MARKET

REVIEW
AND
OUTLOOK
May 2025
FIXED INCOME

MACRO DATA April 30, 2025 1-Month 1-Year

USD / INR 84.50 85.51 83.44
Brent Oil ($/bl) 63.12 74.95 87.86
Retail Inflation (CPI) 3.34% (March) 3.61% 4.85%

FIXED INCOME

ï European Central Bank (ECB) cut its policy rates by 25 bps to 2.25%. US Federal Reserve is expected to keep
the policy rate unchanged as they would like to await for the outcomes of the latest tariffs hike by the Trump
administration on inflation.
ï RBI announced Open Markets Operations (OMO) to purchase ₹1250 bn of government securities in four
tranches in the month of May 2025.

ï Crude oil prices dropped below $60 as OPEC+ announced further output hikes

ï We remain ‘neutral’ on the outlook for bond markets

o The OMO’s and FX swaps undertaken by the RBI will ensure durable liquidity remains surplus going
forward, which will be supportive for the short-medium term segment. We expect the 10 year G-sec yield
to trade in a range of 6.25%-6.40% in the near term.

o Market will be watchful of global developments and its impact on the exchange rate.

022
EQUITY

EQUITY 1-Month 1-Year 3-Year

INDICES % Change % Change % Change
NIFTY 50 3.5 7.7 12.5
BSE 100 3.2 6.8 13.0

NIFTY 500 3.2 4.9 14.2

NIFTY
4.7 6.4 21.9
Midcap100

At April 30, 2025

Nifty was up 3.5 % for the month of April 2025

ï Both FIIs & DIIs continued buying during the month
ï Within BSE 100 index, amongst sectors Insurance/Oil & Gas outperformed while Metal & Minerals/Technology
underperformed the broader market
Our outlook remains cautious in the short term while it remains positive in the medium term
ï Rising recession risk in USA and heightened geo-political tension with neighbors is a key near term issue
• Q4-FY2025 earnings season has been muted so far, however largely inline with expectations
ï FII flows seem to have turned positive amidst fears around lower global growth and tariff uncertainty while
domestic flows remain strong
• The Nifty’s P/E is trading at 21x for FY2026E trading near its 5-year average

In the medium term, we expect certain important drivers for growth:

• Domestic policy pivot has shifted in favour of ‘growth’ (CRR cut, rate cut, liquidity infusion, lower risk weights
and tax cuts)
ï India benefits from structural levers in the form of demographic benefits, rising formalisation, manufacturing
focus and digitisation
ï Corporate balance sheets remain strong which positions them well for next leg of growth
ï Earnings trajectory will be key monitorable over medium term
Market consensus for Nifty earnings CAGR over FY2025-FY2027 at 11%

03
Balanced Advantage Fund
(SFIN : ULIF 144 03/06/21 BalanceAdv 105)

MODERATE RISK MODERATE RETURN

Fund Objective:
DERATE
To generate superior long-term returns from a MO
diversified portfolio of equity and debt securities. The

HI
W
equity allocation is to be changed dynamically based

GH
LO
on market conditions and relative attractiveness
versus other asset classes.
Fund Composition LOW RISK HIGH RISK
Inception Date August 31, 2021
LOW RETURN HIGH RETURN
Assets Invested `24,522.7 Million
Asset Mix (As on Composition as per Actual Asset Under Management
April 30, 2025) F & U* Composition (` In Million)
Gautam Sinha Roy, Arun Srinivasan
Fund Manager(s) 5 (3 Equity, 2 Balanced)
49 (19 Debt, 30 Balanced) Equity and Equity Minimum 65% and 71% 16,841.2
related securities Maximum 90%

Benchmark 30% CRISIL Composite Bond Fund Money Market Minimum 0% and
Index & 70% S&P BSE 200 4% 803.6
and Cash Maximum 35%

NAV `14.3252 Debt Instruments Minimum 10% and 5,970.9

25%
Maximum 35%

Top 10 Sectors * % of Assets Invested Total 100% 23,615.7

* As per IRDA Product Filing Past performance is not indicative of future performance.
Financial and insurance activities 19.73%
Infrastructure 9.16% Holdings as on April 30, 2025
Computer programming, consultancy
and related activities 7.17% % of Assets
Manufacture of motor vehicles, trailers
Equity Invested
and semi-trailers 3.78%
HDFC Bank Limited 5.07%
Manufacture of chemicals & chemical products 3.39%
HDFC Mutual Fund Banking ETF 4.03%
Manufacture of pharmaceuticals,medicinal
Infosys Limited 3.27%
chemical and botanical products 3.01%
Bharti Airtel Limited 2.62%
Manufacture of coke and refined
Reliance Industries Limited 2.59%
petroleum products 2.89%
Larsen & Toubro Limited 2.47%
Manufacture of Basic Metals 2.50%
Bajaj Finance Limited 2.32%
Housing Industry 2.35%
Retail trade, except of motor vehicles Nippon India Banking ETF 2.30%
and motorcycles 2.32% Kotak Banking ETF 2.16%
Others 43.69% Mahindra & Mahindra Limited 1.87%
Hindalco Industries Limited 1.65%
Debt Portfolio by Maturity Allocation as a % Titan Company Limited 1.58%
<1 9.06% Hindustan Unilever Limited 1.51%
1-5 years 23.07% Sun Pharmaceutical Industries Limited 1.14%
5-7 years 5.06% SBI Nifty Bank ETF 1.13%
7-10 years 39.08% State Bank of India 1.11%
>10 years 23.73% Adani Ports and Special Economic Zone Limited 1.10%
Total 100.00% NTPC Limited 1.02%
Average maturity of debt portfolio (Months) 139.57 FSN E-Commerce Ventures Limited 0.95%
Yield To Maturity Of Debt Portfolio 6.77%
Tata Consultancy Services Limited 0.91%
Modified Duration Of Debt Portfolio(Years) 5.97
Samvardhana Motherson International Limited 0.89%
Rating Profile % of Assets Invested Torrent Pharmaceuticals Limited 0.88%
Dixon Technologies (India) Limited 0.79%
Government Securities / T Bills 11.10%
Trent Limited 0.79%
Corporate Securities 14.18%
Axis Bank Limited 0.75%
AAA & Equivalent 10.78%
KPIT Technologies Limited 0.69%
AA+ & Equivalent 2.74%
AA & Below 0.67% Affle (India) Limited 0.68%
Corporate Money Market Securities 0.00% Eicher Motors Limited 0.63%
A1+ & Equivalent 0.00% Zomato Limited 0.63%
A1 & Equivalent 0.00% Ultratech Cement Limited 0.60%
Other Current Assets & Equivalent 3.40% Avenue Supermarts Limited 0.59%
Total 28.69% Oil & Natural Gas Corporation Limited 0.54%

