reported amounts of income and expenses for
the year, reported balances of assets and liabilities and disclosures relating to contingent liabilities as of the date of the Consolidated
financial statements. The estimates and assumptions used in the consolidated financial statements are based upon managements
evaluation of the relevant facts and circumstances as on date of the consolidated financial statement. Any revision to accounting
estimates is recognised prospectively.
Examples of such estimates include valuation of policy liabilities, provision for linked liabilities, funds for future appropriations, provision
for doubtful debts, valuation of unlisted securities, if any, valuation of debt securities, future obligations under employee retirement
benefits plans and the useful lives of fixed assets, etc. Actual results could differ from these estimates.
c) Revenue recognition
i. Premium Income
Premium is recognised as income when due from policyholders. For unit linked business, premium income is recognised when
the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case
of linked business, top up premium paid by policyholders are considered as single premium and are unitised as prescribed by
the regulations. This premium is recognised when the associated units are created.
ii. Income from Investments
Interest income on investments is recognised on accrual basis. Amortisation of discount/premium relating to debt securities is
recognised over the remaining maturity period on a straight-line basis.
Dividend income is recognised when the right to receive dividend is established.
The realised gain/loss on debt securities held for other than linked business are the difference between the net sale consideration
and amortised cost.

The realised gain/loss on debt securities held for linked business and on sale of equity shares/mutual fund units is the difference
between the net sale consideration and weighted average cost.
iii. Reinsurance premium
Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and
conditions of the relevant treaties with the reinsurers. Impact on account of subsequent revisions to or cancellations of premium
is recognised in the year in which they occur.
iv. Income from linked policies
Income from linked policies, which include asset management fees, policy administration charges, mortality charges and other
charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the policies and recognised
when due.
Interest income on loans is recognised on an accrual basis and disclosed under other income.
d) Benefits paid (including claims)
Death and other claims are accounted for, when notified. Survival and maturity benefits are accounted when due. Surrenders/
Withdrawals under linked policies are accounted in the respective schemes when the associated units are cancelled. Reinsurance
recoverable thereon, if any, is accounted for in the same period as the related claim. Repudiated claims disputed before judicial
authorities are provided for based on management prudence considering the facts and evidences available in respect of such claims.
e) Acquisition costs
Acquisition costs are costs that vary with and are primarily related to acquisition of insurance contracts. Acquisition costs mainly
consists of commission, medical costs, policy printing expenses, stamp duty and other related expenses. These costs are expensed in
the year in which they are incurred. Clawback of the first year commission paid, if any, in future is accounted in the year in which it is
recovered.
f) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment)
Regulations, 2000, the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001 and various
other circulars/notifications issued by the IRDA in this context from time to time.
Investments are recorded at cost on the date of purchase, which includes brokerage and stamp duty, taxes, setup cost, transaction
charges or any other charges included in broker note.
Brokerage and transaction cost which are incurred for the purpose of execution of trade and is included in the cost of investment, does
not exceed 0.15 percent in case of cash transactions.
i. Classification
Investments maturing within twelve months from the balance sheet date and investments made with specific intention to
dispose off within twelve months are classified as short-term investments.
Investments other than short-term investments are classified as long-term investments.
ii. Debt securities
Policyholders non-linked funds and shareholders investments:
All debt securities, including Central and State government securities (Government securities), are considered as held to
maturity and stated at amortised cost. The discount or premium which is the difference between the purchase price and the
redemption amount of fixed income securities is amortised and recognised in the revenue account, on a straight line basis
over the remaining period to maturity of these securities.
Policyholders linked funds:
All debt securities, including Government securities, under policyholders linked funds are valued using average of the
security level valuation provided by CRISIL & ICRA. The discount or premium on money market instruments which is the
difference between the purchase price and the redemption amount is amortised and recognised in the revenue account on
a straight line basis over the remaining period to maturity of these securities.
iii. Equity shares/Preference shares & Exchange traded funds
Listed equity/preference shares, Exchange traded funds are valued and stated at fair value, using the last quoted closing prices
on the National Stock Exchange (NSE), at the balance sheet date. If the equity shares are not traded on the NSE, then closing
prices of the Bombay Stock Exchange (BSE) is considered.
Equity/preference, Exchange traded funds shares acquired through primary markets and awaiting listing are valued as per the
valuation policy of the Company duly approved by Investment Committee.
Unlisted equity/preference shares are valued as per the valuation policy of the company duly approved by Investment Committee. A
provision is made for diminution, if any, in the value of these shares to the extent that such diminution is other than temporary.
Social Venture Fund/Venture Capital Funds are valued at last available NAV.
iv. Mutual Funds
Mutual fund units are valued on previous days Net Asset Value published by the respective mutual funds.

v. Gain/loss on equity, preference shares and mutual funds

Unrealised gains/losses are recognised in the respective funds revenue account as fair value change in case of linked funds.
Unrealised gain/loss due to changes in fair value of listed equity/preference shares and mutual funds are taken to the Fair Value
Change account for other than linked business and are carried to the Balance Sheet.
Diminution in the value of investments as at the balance sheet date, other than temporary, is recognised as an expense in the
Revenue/Profit & Loss account.
vi. Investment transfer
Transfers of Investments from Shareholders funds to the Policyholders funds are affected at the lower of amortised cost or
market value in respect of all debt securities including money market instruments and at the market value in case of other
securities.
Inter-fund transfer of debt securities relating to Linked Policyholders Funds is affected at last available market value as per
methodology specified in the Inter Fund transfer policy approved by Investment committee. Inter fund transfer of equity are done
during market hours at the prevailing market price.
viii. Impairment on Investment
The carrying amounts of investments are reviewed at each balance sheet date, if there is any indicator of impairment based
on internal/external factors. An impairment loss is recognised as an expense in Revenue/Profit or Loss account, to the extent of
difference between the re-measured fair value and the acquisition cost as reduced by any previous impairment loss recognised
as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss earlier recognised in revenue/profit and loss
account shall be recognised in revenue/profit and loss account.
g) Pension Fund Management Business
Current investments are carried at lower of cost or fair value determined on an individual investment basis. Non-current investments
are carried at cost.
h) Loans against policies
Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalised interest and are subject to
impairment, if any.
i) Fixed assets, intangibles and depreciation
i. Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and any cost directly attributable
to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on fixed assets is expensed
out in the year of expense except where such expenditure increases the future economic benefits from the existing assets.
Advances paid towards the acquisition of fixed assets outstanding at each balance sheet date and the cost of fixed assets not
ready for its intended use before such date are disclosed under capital work-in-progress.
Assets costing upto `5 are fully depreciated in the year of acquisition. The rate of depreciation is higher of the management estimate
based on useful life or the rates prescribed in Schedule II to the Companies Act, 2013. Depreciation on fixed assets is provided using
the straight-line method based on the economic useful life of assets as estimated by the management is as below:
Sr. No. Asset Type Estimated useful life (In years)

