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Ing report

  1. 1. Report on “Sales and Marketing Strategies of ING Vysya Life Insurance Company Limited, Bangalore ” Submitted by:Ch. Rakesh Kumar Patro of Registration number:Fpb1214/029 Indus Business Academy FPB1214/029 1
  2. 2. A PROJECT REPORT ON “Sales and Marketing strategy of ING Vysya Life Insurance Company Limited , Bngalore” SUBMITTED TO INDUS BUSINESS ACADEMY TOWARD PARTIAL FULFILLMENT OF POST GRADUATE DEPLOMA MANAGEMENT (PGDM) (2012-2014) UNDER THE GUIDANCE OF Mr. Abhishek Singh Group Sales Manager – ING vysya Life Insurance company limited , bngalore and internal guide Dr. M.S Ramachandra BY Ch. Rakesh Kumar Patro OF Registration Number FPB1214/029 Indus Business Academy FPB1214/029 2
  3. 3. SIP Completion Certificate Indus Business Academy FPB1214/029 3
  4. 4. Director’s Certificate This is to certify that, Mr. Ch. Rakesh Kumar Patrois a bona fide student of Indus Business Academy, Bangalore and is presently pursuing a Post Graduate Diploma in Management. Under my guidance, he has submitted his project titled “Sales and Marketing strategy of ING Vysya Life Insurance Company Limited, Bangalore ”, in partial fulfillment of the requirement for the Summer Internship Program during the Post Graduate Diploma in Management. This report has not been previously submitted by him as part of another degree or Diploma in another school or university. ………………………….. Dr. Subhash Sharma Indus Business Academy Lakshmipura, Thataguni post, Kanakapura main road Bangalore 560 062 Indus Business Academy FPB1214/029 4
  5. 5. Mentor’s Certificate This is to certify that, Mr. Ch. Rakesh Kumar Patrois a bona fide student of Indus Business Academy, Bangalore and is presently pursuing a Post Graduate Diploma in Management. Under my guidance, he has submitted his project titled “Sales and Marketing strategy of ING Vysya Life Insurance Company Limited, Bangalore”, in partial fulfillment of the requirement for the Summer Internship Program during the Post Graduate Diploma in Management. This report has not been previously submitted by him as part of another degree or Diploma in another school or university. ………………………….. Indus Business Academy Lakshmipura, Thataguni post Kanakpura main road Bangalore – 560062 Indus Business Academy FPB1214/029 5
  6. 6. Declaration I Ch. Rakesh Kumar Patro, the undersigned, a student of Indian Business Academy, Bangalore, declare that this project report titled “Sales and marketing Strategy of ING Vysya Life Insurance Company Limited” in partial fulfillment of the requirement for the Summer Internship Program during the Post-Graduation Diploma in Management. This work has not been previously submitted by me as a part of any other degree or diploma of another school or University. ………………………….. Ch. Rakesh Kumar Patro FPB1214/029 PGDM 2012-2014 INDUS BUSINESS ACADEMY Lakshmipura, Thataguni Post Kanakpura Main Road, Bangalore- 560062 Indus Business Academy FPB1214/029 6
  7. 7. Acknowledgement I take this opportunity to thank my college, Indus Business Academy, Bangalore andMr. Manish Jain (CEO) for giving me a chance to do a summer internship project, adding the experience of practical knowledge so important to understand and to try and bridge the gap between theoretical and practical knowledge. I also express my sincere gratitude to Dr. Subhash Sharma, Dean, Indus Business Academy and Dr. MS Ramachandra, Faculty of Indus Business Academy for their valuable inputs. I am thankful to ING Vysya Life Insurance Company Limited for giving me an opportunity to undertake a project on “Sales and marketing Strategy of ING Vysya Life Insurance Company Limited, Bangalore” and also for providing me all the information required. I express my gratitude to Mr. Abhishek Singh, Group Sales Manager ING Vysya Life Insurance Company Limited Bangalore, who through his vast experience and knowledge has been able to guide me, both ably and successfully towards the completion of my summer internship project. I am sincerely grateful for the assistance of several individuals, who have contributed towards fulfillment of this report. The knowledge, experience, guidance and the most important factors – support from these people are indeed valuable. Ch. Rakesh Kumar Patro Indus Business Academy, Bangalore Indus Business Academy FPB1214/029 7
  8. 8. Table of Content Executive Summary....................................................................................................................................... 9 Introduction ................................................................................................................................................ 10 Industry profile............................................................................................................................................ 10 Company profile.......................................................................................................................................... 13 Product portfolio......................................................................................................................................... 24 Analysis and Interoretation......................................................................................................................... 74 Findings ...................................................................................................................................................... 82 Recommendations ...................................................................................................................................... 83 Conclusion ................................................................................................................................................... 84 Bibliography ................................................................................................................................................ 85 Indus Business Academy FPB1214/029 8
