bbi project

1. UNIVERSITY OF MUMBAI
ICLES’ MOTILAL JHUNJHUNWALA COLLEGE OF ARTS, SCIENCE
&COMMERCE, VASHI, NAVI MUMBAI
PROJECT REPORT ON
“PROMOTIONAL STRATAGIES OF LIFE
INSURANCE COMPANIES WITH REFERANCE TO
HDFC BANK.”
SUBMITTED BY
RASHMITA BHIMJI MANONDRA
ROLL NO :- 210615026
SEMESTER :VI
ACADEMIC YEAR 2021-2022
UNDER THE GUIDANCEOF
Ms. AARTI PATIL

3. ACKNOWLEDGEMENT
It is my sincere desire an ambition to acquire knowledge in study of foundation thank
ICLES’ MOTILAL JHUNJHUNWALA College, Vashi Navi Mumbai for giving this
opportuning to do a project on” Promotional strategyin life insurance companies with
reference to HDFC BANK”
I would like to thank our principal Dr. PoonamSingh for her support.
I would also thank our head of the department of Banking and Insurance MS. AARTI
PATIL also she is one who was constantly supervising and providing necessary information
regarding and also guided us for completing the project.
It’s my pleasure to acknowledge the help and guidance that I had received from those
personnel and to thank them individually.
Finally, I thank all the staff members and my friends for their valuable supportand
contribution to my project.
RASHMITA BHIMJI MANONDRA
SYBBI

4. DECLARATION
I RASHMITA BHIMJI MANONDRA studying in ICLES’ MOTILAL
JHUNJHUNWALA COLLEGE OF ARTS, SCIENCE AND COMMERCE, hereby declare
that project entitled
“Promotional strategyin life insurance companies with reference to HDFC BANK.”
been carried out by my own efforts. The information submitted by me is true and original.
Date: Signature

5. INDEX:
SR NO: TITLE PG NO
1. EXECUTIVE
SUMMARY
01
2. 2.1 INTRODUCTION
2.2 OBJECTIVES
2.3 LITERATURE
REVIEW
2.4RESEARCH
METHODOLOGY
02-06

6. EXECUTIVE SUMMARY:
Promotional strategies play a key role in sales performance of any institution.
Insurance products are generally difficult to sell and require well thought out
marketing strategies that will include persuasive promotional activities. A survey
by Insurance Regulatory Authority (2013) found low consumer demand for
insurance products as the biggest challenge to the growth of the industry in
Kenya. Engaging in promotional activities is costly and the results uncertain.
Hence the purpose of this study was to determine the effect of promotional
activities on sales performance of Insurance companies. The study was guided
by the following specific objectives: to determine the effect of sales promotion,
advertising, personal selling and public relations on sales growth of insurance
companies. The study adopted a descriptive research design. The population of
the study comprised of the branch managers, unit managers and salespeople of
insurance companies operating in Embu County, Kenya. The sample size of the
study was 175 respondents. A response rate of 85.7% was achieved. Data was
analyzed using both descriptive and inferential statistics. Overall, the study
established that promotional activities significantly affected sales performance
of insurance companies even though at an individual level, public relations did
not have any significant effect on sales performance. The study recommends
that insurance companies should engage in maximum utilization of the entire
promotion mix to enhance sales growth. The study suggests that further
research be carried out to determine the effect of the entire marketing mix on
sales performance of the insurance and other related industries using different
performance measurements. Future researchers will utilize this study as a
reference point. Policy makers can reference the study in formulating fiscal
policies for the insurance and overall financial sector.

7. INTRODUCTION
Life insurance is designed to protect life and to product family
against financial uncertainties that may result due to unfortunate
demise or illness. It can also view as a comprehensive financial
instrument, as a part of the financial planning offering savings &
investment facilities along with cover against financial loss. By
choosing the right policy as per the needs. i.e. customized solutions,
you will be able to plan for a secure future for yourself and your
loved ones.
We all have different financial neals and objectives. But life
insurance plays a fundamental role in most of our plans for financial
security. That's because of the variety of life insurance plans available
and the many ways they can be customized to meet unique needs at
different periods of your life.
Insurance sector is a booming sector and the penetration in India is
quiet low, So, all the private players are trying increase the market
share in the public. This study also involves creating awareness
among the urban and rural consumer about the insurance sector and
also the various policies involving various premium rates. Since the
penetration of private companies and policies is low among the
consumer, it is necessary to create awareness about life insurance
policies and to know the satisfaction levd among consumer. Hence
the present studies entitled awareness about it among the consumer.