04
 % of % of
Equity Assets Equity Assets
Invested Invested
ITC Limited 0.54% Power Finance Corporation Limited 0.14%
Kotak Mahindra Bank Limited 0.53% Bharti Hexacom Limited 0.14%
InterGlobe Aviation Limited 0.52% Star Health and Allied Insurance Company Limited 0.14%
Varun Beverages Limited 0.48% United Spirits Limited 0.14%
HDFC Life Insurance Company Limited 0.45% Bharat Petroleum Corporation Limited 0.14%
TVS Motor Company Limited 0.43% Vinati Organics Limited 0.13%
Bharat Electronics Limited 0.43% Dabur India Limited 0.13%
Persistent Systems Limited 0.42% Gail (India) Limited 0.13%
Adani Enterprises Limited 0.42% Max Healthcare Institute Limited 0.12%
Mphasis Limited 0.41% City Union Bank Limited 0.12%
Pidilite Industries Limited 0.38% Adani Energy Solutions Limited 0.12%
The Indian Hotels Company Limited 0.37%
NMDC Limited 0.12%
Astral Limited 0.37%
SBI Cards and Payment Services Limited 0.12%
Hexaware Technologies Limited 0.36%
India Shelter Finance Corporation Limited 0.12%
Aurobindo Pharma Limited 0.36%
Honasa Consumer Limited 0.12%
Chalet Hotels Limited 0.35%
Bandhan Bank Limited 0.12%
Cummins India Limited 0.34%
Vedant Fashions Limited 0.12%
BSE Limited 0.34%
Dr. Reddy's Laboratories Limited 0.12%
PB Fintech Limited 0.32%
SBFC Finance Limited 0.11%
Apollo Hospitals Enterprise Limited 0.32%
Hindustan Aeronautics Limited 0.32% L&T Finance Limited 0.11%
Siemens Limited 0.31% Landmark Cars Limited 0.11%
Coforge Limited 0.31% ABB India Limited 0.11%
DLF Limited 0.30% Havells India Limited 0.11%
Narayana Hrudayalaya Limited 0.29% Colgate Palmolive (India) Limited 0.10%
Britannia Industries Limited 0.28% Supreme Industries Limited 0.10%
Coal India Limited 0.28% PI Industries Limited 0.10%
SRF Limited 0.28% AU Small Finance Bank Limited 0.10%
Cholamandalam Investment and Finance Company Limited 0.27% Swiggy Limited 0.10%
Maruti Suzuki India Limited 0.27% KEC International Limited 0.09%
Wipro Limited 0.27% Marico Limited 0.08%
JSW Energy Limited 0.26% Punjab National Bank 0.08%
Endurance Technologies Limited 0.26% Lemon Tree Hotels Limited 0.08%
Radico Khaitan Limited 0.26% IPCA Laboratories Limited 0.08%
Bajaj Finserv Limited 0.26% KFin Technologies Limited 0.07%
Jio Financial Services Limited 0.25% Housing & Urban Development Corporation Limited 0.07%
Hdfc Asset Management Company Limited 0.24%
UPL Limited 0.07%
Hindustan Foods Limited 0.23%
Indian Renewable Energy Development Agency Limited 0.07%
Cipla Limited 0.23%
Prestige Estates Projects Limited 0.06%
Lupin Limited 0.22%
L&T Technology Services Limited 0.06%
Bharat Heavy Electricals Limited 0.22%
Info Edge (India) Limited 0.06%
Godrej Consumer Products Limited 0.22%
Vodafone Idea Limited 0.05%
Sona BLW Precision Forgings Limited 0.21%
Saregama India Limited 0.05%
HCL Technologies Limited 0.21%
Bajaj Holdings & Investment Limited 0.05%
Crisil Limited 0.21%
Tata Motors Limited 0.20% Indian Energy Exchange Limited 0.05%
Tata Steel Limited 0.20% Torrent Power Limited 0.05%
Suzlon Energy Limited 0.20% ACME Solar Holdings Limited 0.05%
Asian Paints Limited 0.19% Devyani International Limited 0.04%
Tech Mahindra Limited 0.19% Navin Fluorine International Limited 0.03%
Voltas Limited 0.19% Varroc Engineering Limited 0.02%
Bajaj Housing Finance limited 0.19% Syngene International Limited 0.02%
UTI Bank ETF 0.18% Shriram Finance Limited 0.01%
Titagarh Rail Systems Limited 0.17% Grasim Industries Limited 0.01%
NHPC Limited 0.17% RBL Bank Limited 0.00%
Arvind Fashions Limited 0.17% Kalpataru Projects International Limited 0.00%
REC Limited 0.17% Schaeffler India Limited 0.00%
Godrej Properties Limited 0.17%
GE Vernova T&D India Limited 0.16% Total 71.31%
Gokaldas Exports Limited 0.16%
Hindustan Petroleum Corporation Limited 0.15%

05
 % of % of
Corporate Securities Rating Assets Government securities / T Bills Ratings Assets
Invested Invested

7.88% Axis Bank Limited 2032 AAA 2.47% 7.34% Government of India 2064 SOV 3.12%
7.45% Axis Bank Limited 2034 AAA 1.02% 7.18% Government of India 2033 SOV 2.86%
7.80% HDFC Bank Limited 2032 AAA 0.95% 7.10% Government of India 2034 SOV 1.09%
7.09% Food Corporation of India 2031 AAA 0.60% 6.92% Government of India 2039 SOV 0.92%
7.30% Government of India 2053 SOV 0.82%
7.17% Power Finance Corporation Limited 2025 AAA 0.52%
6.79% Government of India 2034 SOV 0.73%
8.35% JSW Steel Limited 2029 AA 0.46%
7.18% Government of India 2037 SOV 0.69%
7.97% Mankind Pharma Limited 2027 AA+ 0.44%
7.46% Government of India 2073 SOV 0.39%
8.75% Bharti Telecom Limited 2028 AA+ 0.42%
7.08% Government of Andhra Pradesh 2037 SOV 0.20%
7.75% LIC Housing Finance Limited 2027 AAA 0.41% 7.09% Government of India 2054 SOV 0.17%
7.875% NIIF Infrastructure Finance Limited 2030 AAA 0.39% 7.41% Government of India 2036 SOV 0.12%
7.96% Pipeline Infrastructure Limited 2029 AAA 0.38%
6.65% Food Corporation of India 2030 AAA 0.35% Total 11.10%
7.80% LIC Housing Finance Limited 2027 AAA 0.34%
Other investments and Net current assets 3.40%
7.97% HDFC Bank Limited 2033 AAA 0.34%
8.40% Muthoot Finance Limited 2028 AA+ 0.34% Grand Total 100.00%
9.15% Shriram Finance Limited 19.01.2029 AA+ 0.33%
9.20% Shriram Finance Limited 2029 AA+ 0.31%
7.64% Food Corporation of India 2029 AAA 0.31%
7.79% Reliance Industries Limited 2033 AAA 0.31%
8.10% Samvardhana Motherson International LTd 2028AAA 0.31%
8.00% HDFC Bank Limited 2032 AAA 0.29%
7.65% HDFC Bank Limited 2033 AAA 0.29%
7.34% Punjab National Bank 2035 AAA 0.26%
7.93% NIIF Infrastructure Finance Limited 2032 AAA 0.23%
8.40% Cholamandalam Instmnt & Fin.Com. Ltd 2028 AA+ 0.22%
9.15% Shriram Finance Limited 28.06.2029 AA+ 0.22%
7.74% Power Finance Corporation Limited 2028 AAA 0.21%
7.82% Bajaj Finance Limited 2034 AAA 0.21%
8.25% Godrej Properties Limited 2028 AA+ 0.21%
8.40% Narayana Hrudayalaya Limited 2030 AA 0.21%
8.03% Tata Steel Limited 2028 AA+ 0.18%
8.30% REC Limited 2029 AAA 0.13%
7.61% LIC Housing Finance Limited 2025 AAA 0.09%
9.00% HDFC Bank Limited 2028 AAA 0.06%
8.44% HDFC Bank Limited 2028 AAA 0.06%
7.80% HDFC Bank Limited 2033 AAA 0.05%
7.65% Axis Bank Limited 2027 AAA 0.05%
7.35% Embassy Office Parks REIT 2027 AAA 0.05%
8.43% LIC Housing Finance Limited 2026 AAA 0.04%
7.92% Cholamandalam Instmnt & Fin.Com. Ltd 2025 AA+ 0.04%
7.75% Power Finance Corporation Limited 2030 AAA 0.03%
8.55% Cholamandalam Instmnt & Fin.Com. Ltd 2026 AA+ 0.03%
7.05% Embassy Office Parks REIT 2026 AAA 0.02%
8.70% LIC Housing Finance Limited 2029 AAA 0.00%