  9. 9. Executive Summary Evaluating the market potential is an important aspect as the present state and future possibilities any business can be analyzed through this. ING Life Insurance being a key player of the Insurance industry and having competitors like LIC, ICICI and Bajaj; needs evaluation of market potential on a regular intervals. In this project the sales and marketing strategy of ING Life Insurance Company is measured in Bangalore area through different methods. The report will give an insight of the current level of customer demand of ING Life Insurance product in comparison of its competitors.Different parameters have been used to analyze the preference of customer. Necessary suggestions have been made which will help the company to take corrective actions to increase its sales and get a step ahead of its competitors. Although the findings of the report possess certain assumptions and limitations yet it will provide the proper current state and future state analysis of the company. This will definitely benefit the company in longer run. Indus Business Academy FPB1214/029 9
  10. 10. Introduction of ING Vysya Life Insurance Company Ltd: ING Vysya Life Insurance is a part of the ING groups the world’s fourth largest financial services company and also the world’s second largest life insurance provider. ING Vysya Life Insurance stands 13th in the fortune 5oo list. ING Vysya Life Insurance Company Limited is an established life insurance company with over a decade of experience serving over I million customers in over 200 cities in India. Headquartered in Bangalore, ING Vysya Life Insurance Company Limited is 100% owned by Exide Industries Limited. The company distributes its products through key channels like Tied Agency, Banc assurance and Alliances. The Tied Agency channel comprises over 30,000 ING Vysya Life Insurance Advisors, spread across the country. The Banc assurance and Alliances business within ING Vysya Life Insurance is a fast growing distribution channel, and includes the Banc assurance partner (ING Vysya Bank), Referral Partners, Corporate Agents and Brokers. ING Vysya Life Insurance company ltd entered in India in2001. It has dedicated and committed advisor sales of over 21000 people, working from 140 branches located in 74 major cities located in 74 major cities across the country and over 3000 employees. It’s headquarter is situated in Bangalore. ING Vysya Life Insurance company recorded an income of rs 102crore in 2003-04. The company has 6500 dealers and 100 field staffs who deal with over one lakhs farmer. Industry Profile: Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. Indus Business Academy FPB1214/029 10
  11. 11. Michael porter 5 forces model for insurance industry 1. Power of Suppliers. The suppliers of capital might not pose a big threat, but the threat of suppliers luring away human capital does. If a talented insurance underwriter is working for a smaller insurance company (or one in a niche industry), there is the chance that person will be enticed away by larger companies looking to move into a particular market. 2. Power of Buyers. The individual doesn't pose much of a threat to the insurance industry. Large corporate clients have a lot more bargaining power with insurance companies. Large corporate clients like airlines and pharmaceutical companies pay millions of dollars a year in premiums. Insurance companies try extremely hard to get high-margin corporate clients. Indus Business Academy FPB1214/029 11
  12. 12. 3. Threat of New Entrants. The average entrepreneur can't come along and start a large insurance company. The threat of new entrants lies within the insurance industry itself. Some companies have carved out niche areas in which they underwrite insurance. These insurance companies are fearful of being squeezed out by the big players. Another threat for many insurance companies is other financial services companies entering the market. What would it take for a bank or investment bank to start offering insurance products? In some countries, only regulations that prevent banks and other financial firms from entering the industry. If those barriers were ever broken down, like they were in the U.S. with the GrammLeach-Bliley Act of 1999, you can be sure that the floodgates will open. 4. Threat of Substitutes. This one is pretty straight forward, for there are plenty of substitutes in the insurance industry. Most large insurance companies offer similar suites of services. Whether it is auto, home, commercial, health or life insurance, chances are there are competitors that can offer similar services. In some areas of insurance, however, the availability of substitutes are few and far between. Companies focusing on niche areas usually have a competitive advantage, but this advantage depends entirely on the size of the niche and on whether there are any barriers preventing other firms from entering. 5. Competitive Rivalry in an Industry. The insurance industry is becoming highly competitive. The difference between one insurance company and another is usually not that great. As a result, insurance has become more like a commodity - an area in which the insurance company with the low cost structure, greater efficiency and better customer service will beat out competitors. Insurance companies also use higher investment returns and a variety of insurance investment products to try to lure in customers. In the long run, we're likely to see more consolidation in the insurance industry. Larger companies prefer to take over or merge with other companies rather than spend the money to market and advertise to people. Indus Business Academy FPB1214/029 12