1 Leasehold Improvements and Furniture and fittings 5 years or the maximum renewable period of
at leased premises the respective leases, whichever is lower
2 Furniture & fittings (other than (1) above) 5
3 Information Technology Equipment 3
4 Vehicles 4/5
5 Office Equipment 5
6 Mobile Phones (included in office equipment under Schedule 10) 2
Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset.
ii. Intangibles
Intangible assets comprise of software licenses which are stated at cost less Amortisation. Software expenses exceeding `1,000
incurred on customisation of software (other than for maintenance of existing software) are capitalised. Software licenses are
amortised using Straight Line Method over a period of 3 years from the date of being ready for use.
iii. Impairment of Assets
At each balance sheet date, management assesses whether there is any indication, based on internal/external factors, that an
asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected
to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as
the excess of the carrying amount over the higher of the assets net sales price or present value as determined above. If at the
balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount, subject to maximum of depreciable historical cost.

j) Operating leases
The Company classifies leases, where the lessor effectively retains substantially all the risks and benefits of ownership over the lease
term, as Operating Leases. Operating lease rentals are recognised as an expense on a straight line basis over the non cancellable
lease period.
k) Employee benefits
i. Short-Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits.
Benefits such as salaries & bonuses are recognised in the period in which the employee renders the related service.
ii. Long-Term Employment Benefits
The Company has both defined contribution and defined benefit plans. These plans are financed by the Company.
Defined Contribution Plans:
The Company has established defined contribution schemes for superannuation to provide retirement benefits to its
employees. Contributions to the superannuation schemes are made on a monthly basis and charged to revenue account
when due.
Defined Benefit Plans:
Gratuity liability is defined benefit obligation and is funded. The Company accounts for liability for future gratuity benefits
based on independent actuarial valuation under revised Accounting Standard 15 (AS 15) on Employee Benefits.
Provident Fund contributions are made to a Trust, administered by the Company. The interest rate payable to the members
of the Trust shall not be lower than the statutory rate of interest declared by the Central Government under the Employees
Provident Funds and Miscellaneous Provisions Act, 1952, and shortfall, if any, shall be made good by the Company. The
Companys liability is actuarially determined (using the Projected Unit Credit Method) at the end of the year and any shortfall
in the Fund size maintained by the Trust set up by the Company is additionally provided for. Actuarial losses/gains are
recognised in the Statement of Profit and Loss in the year in which they arise.
iii. Other Employee Benefits
Compensated absences are entitled to be carried forward for future encashment or availment, at the option of the employee
during the tenure of the employment, subject to the rules framed by the Company in this regard. Accumulated compensated
absences entitlements outstanding at the close of the year are accounted on the basis of an independent actuarial valuation.
Accumulated entitlements at the time of separation are entitled to be encashed.
l) Renewal bonus
Renewal bonus is payable to the individual insurance agents and a segment of the sales force. This constitutes a part of the first year
commission/incentives against receipt of the first year premium but due and payable at the end of the expiry of two years of the policy
and is accrued for in the year of sale of the policy, subject to the intermediaries and policys continued persistency.
m) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and
liabilities in foreign currency are translated at the rates existing as at the balance sheet date. The resulting exchange gain or loss for
revenue transactions is reflected, in the revenue account or the profit and loss account, as the case may be.
n) Segment reporting
As per Accounting Standard 17 (AS 17) on Segment Reporting read with the Preparation of Financial Statements and Auditors Report
of Insurance Companies, Regulations 2002and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/
FA/059/03/2015 dated March 31, 2015, the Company is required to report segment results separately for linked, non-linked, health
and pension businesses. The business is broadly classified as Participating non-linked, Non Participating Unit Linked and Non Linked
businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Individual Pension, Annuity Individual,
Group Pension, Group Pension Variable and Individual Health businesses. Accordingly, the Company has prepared the revenue account
and balance sheet for these primary business segments separately. Since the business operation of the Company is in India only, the
same is considered as one geographical segment.
The following basis has been used for allocation of revenues, expenses, assets and liabilities to the business segments:
Revenues, expenses, assets and liabilities directly attributable and identifiable to business segments, are allocated on actual
basis; and
Other expenses, assets and liabilities which are not directly identifiable though attributable to a business segment, are allocated
on the following basis, as considered appropriate by the management:
Gross premium;
First year commission;
Sum assured;
Policy liability;
Asset under management;
New Business Policy Count;
Enforce policy count
The accounting policies, used in segment reporting, are the same as those used in the preparation of the consolidated financial
statements.