Total 14.18%

06
India Growth Fund
SFIN : ULIF 141 04/02/19 IndiaGrwth 105

Fund Objective: Fund Composition

To generate superior long-term capital appreciation by Actual Asset Under
Asset Mix(As on Composition as per
investing at least 80% in a diversified portfolio of April 30, 2025-z) F & U* Composition Management (In ₹
Million)
equity and equity related securities of companies
whose growth is propelled by India's rising power in Equity and Equity Minimum 80% and 95% 62,949.5
related securities Maximum 100%
domestic consumption and services sectors such as
Money Market and
Automobiles, Retail, Information Technology, Services Maximum 20% 5% 3,061.6
Cash
and Energy.
Debt Instruments Maximum 20% 0% 0.0
Inception Date June 17, 2019
Total 100% 66,011.1
Assets Invested ₹68,109.9 Million

Jitendra Arora Holdings as on April 30, 2025

Fund Manager(s) Funds Managed:25 (22 Equity,
3 Balanced) % of % of
Equity Assets Equity Assets
Benchmark NIFTY 100
Invested Invested
NAV ₹22.7326 HDFC Bank Limited 8.60% SBI Life Insurance Company Ltd 0.66%
Reliance Industries Limited 5.17% Samvardhana Motherson Intern. Ltd 0.66%
Infosys Limited 4.81% Vedant Fashions Limited 0.66%
Top 10 Sectors * % of Assets Invested
Larsen & Toubro Limited 3.59% Maruti Suzuki India Limited 0.63%
Financial and insurance activities 22.67% Bharti Airtel Limited- Partly paid 2.99% Oil & Natural Gas Corporation Ltd 0.63%
Infrastructure 10.90% ICICI Prudential Bank ETF 2.87% Bharat Petroleum Corporation Ltd 0.57%
Computer programming, consultancy Bajaj Finance Limited 2.80% Grasim Industries Limited 0.55%
Axis Bank Limited 2.69% Varun Beverages Limited 0.54%
and related activities 7.88%
Nippon India Banking ETF 2.26% Axis Banking ETF 0.51%
Manufacture of coke and refined
SBI Nifty Bank ETF 2.06% KPIT Technologies Limited 0.51%
petroleum products 5.17%
ITC Limited 2.01% Avenue Supermarts Limited 0.51%
Manufacture of motor vehicles, trailers
Mahindra & Mahindra Limited 2.00% Apollo Hospitals Enterprise Limited 0.51%
and semi-trailers 4.94%
Kotak Mahindra Bank Limited 1.68% Godrej Consumer Products Limited 0.49%
Manufacture of chemicals & chemical products 3.13%
Tata Consultancy Services Limited 1.63% Jindal Steel & Power Limited 0.49%
Manufacture of pharmaceuticals,medicinal
Sun Pharmaceutical Industries Ltd 1.57% Eicher Motors Limited 0.48%
chemical and botanical products 2.90% State Bank of India 1.57% Jio Financial Services Limited 0.43%
Manufacture of Basic Metals 2.75% Zomato Limited 1.55% TVS Motor Company Limited 0.43%
Retail trade, except of motor vehicles Hindustan Unilever Limited 1.46% Star Health & Allied Insur. Com. Ltd 0.42%
and motorcycles 2.18% NTPC Limited 1.33% Havells India Limited 0.41%
Manufacture of tobacco products 2.01% Bajaj Finserv Nifty Bank ETF 1.25% REC Limited 0.40%
Ultratech Cement Limited 1.19% Hitachi Energy India Limited 0.40%
Others 35.47%
Kotak Banking ETF 1.18% The Indian Hotels Company Ltd 0.40%
HCL Technologies Limited 1.11% Nestle India Limited 0.39%
Titan Company Limited 1.05% Power Finance Corporation Limited 0.39%
Hindalco Industries Limited 0.95% Cipla Limited 0.39%
MODERATE RISK MODERATE RETURN Tata Motors Limited 0.95% Aurobindo Pharma Limited 0.39%
UTI Bank ETF 0.92% Cholamanda. Instmnt& Fin.Com. Ltd 0.38%
ERATE
M OD
Bharti Airtel Limited 0.83% DLF Limited 0.38%
Ceigall India Limited 0.81% Restaurant Brands Asia Limited 0.37%
Bharat Electronics Limited 0.76% Quess Corp Limited 0.36%
HI
W

InterGlobe Aviation Limited 0.75% Hindustan Aeronautics Limited 0.35%

GH
LO

Honasa Consumer Limited 0.74% JSW Steel Limited 0.34%

Tata Steel Limited 0.73% GE Vernova T&D India Limited 0.34%
LOW RISK HIGH RISK Adani Ports & Special Eco. Zone Ltd 0.72% Bajaj Holdings & Investment Limited 0.33%
LOW RETURN HIGH RETURN Bajaj Finserv Limited 0.70% Torrent Pharmaceuticals Limited 0.32%
FSN E-Commerce Ventures Ltd 0.70% Sona BLW Precision Forgings Ltd 0.32%
Trent Limited 0.69% Sansera Engineering limited 0.30%
HDFC Life Insurance Company Ltd 0.68% Ambuja Cements Limited 0.30%

07
 % of % of
Equity Assets Equity Assets
Invested Invested

P N Gadgil Jewellers Limited 0.28% Hexaware Technologies Limited 0.07%

Hero Motocorp Limited 0.28% PNC Infratech Limited 0.06%

L&T Finance Limited 0.28% TBO Tek Limited 0.06%

Tata Consumer Products limited 0.28% Vishal Mega Mart 0.06%

Adani Enterprises Limited 0.27% Sonata Software Limited 0.06%

ACME Solar Holdings Limited 0.26% Hyundai Motor India Limited 0.06%

Shriram Finance Limited 0.26% Hindustan Foods Limited 0.05%

Britannia Industries Limited 0.26% Prestige Estates Projects Limited 0.05%

United Spirits Limited 0.25% Gokaldas Exports Limited 0.05%

Keystone Realtors Limited 0.25% Zinka Logistics Solutions Limited 0.04%

Info Edge (India) Limited 0.25% Angel One Limited 0.03%

DSP Nifty Bank ETF 0.25% UNO Minda Limited 0.03%

Vedanta Limited 0.24% Syrma SGS Technology Limited 0.03%

Bajaj Auto Limited 0.23% Max Healthcare Institute Limited 0.02%

Housing & Urban Development Corporation Limited 0.23% Landmark Cars Limited 0.02%

Coal India Limited 0.23% AU Small Finance Bank Limited 0.02%

TVS Holdings Limited 0.22%

Total 95.36%
Dabur India Limited 0.22%

Bajaj Housing Finance limited 0.22% Others: Debt,

Adani Energy Solutions Limited 0.21% money-market, 4.64%
current assets
Dixon Technologies (India) Limited 0.21% and cash
LTIMindtree Limited 0.21%