  13. 13. Company Profile of ING Life Insurance: Website:http://www.inglife.co.in Industry:Insurance ING Vysya Life Insurance Company Pvt. LtdING Vysya Life Insurance Company Limited (ING Life) part of the ING Group entered the private life insurance industry in India in September 2001. Headquartered at Bangalore, ING Life is staffed by 7,926 employees and over 75,926 advisors, serving 8.12 lakh customers. Products:Traditional Investments, ULIP Products etc. Contact:India Address: ING Vysya House', 5th Floor 22, M.G. Road Bangalore 560001 Phone Numbers.: 91-80-25328000 Management Board of Directors (as on March 21, 2013) Mr. Rajan Raheja: Chairman Mr. A. K. Mukherjee: Director Mr. Kshitij Jain: Managing Director & CEO Mr. N. N. Joshi: Director Mr. Rajesh Kapadia: Director Mr. Satish Raheja: Director Executive Team (as on March 21, 2013) Mr. Kshitij Jain: Managing Director & CEO Mr. Rahul Agarwal: Chief Distribution Officer Indus Business Academy FPB1214/029 13
  14. 14. Mr. B. Ashwin: Chief Operating Officer Mr. Uco Vegter: Chief Financial Officer Mr. B N Rangarajan: Appointed Actuary & Chief Risk Officer History of ING: ING Group traces its roots to two major Insurance companies in the Netherlands and the banking services of the Dutch government. Insurance In 1845 the fire insurance company the Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845 (Fire insurance company of the Netherlands established 1845) was founded and grew to be the first insurance company with branches outside the Netherlands, of which it had 139 the world over by 1900. Two decades later in 1863 the life insurance company Nationale Levensverzekerings Bank (National Life Insurance Bank) was founded in Rotterdam. These two insurance companies would merge to form the combined insurance company the Nationale-Nederlanden in 1963. The combined insurance company would expand significantly during the 1970s and 1980s. [6] Banking In 1881 the Dutch government created the Rijkspostspaarbank, a postal savings system to encourage workers to start saving. Four decades later they added the Postcheque and Girodienstservices allowing working families to make payments via post offices. Separately in 1927 the Dutch government initiated a reorganisation of Dutch banks which resulted in the creation of theNederlandsche Middenstands Bank (NMB). NMB's focus was retail banking in the Netherlands and abroad. In 1986 the post office banking services were privatised as Postbank N.V. and three years later it would merge with NMB bank to form NMB Postbank. Merger of banking and insurance In 1991 the banking business of NMB Postbank and the insurance business of Nationale-Nederlanden were merged to create ING Group, after changes in regulation that allowed banks and insurance businesses to work together. Indus Business Academy FPB1214/029 14
  15. 15. Overseas expansion ING Group expanded its international business through a number of acquisitions through the 1990s including Belgium bank Banque Bruxelles Lambert (BBL) in 1998, US based insurance company Equitable of Iowa and the commercial bank Furman Selz. It also acquired Frankfurt based BHF-Bank in 1999, although disposed of this later. It increased its Latin American and Asia Pacific's insurance businesses with the acquisition of ReliaStar and Aetna's Financial Services unit. It also acquired the Polish Bank Śląski and Mexican insurance company Seguros Comercial América. However it was the 1995 purchase of Barings Bank after its dramatic failure that saw of ING Groups investment banking business boosted significantly. To expanding its retail banking business overseas, rather than create a branch network, it used the direct banking business model it had develop with NMB Postbank to launch an overseas direct banking businesses called ING Direct. The first of these was set up in Canada in 1997, this was soon followed in a number of other countries including the US, UK, Germany, France and Australia. The no frills high rate savings accounts that could only be accessed on-line were a successful venture and spawned a number of similar services from rival banks. Capital injection and divestiture In 2008 as part of the late-2000s financial crisis ING Group, together with all other major banks in the Netherlands, took a capital injection from the Dutch Government. This support increased ING's capital ratio above 8%, however as a condition of Dutch state aid, the EU demanded a number of changes to the company structure. This resulted in divestiture of a number of businesses around the world, which included insurance businesses in Latin America, Asia, Canada, Australia and New Zealand and the ING Direct unit in the US, Canada and the UK.[7] Indus Business Academy FPB1214/029 15
