monthly investment update: ulip september, 2011 · monthly investment update: volume 4, issue 6...

1

2008

SBI Life has a variety of unit linked products with different funds which gives you flexibility to choose your investment pattern to generate market linked returns according to your risk appetite.

SSBBII LLiiffee UULLIIPP FFUUNNDDSS

Fund Names

Products*

SBI Life - Unit Plus

Super

SBI Life – Smart

Performer

SBI Life – Saral Maha

Anand

SBI Life – Smart

Scholar

SBI Life – Smart Elite

SBI Life – Smart

Horizon

SBI Life – Smart

Pension

SBI Life – Smart

Wealth Assure

Equity

Bond

Money Market

Growth

Balanced

Equity Optimiser

Index

Top 300

P/E Managed

Daily Protect

Daily Protect II

Equity Elite Fund II

Guaranteed Pension Fund (GPF)

Return Guarantee Fund (RGF)

Daily Protect III

ULIPU N I T L I N K E D P R O D U C T S F R O M S B I L I F E I N S U R A N C E C O . L T D .Monthly Investment Update: Volume 4, Issue 6 September, 2011

2

DEBT MARKET REVIEW AND OUTLOOK

MARKET REVIEW

Yields headed higher during the month of September as the govt. announced 53,000 cr of excess borrowings

during second half of FY12. The relative stability in Euro with the approval of the EFSF funding size and better

economic data in the US also had a role to play in hardening domestic yields.

Key rate movements during the month are as under:

Instrument Sept '11 Aug '11 Mar ’11 Change (MOM)

Change (YTD)

10 Yr Gsec 8.44% 8.30% 7.98% 0.14% 0.46% 30 Yr Gsec 8.59% 8.59% 8.33% 0% 0.26%

3 Yr AAA Bond 9.53% 9.35% 9.33% 0.18% 0.20% 5 Yr AAA Bond 9.58% 9.38% 9.20% 0.20% 0.38% 10 Yr AAA Bond 9.60% 9.38% 9.25% 0.22% 0.35% 364 Days T-bill 8.39% 8.30% 7.64% 0.09% 0.75% 91 Days T-bill 8.43% 8.35% 7.31% 0.08% 1.12%

1 Yr Certificate of Deposit 9.75% 9.50% 9.80% 0.25% -0.05% Credit spreads 100 bps 108 bps 127 bps -8 Bps (-) 27 Bps Crude $/barrel 102$ 111$ 115$ (-) 9.00$ (-) 13.00$

(Source: Bloomberg, Reuters & RBI)

Macro Indicators

Index of Industrial output grew at 3.3% year-on-year (y-o-y) in July. This was the newly formed index

which has a base year of 2004-05 versus the old base of 1993-94. The fall in intermediate goods and

capital goods category led to this weak Industrial Production (IIP) number. The Purchasing Manager’s

Index (PMI) number for September has fallen from 52.6 to 50.4 levels and this could suggest a further

slowdown in IIP growth for the upcoming month.

The June inflation came in at 9.78% against the consensus estimate of 9.7%. The fall in food inflation

and global commodity prices by around 10% should have a softening effect on inflation going

forward.

The real GDP growth for quarter ending June 2011 came in at 7.7% against Q4 FY 11 growth of 7.8%

India’s trade deficit widened to $ 14 bn in August, with exports growing at above 40% and imports

growing at 50% y-o-y. The Current Account deficit for the quarter ending June 2012 came at USD

14bn and thus the annual CAD would stand at 3.1% of FY 12 GDP

September, 2011

3

Bank deposits in the latest fortnight of FY12 grew by 8,000 cr and are currently growing at 17.4%.

Credit disbursals rose by 19,000 cr and the current growth rate of loans and disbursals is 19.5%.

Source: Bloomberg, Reuters & RBI

Global News: US economic data throw positive surprise; more downgrades across Euro zone The non farm payrolls saw 1, 03,000 net job additions in the US for the month of September against the

previous month’s number of Zero additions. The unemployment rate however stood unchanged at 9.1%. The

other positive bit of data from the US was that the Institute of Supply Management (ISM) manufacturing PMI

came at a higher than expected 51.6 levels. Euro zone on the other hand had to deal with more shockingly bad

news, as Italy got downgraded further and around 19 European banks received a similar treatment by the

credit rating agencies. Though the 17 nations of Euro approved of the 400 bn Euro based European Financial

Stability Facility, things still do seem dire in the region.