Hdfc Asset Management Company Limited 0.20% Grand Total 100.00%

Gail (India) Limited 0.19%

Devyani International Limited 0.19%

Asian Paints Limited 0.18%

Senco Gold Limited 0.17%

Pidilite Industries Limited 0.17%

Go Fashion (India) Limited 0.16%

Zydus Lifesciences Limited 0.15%

Bank of Baroda 0.15%

KEI Industries Limited 0.15%

Hindustan Petroleum Corporation Limited 0.15%

City Union Bank Limited 0.14%

Bandhan Bank Limited 0.13%

Shoppers Stop Limited 0.12%

Arvind Fashions Limited 0.11%

Siemens Limited 0.10%

Swiggy Limited 0.10%

One 97 Communications Limited 0.09%

Polycab India Limited 0.08%

Dr. Reddy's Laboratories Limited 0.08%

Endurance Technologies Limited 0.07%

Ujjivan Small Finance Bank Limited 0.07%

08
Value Enhancer Fund
ULIF 139 24/11/17 VEF 105

Fund Objective: Fund Composition

To achieve long-term capital appreciation through

Asset Mix Composition as per Actual Asset Under
investments primarily in equity and equity-related (As on April 30, 2025) F & U* Composition Management (In ₹
Million)
instruments in sectors that are emerging or witnessing
a inflection in growth trajectory. Equity and Equity Minimum 85% and 96% 73,098.4
related securities Maximum 100%

Inception Date July 23, 2018 Money Market and Minimum 0% and 4% 2,728.3
Cash Maximum 15%
Assets Invested ₹77,022.1 Million
Debt Instruments Minimum 0% and 0% 0.0
Maximum 15%
Gautam Sinha Roy
Fund Manager(s) Funds Managed: 5 (3 Equity, Total 100% 75,826.7
2 Balanced)

Benchmark Nifty Next 50 index

NAV ₹22.1883 Holdings as on April 30, 2025

% of Assets
Equity Invested
Top 10 Sectors * % of Assets Invested

InterGlobe Aviation Limited 4.39%

Financial and insurance activities 14.29%
Hindustan Aeronautics Limited 3.30%
Infrastructure 10.62%
Varun Beverages Limited 3.18%
Manufacture of chemicals & chemical products 7.12%
Avenue Supermarts Limited 3.02%
Manufacture of electrical equipment 5.86%
Hindalco Industries Limited 2.80%
Manufacture of Beverages 5.37%
The Indian Hotels Company Limited 2.78%
Retail trade, except of motor vehicles
and motorcycles 4.50% Samvardhana Motherson International Limited 2.77%

Air transport 4.39% TVS Motor Company Limited 2.68%

Manufacture of pharmaceuticals,medicinal Torrent Pharmaceuticals Limited 2.62%
chemical and botanical products 4.31% Cholamandalam Investment and Finance Company Limited 2.55%
Manufacture of Basic Metals 4.02% Godrej Consumer Products Limited 2.49%
Manufacture of motor vehicles, trailers Power Finance Corporation Limited 2.46%
and semi-trailers 3.67% Siemens Limited 2.25%
Others 35.85% REC Limited 2.17%
Pidilite Industries Limited 2.09%
DLF Limited 2.03%
United Spirits Limited 1.77%
Gail (India) Limited 1.73%
Info Edge (India) Limited 1.68%
MODERATE RISK MODERATE RETURN Bajaj Finance Limited 1.60%
HDFC Bank Limited 1.59%
ERATE
MOD Britannia Industries Limited 1.52%
JSW Energy Limited 1.48%
HI
W

Bajaj Holdings & Investment Limited 1.48%

GH
LO

ABB India Limited 1.39%

Titan Company Limited 1.35%
LOW RISK HIGH RISK State Bank of India 1.34%
LOW RETURN HIGH RETURN Tata Power Company Limited 1.26%
Adani Energy Solutions Limited 1.24%
Divi's Laboratories Limited 1.21%

09
 % of % of
Equity Assets Equity Assets
Invested Invested

Dabur India Limited 1.20% Titagarh Rail Systems Limited 0.24%

Ambuja Cements Limited 1.19% Persistent Systems Limited 0.23%

Punjab National Bank 1.16% L&T Finance Limited 0.22%

Adani Ports and Special Economic Zone Limited 1.15% India Shelter Finance Corporation Limited 0.22%

Havells India Limited 1.12% Arvind Fashions Limited 0.21%

FSN E-Commerce Ventures Limited 1.06% Honasa Consumer Limited 0.19%

Hindustan Unilever Limited 1.04% Gokaldas Exports Limited 0.19%

KPIT Technologies Limited 0.97% Devyani International Limited 0.19%

Bank of Baroda 0.96% TBO Tek Limited 0.19%

Infosys Limited 0.95% Zomato Limited 0.18%

HDFC Mutual Fund Banking ETF 0.94% Bharti Hexacom Limited 0.18%

Jindal Steel & Power Limited 0.91% Wipro Limited 0.17%

Mahindra & Mahindra Limited 0.90% City Union Bank Limited 0.16%

Affle (India) Limited 0.86% KEC International Limited 0.16%

CG Power and Industrial Solutions Limited 0.82% Godrej Properties Limited 0.15%

Bajaj Housing Finance limited 0.80% Lupin Limited 0.15%

Larsen & Toubro Limited 0.76% Swiggy Limited 0.14%

Indian Oil Corporation Limited 0.74% Hindustan Petroleum Corporation Limited 0.13%

Dixon Technologies (India) Limited 0.72% Landmark Cars Limited 0.13%

HDFC Life Insurance Company Limited 0.51% ACME Solar Holdings Limited 0.13%

Narayana Hrudayalaya Limited 0.51% Lemon Tree Hotels Limited 0.12%

Bharti Airtel Limited 0.49% Multi Commodity Exchange of India Limited 0.10%

Chalet Hotels Limited 0.48% Housing & Urban Development Corporation Limited 0.10%

BSE Limited 0.47% SBFC Finance Limited 0.08%

NTPC Limited 0.45% Bharat Heavy Electricals Limited 0.07%

Canara Bank 0.45% Indian Energy Exchange Limited 0.06%

Mphasis Limited 0.44% Hindustan Foods Limited 0.03%

Astral Limited 0.43% Navin Fluorine International Limited 0.03%

Eicher Motors Limited 0.42% Kalpataru Projects International Limited 0.00%

Trent Limited 0.42%

Radico Khaitan Limited 0.41% Total 96.40%

LTIMindtree Limited 0.39%
Others: Debt,
Adani Enterprises Limited 0.37% money-market, 3.60%
Kotak Banking ETF 0.35%
current assets
and cash
Cummins India Limited 0.34%

Aurobindo Pharma Limited 0.33% Grand Total 100.00%

Bharat Petroleum Corporation Limited 0.32%

Vedanta Limited 0.31%

Oil & Natural Gas Corporation Limited 0.29%

GE Vernova T&D India Limited 0.28%

Star Health and Allied Insurance Company Limited 0.28%

Crisil Limited 0.26%

Vinati Organics Limited 0.25%

Hexaware Technologies Limited 0.25%

Bosch Limited 0.25%

10
Opportunities Fund
ULIF 086 24/11/09 LOpport 105

Fund Objective: Fund Composition

To generate superior long-term returns from a

Asset Mix (As on Composition as per Actual Asset Under Management
diversified portfolio of equity and equity related April 30, 2025) F & U* Composition (In ₹ Million)
instruments of companies operating in four important
Equity and Equity Maximum 100% and
96% 30,248.8
types of industries viz., Resources, Investment-related, related securities Minimum 80%
Consumption-related and Human Capital leveraged Maximum 20% and
Debt Instruments 0% 0.0
industries.. Minimum 0%
Money Market and Maximum 20% and 1,338.6
Inception Date November 24, 2009 4%
Cash Minimum 0%
Assets Invested ₹32,446.2 Million Total 100% 31,587.5