  16. 16. Milestones of ING: The long journey of seventy-five years has had several milestones… 1930 Set up in Bangalore 1948 Scheduled Bank 1985 Largest Private Sector Bank 1987 The Vysya Bank Leasing Ltd. Commenced 1988 Pioneered the concept of Co-branding of Credit Cards 1990 Promoted Vysya Bank Housing Finance Ltd. 1992 Deposits cross Rs.1000 cores 1993 Number of Branches crossed 300 Signs Strategic Alliance with BBL., Belgium. Two National Awards by Gem & Jewellery Export Promotion Council for excellent performance in Export Promotion Cash Management Services, & commissioning of VSAT. Golden Peacock Award 1998 for the best HR Practices by Institute of Directors. Rated as Best Domestic Bank in India by Global Finance (International Financial Journal - June 1998) State -of - the -art Date Centre at ITPL, Bangalore. 2000 RBI clears setting up of ING Vysya Life Insurance Company 2001 ING-Vysya commenced life insurance business. 1996 The Bank launched a range of products & services like the Vys Vyapar Plus, the range of loan schemes for traders, ATM services, Smartserv, personal assistant 2002 service, Save & Secure, an account that provides accident hospitalization and insurance cover, Sambandh, the International Debit Card and the mi-b@nk net banking service. 2002 ING takes over the Management of the Bank from October 7th , 2002 RBI clears the new name of the Bank as ING Vysya Bank Ltd, vide their letter of 10.12.02 Introduced customer friendly products like Orange Savings, Orange Current and 2003 Protected Home Loans 2002 2004 Introduced Protected Home Loans - a housing loan product Introduced Solo - My Own Account for youth and Customer Service Line – Phone 2005 Banking Service Bank has networked all the branches to facilitate ‘AAA’ transactions i.e. Anywhere, 2006 Anytime & Anyhow Banking Indus Business Academy FPB1214/029 16
  17. 17. Achievements of ING: o First Investment Manager to launch a packaged concept in Asset Management Industry. o Awarded “Abby Gold 2006” for its advertising Campaign for ING LION Fund. o Two CRISIL AAAf * products in Debt Fund space. (ING Liquid Fund & ING Floating Rate Fund). o First Asset Manager to launch a debt fund based on Credit risk with a portfolio based on credit monitor. (ING Select Debt Fund). o First Private Sector Mutual Fund to launch a concept dedicated to women. (Mahilanivesh). o ING Dynamic Asset Allocation Fund was awarded “Most Innovative Product” by Asia Asset Monitor. o ING Mutual Fund recently launched India’s first DAILY TRANSFER PLAN called Zoom Investment Pac (ZIP). o ING Mutual Fund has also pioneered a new reality show on television called Indian Investor of the Year. Indus Business Academy FPB1214/029 17
  18. 18. INGs Timeline:  ING was founded in 1991 by a merger between Nationale-Nederlanden and NMB Postbank Group. During the past years ING has become a multinational with diverse international activities.  The roots of ING can be traced to the insurers De Nationale Levensverzekering Bank and De Nederlanden van 1845 and to the public bank services such as De Rijkspostspaarbank and De Postcheque- and Girodienst, as well as to theNederlandsche Middenstands Bank. These are the legal predecessors of the 'founding fathers' of ING: Nationale-Nederlanden and NMB Postbank Group.  The oldest legal predecessor is the Kooger Doodenbos from Koog in the province of North Holland, founded in 1743. During that period many regional funds were created to insure people from certain communities, professions, widows and orphans against bad fortune. Many of these small organisations were taken over by larger nationwide operating companies such as De Nationale Levensverzekering Bank. The fire insurers were the first to undertake international activities, starting in the Dutch Indies, but later also in the rest of Asia and in America. This created the foundation for the international company ING is today.  The pillarisation of Dutch society that separated Protestants, Catholics and Socialist/Liberals is also visible in the ING history. Banks with a Catholic or Protestant signature merged into the NMB and became part of ING. Professional groups also united in the banking business. Organisations such as the Credietbank for Koffiehuis en Restauranthouders (pubs and restaturants), Indus Business Academy FPB1214/029 18
  19. 19. the Bank voor den Diamantenhandel (diamond trade) and the Vakbondsspaarbank (Union Savings Bank) were involved in several mergers and acquisitions and finally became part of ING Bank and therefore part of the ING family.  The founding of ING as one company was started in 1990 when the legal restrictions on mergers between insurers and banks were lifted in the Netherlands. This prompted insurance company Nationale-Nederlanden and banking company NMB Postbank Groep to enter into negotiations. The merger into Internationale Nederlanden Groep took place in 1991. The market soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Groep N.V. Since 1991, ING has developed from a Dutch company with some international business to a multinational with Dutch roots. This was achieved through a mixture of organic growth, such as the creation of ING Direct from scratch, as well as various large acquisitions. Business Divisions of ING:  Retail banking  ING Direct o ING Direct Canada o ING Direct United States o ING Direct UK o ING Direct Australia  Commercial banking o Corporate finance  Insurance o ING Australia  ING Investment Management Indus Business Academy FPB1214/029 19
  20. 20. Awards and Recognition: 2012  Rated as ‘Top 50 Best places To Work’ by Great Place To Work Institute  Awarded with ‘Best Talent Management’ across  Asia by World HRD Congress 2011     ING Dividend Yield Fund rated 5 Star by ICRA ING Dividend Yield Fund ranked CPR 1 by CRISIL ING Domestic Opportunities Fund awarded with 5 star ING Liquid Fund ranked CPR 1 by CRISIL 2010  ING IM India CIO adjudged as India’s one of the ‘Best Fund Manager’ by Business Today 2008  ING Income STP Fund rated 5 Star by ICRA  Conducted Asia’s first, largest & most prestigious global event – ‘ING Global  Investment Marathon’ 2007  ING Zoom Investment Pac awarded as ‘Most innovative Product’ by Asia Asset Management  Launched India’s first ‘Global Real Estate’ strategy’ – ING Global Real Estate Fund  Rated as ‘Top 200 Brands in India’ and ranked  No. 7 in the Asset Management space ahead of all other MNC’s Indus Business Academy FPB1214/029 20