o) Taxation
i. Direct Taxes
The Income-Tax Act, 1961 prescribes that profits and gains of life insurance companies will be the surplus or deficit disclosed by
the actuarial valuation made in accordance with the Insurance Act, 1938 and the Insurance Laws (Amendment) Act 2015 read
with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015. In respect of pension fund management Company,
Provision for income tax is made in accordance with the provision of the Income Tax Act, 1961.
Deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined
by the financial statements and the recognition for income tax purposes. The effect on deferred tax assets and liabilities of
a change in tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future.
However, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognised
only if there is virtual certainty backed by convincing evidence that such deferred assets can be realised. Deferred tax assets
are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably or virtually
certain, as the case may be, to be realised.
Where Company has provided for tax liability based on Minimum Alternate Tax (MAT) provisions, MAT credit is recognised as
an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the
specified period.
Provision for wealth tax is made at the appropriate rates, as per the applicable provisions of Wealth Tax Act, 1957.
ii. Indirect Taxes
The Company claims credit of service tax for input services, which is set off against tax on output services. As a matter of
prudence, unutilised credits are deferred for recognition until such time that there is reasonable certainty of utilisation. A provision
is created against unutilised credit based on estimated realisation of such unutilised credit.
p) Provisions and Contingencies
A provision is recognised when the Company has a present legal obligation as a result of past event/s and it is probable that an outflow
of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect current best estimates. A disclosure for contingent liability is made when there is a possible
obligation or present obligations that may, but probably will not, require an outflow of resources or it cannot be reliably estimated.
When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made. A contingent asset is neither recognised nor disclosed.
q) Funds for Future Appropriation
The balance in the funds for future appropriations account represents funds, the allocation of which, either to participating Policyholders
or to Shareholders, has not been determined at the Balance Sheet date. Transfers to and from the fund reflect the excess or deficit
of income over expenses and appropriations in each accounting period arising in the Companys Policyholders fund. In respect of
Participating policies any allocation to the policyholder would also give rise to a shareholder transfer in the required proportion.
Amounts estimated by the Appointed Actuary as Funds for Future Appropriation (FFA) in respect of lapsed Unit Linked Policies are set-
aside in the balance sheet and are not available for distribution to shareholders until expiry of the revival period.
r) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit
or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
s) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of Receipts and Payments account include cash and cheques in hand; bank balances
liquid mutual funds and other investments with original maturity of three months or less which are subject to insignificant risk of
changes in value.
3. Contingent liabilities
Sr. No. Particulars As at 31st March 2015
1 Partly paid-up investments Nil
2 Claims, other than against policies, not acknowledged as debts by the Company 24,321
3 Underwriting commitments outstanding Nil
4 Guarantees given by or on behalf of the Company Nil
5 Statutory demands/liabilities in dispute, not provided for Refer Note Below
6 Reinsurance obligations to the extent not provided for in the accounts Nil
7 Others * 263,172
*Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Companys decision of repudiation of
death claims and customer complaints.

Note: The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of ` 398,203 as at
31st March 2015 plus applicable interest and penalty. Basis legal opinion obtained, management is of the opinion that these show-cause
cum demand notices are not legally tenable and decided to contest at appellate authority.
4. Operating Lease Commitments
In accordance with Accounting Standard 19 (AS 19) on Leases, the details of leasing arrangements entered into by the Company are
as under:
The Company has entered into agreements in the nature of cancellable and non-cancellable lease/leave and license agreements with
different lessors/licensors for the purpose of establishment of office premises, leasehold improvements, furniture and fixtures, information
technology and office equipments. These are generally in the nature of operating leases/leave and licenses.
The operating lease rentals charged during the year and maximum obligations on operating lease payable at the balance sheet date, as per
the rentals stated in the agreements are as follows:
Particulars Current Year
Total lease rentals charged to Revenue Account 518,656
Lease obligations for noncancellable leases
- Within one year of the balance sheet date 384,889
- Due in a period between one year and five years 391,840
- Due after five years 10,719
5. Foreign Exchange Gain/(Loss)
The Company has recorded foreign exchange loss of ` 462 in the Revenue Account and the same is included under Interest and Bank
Charges in Schedule 3.
6. Earnings Per Share
Profit/(loss) as per profit and loss account 2,850,304
Weighted average number of equity shares 1,901,208,000
Earnings per share (Basic and Diluted) in ` 1.50
Face Value per share # 10
# Amount in absolute Indian Rupees
7. Actuarial Assumptions
The actuarial liabilities are calculated in accordance with accepted actuarial practice, requirements of Insurance Act, 1938 and the Insurance
Laws (Amendment) Act 2015 read with IRDA Circular No. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, Regulations notified by
Insurance Regulatory and Development Authority and Practice Standard prescribed by the Institute of Actuaries of India.
Unit Reserves
Unit reserves are computed by multiplying the number of units with the unit price as on the valuation date.
Non Unit Reserves
Prospective gross premium cash flow method is used to compute the non unit liabilities in respect of the policies in force as at March 31,
2015. The cash flows are projected based on assumptions that reflect the expected future experience and have an appropriate allowance for
Margins for adverse deviations. The major assumptions relate to mortality, interest, expenses, policy persistency and premium persistency.
Additionally, for traditional par policies current year bonus rate, future bonus rates and terminal bonuses (wherever applicable) consistent
with the valuation interest rate, transfer to shareholders and tax on the surplus are also taken into account while calculating the policy
liability.
Mortality rates are derived based on the Indian Assured Lives Mortality (2006-2008) table after making suitable adjustments depending
on the type of the product. Longitivity (for Annuity Products) rates are derived based on the LIC Annuitant table (96-98) table after making
suitable adjustments and with appropriate mortality improvements. Interest rates used to discount the future cash flows vary from 5.50%
to 7.75%. A prudent assumption is made for investment growth on the unit funds. An appropriate allowance is made for future policy
maintenance expenses and investment expenses. Policy persistency rates are derived based on expected future policyholder behavior. For
unit linked business, the discontinuance of premiums by the policyholders while keeping the benefits in force is allowed for by appropriate
premium persistency assumptions varying by product.
Additional provisions are made towards: -
i. Investment guarantees for unit linked business
ii. Substandard lives
iii. Unearned premium/mortality charges (in accordance with IRDA Circular no. 50/IRDA/ACTL/CIR/GEN/050/03/2010)
iv. Reserves for free look option given to the policyholders

Analysis of recent experience has indicated that about 2.0% of the individual policyholders tend to exercise the option. Accordingly,
with appropriate prudence, 2.5% of the total charges collected (from the 11th to the end of that month) for new policies/coverages
issued during a given month is being set aside as the reserve. For traditional products, modal premium received (from the 11th to the
end of that month) for new policies/coverage issued during the month is being set aside as reserve.
v. Lapse policies eligible for revivals (in accordance with IRDA Circular no. 41/IRDA/ACTL/Mar-2006)
vi. New Business Closure Reserve
vii. Cash Surrender Value Deficiency Reserve
viii. Premium Waiver Claim Provision
ix. Incurred But Not Reported Reserve
For group yearly renewable term business, unearned premium method is used to compute the reserves. In addition to the unearned premium
method, provision is also made for incurred but not reported claims.
8. Provisions
Long Term Incentive Plan
The cost estimate determined after the factoring in assumptions in respect of criteria identified in the Plan which include the following
1. Employee attrition rate
2. Performance condition
3. Discount rate
Particulars Long Term Incentive Plan
Current Year
Opening balance 157,062
Additional provision made 113,614
Incurred and charged (105,466)
Unused amount reversed # (18,656)
Closing balance 146,553
Nature of obligation Long Term Incentive
Expected timing Upto 3 Years
Assumptions Mentioned above
#The unused amount of Long Term Bonus Plan has been credited to Employees remuneration, welfare benefit and other manpower cost in
Schedule 3.
9. Encumbrances
As on 31st March 2015, there were no encumbrances on the assets of the Company.
10. Commitments Made and Outstanding on Loans, Investments and Fixed Assets
The commitments made and outstanding for fixed assets by the Company as at 31st March 2015 are `99,400 net of advances.
11. Employee Benefits
a) Defined Benefit Plans
i) Gratuity
The Company provides for gratuity, a defined benefit retirement plan covering all employees as at balance sheet date using
projected unit credit method. The plan provides a lump sum payment to vested employees at retirement or termination of
employment based on the respective employees salary and the years of employment with the Company. The gratuity
benefit payable is greater of the provisions of the Payment of Gratuity Act, 1972 and the Companys Gratuity Scheme as
mentioned below:
Change in Defined benefit obligations Current Year
Present value of Defined benefit obligations as at beginning of the year 255,253
Service cost 47,552
Interest cost 20,599
Acquisition/Business Combination/Divestiture 2,505
Benefits paid (52,752)
Past service cost
Actuarial (gain)/loss on obligations (23,099)
Present value of Defined benefit obligations as at end of the year 250,057