Jitendra Arora
Fund Manager(s) Funds Managed: 25 (22 Equity,
3 Balanced) Holdings as on April 30, 2025

Benchmark BSE 200 % of Assets

Equity Invested
NAV ₹56.6380 HDFC Bank Limited 7.12%
Infosys Limited 4.40%
Reliance Industries Limited 4.20%
Larsen & Toubro Limited 3.27%
Top 10 Sectors * % of Assets Invested SBI Nifty Bank ETF 3.02%
Bharti Airtel Limited- Partly paid 2.76%
Financial and insurance activities 20.55%
Nippon India Banking ETF 2.61%
Infrastructure 10.95%
Bajaj Finance Limited 2.57%
Computer programming, consultancy
Axis Bank Limited 2.30%
and related activities 7.77%
Kotak Banking ETF 1.93%
Manufacture of motor vehicles, trailers
Mahindra & Mahindra Limited 1.81%
and semi-trailers 4.85%
ITC Limited 1.68%
Manufacture of coke and refined
Sun Pharmaceutical Industries Limited 1.49%
petroleum products 4.20%
State Bank of India 1.41%
Manufacture of pharmaceuticals,medicinal
Zomato Limited 1.39%
chemical and botanical products 3.56%
Kotak Mahindra Bank Limited 1.34%
Manufacture of chemicals & chemical products 3.08%
Hindustan Unilever Limited 1.27%
Manufacture of Basic Metals 3.06%
NTPC Limited 1.19%
Wholesale trade, except of motor vehicles
Tata Consultancy Services Limited 1.18%
and motorcycles 2.44%
Ultratech Cement Limited 1.15%
Retail trade, except of motor vehicles
UTI Bank ETF 1.09%
and motorcycles 2.39%
ICICI Prudential Bank ETF 1.05%
Others 37.14% HCL Technologies Limited 0.95%
Ceigall India Limited 0.92%
Hindalco Industries Limited 0.92%
MODERATE RISK MODERATE RETURN Titan Company Limited 0.91%
FSN E-Commerce Ventures Limited 0.87%
ERATE
MOD Honasa Consumer Limited 0.82%
Bharti Airtel Limited 0.79%
Trent Limited 0.78%
HI
W

GH
LO

Bharat Petroleum Corporation Limited 0.78%

Tata Motors Limited 0.78%
Vedant Fashions Limited 0.71%
LOW RISK HIGH RISK
Bharat Electronics Limited 0.71%
LOW RETURN HIGH RETURN
Samvardhana Motherson International Limited 0.69%
Tata Steel Limited 0.69%
Dixon Technologies (India) Limited 0.69%

11
 Holdings as on April 30, 2025

% of % of
Equity Assets Equity Assets
Invested Invested

InterGlobe Aviation Limited 0.67% Housing & Urban Development Corporation Limited 0.24%
SBI Life Insurance Company Limited 0.65% TVS Holdings Limited 0.23%
Adani Ports and Special Economic Zone Limited 0.65% Hero Motocorp Limited 0.22%
Aurobindo Pharma Limited 0.63% Godrej Properties Limited 0.22%
HDFC Life Insurance Company Limited 0.63% Voltas Limited 0.22%
Jindal Steel & Power Limited 0.62% United Spirits Limited 0.21%
DSP Nifty Bank ETF 0.59% PI Industries Limited 0.21%
Oil & Natural Gas Corporation Limited 0.57% Marico Limited 0.20%
Bajaj Finserv Limited 0.56% Titagarh Rail Systems Limited 0.20%
Max Healthcare Institute Limited 0.56% Adani Enterprises Limited 0.20%
Power Finance Corporation Limited 0.55% Astral Limited 0.20%
KPIT Technologies Limited 0.53% Ashok Leyland Limited 0.19%
TVS Motor Company Limited 0.50% Info Edge (India) Limited 0.19%
Sona BLW Precision Forgings Limited 0.49% Tube Investments of India Limited 0.19%
Grasim Industries Limited 0.48% Devyani International Limited 0.19%
Apollo Hospitals Enterprise Limited 0.48% Adani Energy Solutions Limited 0.19%
Star Health and Allied Insurance Company Limited 0.48% CG Power and Industrial Solutions Limited 0.19%
Godrej Consumer Products Limited 0.47% Tata Consumer Products limited 0.19%
Maruti Suzuki India Limited 0.46% Coal India Limited 0.18%
Avenue Supermarts Limited 0.45% Dabur India Limited 0.18%
The Indian Hotels Company Limited 0.43% Britannia Industries Limited 0.18%
Varun Beverages Limited 0.43% LTIMindtree Limited 0.18%
Coforge Limited 0.42% Kalpataru Projects International Limited 0.18%
Hitachi Energy India Limited 0.42% SBI Cards and Payment Services Limited 0.18%
L&T Finance Limited 0.40% APL Apollo Tubes Limited 0.17%
Bajaj Finserv Nifty Bank ETF 0.40% Senco Gold Limited 0.17%
Eicher Motors Limited 0.40% Affle (India) Limited 0.17%
Indus Towers Limited 0.39% Go Fashion (India) Limited 0.16%
Lupin Limited 0.38% Bajaj Auto Limited 0.16%
Quess Corp Limited 0.37% Shriram Finance Limited 0.16%
Restaurant Brands Asia Limited 0.36% Arvind Fashions Limited 0.16%
Havells India Limited 0.36% IPCA Laboratories Limited 0.15%
HDFC Mutual Fund Banking ETF 0.35% Pidilite Industries Limited 0.15%
Jio Financial Services Limited 0.34% KEI Industries Limited 0.15%
DLF Limited 0.34% Gail (India) Limited 0.15%
Cipla Limited 0.33% SRF Limited 0.15%
Cholamandalam Investment and Finance Company Limited 0.33% Hindustan Petroleum Corporation Limited 0.15%
Persistent Systems Limited 0.33% Vedanta Limited 0.15%
JSW Steel Limited 0.32% City Union Bank Limited 0.15%
Ambuja Cements Limited 0.32% Zydus Lifesciences Limited 0.14%
Cummins India Limited 0.31% Max Financial Services Limited 0.13%
GE Vernova T&D India Limited 0.31% Bharat Heavy Electricals Limited 0.13%
Torrent Pharmaceuticals Limited 0.31% UNO Minda Limited 0.13%
Nestle India Limited 0.31% Oil India Limited 0.12%
REC Limited 0.30% Shoppers Stop Limited 0.12%
Hindustan Aeronautics Limited 0.30% Page Industries Limited 0.12%
Sansera Engineering limited 0.30% Indian Bank 0.12%
Hdfc Asset Management Company Limited 0.29% Alkem Laboratories Limited 0.12%
PB Fintech Limited 0.29% NMDC Limited 0.11%
Mankind Pharma Limited 0.28% AU Small Finance Bank Limited 0.11%
Bajaj Holdings & Investment Limited 0.28% Hexaware Technologies Limited 0.10%
P N Gadgil Jewellers Limited 0.28% Siemens Limited 0.09%
ACME Solar Holdings Limited 0.26% Bharti Hexacom Limited 0.09%
Bank of Baroda 0.26% Swiggy Limited 0.09%
Keystone Realtors Limited 0.26% One 97 Communications Limited 0.09%
Polycab India Limited 0.26% Chalet Hotels Limited 0.09%
Bandhan Bank Limited 0.26% Syngene International Limited 0.08%