  21. 21. Mission of ING Life insurance: At ING Life, our mission is ‘To set the standard in helping our customers manage their financial future.’ Our business is driven on our values of Optimism, Knowledgeable, Trustworthy and Transparent. Optimism: We bear an approach of ‘Optimism’ towards our company, towards each other, in our products and in our care for our customer’s interests. Knowledgeable: We cultivate the knowledgeable value through our robust way of working, sharing and actively communicating. Trustworthy: We deliver trustworthiness by doing the ‘right things in right way’, by delivering an ‘easier’ customer experience and by being a socially responsible corporate. Transparent: Our value of ‘transparent’ drives our actions, reflects in our products and services. Values of ING Life Insurance: Our values are personified by our people through a set of ‘Personality aspects’. These personality aspects are: Positive, Professional, Accountable and Transparent. Positive: ING Life India employees live its value of optimism by bearing a positive and can-do attitude to their work. Indus Business Academy FPB1214/029 21
  22. 22. Professional: At ING Life India, we expect the highest standard of professional behavior by providing professional advice to customers, by treating customers equitably, abide by company’s culture and act with compliance. Accountable: ING Life India expects employees to be accountable for their actions, words and decisions such that it builds their personal integrity and fosters ING Life India’s value of trustworthiness. Straightforward: ING Life India expects employees to be straightforward in their conduct and work while dealing with customers and colleagues. The Brand Positioning: The Brand Essence of ING Life is, ‘Experience the joy of fulfilling your responsibility’. This essence is captured in the unique brand positioning ‘Mera Farz’, developed in 2007. This positioning means, ING Life helps its customers fulfill their responsibilities as provider towards themselves and their families. ING Life provides its customers with the strength, reliability and the right balance between long-term savings, security & reasonable returns. Spirit of ING life Insurance: The Spirit of ING Life Insurance is the core of ING and represents its values and what ING Life Insurance aspires to be. These values are  Intensity to Win Make Customers Successful Team, Innovate, Excel  Act with Sensitivity Respect the individual Thoughtful and responsible  Unyielding Integrity Delivering on commitments Honesty and fairness in actions Indus Business Academy FPB1214/029 22
  23. 23. SWOT Analysis: SWOT analysis is done for a company, to find its overall strengths, weakness, opportunity, and threats leading to gauging the competitive potential of the company. The SWOT analysis enables a company to recognize its market standing and strategy accordingly. Strength: 1. Integrated approach to banking. Asset management and insurance 2. State of Art ING Direct Facility 3. International expertise of ING group 4. Spread of 230 offices across India 5. Serves over 1 million policy holders in India Weakness: 1. Less penetration in rural areas 2. Mediocre publicity 3. Insurance companies have a poor image when it comes to payment of dues Opportunity: 1. Growing rural market 2. Earning Urban Youth 3. Cross selling through financial services such as banking Threats: 1. Stringent Economic measures by Government and RBI 2. Entry of new NBFCs in the sector Indus Business Academy FPB1214/029 23
  24. 24. Product portfolio: Children Plans: What is "ING Aashirvad"? ING Aashirvad is a best in class guaranteed insurance solution for your child. This unique offering not only guarantees your child's education and marriage, but also goes one step ahead in providing a guaranteed life cover for your child for 30 years after policy maturity. What are the guarantees offered by ING Aashirvad? Guarantee 1:Guaranteed Maturity Benefit (GMB) with flexible payout options ING Aashirvad guarantees the target amount you have aimed for your child and offers flexible options to receive your maturity payout that will take care of your child's key financial needs. Option A – Part Staggered & Part Lumpsum to fulfill your child's education and marriage needs Option B – Single Lumpsum Payment for post graduation or marriage needs Guarantee 2:Guaranteed Death Benefit paid in addition to the GMB, on the life of the parent and the child, in case of any unfortunate event Guarantee 3:Guarantee of Premium contribution by the company (waiver of all future premiums) in the unfortunate event of the demise of the parent. Guarantee 4:Guaranteed Life Cover for your child for a period of 30 years even after policy has reached maturity Indus Business Academy FPB1214/029 24
  25. 25. Product Features Premium Paying Term (PPT) 10-20 years The Child has to be minimum 18 years on the date of maturity. Policy Term Premium Paying Term (PPT) + 5 years Minimum Guaranteed Maturity Benefit (GMB) Rs. 400,000 Maximum Guaranteed Maturity Benefit (GMB) No limit (subject to Underwriting) Guaranteed Death Benefit (in addition to the Guaranteed Maturity Benefit) Maturity Payput Options Indus Business Academy FPB1214/029 Before the Policy Maturity Date For Parent:- 50% of GMB For Child:- 2.5% of the GMB + Surrender Value (if any) After the Policy Maturity Date For Parent:- Not applicable For Child:- 50% of GMB Option A - Part Staggered as 7.5%, 7.5%, 10% 10%in the first 4 years after PPT & the balance 65% on the policy maturity date. Option B - Lumpsum amount of 105% on the policy maturity date 25