8. OBJECTIVE:
To create an awareness about insure company and policies.
To identify the potential policy holders among and users and to
create a relationship between the companies and potential
customers.
To find out the customer satisfaction level among the go with their
respecting insurance companies in which they hold the polices.
To find out the awareness of people about insurance policies.
To affair suggestions based on findings.

9. LITERATURE REVIEW
Internet insurers have a 23.0% cost advantage over agency insurers and a
5.1% cost advantage over their nearest rivals, the direct response insurer.
The Internet is the most cost-effective means of selling insurance ever
devised. This is important since consumers buy basic "commodity-type"
insurance products on price considerations in the majority of cases
(DataMonitor, 1996).
Insurance companies selling and servicing over the Internet will have a cost
advantage over traditional insurers in the range of 58% to 71% over the life
time of a customer. Savings are driven by reduced sales costs, lower
customer service and operations costs, and cheaper and better information
capture. (Booz-Allen & Hamilton, 1997).
Insurance companies and producers are already taking advantage of the
commercial potential of the Internet by establishing websites (National
Association of Insurance Commissioners, 1998), The insurance industry
"remade itself" in response to new issues and new technologies (Insurance
marketing issues). Commercial retail insuran insurance marketing differs
from physical products marketing, as well as other financial services
marketing (Nogueira & Oliveira, 2003). In banking, information technology
investments have enabled banks to rely more upon ATMs become
standardized and automated to the point where far fewer loan officers are
needed to manage a portfolio of a given size (Wilhelm, 2001). The early
empirical evidence on the impact of the Internet on insurance prices is
limited to a study by Brown and Goolsbee (2002).
Robert P. Hartwig, president of the Insurance Information Institute, says
rumors of the insurance agent's death have been greatly exaggerated. Online
insurance shopping is already a crowded space, which in addition to
comparison portals includes the powerful marketing arms (Robert P. Hartwig,
2015).

11. RESEARCH METHODOLOGY
Data collection:- To fulfil the objectives of study ,
Secondary Data have been taken into consideration. . In that I will be
focusing mainly PROMOTING STRATIGIES OF LIFE INCURANCE COMPANIES
AND STRATIGIES OF HDFC BANK .
SECONDARY DATA
There was extensive use of secondary information in the form of websites of
HDFC life insurance(my insurance club .com) , circulars ,
reports(http;/bizfluent.com).

12. 1] Depreciation Re-imbursement Cover:
TATA AIG will pay you the amount of depreciation deducted on
the value of depreciable car parts, such as , rubber, plastic, metal, nylon,
etc. if replaced or repaired under own damage claim of the policy.
TATA AIG will pay for the first 2 claims reported during the policy
period. Special Condition: Provided all the repairs are done at TATA
AIG authorized garage.
2] No Claim Bonus (NCB) ProtectionCover:
No Claim Bonus is the discount you can avail pertaining to the
condition that you didn’t lodge any claim in the policy period. For first
“no-claim” year you get 20% discount on the premium to be paid for the
second year. This is cumulative and thus, keeps on increasing with
number of “no-claim” years. You can fetch up to 50% of discount for 5
consecutive no-claim years.
3] Consumable Expenses Cover:
TATA AIG will cover expenses for consumables (brake oil, nuts,
bolts, screws, washers, lubricating oil, etc except tyres and tubes) and
replacement or replenishment arising from an accident or any other
perils as mentioned in the Own Damage section of policy wordings.
Loss or damage covered under manufacturer warranty; this by no way
covers loss or repair in case of maintenance or preventive maintenance
of car. If the policyholder delays to intimate TATA AIG about the same,
or delays to remove the insured car from incident location.
4] Tyre Secure Cover:
TATA AIG will covers the incurred cost for repair, replacement of
tube(s) and tyre(s) as per the requirement due to the accidental loss or
damage to tyres and tubes.