Source: Bloomberg, Reuters

OUTLOOK

We expect policy rates to remain at 8.25% after the October 25th Quarterly Policy Review. However extra

borrowing of Govt will lead to crowding out of private sector borrowing and push up interest rates in short

term. In past 3 years RBI has absorbed additional govt. borrowing by conducting open market purchase to the

tune of 60,000-80,000 crores. It is too early for RBI to announce Open Market Operations (OMO) as inflation is

still high. Market position was long due to favorable factors and hence additional supply will not be easily

absorbed at current levels. We expect 10 y Gsec yield to rise from current levels owing to all the hardening

pressures.

EQUITY OUTLOOK Markets were volatile for the month of September, 2011. Intra month benchmark indices went up 3%,

however ended negative 1.3%. Index closed 16454, down 1.3%.

International turmoil especially in European region and domestic issues continued to haunt the markets.

European Union struggled to hold together. There were issues with passing of vote to bail out Greece.

European Financial Stability Fund needs more funds to muddle through the crisis.

Early signs of slowdown in China were evident with PMI coming below 50 for the first time.

September, 2011

4

Much needed to be done back home. Indian government had to put its act together to gain confidence within

market participants. Cabinet cleared the mining bill. However, response by the markets was negative. There

were concerns on sharing of profits and R&R activities that needed to be carried out for acquisition of land.

Central bank increased the repo rate by 25 basis points. This was in line with the expectation. Industrial

Output index came at 3% for the month of July. In view of bad sentiments and beaten down price, government

deferred its plans to disinvest Oil and Natural Gas Ltd.

Negative sentiments have taken over. Despite fall in commodity prices that augurs well to Indian economy

and widespread monsoon, fall in major indices could not be prevented. Foreign Institutional Investor selling

was nominal.

We get into result season with caution Results are not expected to be good in view of falling demand, increase

in costs. We would maintain a cautious outlook. Valuations are attractive from one year point of view.

Disclaimer:

1) This newsletter only gives an overview of economy and should not be construed as financial advice 2) SBI Life Insurance Co. Ltd however makes no warranties, representations, promises or statements that

information contained herein are correct and accurate. Please consult your Advisor/Consultant before making the investment decision

3) The Company reserves the right to close or add existing / new fund option subject to IRDA approval. 4) Company shall select the investments, including derivatives and units of mutual funds, by each fund at its

sole discretion subject to the investment objectives of the respective plan and the IRDA regulations.

September, 2011

5

INVESTMENT STYLE & FUND PERFORMANCE* As on 30th September 2011

Equity Fund

INVESTMENT STYLE

To provide high equity exposure targeting higher returns in the long term. The fund has the following asset

class allocation strategy:

Assets of Equity Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 80% 100%High

96.48%

Debt & Money Market Instruments 0% 20% 3.52%

FUND PERFORMANCE

Returns From

1 April 11 1 yr 2 yrs 3 yrs 4 yrs 5 yrs

Since Inception

(10 Jan 05)

Equity Fund -12.10% -14.41% 2.37% 11.28% 0.45% 7.54% 20.59%

Benchmark - NIFTY -15.26% -18.02% -1.39% 8.03% -0.39% 6.61% 14.55%

September, 2011

*i) Returns less than or equal to one year are absolute returns. Returns greater than a year are in terms of Compound Annual Growth Rate (CAGR)

ii) Past performance of any of the funds is not indicative of their future prospects or returns

6

Bond Fund

INVESTMENT STYLE To provide relatively safe and less volatile investment option mainly through debt instruments and

accumulation of income through investment in fixed income securities. The fund has the following asset class

allocation strategy:

Assets of Bond Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Debt Instruments 60% 100% Low to

Medium

81.32%

Money Market Instruments 0% 40% 18.68%

FUND PERFORMANCE

Returns From


Since Inception

(10 Jan 05)

Bond Fund 3.58% 6.43% 6.88% 10.24% 9.39% 9.40% 8.60%

Benchmark – CRISIL CompBex 3.11% 5.58% 5.52% 7.00% 6.16% 6.01% 5.58%

September, 2011

Growth

INVESTMLong-term

small p

The fund

FUND PE

Retu

Grow

Benc

(70%

h Fund

MENT STYLE m capital app

part investe

d has the follow

Assets of G

Equity

Debt & Mo

ERFORMANCE

urns

wth Fund

chmark –

%) CompBex (3

preciation thro

ed in debt

wing asset cla

Growth Fund

oney Market I

E

Fr

1 A

1

-9.