  26. 26. Creating Life Child Protection Plan: A Children Life Insurance Policy This Child insurance plan is perfect if you have small children. You can provide for their future by setting aside a small portion of your current income. The money you set aside will help your children pursue their dream even when you are not around to take care of them. Death cover will provide immediate relief and the maturity benefit will come to your child at the right time when they need it. This Children Life Insurance plan helps you ensure that your children’s future is secure and prosperous, so they can pursue their dreams no matter what the future brings. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Key Benefits Payment to child in case death of parent and at maturity Future premiums waived in case of death of parent Reversionary Bonus Benefit Product Features Eligibility Minimum entry age: 18 years Maximum entry age: 55 years Maximum maturity age: 65 years Premium Payment Term Choose premium paying terms of 10 - 25 years Premium Payment Options Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 8,000 Half-Yearly : Rs. 4,000 Quarterly : Rs. 2,000 Monthly : Rs. 750 Indus Business Academy FPB1214/029 26
  27. 27. Creating Life Money Back Plan-Financial planning for children As a parent, you always want to give all the good things in life to your child. See your children grow into successful individuals, fulfill their dreams at every important stage of their life and help them grab all the opportunities at the right time. ING Life helps you to achieve this. Be it for their computer training classes, dance lessons or anything that makes them experience the good things in life. No matter what happens to you, your child's future is always taken care of. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Key Benefits Payment to child in case death of parent Future premiums waived in case of death of parent Guaranteed Survival Benefit Reversionary Bonus Benefit Product feature Eligibility Minimum entry age: 18 years Maximum entry age: 55 years Maximum maturity age: 70 years Premium Payment Term Choose premium paying terms of 15, 20 & 25 years Premium Payment Options Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 8,000 Half-Yearly : Rs. 4,000 Quarterly : Rs. 2,000 Monthly : Rs. 750 Indus Business Academy FPB1214/029 27
  28. 28. Protection Plans: ING My Term Insurance Property, gold, or a simple fixed deposit. Investing is always good, but not good enough when it comes to building a solid foundation for your family’s financial future. A solid foundation that will ensure nothing comes in the way of your family’s dreams in your absence. So what exactly will help you build that solid foundation? The answer is very simple. By protecting yourself with ING My Term Insurance. Because, once you are well-protected, your family can live without worries. And no matter what tomorrow holds for you, your family’s future remains secure. A substantial life cover: In case of an unfortunate event, your family gets lump sum amount as financial support so that they continue to stay with same comforts as they have been. Family income benefit: You may choose to provide life cover amount to your family, part in lump sum and part as income over 60 months. The chosen percentage of life cover amount as lump sum will be paid immediately; a 10% extra life cover is added to the balance and is paid to your family over 60 months as monthly income. Payout options under Family Income Benefit % of Life Cover in Lump sum 80% 50% 40% 30% % of Life cover as monthly income 20% 50% 60% 70% Terminal Illness Benefit: In case of a terminal illness being diagnosed, you will receive 25% of the lump sum life cover immediately, to help you meet immediate medical expenses. At this point, you are not required to pay any future premiums, but the policy continues to be in force. If the illness doesn’t prove to be terminal for life assured within the period as specified in terms and conditions, the company reserves the right to resume future premiums. Flexibility to pay your premium: You have the option to pay premium amount as per your convenience. You can choose from the following Indus Business Academy FPB1214/029 28
  29. 29. payment modes: Regular Pay : Pay premium over the chosen policy term. Limited Pay: Pay premium over a limited payment term as you enjoy the policy benefits for the full term. What’s more, you can also benefit by saving on the total premium amount. Enhance your protection: You have the option to enhance your protection at a nominal cost by adding rider. Choose from ING Critical Illness Riders ING Accidental Death Benefit (ADB) ING Accidental Death Disability and Dismemberment rider (ADDDB) Save Tax: All the premiums paid and the life cover amount received are exempt from income tax u/s 80(C) and section 10(10D) respectively. Product Features Minimum / Maximum Age 18 - 65 years age last birthday at Entry Minimum / Maximum Maturity Age 75 years age last birthday Policy Term* Fixed Term:- 10 – 35 years Premium Paying Term (PPT) Regular Pay: Equal to policy term Limited Pay: 5 or 7 or 10 years Minimum Life Cover ( ) 25 lakhs Maximum Life Cover ( ) 25 corers Premium Mode Indus Business Academy FPB1214/029 Annual, Semi-Annual, Quarterly and Monthly 29