Change in Defined benefit obligations Current Year

Reconciliation of present value of the obligation and the fair value of the plan assets
Opening Fair Value of Plan assets 276,152
Contributions by the employer for the year 22,937
Benefits paid (52,752)
Expected Return on Plan Assets 23,512
Actuarial Gain/(Loss) 23,581
Closing Fair Value of Plan assets 293,429
Net asset/(liability) as at end of the year 43,372
Cost recognised for the year
Current service cost 47,552
Interest cost 20,599
Expected return on plan assets (23,512)
Past service cost
Actuarial (gain)/loss (46,680)
Net gratuity cost (2,042)
Transitional Liability expended in Revenue Account
Investment in Category of Assets (% Allocation)
Insurer Managed Funds* 100%
Group Stable Fund 0.00%
Group Short Term Debt Fund 0.00%
Discount rate 7.80%
Rate of return on plan 9.00%
Salary escalation rate 6.00%
*The amount is invested in Group Secure Fund Plan 1 of Birla Sun Life Insurance Limited, Gratuity and Group Unit Linked Product
(GULP) scheme. Below is the asset allocation of fund.
Asset allocation Current Year
Debt securities 99.73%
Equity and money market 0.27%
Total 100%
Experience Adjustments
Particulars 2014-15
Defined Benefit Obligation 250,058
Plan Assets 293,429
Surplus/(Deficit) (43,372)
Experience adjustment on Plan Liabilities 5,899
Experience adjustment on Plan Assets 23,581
The contributions expected to be paid to the plan during the annual period beginning after the balance sheet date is `48,231.
ii) Accumulated Compensated Absences
The liability for accumulated compensated absences as at balance sheet date has been calculated by using projected unit
credit method. This method takes into account the pattern of availment of leave while in service and qualifying salary on the
date of availment of leave. However in case of short term liability the provision has been made to the extent of 50% of total
short term liability.

Present value of obligation for accumulated compensated absences as determined by the Actuary is given below:

Present value of obligations as at end of the year 132,505
Fair value of plan assets
Discount rate 7.80%
Salary escalation rate 6.00%
Cost recognised during the year (19,214)
iii) The details of the Companys Defined Benefit Plans in respect of the Company owned Provident Fund Trust.
Contribution to the Company Owned Employee's Provident Fund Trust 155,755
The Guidance Note on implementing AS-15, Employee Benefits (Revised 2005), issued by the ICAI states that the Provident Funds
set up by employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plans. The
Company set up Provident Fund does not have existing deficit of interest shortfall.
The actuary has accordingly provided a valuation and based on the below provided assumptions there is no shortfall as at
31st March 2015.
The details of plan assets position are as under:
Plan Asset at Fair Value 1,733,391
Liability Recognised in the Balance Sheet 1,661,499
Assumption used in determining the present value obligation of interest
rate guarantee
Discount rate for the term of the obligation 7.82%
9.5% For first
Guaranteed Interest Rate year and 8.80%
there after
b) Defined contribution plans

The Company has recognised the following amounts as expense in the Revenue account;
Contribution to superannuation fund 7,318
Contribution to ESIC 6,969
12. As per Accounting Standard 17 on Segment Reporting read with the Preparation of Financial Statements and Auditors Report of Insurance
Companies, Regulations 2002 and the Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015
dated March 31, 2015, the Company is required to report segment results separately as Participating non-linked, Non Participating Unit
Linked and Non Linked businesses, which are further segmented into Individual Life, Group Life, Group Life Variable, Annuity Individual,
Individual Pension, Group Pension, Group Pension Variable and Individual Health businesses. The same is disclosed in Annexure 1.
13. Related Party Disclosure
During the year ended 31st March 2015, the Company has had transactions with related parties as defined in Accounting Standard 18
on Related Party Disclosures. Related Parties have been identified by the management on the basis of the information available with
the Company. Details of related parties with whom, the Company had transactions, nature of the relationship, transactions with them and
balances at year-end, are detailed in Annexure 2.
13. Debit Balance in Profit& Loss Account
In accordance with IRDA (preparation of Financial Statements and Auditors' Reports of Insurance Companies) Regulation 2002 and the
Insurance Laws (Amendment) Act 2015 read with IRDA Circular no. IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015, debit balance in
Profit and Loss account carried to the Balance Sheet has been shown as deduction from General reserve to the extent of ` 406,127 as at
31st March 2015 and the balance of ` 6,279,918 as at 31st March 2015 is shown in Balance Sheet under application of funds.
15. The Board of Director of the Company has noted that there is deficit in the PAR policyholders account amounting to ` 2,492,727 and the
same has been charged to shareholders account. The board has recommended that the same would be subjected to approval of the
shareholders of the Company at the ensuing annual general meeting. The transfer amount is irreversible in nature and will not be recouped
to the shareholder at any point of time in future.