Nifty

30%)

-9.

ough investm

t and mo

ass allocation

nstruments

rom

April

11

1 y

74% -12.7

95% -11.2

7

ment primarily

oney market

strategy:

Minimum

40%

10%

yr 2 yrs

5% -0.18%

1% 0.99%

y in equity and

t for dive

m Maximu

90%

60%

3 yrs

% 6.73%

% 4.71%

d equity relat

ersification a

um Risk

Medium

to High

4 yrs

5 y

-2.49% 4.1

-2.69% 4.64

ted instrumen

and risk r

Actual A

(As on 30

m 65.9

34.1

yrs

Sinc

Incept

(24 Nov

8% 12.23

4% 9.58

nts with a

reduction.

Asset Mix

0 Sept 11)

90%

10%

ce

tion

v 05)

3%

8%

September, 2

2011

8

Balanced Fund

INVESTMENT STYLE To provide accumulation of income through investment in both equities and fixed income securities with an

attempt to maintain a suitable balance between return and safety. The fund has the following asset class


Assets of Balanced Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 40% 60%Medium

47.38%


FUND PERFORMANCE

Returns From


Since Inception

(5 Dec 05)

Balanced Fund -5.28% -7.34% 1.91% 8.87% 4.34% 8.97% 10.81%

Benchmark – Nifty (50%)

CompBex (50%)

-6.31% -6.53% 2.43% 7.03% 1.78% 6.32% 9.03%

September, 2011

9

Equity Optimiser Fund

INVESTMENT STYLE To provide equity exposure targeting higher returns through long term capital gains.

The fund has the following asset class allocation strategy:

Assets of Equity Optimiser Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 60% 100%High

76.30%


FUND PERFORMANCE

Returns From

1 April 11 1 yr 2 yrs 3 yrs

Since Inception

(21 Jan 08)

Equity Optimiser Fund -12.62% -16.50% -0.58% 11.08% 2.87%

Benchmark – Nifty (80%) LiquiFEX (20%) -11.60% -13.15% 0.29% 5.87% -3.01%

September, 2011

10

Index Fund

INVESTMENT STYLE To provide returns closely corresponding to returns of NSE, S&P CNX Nifty Index, though investment

regulations may restrict investment in group companies and some large cap companies listed on the Nifty

Index leading to higher tracking error. The fund has the following asset class allocation strategy:

Assets of Index Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 90% 100%High

99.68%

Money Market Instruments & Cash 0% 10% 0.32%

FUND PERFORMANCE

Returns From

1 April 11 1 yr

Since Inception

(7 Jan 2010)

Index Fund -14.40% -17.01% -2.25%

Benchmark – Nifty -15.26% -18.02% -3.56%

September, 2011

11

Top 300 Fund

INVESTMENT STYLE To provide long term capital appreciation by investing in stocks of top 300 companies in terms of market

capitalization on the National Stock Exchange. The fund has the following asset class allocation strategy:

Assets of Top 300 Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 60% 100%High

71.78%


FUND PERFORMANCE

Returns From

1 April 11 1 yr

Since Inception

(7 Jan 2010)

Top 300 Fund -8.79% -11.49% 5.50%

Benchmark – Nifty (80%) LiquiFEX (20%) -11.60% -13.15% -1.39%

September, 2011

P/E Ma INVESTMTo provid

Earning

reference

invested

Actual(As on

anaged Fund

MENT STYLE de long term

(P/E) multiple

e to forward

in debt instru

Forward

<12 ≥ a15 ≥ a18 ≥ a

≥

l Asset Mix n 30 Sept 11)

FUND

PERFOR

P/E Ma

Benchm

d

capital appre

e. The alloca

Price Earning

uments, mone

P/E Bands

<12 and < 15 and < 18 and < 21 ≥ 21

Equity: 95.