12
 Holdings as on April 30, 2025

% of
Equity Assets
Invested

The Federal Bank Limited 0.08%

Endurance Technologies Limited 0.08%
Century Plyboards (India) Limited 0.08%
TBO Tek Limited 0.07%
Prestige Estates Projects Limited 0.07%
Colgate Palmolive (India) Limited 0.07%
Ujjivan Small Finance Bank Limited 0.07%
Angel One Limited 0.07%
PNC Infratech Limited 0.07%
Vishal Mega Mart 0.06%
Sonata Software Limited 0.06%
Carborundum Universal Limited 0.06%
Hindustan Foods Limited 0.05%
Bajaj Housing Finance limited 0.05%
Gokaldas Exports Limited 0.05%
Zinka Logistics Solutions Limited 0.04%
Landmark Cars Limited 0.04%
Asian Paints Limited 0.04%
Syrma SGS Technology Limited 0.03%
Brigade Enterprises Limited 0.02%
Dr. Reddy's Laboratories Limited 0.02%
Hyundai Motor India Limited 0.00%

Total 95.76%

Others: Debt, 4.24%

money-market,
current assets
and cash

Grand Total 100.00%

13
 Income Fund
SFIN : ULIF 089 24/11/09 LIncome 105

MODERATE RISK MODERATE RETURN

Fund Objective:
ERATE
To provide accumulation of income through MOD
investment in various fixed income securities. The

HI
W
Fund seeks to provide capital appreciation while

GH
LO
maintaining a suitable balance between return, safety
and liquidity.
LOW RISK HIGH RISK
Inception Date November 24, 2009 Fund Composition LOW RETURN HIGH RETURN

Assets Invested `81,245.1 Million

Asset Mix(As on Composition as per Actual Asset Under
Arun Srinivasan April 30, 2025) F & U* Composition Management (In `
Fund Manager(s) Funds Managed: 49 (19 Debt, 30 Million)
Balanced)
Money Market and Maximum 60% and 4% 2,929.3
Cash Minimum 0%
Benchmark CRISIL Composite Bond Fund Index

NAV `32.1177 Debt Instruments Maximum 100% and 96% 76,083.8

Minimum 40%
Total 100% 79,013.1
Top 10 Sectors * % of Assets Invested
* As per IRDA Product Filing Past performance is not indicative of future performance.

Financial and insurance activities 24.21%

Housing Industry 10.17% Debt Portfolio by Maturity Rating Profile % of Assets Invested
Infrastructure 7.09% Allocation as a %
Manufacture of Basic Metals 2.86%
<1 1.18% Government Securities / T Bills 38.10%
Manufacture of motor vehicles, trailers
1-5 years 41.30% Corporate Securities 58.19%
and semi-trailers 2.29%
5-7 years 7.09% AAA & Equivalent 38.08%
Manufacture of coke and refined
7-10 years 22.78% AA+ & Equivalent 14.05%
petroleum products 2.25%
>10 years 27.65% AA & Below 6.06%
Construction of buildings 2.08%
Total 100.00% Corporate Money Market Securities 0.00%
Real estate activities 1.99%
Average maturity of debt portfolio A1+ & Equivalent 0.00%
Wholesale trade, except of motor vehicles (Months) 140.02 A1 & Equivalent 0.00%
and motorcycles 1.62% Yield To Maturity Of Debt Portfolio 6.85% Other Current Assets & Equivalent 3.71%
Human health activities 0.80% Modified Duration Of Debt Portfolio Total 100.00%
(Years) 5.99
Others 44.64%

% of % of
Corporate Securities Rating Assets Corporate Securities Rating Assets
Invested Invested

7.88% Axis Bank Limited 2032 AAA 2.98% 8.70% LIC Housing Finance Limited 2029 AAA 1.54%
7.96% Pipeline Infrastructure Limited 2029 AAA 2.52% 8.40% Muthoot Finance Limited 2028 AA+ 1.47%

7.80% HDFC Bank Limited 2032 AAA 2.30% 9.00% Bharti Telecom Limited 2028 AA+ 1.44%
7.09% Food Corporation of India 2031 AAA 1.32%
8.10% Samvardhana Motherson International Ltd 2028AAA 2.29%
8.40% Cholamandalam Instmnt & Fin. Com. Ltd 2028 AA+ 1.31%
7.79% Reliance Industries Limited 2033 AAA 2.25%
7.89% Tata Capital Limited 2027 AAA 1.28%
7.97% HDFC Bank Limited 2033 AAA 2.14%
8.20% IIFL Home Finance Limited 2026 AA 1.27%
8.35% JSW Steel Limited 2029 AA 2.04%
7.05% Embassy Office Parks REIT 2026 AAA 1.26%
8.80% LIC Housing Finance Limited 2029 AAA 1.84%
9.15% Shriram Finance Limited 19.01.2029 AA+ 1.14%
8.55% HDFC Bank Limited 2029 AAA 1.78% 7.75% LIC Housing Finance Limited 2027 AAA 1.14%
8.25% Godrej Properties Limited 2028 AA+ 1.64% 7.82% Bajaj Finance Limited 2034 AAA 1.09%
7.97% Mankind Pharma Limited 2027 AA+ 1.62% 9.20% Shriram Finance Limited 2029 AA+ 1.08%