16. The interest & finance costs are net of reversal of interest provision amounting to `186,154 consequent to decision of CESTAT in favour of
the Company and expiry of statutory time frame for contesting the same during the period.
17. Disclosure of additional information in consolidated notes to accounts as per schedule III of Companies Act 2013.
Net Assets i.e. Total Assets Minus Total Liabilities Share in Profit
Name of the Entity As % of total consoli- As % of total consoli-
Amount Amount
dated net assets dated net assets
1 2 3 4 5
Parent
100.02% 1,54,18,833 100.13% 28,54,029
Company Limited
Subsidiaries
Indian
Birla Sun Life Pension
Fund Management -0.02% (3,225) -0.13% (3,725)
Company Limited
Foreign
Minorities interest in all

subsidiaries
Associated
Indian
Foreign
Joint Venture
Indian
Foreign
Consolidation adjustment (500)
Total 100% 1,54,15,110 100% 28,50,304
The above figures are gross up of Inter Company receivable/payable of ` 3646/-.

18. The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end,
the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable
losses on such long term contracts has been made in the books of account. The Company did not have any derivative contracts as at balance
sheet date.
For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for policies in force. The
Appointed Actuary has confirmed that the assumptions used in valuation of liabilities for policies in force are in accordance with the
guidelines and norms issued by the Insurance Regulatory and Development Authority of India (IRDA) and the Institute of Actuaries of India
in concurrence with the IRDA.
19. The Companys pending litigations comprise of claims against the Company primarily by the customers and proceedings pending with
Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a materially adverse effect on its financial results. Refer Note 3 for details on contingent liabilities. In
respect of litigations, where the management assessment of a financial outflow is probable, the Company has made a provision of ` 174,506
as at 31st March 2015.
20. Depreciation on Tangible Fixed Assets is provided on Straight Line using the rates arrived at based on the useful lives as specified in the
Schedule II of the Companies Act, 2013 or estimated by the management. The company has used the following useful life to provide
depreciation on its fixed assets.

a) Assets where useful life is same as Schedule II

Asset Useful Life as Prescribed by Schedule II of the Co. Act,2013
1. Information Technology Equipment 3 years
2. Office Equipment 5 years
b) Assets where useful life differ from Schedule II

Useful Life as
Prescribed by Estimated Use-
Asset
Schedule II of ful Life
the Co. Act,2013
Furniture & fittings 10 years 5 years
Information Technology Equipment-Server 6 years 3 years
Mobile Phones 5 years 2 years
Vehicles 8 years 4/5 years
Useful life of assets different from prescribed in Schedule II has been estimated by management supported by technical assessment.
The revision in the useful life of the above mentioned categories as prescribed in the Schedule II of the Companies Act 2013, would
have resulted in lower depreciation to the extent of ` 37,779/-.
21. Previous year Comparatives
This being the first year of Consolidated Financial Statements Comparative figures for the corresponding previous year have not
been furnished.

(DIN - 00012813) (DIN - 00121181) (DIN - 00438164)


Consolidated Revenue Account for the period ended March 31st, 2015
Group Non Linked
Pension Business

Variable Individual Life
Premium earned-Net
(a) Premium 24,575,983 3,788,184 1,117,091 409,387 110,570 8,636,800 3,302,150 3,797,427 38,187 150,233 1,398,835 465,042 9,789 4,532,568 52,332,246
(b) Reinsurance ceded (724,106) (356) (286) (2,859) (344,824) (567,520) (1,654) (6,978) (1,648,583)
Sub-Total 23,851,877 3,787,828 1,116,805 409,387 107,711 8,291,976 2,734,630 3,797,427 38,187 150,233 1,398,835 465,042 8,135 4,525,590 50,683,663
(a) Interest, Dividend & Rent - Gross 8,497,742 1,521,916 499,906 387,215 17,585 1,263,467 617,319 347,046 23,695 62,302 186,990 58,835 310 37,536 13,521,864
(b) Profit on Sale/Redemption of 26,868,407 1,232,538 1,685,099 313,590 67,043 101,542 174,928 98,342 1,904 3,719 53,875 16,951 25 2,825 30,620,788

Investments
(c) (Loss) on Sale/Redemption of (1,256,294) (68,866) (82,631) (17,521) (2,444) (184) (21,613) (12,151) (3) (5) (6,553) (2,062) (27) (1,470,354)
Investments
(d) Transfer /Gain (Loss) on 8,878,799 885,729 428,406 225,353 1,489 10,419,776
revaluation/change in Fair value
Sub - Total 42,988,654 3,571,317 2,530,780 908,637 83,673 1,364,825 770,634 433,237 25,596 66,016 234,312 73,724 335 40,334 53,092,074
Other Income
(a) Contribution from the Shareholders' 93,195 459,355 81,497 27,057 2,492,727 3,153,831
Account
(b) Others (Interest etc) 161,403 19,266 5,681 2,074 567 92,269 16,794 19,313 763 764 7,114 2,365 55 7,729 336,157
Sub - Total 161,403 19,266 5,681 95,269 567 551,625 16,794 19,313 763 764 88,611 29,422 55 2,500,457 3,489,988
TOTAL (A) 67,001,934 7,378,411 3,653,266 1,413,293 191,951 10,208,426 3,522,058 4,249,977 64,546 217,013 1,721,758 568,188 8,525 7,066,381 107,265,725
Commission 865,486 357 24,448 65 3,885 549,068 8,041 124 2,572 261 394 879,035 2,333,736
Insurance Business 1,632,465 71,706 145,200 3,446 3,341 1,572,826 210,242 64,324 (10) 5,207 23,273 8,212 607 4,966,285 8,707,124
Service Tax on Charges 947,942 33,009 32,265 6,674 1,019,890
Provision for Tax
investment (net)
(b) Others ( to be specified )
TOTAL (B) 3,445,894 105,072 201,913 3,511 13,900 2,121,894 218,283 64,324 114 7,779 23,273 8,473 1,001 5,845,321 12,060,750
Benefits paid (Net) 28,123,220 2,548,327 2,689,086 724,812 134 756,852 1,626,266 91,541 7,509 25,223 564,599 431,553 2,579 124,352 37,716,053
Interim Bonuses Paid 2,847 2,847
(a) Gross (2,143,438) 13,911 (173,702) (184) 27,850 10,248,781 1,402,380 4,002,537 32,994 157,374 1,133,886 128,162 (2,190) 1,107,573 15,935,934
(b) Fund Reserve 28,282,755 4,555,409 695,960 685,154 121,527 34,340,805