RMANCERetu

naged Fund

mark –NA

eciation throu

ation to equit

g (P/E) multip

ey market & c

Equity & EquInstruments

90% to80% to60% t40% t0% to

98%

rns

Fr

1 Ap

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12

ugh dynamic

ty and equity

ple on the NS

ash. The fund

Asset Auity Related

o 100%o 100%to 90%to 80%o 50%

De

rom

pril 11

3.41%

NA

asset allocati

y related ins

SE, S&P, CNX

d has the follow

AllocationDebt, MInstrum

0%0%

10%20%

50%

bt, Money Ma

1 yr

-12.36%

NA

on with refer

truments is d

X Nifty Index

wing asset cla

Money Marketments & Cash % to 10%% to 20%% to 40%% to 60%

% to 100%

arket Instrum

Since Inc

(8 Sep

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rence to forw

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ass allocation

Risk t

High

ents & Cash: 4

ception

2010)

59%

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S

ward Price

argely by

ng fund is

strategy:

4.02%

September, 22011

13

Daily Protect Fund

INVESTMENT STYLE To provide NAV protection using the CPPI methodology. The asset allocation is dynamically rebalanced to give

a guarantee^ of 105% of the highest NAV in the built-up phase. The fund has the following asset class


Assets of Daily Protect Fund Min Max Risk Actual Asset Mix (As on 30 Sept 11)

Equity & Equity Related Instruments 0% 100% Low to

Medium

58.33%


^The Guaranteed NAV shall be available only at maturity and shall be subject to the Policy being in force till the maturity date. Guarantee charge of 0.50% p.a. of Daily Protect Fund value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. FUND PERFORMANCE

Returns From 1 April 11 1 yr Since Inception

(6 Sep 2010)

Daily Protect Fund -10.52% -13.87% -11.05%

Benchmark –NA NA NA NA

September, 2011

14

Equity Elite Fund II

INVESTMENT STYLE To provide high equity exposure targeting higher returns in the long run. The fund has the following asset class


Assets of Equity Elite Fund II Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 60% 100%High

71.77%


FUND PERFORMANCE

Returns From

1 April 11 1 yr Since Inception

(10 Feb 2010)

Equity Elite Fund II -12.49% -14.03% 0.48%

Benchmark – Nifty (80%) LiquiFex (20%) -11.60% -13.15% 3.46%

September, 2011

15

Equity Elite Fund

INVESTMENT STYLE

For long-term capital appreciation through higher exposure in equity and equity related instruments. The fund

has the following asset class allocation strategy:

Assets of Equity Elite Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity & Equity Related Instruments 60% 100%High

74.06%


FUND PERFORMANCE

Returns From


Since Inception

(25 Feb 08)

Equity Elite Fund -13.03% -15.04% 0.19% 11.75% 8.11%


LiquiFEX (20%)

-11.60% -13.15% 0.29% 5.87% -3.04%

September, 2011

16

FlexiProtect Fund

INVESTMENT STYLE To optimise returns and provide capital protection by adopting dynamic asset allocation plan. The fund has the

following asset class allocation strategy:

Assets of FlexiProtect Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)


Medium

49.81%


FUND PERFORMANCE

Returns From

1 April 11 1 yr 2 yr

Since Inception

(8 March 09)

FlexiProtect Fund -6.10% -13.01% 2.71% 20.21%

Benchmark – NA NA NA NA NA

September, 2011

17

FlexiProtect Fund (Series II)

INVESTMENT STYLE To provide capital protection and optimum returns based on systematic asset allocation model. The fund has

the following asset class allocation strategy:

Assets of FlexiProtect Fund (Series II) Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)


Medium

56.06%


FUND PERFORMANCE

Returns From

1 April 11 1 yr

Since Inception

(8 Jan 2010)

FlexiProtect Fund (Series II) -9.63% -14.13% 4.35%

Benchmark – NA NA NA NA

September, 2011

18

Equity Pension Fund INVESTMENT STYLE To provide high equity exposure targeting higher returns in the long term. The fund has the following asset

class allocation strategy:

Assets of Equity Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)


