comprative study of life insurance plans IDBI Federal life insurance company all plans are there

1. COMPARATIVE STUDY OF LIFE
INSURANCE PLANS WITH
SPECIAL REFERENCE TO IDBI
AKASH AGRAWAL
178410018

2. Content
1. Introduction
2. Justification of topic
3. Objectives of the Study
4. Research Methodology
5. Major findings
6. Recommendations & suggestions
7. Conculusion

3. • The insurance sector which stood at a strong US$ 70 billion in 2013 has the
potential to grow to US$ 285B by 2020.
• Insurance sector has overall growth rate of 70-80%.
• Despite recession this sector has noticed a growth rate of around 35-40%.
• Insurance is way to avoid risks and also used as tax-saving mechanism.
• Now-a-days Insurance policy is becoming more of investment decision rather
general Insurance due to different kinds of policies provided by different
companies.

4. Justification of topic
• The decision of a common man towards Life Insurance plans processes the
understanding and buying of policies relevant to their needs.
• People responses towards different kinds of Life Insurance plans of
different Companies including IDBI Federal Life Insurance.
• Awareness of different plans of IDBI Federal Life Insurance among the
population.
• Buying an Insurance policy is truly a major of income and age.
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5. Objectives of the Study
• To identify the factors that influence the consumers to buy IDBI Federal
products
• To understand customer level of satisfaction towards plans which are
being offered by IDBI
• To analyze all life insurance plans offered by IDBI.
• To identify the benefits under different plans.
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6. Research Methodology
• Data Collection Technique:
• Primary data through Questionnaire
• Secondary data through company’s database.
• Sample Size: Sample of 100 has been taken into study
• Sample Area: Delhi NCR, South India.
• Sample Technique: Random sampling method has been used
• Tool & Techniques used for Analysis:
• MS Excel
• Google Forms
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7. Major Findings
• Trends of Life insurance in
India
• Why consumer buy a life
insurance.
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8. Conti..
IDBI Federal Life Insurance in Customer’s knowledge
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About 59% of respondent has the knowledge of
policies of IDBI Federal Life Insurance
About 76% of respondent are satisfied with the
policies of IDBI Federal Life Insurance.

9. To identify the factors that influence the consumers to buy IDBI
Federal products
• Large risk cover and Money-back guarantee as major consideration.
• Income shows major effect on choosing the premium of Life Insurance policy.
• Guaranteed recovery of principle amount along with premium in case of any uncertainty.
• Better survival benefits which lure the customer more.
• “Special discount for females lives”
• Provide rebate in the taxes at the time of deposits the premium amount
• The claim settlement ratio of the company in 2015-2016 is 84.79% which is high compare to all the other
insurance companies.
• Awareness of Life Insurance policies grew to 80.6% of Indian population.
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10. Learning at internship
How to approach customer towards our life insurance plans.
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suspecting
PROSPECTING
APPOINTMENT
MEETING
REPORT
BUILDING
FAST
FINDING
ASK FOR
REFRENCE
CLOSING
OBJECTIONG
HENDLING
PRESENTATION

11. Recommendations & Suggestions
• More local/ regional advertisements should be there to make people
aware about IDBI Federal Life Insurance Company, and its products.
• Campaigning should be done at all levels & in all branches.
• Provide updated information and knowledge to the agents and third
party about the product.
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12. CONCLUSION
• In present Indian market, the Insurance plans are changing very frequently.
There are so many insurance plans offered by IDBI i.e., POS Guaranteed
income plan, Child saving plan , wealth insurance plans, Six pay plan etc.,
which a crucial role to maintain a standard of living of people and improve
their economic condition and also reduce the future uncertainties.
• After this we can say IDBI provide so many benefits which make IDBI
unique in the marketplace. And also time to time IDBI come up with
different different scheme to make better image in the eye of their target
market.
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