14
 Holdings as on April 30, 2025

% of %of
Corporate Securities Rating Assets Government securities / T Bills Rating Assets
Invested Invested
7.45% Axis Bank Limited 2034 AAA 1.03% 7.36% Government of India 2030 SOV 0.22%
7.875% NIIF Infrastructure Finance Limited 2030 AAA 1.02% 7.36% Government of India 2031 SOV 0.22%
7.34% Punjab National Bank 2035 AAA 0.99% 7.09% Government of Andhra Pradesh 2035 SOV 0.21%
6.65% Food Corporation of India 2030 AAA 0.97% 7.06% Government of Rajasthan 2035 SOV 0.21%
8.75% Bharti Telecom Limited 2029 AA+ 0.94% 7.36% Government of India 2031 SOV 0.21%
7.36% Government of India 2032 SOV 0.20%
7.90% Mahindra & Mahindra Financial Services 2027 AAA 0.94%
7.36% Government of India 2033 SOV 0.19%
7.93% NIIF Infrastructure Finance Limited 2032 AAA 0.84%
7.36% Government of India 2033 SOV 0.18%
7.63% Kotak Mahindra Bank Limited 2029 AAA 0.82%
7.36% Government of India 2032 SOV 0.16%
8.40% Narayana Hrudayalaya Limited 2030 AA 0.80%
8.83% Government of India 2029 SOV 0.14%
8.75% Bharti Telecom Limited 2028 AA+ 0.79% 6.95% Government of India 2029 SOV 0.14%
9.15% Shriram Finance Limited 28.06.2029 AA+ 0.79% 7.30% Government of India 2030 SOV 0.14%
8.70% REC Limited 2028 AAA 0.76% 8.83% Government of India 2029 SOV 0.14%
7.35% Embassy Office Parks REIT 2027 AAA 0.73% 6.95% Government of India 2029 SOV 0.13%
8.03% Tata Steel Limited 2028 AA+ 0.71% 8.83% Government of India 2030 SOV 0.13%
9.00% IIFL Finance Limited 2028 AA 0.65% 6.95% Government of India 2030 SOV 0.13%
8.50% IIFL Finance Limited 2026 AA 0.64% 7.30% Government of India 2031 SOV 0.13%
6.83% HDFC Bank Limited 2031 AAA 0.56% 8.83% Government of India 2030 SOV 0.13%
6.95% Government of India 2030 SOV 0.12%
7.50% Bank of India 2035 AA+ 0.53%
7.30% Government of India 2031 SOV 0.12%
7.64% Food Corporation of India 2029 AAA 0.48%
8.83% Government of India 2031 SOV 0.12%
7.65% HDFC Bank Limited 2033 AAA 0.44%
6.95% Government of India 2031 SOV 0.12%
8.50% Godrej Properties Limited 2029 AA+ 0.43% 8.83% Government of India 2031 SOV 0.12%
8.60% Axis Bank Limited 2028 AAA 0.40% 6.95% Government of India 2031 SOV 0.12%
9.99% Jhajjar Power Limited 2026 AA 0.34% 8.83% Government of India 2032 SOV 0.11%
8.80% REC Limited 2029 AAA 0.34% 6.95% Government of India 2032 SOV 0.11%
7.35% REC limited 2034 AAA 0.32% 8.83% Government of India 2032 SOV 0.11%
9.99% Jhajjar Power Limited 2025 AA 0.32% 6.95% Government of India 2032 SOV 0.11%
7.65% Axis Bank Limited 2027 AAA 0.28% 7.19% Government of India 2060 SOV 0.07%
7.75% Power Finance Corporation Limited 2030 AAA 0.26%
7.10% HDFC Bank Limited 2031 AAA 0.25% Total 38.10%
6.80% REC Limited 2030 AAA 0.22%
7.80% HDFC Bank Limited 2033 AAA 0.21% Other investments
7.64% Axis Bank Limited 2034 AAA 0.18% and Net current 3.71%
7.7201% LIC Housing Finance Limited 2026 AAA 0.15% assets
8.15% Tata Steel Limited 2026 AA+ 0.10%
10.08% IOT Utkal Energy Services Limited 2026 AAA 0.10%
Grand Total 100.00%
7.59% Pune Municipal Corporation Limited 2027 AA+ 0.06%
7.74% Power Finance Corporation Limited 2028 AAA 0.03%
7.02% Bajaj Finance Limited 2031 AAA 0.01%
6.92% Indian Railway Finance Corporation Ltd 2031 AAA 0.01%
6.89% Indian Railway Finance Corporation Ltd 2031 AAA 0.01%
7.95% Sikka Ports & Terminals Limited 2026 AAA 0.01%
Total 58.19%

%of
Government securities / T Bills Rating Assets
Invested

7.34% Government of India 2064 SOV 7.12%

6.92% Government of India 2039 SOV 6.19%
7.46% Government of India 2073 SOV 5.99%
7.10% Government of India 2034 SOV 4.27%
7.23% Government of India 2039 SOV 3.39%
7.18% Government of India 2037 SOV 2.89%
6.79% Government of India 2034 SOV 2.32%
7.08% Government of Andhra Pradesh 2037 SOV 0.72%
7.41% Government of India 2036 SOV 0.42%
7.18% Government of India 2033 SOV 0.33%
7.36% Government of India 2030 SOV 0.23%

15
 Money Market Fund
SFIN : ULIF 090 24/11/09 LMoneyMkt 105

Fund Objective:
To provide suitable returns through low risk
investments in debt and money market instruments
while attempting to protect the capital deployed in the
Fund.

Inception Date November 24, 2009 Fund Composition

Assets Invested `24,303.7 Million
Asset Mix(As on Composition as per Actual Asset Under
Vidya Iyer April 30, 2025) F & U* Composition Management (In `
Fund Manager(s) Funds Managed: 41 (25 Debt, 16 Million)
Balanced)
Money Market and Maximum 100% and 57% 13,002.1
Cash Minimum 50%
Benchmark CRISIL Composite Bond Fund Index

NAV `27.8364 Debt Instruments Maximum 50% and 43% 9,752.9

Minimum 0%
Total 100% 22,755.1
Top 10 Sectors * % of Assets Invested
* As per IRDA Product Filing Past performance is not indicative of future performance.

Financial and insurance activities 28.76%

Infrastructure 26.58% Debt Portfolio by Maturity Rating Profile % of Assets Invested
Manufacture of chemicals & chemical products 12.04% Allocation as a %
Wholesale trade, except of motor vehicles
<1 100% Government Securities / T Bills 6.08%
and motorcycles 6.96%
1-5 years 0.00% Corporate Securities 42.86%
Telecommunications 6.82%
5-7 years 0.00% AAA & Equivalent 26.19%
Housing Industry 6.60%
7-10 years 0.00% AA+ & Equivalent 16.36%
>10 years 0.00% AA & Below 0.31%
Others 12.24%
Total 100.00% Corporate Money Market Securities 44.90%
Average maturity of debt portfolio A1+ & Equivalent 44.90%
(Months) 5.52 A1 & Equivalent 0.00%
Yield To Maturity Of Debt Portfolio 7.17% Other Current Assets & Equivalent 6.16%
Modified Duration Of Debt Portfolio Total 100.00%
(Years) 0.42

% of
Corporate Securities Rating Assets
Invested

8.80% Bharti Telecom Limited 2025 AA+ 8.96%

7.92% Cholamandalam Instmnt & Fin. Com. Ltd 2025 AA+ 7.40%
MODERATE RISK MODERATE RETURN Reliance Jio Infocomm Limited 2025 A1+ 6.82%
National Bank for Agriculture & Rural Dvlopmnt 2026 A1+ 6.68%
MO
DERATE 7.59% Power Finance Corporation Limited 2025 AAA 5.77%
Mankind Pharma Limited 2025 A1+ 5.05%
HI
W

5.81% REC Limited 2025 AAA 4.54%

GH
LO

7.82% LIC Housing Finance Limited 2026 AAA 4.32%

Canara Bank 2026 A1+ 3.97%
Godrej Consumer Products Limited 2025 A1+ 3.71%
LOW RISK HIGH RISK
LOW RETURN HIGH RETURN Godrej Industries Limited 2025 A1+ 3.25%

16
 Holdings as on April 30, 2025

% of
Corporate Securities Rating Assets
Invested
Godrej Industries Limited 2025 A1+ 3.25%
7.50% National Bank for Agri. & Rural Dvlopmnt 2025 AAA 3.00%
IIFL Home Finance Limited 2025 A1+ 2.78%
Pilani Investment and Industries Corporation Ltd 2026 A1+ 2.67%
Kotak Mahindra Bank Limited 2026 A1+ 2.65%
7.58% Larsen & Toubro Limited 2025 AAA 2.65%
6.50% Power Finance Corporation Limited 2025 AAA 2.13%
Mankind Pharma Limited 2025 A1+ 1.91%
Godrej Industries Limited 2025 A1+ 1.83%
7.17% Power Finance Corporation Limited 2025 AAA 1.44%
8.1432% LIC Housing Finance Limited 2026 AAA 1.43%
7.82% LIC Housing Finance Limited 2025 AAA 0.73%
Sundaram Finance Limited 2025 A1+ 0.32%
9.99% Jhajjar Power Limited 2025 AA 0.31%
7.61% LIC Housing Finance Limited 2025 AAA 0.13%
8.54% NHPC Limited 2025 AAA 0.07%

Total 87.76%

%of
Government securities / T Bills Rating Assets
Invested

Government of India 2025 SOV 5.09%

Government of India 2025 SOV 0.99%

Total 6.08%

Other investments 6.16%

and Net current assets

Grand Total 100.00%

Policy holder may refer the below link for the complete list of current fund offerings and their
respective portfolios.
Step1: Click on the link:
https://www.iciciprulife.com/fund-performance/product-wise-fund-performance-details.html
Step 2: Select ICICI Pru Signature from the pull down menu
Step3: Click on the fund (s) and then Portfolio details

Comp Code - COMP/DOC/May/2025/75/0173

17
PRODUCT NOTE :
ICICI Prudential Life offers products and solutions that truly matter and make a positive impact on
people's lives. It is a matter of pride for us that life insurance gives us an opportunity to pivot to our
purpose, protect families and help the customers lead comfortable retired lives. Life insurance is a
relationship of trust with the nation and its people.