91.51%


FUND PERFORMANCE Returns From

1 April 11 1 yr 2 yrs 3 yrs 4 yrs

Since Inception

(15 Jan 07)

Equity Pension Fund -13.50% -17.06% -1.52% 8.74% -0.90% 4.78%

Benchmark – Nifty -15.26% -18.02% -1.39% 6.52% -2.55% 2.61%

September, 2011

19

Bond Pension Fund INVESTMENT STYLE To provide relatively safe and less volatile investment option mainly through debt instruments and

accumulation of income through investment in fixed income securities. The fund has the following asset class


Assets of Bond Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Debt Instruments 60% 100% Low to

Medium

83.83%


FUND PERFORMANCE Returns From


Since Inception

(16 Jan 07)

Bond Pension Fund 3.62% 6.32% 7.18% 9.03% 8.48% 8.82%

Benchmark – CRISIL CompBex 3.11% 5.58% 5.52% 7.00% 6.16% 6.13%

September, 2011

20

Growth Pension Fund

INVESTMENT STYLE To provide long-term capital appreciation through investments primarily in equity and equity related

instruments with a small part invested in debt and money market for diversification and risk reduction.


Assets of Growth Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity & Equity Related Instruments 40% 90% Medium

to High

67.23%


FUND PERFORMANCE

Returns From


Since Inception

(15 Feb 07)

Growth Pension Fund -9.70% -12.61% 0.88% 10.39% 0.72% 8.64%


CompBex (30%)

-9.95% -11.21% 0.99% 3.25% -4.80% 0.46%

September, 2011

21

Balanced Pension Fund INVESTMENT STYLE To provide accumulation of income through investment in both equities and fixed income securities with an

attempt to maintain a suitable balance between return and safety. The fund has the following asset class


Assets of Balanced Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity & Equity Related Instruments 40% 60%Medium

46.91%


FUND PERFORMANCE

Returns From


Since Inception

(21 Feb 2007)

Balanced Pension Fund -4.97% -6.68% 1.54% 10.00% 6.43% 11.98%


CompBex (50%)

-6.31% -6.53% 2.43% 7.03% 1.78% 4.93%

September, 2011

22

Equity Optimiser Pension Fund INVESTMENT STYLE To provide equity exposure targeting higher returns (through long term capital gains). The fund has the

following asset class allocation strategy:

Assets of Equity Optimiser Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)


77.78%


FUND PERFORMANCE

Returns From


Since Inception

(21 Jan 2008)

Equity Optimiser Pension Fund -12.49% -16.06% -0.35% 11.25% 3.00%

Benchmark – Nifty (80%) LiquiFEX (20%) -11.60% -13.15% 0.29% 5.87% -3.01%

September, 2011

23

Index Pension Fund

INVESTMENT STYLE To provide returns closely corresponding to returns of NSE, S&P CNX Nifty Index, though investment

regulations may restrict investment in group companies listed on index leading to higher tracking error. The

fund has the following asset class allocation strategy:

Assets of Index Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 90% 100%High

99.02%


FUND PERFORMANCE

Returns From

1 April 11 1 yr

Since Inception

(18 Jan 2010)

Index Pension Fund -14.32% -16.97% -0.10%

Benchmark – Nifty -15.26% -18.02% -3.74%

September, 2011

24

Top 300 Pension Fund

INVESTMENT STYLE To provide long term capital appreciation by investing in stocks of top 300 companies in terms of market

capitalization on National Stock Exchange. The fund has the following asset class allocation strategy:

Assets of Top 300 Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 60% 100%High

72.38%


FUND PERFORMANCE

Returns From

1 April 11 1 yr

Since Inception

(18 Jan 2010)

Top 300 Pension Fund -8.84% -12.61% 3.33%

Benchmark – Nifty (80%) LiquiFEX (20%) -11.06% -13.15% -1.53%

September, 2011

25

Daily Protect Fund II




Assets of Daily Protect Fund II Min Max Risk Actual Asset Mix (As on 30 Sept 11)


Medium

65.21%


^The Guaranteed NAV shall be available only at maturity and shall be subject to the Policy being in force till the maturity date. Guarantee charge of 0.50% p.a. of Daily Protect Fund II value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. FUND PERFORMANCE

Returns From 1 April 11 Since Inception

(4 Mar 2011)

Daily Protect Fund II -12.65% -7.71%

Benchmark –NA NA NA

September, 2011

26

Return Guarantee Fund (RGF)*

INVESTMENT STYLE To maximise the investment return subject to a guaranteed return over a pre specified fixed period (till the last

vesting date of all policies invested in the fund). It aims to guarantee a reverse repo related return by investing

mostly in fixed income securities (debt instruments, money market instruments and cash) with maturities

close to the maturity date of the fund.