13. The replacement of tyre shall be allowed on the criteria that the
replaced is of the same make and specification. In case similar type of
tyre is not available, the cost of the replaced tyre should not be higher or
of superior quality than the original one. Maximum of 4 (four)
replacements will be allowed during the Period of Insurance. This add-
on does not cover:
5] Natural wear & tear:
 Any loss or damage within first 15 days of inception of the policy
 Any loss or damage occurred prior to inception of the policy
 Any loss or damage resulting in to total loss of vehicle
 Routine maintenance including adjustment, alignment, balancing
or rotation of wheels/tyres/tubes.
 Loss or damage to wheel accessories, any other part or rim
 Theft of tyre(s)/tube(s) or its parts accessories without vehicle
being stolen or theft of entire vehicle.
6] Key Replacement Cover:
Key Replacement – TATA AIG will reimburse you for the cost of
replacing insured vehicle keys which are lost or stolen. Break-in
Protection – TATA AIG will reimburse you for the cost of replacing
locks and keys, including labour charges, if the insured vehicle is
broken into.
BENEFITS OF TATA AIG AUTO INSURANCE:

14. Cashless Garage Network - 3800+ cashless garage across India
Special Add-oncovers - Depreciation reimbursement, NCB Protection, Engine Secure,
Return to invoice, Daily allowance, Road Side Assistance, Courtesy / Hire Car, etc.
Auto insurance provides coverage for:
 Property – such as damage to or theft of your car
 Liability – your legal responsibility to others for bodily injury or property damage
 Medical – the costof treating injuries, rehabilitation and sometimes lost wages and
funeral expenses
 Basic personal auto insurance is mandated by most U.S. states, and laws vary. Auto
insurance coverages are priced individually (a la carte) to let you customize coverage
amounts to suit your exact needs and budget.
 Policies are generally issued for six-month or one-year timeframes and are renewable.
The insurance company sends a notice when it’s time to renew the policy and pay your
premium.

15. TYPES OF COVERAGES IN ATUO INSURANCE:
Own Damage: This policy covers any damage or loss to the owner’s car due to any of the
following things:
Accident Fire, Lightening, Self-Ignition, Explosion, Theft, Riots & Strikes and / or
Malicious Acts and Terrorism, Earthquake, Flood Cyclone, Inundation Transit by Rail,
Road, Air, Waterways & Elevator
Third Party or Liability: This policy has been made mandatory by the Motor Vehicle Act
1988, it is provided by TATA AIG Private Car Insurance Policy that covers any injuries or
property damages to the third party.
Personal Accident Cover: Coverage with a Sum Insured of Rs. 2 lakh for the owner-driver in
case of a permanent total disability or an accidental death on a premium of Rs.100.
Optional Covers:
Passenger Personal Accident cover: Passenger Personal Accident cover can be availed with
100 Rs/personfora Sum Insured of Rs.2,00,000 for each of the occupants.
Legal liability for Paid driver: Liability cover with a premium of 50 Rs/annually for the paid
driver

16. EXCLUSIONS OF TATA AIG AUTO INSURANCE:
 Any wear-and-tear of the car due to aging
 Any mechanical and electrical breakdown
 Private cars used for remuneration purpose is not covered
 Driving without a valid driving license
 Loss or damage caused while driving under the influence of alcohol or any
other intoxicating substance
 Loss or damage due to depreciation of the car's value
 Loss or damage due to war or nuclear risks
 Consequential loss - if the original damage causes subsequent damage / loss,
only the original damage will be covered under our motor car insurance.
 Compulsory deductibles - which is the fixed amount that gets deducted at the
time of the claim.

17. Is auto insurance coverage mandatory?
Auto insurance requirements vary from state to state. If you're financing a car, your lender may also
have its own requirements. Nearly every state requires car owners to carry:
 Bodily injury liability – which covers costs associated with injuries or death that you or another driver
causes while driving your car.
 Property damage liability – which reimburses others for damage that you or another driver operating
your car causes to another vehicle or other property, such as a fence, building or utility pole.
 In addition, many states require that you carry:
 Medical payments or personal injury protection (PIP), which provides reimbursement for medical
expenses for injuries to you or your passengers. It will also cover lost wages and other related expenses.
 Uninsured motorist coverage reimburses you when an accident is caused by a driver who does not have
auto insurance—or in the case of a hit-and-run. You can also purchase under insured motorist coverage,
which will cover costs when another driver lacks adequate coverage to pay the costs of a serious
accident.
 Even if PIP and uninsured motorist coverage are optional in your state, consider adding them to your
policy for greater financial protection.