Another area we excel in is helping our customers build long-term wealth to achieve financial goals.
Building a corpus to lead a financially independent retired life is just one of the ways we help our
customers in their financial planning process.

We at ICICI Prudential Life also specialize in helping our customers navigate the complex world of
reinvestment risk. But what exactly is reinvestment risk? Over the past few decades, you've likely noticed
that interest rates have been anything but stable. In fact, they've fluctuated wildly, from a high of 14% to
a low of just 5% in recent years. For retired customer, this constant fluctuation can make it difficult to
reinvest their savings every time their short-term financial instrument tenure ends. This is where our
annuity products come in. By protecting retired customer from these fluctuations, we help them lock in
their returns at a fixed interest rate for life. Our ability to expertly manage reinvestment risks ensures that
the life savings of our customers grow, and they are able to lead a comfortable retired life.

Key Products

A Non-Participating Non-Linked Life Individual

Pure Risk Insurance Product

ICICI Pru iProtect Smart (UIN 105N151V15)

As we all are aware, life is unpredictable and full of uncertainties. These uncertainties of life may pose a
hurdle in the plan of a perfect future of loved ones of our customers. If something unfortunate such as
death were to happen, an entire family’s financial planning may get disturbed due to loss of a family
member and income.

Hence, our term plan, ICICI Pru iProtect Smart, that ensures financial security of the loved ones of our
customers. It not only safeguards the family members of the customer with a life insurance cover but
also provides the option to avail a critical illness cover and an accidental death cover.

The product comes with an in-built terminal illness cover and waiver of premium benefit on permanent
disability.
Hence, the plan ensures an all-round financial protection for the customers & their loved ones.

COMP/DOC/May/2025/165/0229
For complete details of the products, please refer to the Policy Document and
Sales Literature. Strictly for internal circulation only, should not be further 18
circulated/used for general presentation to a prospect/general public.
I Protect Smart ROP UIN. 105N195V01
As we all are aware, life is unpredictable and full of uncertainties. These uncertainties of life may pose a
hurdle in the plan of a perfect future of loved ones. If something unfortunate such as death were to
happen, an entire family’s financial planning may get disturbed due to loss of a family member and
income.

Hence, we introduced, ICICI Pru iProtect Smart Return of Premium. This is a life insurance plan that
provides financial security to the loved ones of our customers. It not only safeguards future planning
through a life insurance cover but also pays out a maturity benefit.

What is this maturity benefit? If the life assured survives till the end of the coverage term, the premiums
paid are returned to the customer.

ICICI Pru GOLD- UIN:105N190V04

ICICI Pru Gold is a protection and savings oriented participating life insurance plan that provides the
protection of life cover along with a regular income for whole of life that can be used to meet the
long-term recurring financial needs of customers through participation in bonus and maturity at the end
of policy term.

It comes with three plan options:

Immediate Income: With this plan option, the customer will receive a regular income at the end of every
policy year/month, starting from the first policy year till the end of the policy term and receives a
lumpsum at maturity.

Immediate Income with booster: With this plan option, the customer will receive a regular income at the
end of every policy year/month, starting from the first policy year till the end of the policy term and
receives a lumpsum at maturity. Along with the regular income, the customer will also receive a benefit
(known as Guaranteed Booster) every 5th policy year.

Deferred Income: Under this plan option, the customer will receive a regular income at the end of every
policy year/month which can start as early as 2nd policy year or as late as Premium Payment Term plus
1 year and receives a lump sum at maturity.

COMP/DOC/May/2025/165/0229
For complete details of the products, please refer to the Policy Document and
Sales Literature. Strictly for internal circulation only, should not be further 19
circulated/used for general presentation to a prospect/general public.
GIFT Select - UIN: 105N223V02
The newly launched ICICI Pru GIFT Select combines protection for customer’s loved ones with a
guaranteed income stream, which can help fund the customers’ golden years, life's big moments, or act
as a safety net for unexpected twists.

What makes ICICI Pru GIFT Select special for the customer?
o Customer can Leave behind a legacy with the safety of a life insurance cover
o Customer can Secure an income stream with guaranteed payouts starting as early as first policy
month
o Customer Get rewarded instantly with an Instant Cashback benefit , paid out upon policy issuance
o Customer can Protect the savings against inflation with the option to receive guaranteed income that
increases every year
o Customer can Boost the savings with the option to enhance the guaranteed income by choosing a
lower life cover
o Customer can Enjoy cashflow flexibilities such as accumulating income to withdraw later or
withdrawing future income in advance as a lump sum
o Customer can Optimise the tax savings as tax benefits may be applicable on premiums paid and
benefits received as per the prevailing tax laws

Smart Goal Assure - UIN: 105L199V01

The newly launched ICICI Pru Smart Goal Assure is an all-round plan that ensures Wealth Creation along
with a 360-degree security. In the case of unfortunate death of policyholder the nominee gets the
following benefits:
o Lumpsum payment to nominee in the form of 'sum assured'
o Income for the family throughout the policy term
o Assurance of goal through waiver of premium for balance PPT
o Maturity value, as planned at the end of policy term

COMP/DOC/May/2025/165/0229
For complete details of the products, please refer to the Policy Document and
Sales Literature. Strictly for internal circulation only, should not be further 20
circulated/used for general presentation to a prospect/general public.
ICICI Pru Protect N Gain- UIN: 105L191V03
India has undergone a transformative economic growth in the past couple of decades. As a part of India’s
rising new generation, there is willingness among customers to participate in India’s growth story and
aspiration to realize the dreams they have for their loved ones. At the same time, for the sacrosanct goals
that customers have in mind for their family, they need a resilient plan that can take care of family’s
financial wellbeing in absence.

Presenting ICICI Pru Protect N Gain - a protection-oriented unit linked savings life insurance plan,
designed to safeguard family of customers with an adequate life cover with potential to grow their wealth
through market-linked returns to fulfil long-term goals.
The product offers choice of two plan options: Life and Growth. Customers can select these based on
their protection and wealth creation needs. The product offers a range of fund options across equity,
balanced and debt to choose from. To offer comprehensive coverage, the product comes with ICICI Pru
Linked Accidental Death and Disability Rider that helps provide coverage against accidental death and
disability.
With ICICI Pru Protect N Gain, protect life goals, and gain a stress-free life!

ICICI Pru Guaranteed Pension Plan Flexi- UIN:105N187V06

Annuity plans help the customer gradually build their retirement savings and provide them a guaranteed
income for life. Customers can choose to opt for a joint life option and can also choose to defer their
income as per their needs. They can also enjoy additional benefits such as getting back their purchase
price on the diagnosis of a critical illness (CI) or Permanent Disability due to accident (PD) and joint life

COMP/DOC/May/2025/165/0229
For complete details of the products, please refer to the Policy Document and
Sales Literature. Strictly for internal circulation only, should not be further 21
circulated/used for general presentation to a prospect/general public.