FUND PERFORMANCE- RGF070311

Assets of RGF Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Debt 0% 10% Low 97.70%


Returns From

1 April 11

Since Inception

(09 Mar 2011)

Return Guarantee Fund (RGF) 1.00% 1.73%


September, 2011

27

FUND PERFORMANCE- RGF150611

Assets of RGF Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Debt 0% 10% Low 87.87%


Returns From

1 April 11

Since Inception

(21 Jun 2011)

Return Guarantee Fund (RGF) NA 0.87%


*The ‘Return Guarantee’ (Minimum NAV Guarantee) is applicable only in respect of the Return Guarantee Fund (RGF) and

is applicable to the NAV at the end of the 10th year from the start of the subscription period of the Fund and /or sub-

fund(s). The guarantee will apply to all contributions made during the subscription period. To provide the ‘Return

Guarantee’ a guarantee charge of 0.35% p.a. of the Fund Value levied on RGF would be recovered through cancellation of

units.

September, 2011

28

Daily Protect Fund III




Assets of Daily Protect Fund II Min Max Risk Actual Asset Mix (As on 30 Sept 11)


Medium

70.99%


^The Guaranteed NAV shall be available only at maturity and shall be subject to the Policy being in force till the maturity date. Guarantee charge of 0.50% p.a. of Daily Protect Fund III value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. FUND PERFORMANCE

Returns From 1 April 11 Since Inception

(1 Sep 2011)

Daily Protect Fund III NA -0.12%


September, 2011

29

Money Market Fund

INVESTMENT STYLE To deploy the funds in liquid and safe instruments so as to avoid market risk on a temporary basis.


Assets of Money Market Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Debt Instruments 0% 20%Low

0.18%


FUND PERFORMANCE

Returns From


Since Inception

(1 Feb 06)

Money Market Fund 3.75% 6.81% 6.05% 6.56% 6.69% 6.49% 6.41%

Benchmark – LiquiFEX 3.92% 7.77% 5.89% 6.20% 6.52% 6.69% 6.60%

Money Market Pension Fund

To provide an option to deploy the funds in liquid and safe instruments so as to avoid market risk on a

temporary basis. The fund has the following asset class allocation strategy:

Assets of Money Market Pension Fund Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Debt Instruments 0% 20%Low

0%

Money Market Instruments 80% 100% 100%

FUND PERFORMANCE

Returns From


Since Inception

(20 Mar 08)

Money Market Pension Fund 4.29% 8.03% 6.22% 6.68% 6.74%

Benchmark - LiquiFEX 3.92% 7.77% 5.89% 6.20% 6.51%

September, 2011

30

Guaranteed Pension Fund (GPF070211)^

INVESTMENT STYLE To maximise the investment return subject to a guaranteed return over a pre specified fixed period (till the last

vesting date of all policies invested in the fund). It aims to guarantee a reverse repo related return by investing

mostly in fixed income securities (debt instruments, money market instruments and cash) with maturities

close to the maturity date of the fund.

Assets of GPF Minimum Maximum Risk Actual Asset Mix

(As on 30 Sept 11)

Equity 0% 10%Low

0%

Debt &Money Market Instruments 90% 100% 100%

FUND PERFORMANCE

Returns From

1 April 11

Since Inception

(09 Feb 2011)

Guaranteed Pension Fund (GPF070211) 3.12% 3.81%


^The Guaranteed NAV is applicable only at maturity, and shall be further subject to the Policy being in force till

the Maturity Date. Guarantee Charge of 0.35% p.a. would be recovered from the Fund (through cancellation of

units) to provide the NAV Guarantee.