(d) (Amount ceded in Re-insurance) 1,435,504 846 118 (5,982) (2,919,102) 69,303 699 (13,712) (1,432,326)
TOTAL (C) 59,682,422 7,118,493 3,451,297 1,409,782 143,529 8,086,531 3,097,949 4,094,078 40,503 182,597 1,698,485 559,715 1,088 1,221,060 90,787,529
Surplus/(Deficit) (D) = (A) - (B) - (C) 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 - 4,417,446
Appropriations
Transfer to Shareholders Account 4,370,702 154,846 37,763 48,307 205,826 91,575 23,929 26,637 6,436 4,966,022
Balance being Funds for Future (497,084) (37,707) (13,785) (548,576)
Appropriations
TOTAL (D) 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 4,417,446
(a) Interim Bonuses Paid 2,847 2,847
(b) Allocation of Bonus to 628,308 628,308
Policyholders
(c) Surplus/(Deficit) shown in the 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 4,417,446
Revenue Account
(d) Total Surplus : {a+b+c} 3,873,618 154,846 56 34,522 205,826 91,575 23,929 26,637 6,436 631,155 5,048,601
11/10/15 4:11:57 PM
Consolidated Balance Sheet as at 31st March 2015

Life Individual Pension Individual Life Individual Individual Pension Individual Life
Variable Variable
Sources of Funds
Shareholders' funds:
Share Capital 19,012,080 19,012,080
Credit/(Debit) / Fair Value Change
Account
Sub - Total 21,695,028 21,695,028
Borrowings
Policyholders' Funds:
Account 152,854 41,604 137,438 3,836 335,732
Policy Liabilities 2,224,970 40,075 77,645 14,162 94,045 18,841,298 9,281,608 5,217,954 301,115 451,076 3,760,967 1,183,358 2,982 1,365,610 42,856,865
Insurance Reserves
(i) Discontinued on account of
non-payment of premium 8,700,501 278,157 8,978,658
(ii) Others
Account (Linked) 23,103,944 1,013,388 503,232 257,833 1,489 24,879,886
Sub-Total 205,143,302 24,120,011 11,586,815 6,140,731 472,254 18,994,152 9,323,212 5,217,954 301,115 451,076 3,898,405 1,183,358 2,982 1,369,446 288,204,813
- Linked Liabilities 127,400 10,237 47,137 184,774
Total 205,270,702 24,120,011 11,597,052 6,140,731 519,391 18,994,152 9,323,212 5,217,954 301,115 451,076 3,898,405 1,183,358 2,982 1,369,446 21,695,028 310,084,615
Investments
Shareholders' 15,522,923 15,522,923
Policyholders' 2,257,813 38,464 84,350 13,592 135,507 18,083,946 8,908,521 5,008,211 289,012 432,944 3,609,789 1,135,791 2,862 1,310,718 41,311,520
Loans 378,749 378,749
Fixed Assets 230,891 35,590 10,495 3,846 1,039 81,143 31,024 35,677 359 1,411 13,142 4,369 92 42,583 491,661
Current Assets
Cash and Bank Balances 2,216,892 341,715 100,768 36,929 9,974 779,088 297,872 342,549 3,445 13,552 126,183 41,949 883 473 121 4,312,393
Advances and Other Assets* (457,946) (577,358) 9,676 15,882 8,936 1,849,001 1,646,409 147,316 6,180 5,841 54,266 18,042 (17,644) 590,493 572,850 3,871,944
Sub-Total (A) 1,758,945 (235,642) 110,444 52,812 18,910 2,628,089 1,944,282 489,865 9,623 19,393 180,449 59,991 (16,761) 590,965 572,971 8,184,337
Current Liabilities 1,998,987 (480,257) 448,047 43,629 39,641 1,141,899 2,418,347 404,568 5,778 14,348 149,028 49,602 (50,218) 634,175 6,817,575
Provisions 131,050 20,200 5,957 2,183 590 46,055 17,608 20,249 204 801 7,459 2,480 52 24,170 78 279,135
Sub-Total (B) 2,130,037 (460,057) 454,003 45,812 40,230 1,187,954 2,435,955 424,818 5,982 15,149 156,487 52,081 (50,166) 658,346 78 7,096,710
Net Current Assets (C) = (A - B) (371,091) 224,413 (343,560) 7,000 (21,320) 1,440,134 (491,673) 65,047 3,642 4,244 23,961 7,910 33,405 (67,381) 572,893 1,087,627
Adjusted)
6,279,918 6,279,918
Account (Shareholders' Account )
Total 205,414,694 24,378,403 11,260,455 6,151,006 493,434 19,605,224 8,447,872 5,108,935 293,013 438,599 3,646,892 1,148,070 36,359 1,285,920 22,375,735 310,084,615
Note: Advances and other assets allocated to shareholders' include tax assets.
11/10/15 4:12:01 PM
Group Non Linked

Pension Individual
Variable Life
First Year Premiums 2,502,590 3,779,728 310,297 58,578 86 1,524,691 2,245,282 3,797,427 (7,365) 1,316,484 450,012 1,462 2,984,413 18,963,685
Renewal Premiums 21,951,347 8,456 803,150 350,809 110,484 7,089,963 939,197 45,552 82,351 15,030 8,327 1,548,155 32,952,821

Single Premiums 122,046 3,644 22,146 117,671 150,233 415,740
Total Gross 24,575,983 3,788,184 1,117,091 409,387 110,570 8,636,800 3,302,150 3,797,427 38,187 150,233 1,398,835 465,042 9,789 4,532,568 52,332,246
Premiums
11/10/15 4:12:04 PM

Particulars Total
Commission Paid
Direct - First Year Premiums 215,646 355 14,144 (614) 295,716 2,616 (541) (22) 261 173 793,438 1,321,172
Renewal Premiums 647,834 2 10,250 65 4,499 252,922 5,153 665 0 221 85,597 1,007,208
Single Premiums 2,006 54 430 272 2,594 5,356
Sub-Total 865,486 357 24,448 65 3,885 549,068 8,041 124 2,572 261 394 879,035 2,333,736
Add: Commission on

Less: Commission on

Re-insurance Ceded
Net Commission 865,486 357 24,448 65 3,885 549,068 8,041 124 2,572 261 394 879,035 2,333,736
11/10/15 4:12:07 PM

No. Pension Business
Life Life Individual Pension Individual Life Life Variable Individual Individual Pension Individual Individual Life
Variable
1 Employees' remuneration 845,337 50,579 83,566 2,716 1,505 825,544 30,160 44,278 187 3,513 15,979 5,496 181 2,782,382 4,691,423
2 Travel, conveyance and vehicle running 35,561 3,752 3,585 93 81 34,582 2,311 3,651 13 154 1,277 436 8 117,143 202,647
expenses
3 Training expenses 16,659 66 2,292 3 (18) 22,971 40 61 1 120 22 7 (3) 91,811 134,032
4 Rents, rates and taxes 132,254 3,182 11,968 49 465 114,789 1,989 3,197 57 464 1,108 379 49 353,298 623,248