  30. 30. "Ensure dreams are protected, and get your premiums back" Your responsibility towards your family is something you've always held close to your heart. All your efforts are devoted to their happiness, their security. Not just for the present, but even for the future. Needless to mention, your biggest priority has always been to ensure that your loved ones are secure, even in your absence. ING Life now offers you a great way to secure your family's future. That's not all; you can also enjoy a whole range of very attractive benefits offered to you in a very convenient and economical manner The ING Term Life Plus is a Term Insurance Product with return of premiums. In addition to the sum assured which is payable on death, under this Plan the Company also returns a proportion of the premiums that you have paid after completion of half the policy term and another proportion on the policy maturity date. You also have the flexibility to surrender the policy For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Key Benefits Protection Cover: Upwards of 5 lacs Sum Assured Flexibility to choose a policy term between 10 and 30 years Mid-term benefit on surviving to 50% of the term On maturity Total premium less any extra premium paid and mid-term benefit, shall be payable In the event of death of the LA during the policy term, the sum assured chosen under the policy shall be payable Optional riders for comprehensive accidental coverage in regular payment option Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1961 Indus Business Academy FPB1214/029 30
  31. 31. Product Features Eligibility Minimum Entry Age: 18 years Maximum Entry Age: 65 years Maximum maturity age: 75 years Sum Assured The minimum sum assured you can opt under this plan is Rs.5 Lakhs Premium Amount This Plan allows you to choose the amount of premiums you wish to pay Policy Term You have the flexibility to choose a policy term between 10 and 30 years Premium Payment Terms Regular premium - till policy term completion Limited premium - 3 or 5 years Single premium - is a one time payment Premium Payment Options Annual, half-yearly, quarterly or monthly Savings Plans: ING Secured Income Insurance Plans ING Life Insurance brings to you a new class of endowment plans under the bouquet “ING Secured Income Insurance Plans”. These plans are designed to offer security to you and your family in the form of long term benefits, while assuring your family a regular income if anything unfortunate were to happen. Under this bouquet, you can choose from two plans Indus Business Academy FPB1214/029 31
  32. 32. ING Secured Income Insurance Plus ING Secured Income Insurance Plus is a plan where you have to pay premiums for a shorter duration and enjoy the plan benefits for the entire policy term. This plan is suited for those with cyclical income or those who don’t wish to pay premiums for a long duration.The family income benefit in this plan ensures that your family gets sufficient financial support when they need it the most. Key Benefits Double death benefit In unfortunate event of the life assured death, the family gets 220% of the sum assured and bonuses (if any) as death benefit – 100% of sum assured paid in lump sum immediately on death and 120% paid as 2% of Sum Assured every month for 60 months. Guaranteed addition of 10% of sum assured in maturity value We reward your long term commitment through a guaranteed addition of 10% in SA on policy maturity. This guaranteed addition is over and above the sum assured and accrued bonus, if any and is payable at policy maturity. Flexibility to choose from limited and regular premium paying terms: Based on your income and financial plan, you can choose to pay regularly over the policy term or pay for limited numbers of years (5/7/10 years) while the plan continues for the chosen policy term. Discount for high premiums: These plans reward you with a premium discount of 3-6% if you pay higher premiums. Indus Business Academy FPB1214/029 32
  33. 33. Product Feature Minimum / Maximum Age at Entry 0 years – 60 years Minimum / Maximum Maturity Age 18 Years - 70 years Policy Term 10-20, 25 and 30 years Premium Paying Term (PPT) 5, 7 or 10* PPT/Mode Annual Semi Quarterly Monthly Annual 10 3,000 1,000 18,000 9,000 4,500 1,500 5 Maximum Premium (Rs.) 12,000 6,000 7 Minimum Premium (Rs.) 24,000 12,000 6,000 2,000 Limited by maximum sum assured of Rs. 50,00,000 For Policy Term of 10 years, 10 years PPT is not available Indus Business Academy FPB1214/029 33
  34. 34. ING Secured Income Insurance RP ING Secured Income Insurance Regular Pay is a plan which enables you to save systematically, thereby achieving your financial goals like buying a car, building a house, child’s education and marriage, retirement, etc. This plan is your ideal savings tool for long term financial goal. In addition to ensuring Systematic savings it also provides family income benefit which ensures financial protection for your family in case of any unfortunate and unforeseeable event. Key Benefits Double Death Benefit #: In unfortunate event of the life assured death, the family gets 220% of the sum assured and bonuses (if any) as death benefit – 100% of sum assured paid in lump sum immediately and 120% paid as 2% of Sum Assured every month for 60 months. Maturity Benefit: At the maturity of the policy, ING Life will pay the Sum Assured plus vested bonus, if any plus terminal bonus, if any. Option for enhanced protection: You have the option to enhance your protection further at a nominal cost by adding riders. Our suite of riders provides additional life cover (ING Term Life Rider), protection against accidents (ADB / ADDDB rider) and protection against Critical illness (Critical illness Rider). Discount for high premiums: These plans reward you with a premium discount of 3-6% if you pay higher premiums. Indus Business Academy FPB1214/029 34
  35. 35. Product Features: This product is available in 2 options ‘Base’ and ‘Economy’. ING Secured Income Insurance RP: Base Option Minimum / Maximum Age at Entry ING Secured Income Insurance RP: Economy Option 0 years – 60 years age last birthday Minimum / Maximum Maturity 18 Years - 70 years age last birthday Age Policy Term 10-20, 25 and 30 Premium Paying Term (PPT) Equal to Policy Term Rs. 12,000 (Annual) Rs. 6,000 (Semi Annual) Minimum Annual Premium (Rs.) Rs. 3,000 (Quarterly) Rs. 1,000 (Monthly) Maximum Premium (Rs.) Indus Business Academy FPB1214/029 Rs. 8,000 (Annual) Rs. 4,000 (Semi Annual) Rs. 2,000 (Quarterly) Rs. 1,000 (Monthly) No Limit (Subject to maximum sum assured of Rs. 12000 50,00,000) 35