September, 2011

31

Funds Inception

Date

Bench marks (BM)

Returns in %(Less than or equal to 1 yr : Absolute Returns, greater than 1 yr : CAGR)

From

1 Apr 11 1 yr 2 yrs

3 yrs

4 yrs

5 yrs

Since Inception

Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM

Equity 10-Jan-05 NIFTY

-12.10 -15.26 -14.41 -18.02 2.37 -1.39 11.28 8.03 0.45 -0.39 7.54 6.61 20.59 14.55

Equity Pension# 15-Jan-07

-13.50 -15.26 -17.06 -18.02 -1.52 -1.39 8.74 6.52 -0.90 -2.55 NA NA 4.78 2.61

Growth# 24-Nov-

05 Nifty (70%)

CompBex (30%)

-9.74 -9.95 -12.75 -11.21 -0.18 0.99 6.73 4.71 -2.49 -2.69 4.18 4.64 12.23 9.58

Growth Pension# 15-Feb-07

-9.70 -9.95 -12.61 -11.21 0.88 0.99 10.39 3.25 0.72 -4.80 NA NA 8.64 0.46

Equity Optimiser* 21-Jan-08

Nifty (80)

LiquiFEX (20)

-12.62 -11.60 -16.50 -13.15 -0.58 0.29 11.08 5.87 NA NA NA NA 2.87 -3.01

Equity Optimiser Pension#* 21-Jan-08

-12.49 -11.60 -16.06 -13.15 -0.35 0.29 11.25 5.87 NA NA NA NA 3.00 -3.01

Equity Elite# 25-Feb-08 -13.03 -11.60 -15.04 -13.15 0.19 0.29 11.75 5.87 NA NA NA NA 8.11 -3.04

Equity Elite Fund II* 10-Feb-10

-12.49 -11.60 -14.03 -13.15 NA NA NA NA NA NA NA NA 0.48 3.46

Balanced# 5-Dec-05 Nifty (50)

CompBex (50)

-5.28 -6.31 -7.34 -6.53 1.91 2.43 8.87 7.03 4.34 1.78 8.97 6.32 10.81 9.03

Balanced Pension# 21-Feb-07

-4.97 -6.31 -6.68 -6.53 1.54 2.43 10.00 7.03 6.43 1.78 NA NA 11.98 4.93

Bond 10-Jan-05 CRISIL CompBe

x

3.58 3.11 6.43 5.58 6.88 5.52 10.24 7.00 9.39 6.16 9.40 6.01 8.60 5.58

Bond Pension 16-Jan-07

3.62 3.11 6.32 5.58 7.18 5.52 9.03 7.00 8.48 6.16 NA NA 8.82 6.13

Money Market# 1-Feb-06

LiquiFEX

3.75 3.92 6.81 7.77 6.05 5.89 6.56 6.20 6.69 6.52 6.49 6.69 6.41 6.60

Money Market Pension#

20-Mar-08

4.29 3.92 8.03 7.77 6.22 5.89 6.68 6.20 NA NA NA NA 6.74 6.51

FlexiProtect 8-Mar-09

NA

1.32 NA 2.54 NA NA NA NA NA NA NA NA NA 3.78 NA

FlexiProtect (Series II) 8-Jan-10

3.12 NA NA NA NA NA NA NA NA NA NA NA 3.81 NA

Guaranteed Pension Fund (GPF070211)

9-Feb-11

-10.52 NA -13.87 NA NA NA NA NA NA NA NA NA -11.05 NA

Daily Protect 6-Sep-10

-12.65 NA NA NA NA NA NA NA NA NA NA NA -7.71 NA

Daily Protect II 4-Mar-11

NA NA NA NA NA NA NA NA NA NA NA NA -0.12 NA

Daily Protect III 1-Sep-11

1.00 NA NA NA NA NA NA NA NA NA NA NA 1.73 NA

RGF070311 9-Mar-11

NA NA NA NA NA NA NA NA NA NA NA NA 0.87 NA

RGF150611 21-Jun-11

-13.41 NA -12.36 NA NA NA NA NA NA NA NA NA -10.59 NA

P/E Managed^ 8-Sep-10

1.32 NA 2.54 NA NA NA NA NA NA NA NA NA 3.78 NA

Index 7-Jan-10

Nifty -14.40 -15.26 -17.01 -18.02 NA NA NA NA NA NA NA NA -2.25 -3.56

Index Pension 18-Jan-10

-14.32 -15.26 -16.97 -18.02 NA NA NA NA NA NA NA NA -0.10 -3.74

Top 300* 7-Jan-10

Nifty (80)