6 Printing and stationery 17,871 254 1,262 4 72 13,913 191 250 1 30 87 33 11 33,656 67,635
7 Communication expenses 51,507 1,125 3,632 21 274 33,995 707 1,115 28 100 388 133 32 77,196 170,253
9 Medical fees 12,761 13 1 7,442 40,062 2 4 0 15 1,348 61,648
10 Auditor's fees, expenses, etc.
(a) i) as auditor 2,586 42 157 1 17 1,412 27 43 2 3 15 5 2 2,289 6,601
ii) out of pocket expenses 193 3 12 0 1 105 2 3 0 0 1 0 0 171 491
in respect of
ii) Management services 355 62 22 1 2 194 39 62 0 0 22 7 0 314 1,080
11 Advertisement and publicity 112,161 1,246 7,377 16 (359) 157,346 2,072 1,059 (295) (17) 367 267 90 424,662 705,992
12 Interest and bank charges (74,017) (6,094) (319) (57,669) (37) (213) (35) 25,590 (112,794)
13 Others:
1) Distribution expenses 71,090 99 5,595 0 (191) 98,676 723 1 (149) 85 0 72 44 288,785 464,830
2) Agents recruitment, seminar and 1,406 (4) 110 (0) (8) 2,305 15 (7) (4) 1 (2) 1 1 6,847 10,661
other expenses
3) Recruitment and seminar 23,200 2,258 1,971 49 (10) 27,551 1,526 2,203 (25) 53 768 276 11 83,145 142,976
expenses
4) IT expenses (including 115,442 4,128 8,642 67 580 80,567 2,578 4,138 64 264 1,435 491 64 199,605 418,065
maintenance)
5) Policy stamps 6,953 13 1,173 154 25,552 124,954 11 8 266 87 1 7,959 167,131
charges
7) (Profit)/Loss on sale of assets 1,231 3 165 0 (1) 1,654 2 3 0 9 1 0 (0) 6,538 9,605
8) Service Tax expenditure including (0) 0 (0) 0 0 (0) 0 0 0 0 0 (0) (0)

Expense
Expenses
14) Miscellaneous expenses 16,378 790 1,015 136 84 7,354 362 382 14 27 173 57 8 12,945 39,725
15) Outsourcing expenses 65,475 972 4,830 20 336 44,852 603 962 37 145 335 114 37 108,756 227,474
14 Depreciation 56,130 1,223 4,060 27 295 37,506 756 1,201 33 118 419 143 33 88,263 190,207
Total 1,632,465 71,706 145,200 3,446 3,341 1,572,826 210,242 64,324 (10) 5,207 23,273 8,212 607 4,966,285 8,707,124
11/10/15 4:12:10 PM
Benefits Paid (Net) for the year ended March 31st, 2015
Sr. Non Linked

Particulars Group Total
No. Individual Group Pension Group Health Individual Group Group Life Pension Annuity Group Health Individual
Pension
Variable
1 Insurance Claims
(a) Claims by Death 1,356,451 879 58,777 10,093 1,779 1,136,240 851,889 3,284 146 (393) 117,680 3,536,825
(d) Other benefits

(i) Surrender 26,692,586 2,547,957 2,503,190 714,719 7 25,889 1,283,021 91,541 2,614 564,453 431,553 2,582 (159) 34,859,953
(ii) Riders 15,047 500 7 8,312 9,298 9,470 42,634
(iii) Health (212) 11,831 11,619
(iv) Survival and Others 89,297 (436) (188) 5,882 1,611 (25) 42 96,183
(a) Claims by Death (400,925) (509) (200) (425,491) (517,942) (8,986) (2,681) (1,356,734)
reinsurance:
(a) Claims by Death
(d) Other benefits
Total 28,123,220 2,548,327 2,689,086 724,812 134 756,852 1,626,266 91,541 7,509 25,223 564,599 431,553 2,579 124,352 37,716,053
11/10/15 4:12:13 PM
Related Party Disclosure for the year ended 31st March 2015 required for Consolidation with parent company, Aditya Birla Nuvo Limited
Disclosures in respect of transactions with Related parties and outstanding for the year ended 31st March 2015 Annexure 2

Audited
Audited
Outstanding
Description transactions
Sr. balance
Name of the related Party with whom the transaction has been made of Relationship with Nature of Transaction during the year
No. recoverable/
the party ended
(payable) as on
1 2 3 4 5 6
1 Aditya Birla Nuvo Limited Holding Company a) Reimbursement of other expenses

b) Interest income on NCD
c) Final Dividend paid 518,000

d) Share capital Reduction
e) Share Premium
f) Recovery of Expenses 116 116
2 Sun Life Financial (India) Insurance Investment Foreign Promoter a) Final Dividend paid 182,000
b) Share capital Reduction
c) Share Premium
3 Aditya Birla Finance Limited Fellow Subsidiary a) Reimbursement of other expenses 362
b) Recovery of expenses 20,841 2,427
c) Security Deposit received (8,830)
d) Purchase of NCD 250,000 350,000
e) Interest income on NCD 29,525 22,483
f) Repayment of Housing loan recovered from employees 1,874
4 Aditya Birla Minacs Worldwide Limited (upto 8th May 2014) Fellow Subsidiary a) Expenses for outsourcing of Accounts Payable and call centre activities 7,298
5 Aditya Birla Money Mart Limited Fellow Subsidiary a) Payment towards Advertisement Expenses 3,000 (3,747)
b) Reimbursement of Expenses 747
b) Recovery of expense
6 Aditya Birla Money Insurance Advisory Services Limited Fellow Subsidiary a) Payment of Commission 23,163 (6,541)
b) Payment towards co-branding of Expenses 2,000
7 Aditya Birla Money Limited Fellow Subsidiary a) Payment of Brokerage 13,154 (199)
8 Aditya Birla Financial Shared Services Limited Fellow Subsidiary a) Advance given for expenses 113,940 (3,681)
b) Reimbursement of expenses 109,904
c) Recovery of expense 344
9 Aditya Birla Insurance Brokers Limited Fellow Subsidiary a) Reimbursement of expenses 489
b) Recovery of expenses 10 (345)
10 Aditya Birla Customer Service Private Limited Fellow Subsidiary a) Reimbursement of Advertisement Expenses
b) Recovery of Expenses 107
11 Birla Sun Life Assets Management Company Limited Fellow Subsidiary a) Reimbursement of expenses 9,021
b) Recovery of expenses 4,709 (2,376)
12 Aditya Birla Financial Services Limited Fellow Subsidiary a) Reimbursement of expenses 171,477 (31,046)
(Formerly Known as Aditya Birla Financial Service Private Limited)