18. Who is covered by my auto insurance—and under what
circumstances?
Your auto policy will cover you and other family members on your policy, whether
driving your car or someone else’s car (with their permission). Your policy also provides
coverage if someone who is not on your policy is driving your car with your consent.
Your personal auto policy only covers personal driving, whether you’re commuting to
work, running errands or taking a trip. It will not provide coverage if you use your car for
commercial purposes—forinstance, if you deliver pizzas.
Personal auto insurance will also not provide coverage if you use your car to provide
transportation to others through a ride-sharing service such as Uber or Lyft. Some auto
insurers, however, are now offering supplemental insurance products (at additional cost)that
extend coverage for vehicle owners providing ride-sharing s
What is Stand Alone Own Damage Insurance?
Own damage (OD) means exactly what it sounds like – damage to your own (in this
case, car). The presence of the OD section in your policy means it will cover the costof
repair of your car. Such a policy is also called a comprehensive policy. On the flip side, a
policy without own damage part only covers what you owe to a third party and is called
‘third party liability insurance’. So, if you accidentally back into your neighbour’s car, and
both the cars sustain damage, your insurance will cover the repair of his car, but you’ll have
to get yours fixed out of your pocket.

19. REQUIRED STEPS AND SUPPORTING DOCUMENTS ?
a) In case of Car Accident claim:
 Lodge a claim with duly signed Claim Form
 Copy of Driving License, RC book, Policy document
 FIR, if required (Kindly note down, contact details of people and vehicle number
involved in accident)
 Original Repair Estimate Bill
 In case of cashless service, only Invoice receipt
 In case of reimbursement provide estimate bill, original invoice and payment
receipt
b) In case of Car Theft Claim:
 Lodge the claim with duly signed claim form
 Original keys with Copy of Driving License, RC book, Policy
document
 Police FIR copy
 Duly signed Form 28, 29, 30 and Form 35.
 Final confirmation with “No Trace Report” of the insured
vehicle from the police
c) In case of Third Party Claims:

20.  Lodge the claim with duly signed claim form
 Police FIR copy
 Copy of Driving License, Policy and vehicle’s RC book
Step-wise guide to claim:
The first things to make a claim is to call on TATA AIG General
Insurance’s Toll-Free Helpline number - 1800 266 7780
Take appointment with the surveyor and take your vehicle to any of
TATA AIG General Insurance authorized network garages for repair,
for cashless service. Submit the require documents to the surveyor
Company confirms liability, If possible, opt for cashless facility, the
company will settle the repair bills directly with the garage up to the
amount payable.

21. SUGGESTIONS:
TATA AIG a trust that is backed with more than 3,800 garage network, quality service
and quick solutions. The Car insurance policy of TATA AIG provides comprehensive
coverage to protect your car in case of any accident or damage. Along with the add-on
covers that widen the scopeofthe policy, the extraordinary goodwill of TATA AIG as an
insurance company, should be a sure consideration factor for your insurance.

22. BIBLIOGRAPHY:
 https://www.coverfox.com/car-insurance/tata-aig-car-insurance/
 https://www.policybazaar.com/insurance-companies/tata-aig-car-insurance/
 https://www.tataaig.com/motor-insurance/car-insurance/standalone-own-
damage-car-
insurance?gclid=Cj0KCQiA7YyCBhD_ARIsALkj54pbVIhzuhdWPFqjJCzL
o61FOci28PF7DAlk517m5eBA1vKWIFL_XKsaAijuEALw_wcB&ef_id=Cj0
KCQiA7YyCBhD_ARIsALkj54pbVIhzuhdWPFqjJCzLo61FOci28PF7DAlk5
17m5eBA1vKWIFL_XKsaAijuEALw_wcB:G:s&s_kwcid=AL!371!3!4800858
59930!b!!g!!%2Btata%20%2Bautomobile%20%2Binsurance&gclsrc=aw.ds
&&utm_campaign={4W_TAGIC_Brand_Category_Mobile_BMM}-
+tata%20+automobile%20+insurance&utm_source=Google&utm_medium=
cpc&utm_content=480085859930&utm_term=+tata%20+automobile%20+in
surance&adgroupid=78400822947
 TEXTBOOK :- AN INTRODUCTION TO HOME AND MOTOR INSURANCE