Liquifex (20)

-8.79 -11.60 -11.49 -13.15 NA NA NA NA NA NA NA NA 5.50 -1.39

Top 300 Pension* 18-Jan-10

-8.84 -11.60 -12.61 -13.15 NA NA NA NA NA NA NA NA 3.33 -1.53

September, 2011

32

# W.e.f. 1st April, 2009 the Benchmark for the funds has been revised for better representation of the investment philosophy of the fund. The benchmark returns mentioned above accordingly represent aggregate performance of old benchmark upto March 09 and revised benchmark thereafter. * W.e.f. 1 June 2010, the Benchmark for the funds have been defined.

Past performance of any of the funds above is not indicative of their future prospects or returns.

Risk Factors:

1) Unit Linked Life Insurance products are different from the traditional insurance products and are subject to

the risk factors

2) Premium paid in unit linked policies are subject to market risks associated with capital markets and NAVs of

units may go up or down based on the performance of fund and factors influencing the capital market and

the insured is responsible for his/her decision.

3) SBI Life Insurance Co. Ltd. is only the name of the insurance company and the various products offered are

only the names of the unit linked life insurance contract and does not in any way indicate the quality of the

contract, its future prospects or returns

4) The various funds offered under SBI Life Unit Linked products are only the names of funds and do not in any

way indicate the quality of these funds, their future prospects and returns

5) Please know the associated risks and the applicable charges, from your Insurance agent or the intermediary

or policy document of the insurer

6) Past Performance of the Fund is not indicative of its future prospects or returns.

September, 2011

33

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER To know more about us

Visit us at www.sbilife.co.in or Call Toll Free No. 1800 22 9090 SBI Life Insurance Co. Ltd.

Registered Office and Corporate Office: "Natraj", M.V Road & Western Express Highway Junction, Andheri (E), Mumbai-400069

Regn. No. 111 Insurance is the subject matter of solicitation

For more details on Risk Factors, Terms & Conditions, please read the sales brochure carefully before concluding a sale

SFIN Funds SFIN

Equity Fund ULIF001100105EQUITY-FND111

Bond Fund ULIF002100105BONDULPFND111

Growth Fund ULIF003241105GROWTH-FND111

Balanced Fund ULIF004051205BALANCDFND111

Money Market Fund ULIF005010206MONYMKTFND111

Equity Pension Fund ULIF006150107PEEQITYFND111

Bond Pension Fund ULIF007160107PENBONDFND111

Growth Pension Fund ULIF008150207PEGRWTHFND111

Balanced Pension Fund ULIF009210207PEBALANFND111

Equity Optimiser Fund ULIF010210108EQTYOPTFND111

Equity Optimiser Pension Fund ULIF011210108PEEQOPTFND111

Equity Elite Fund ULIF012250208EQTYELTFND111

Money Market Pension Fund ULIF013200308PEMNYMTFND111

Flexi Protect Fund ULIF014080309FLEXPR1FND111

Flexi Protect (Series II) Fund ULIF014080110FLEXPR2FND111

Index Fund ULIF015070110INDEXULFND111

Top 300 Fund ULIF016070110TOP300-FND111

Index Pension Fund ULIF017180110PEINDEXFND111

Top 300 Pension Fund ULIF018180110PETP300FND111

Equity Elite II Fund ULIF019100210EQTELI2FND111

Daily Protect Fund ULIF020060910DLYPRO1FND111

Daily Protect Fund - II ULIF020040311DLYPRO2FND111

Daily Protect Fund - III ULIF020010911DLYPRO3FND111

P/E Managed Fund ULIF021080910P/EMNGDFND111

GPF070211 Guaranteed Pension Fund ULIF022090211PEGURNTFND111

Return Guaranteed Fund-RGF070311 ULIF023090311RETGRT1FND111

Return Guaranteed Fund-RGF150611 ULIF023210611RETGRT2FND111

September, 2011

monthly investment update: ulip september, 2011 · monthly investment update: volume 4, issue 6...

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