(w.e.f. 4th December 2014)
13 Aditya Birla Housing Finance Limited Fellow Subsidiary a) Reimbursement of other expenses 811 (811)
14 Mr Pankaj Razdan (w.e.f. 1st January 2014) Key Management a) Managerial Remuneration 37,615
Managing Director Personnel
Note 1: Premium received from the related parties against life insurance products sold at market rates for the year ended 31st March 2015 is ` 30,976.
Note 2: There are no provisions for doubtful debts, amounts written off or amounts written back pertaining to the above transactions.
Note 3: Related party relationship have been identified by the management and relied upon by the auditors.
Note 4: Related party transactions disclosed above denote the transactions entered during the existence of related party relationship.
Note 5: All the above transactions are reported inclusive of service tax, wherever applicable.
Note 6: Transactions of Aditya Birla Money Insurance Advisory Service Limited for the year ended 31st March 2015 includes service tax of ` 220.01.
Note 7: The Group Insurance business related advances by the holding company is outstanding in the books as of 31st March 2015 to the extent of ` 1,565, There is an interest payment to the extent of 178 in relation to the Group Pension Scheme of the
holding company.
11/10/15 4:12:17 PM
Cash Flow Statement for the year ended March 31, 2015
Consolidated Receipts and Payments account (Cash Flow Statement)

For the year ended 31st March 2015
Audited Year Ended
Particulars
31st March 2015
Cash flow from operating activities (A)
Premium received from policyholders, including advance receipts 51,905,194
Payments to the re-insurers, net of commissions and claims (266,909)
Application money deposit & due to Policy holders (281,180)
Payments of commission and brokerage (2,367,402)
Deposits taken from/(refunded to) agents
Payments of other operating expenses (10,168,901)
Payments of claims (39,194,221)
Deposits & others 38,426
Deposits with Reserve Bank of India
Other receipts 312,110
Income taxes paid (Net)
Service tax paid
Cash flows before extraordinary items (22,882)
Cash flow from extraordinary operations
Net cash flow from operating activities (A) (22,882)
Cash flow from investing activities (B)
Purchase of fixed assets (327,810)
Proceeds from sale of fixed assets 7,930
Loan against Policies (57,859)
Loans disbursed
Purchase of investment (1,769,649,540)
Proceeds from sale of investment 1,757,480,805
Expenses related to investments (12,343)
Interest received (net of tax deducted at source) 10,893,384
Dividend received 1,732,850
Net cash inflow from investing activities (B) 67,417
Cash flow from financing activities (C)
Share capital issued / (Redemption)
Share premium
Dividend paid (700,000)
Dividend distribution tax (118,965)
Capital Redemption Reserve
Net cash used in financing activities (C) (818,965)
Net increase / (decrease) in cash and cash equivalents (D=A+B+C) (774,430)
Cash and cash equivalents at beginning of the year 5,076,825
Cash and cash equivalents as at end of the period 4,302,395
Notes:
1. Cash and cash equivalents at end of the period / year includes:
Cash and Bank Balances 4,312,395
Bank deposits maturing > 3 months considered in investment activities (10,000)
Temporary Overdraft (as per books only)
Cash and cash equivalents 4,302,395
ICAI Firm ICAI Firm

NOTES

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Birla Sun Life Insurance Annual Report 2014-15: Journey to Empowerment

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Birla Sun Life Insurance

At BSLI, we believe that empowering our stakeholders with nancial

1 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 1 10/11/15 3:53 PM

The secret of change is to focus all your energy not on ghting

We embarked on a unique journey towards building this trust

At BSLI, we have taken concrete steps in re-orienting ourselves

2 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 2 10/11/15 3:53 PM

Mr. Kumar Mangalam Birla

In key responsible positions on various regulatory bodies

3 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 3 10/11/15 3:53 PM

On the Board of Educational Institutions

He is a Director of the G. D. Birla Medical Research & Education Foundation.

Accolades conferred on Mr. Birla

Inducted as an Honorary Member Rotary Club of Mumbai (November 2014)

US India Business Council (USIBC) 2014 Global Leadership Award

Indore Management Associations Award - National Indian Business Icon, 2013

Forbes India Leadership Award-Flagship Award - Entrepreneur of the Year, 2012

NDTV Prot Business Leadership Awards 2012 - Most Inspiring Leader

NASSCOMs Global Business Leader Award 2012

The AIMA JRD Tata Corporate Leadership Award, 2008

The Asia Pacic Global HR Excellence Exemplary Leader Award, 2007

The Ernst & Young Entrepreneur of the Year Award, 2005

Young Super Performer in the CEO Category by Business Today, 2005

4 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 4 10/11/15 3:53 PM

Honorary Fellowship by the All India Management Association, 2004

Business Man of the Year-2003 by Business India

Hindustan Times, The Businessman of the Year, 2001

Among the 10 super Stars of Corporate Finance Global Finance, 1998

Beyond business: Reaching out to the marginalised sections of society

5 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 5 10/11/15 3:53 PM

Mr. Donald A. Stewart

Mr. Bishwanath Puranmalka

Mr. Ajay Srinivasan

6 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 6 10/11/15 3:53 PM

Mr. Kevin Strain

Mr. Sandeep Asthana

7 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 7 10/11/15 3:53 PM

Ms. Tarjani Vakil

8 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 8 10/11/15 3:53 PM

Mr. Lalit Naik

Mr. Haigreve Khaitan

9 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 9 10/11/15 3:53 PM

Mr. Pankaj Razdan

10 | ANNUAL REPORT 2014-15

Birla Annual Report 2014-15_P001_P024 Final.indd 10 10/11/15 3:54 PM

SENIOR MANAGEMENT TEAM

Mr. Mayank Bathwal

Mr. Amit Jain

11 | ANNUAL REPORT 2014-15

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Mr. Anil Kumar Singh

Mr. Ashok Suvarna

Mr. Lalit Vermani