  36. 36. Reassuring Life Endowment Plan: An Endowment Policy Ideally, once your protection needs are met, consider a saving plan. The Reassuring Life Endowment Plan with reversionary bonus* is one such policy. Besides being a savings option, it also acts as a highly reliable safety net for your family in case something happens to you. The Reassuring Life Endowment Plan is ideal because it gives you the incredible benefit of a reversionary bonus* which enhances your life cover, and hence your sum assured, dramatically, every year. So when the endowment policy matures you can receive almost double the initial sum assured. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. * Bonus is non-guaranteed and are based on the company's performance. Key Benefits Lump Sum Benefit at Maturity Customized Life Covers Enhancing Life Cover (Attractive Reversionary Bonus) Indus Business Academy FPB1214/029 36
  37. 37. Product Features Eligibility Minimum entry age: 0 years Maximum entry age: 60 years Maximum maturity age: 70 years Premium Payment Term You can choose paying premium terms from 10-30 years. (i.e. 10,11,12...20...30) Premium Payment Options Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 8,000 Half-Yearly : Rs. 4,000 Quarterly : Rs. 2,000 Monthly : Rs. 750 ING Nirmal Jeevan Insurance Plan ING Nirmal Jeevan Insurance Plan helps you plan your family’s future with regular savings and guaranteed benefits. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Indus Business Academy FPB1214/029 37
  38. 38. Key Benefits Guaranteed Maturity Benefit You choose the sum assured at policy start. On end of the policy term, this sum assured is paid as maturity amount. Guaranteed Life cover In case of unfortunate demise of life assured during the policy term, the sum assured amount is paid to the nominee immediately and the policy ends. Automatic Life Cover We understand that some time your changed financial priorities may not allow you to save. While you may pay premium again as soon as you can but your family’s protection should not be compromised. So this plan automatically provides life cover for additional 2 or 3 years even if the premium is not paid. If you have paid at least 2 annual premiums, policy life cover will continue for next 2 years from the date of first unpaid premium. If you have paid at least 3 or more annual premiums, policy life cover will continue for next 3 years from the date of first unpaid premium. Easy to sign up It’s quick, easy and simple to take this plan. No medicals required and very less documentation Product Features: Minimum / Maximum Age at Entry 3 Years / 55 years Minimum / Maximum Maturity Age 18 Years / 70 years Policy Term 10, 12 or 15 years Premium Paying Term (PPT) Equal to Policy Term Indus Business Academy FPB1214/029 38
  39. 39. Annual Premium (Rs.) 6000, 7000, 8000, 9000, 10000, 11000, 12000 Payment Mode Annual Only Safal Jeevan Endowment Plan An Endowment Plan that offers comprehensive protection and savings in an easy and hassle free manner. "Safal Jeevan" is the simplest life insurance plan giving you complete freedom to choose from pre-packaged solutions, and decide how much and how long you want to pay premiums. It offers death benefit, maturity benefit and has an in-built accident cover. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Key Benefits Low Premium In built Accident Cover No Medical Underwriting Indus Business Academy FPB1214/029 39
  40. 40. Product Features Eligibility Minimum entry age: 18 years Maximum entry age: 45 years Maximum Maturity Age: 60 years Premium Payment Term Choose premium paying terms of 10, 15 and 20 years Premium Payment Options Annual, half-yearly, or quarterly Minimum Premium Payable Annual : Rs. 2,000 Half-Yearly : Rs. 1,000 Quarterly : Rs. 500 ING Creating Star Guaranteed Future all ING Creating Star Guaranteed Future is a child life insurance plan that pays out monies and helps you plan for the career and marriage of your children. In this plan the parent and child are the life insured/s during the Policy Term and once your child’s future is adequately secured through the education and marriage payouts the benefit of long term insurance protection shifts to the child during the extended Policy Term. A customized 2 in 1 plan, ING Creating Star Guaranteed Future not only guarantees the planning for your child’s career but also goes one step ahead and provides guaranteed long term insurance protection for your child. Key Benefits Guaranteed Maturity Benefit The target amount that you want to save for your child is guaranteed on maturity and you can receive the Guaranteed Maturity Benefit either as: • Education & Marriage Payouts • Marriage Payouts The Guaranteed Maturity Benefit option that you opt at inception of the policy cannot be changed during the Policy Term. Indus Business Academy FPB1214/029 40
  41. 41. Option A: Education and Marriage Payout Under this option the Education and MarriagePayouts are payable during the Policy Term as 5% of the Guaranteed Maturity Benefit in the first 4 policy years before the maturity date and the balance 80% of the Guaranteed Maturity Benefit is payable on the maturity date. When will you receive the payment? Education and Marriage Payout (as a % of GMB) 4 year before Policy Maturity Date 3 year before Policy Maturity Date 2 year before Policy Maturity Date 1 year before Policy Maturity Date Policy Maturity Date 5 5 5 5 80 Option B: Marriage Payout Under this option the Marriage Payouts are payable as a lumpsum on the maturity date. There is also a guaranteed addition of 3% added to the Guaranteed Maturity Value on the maturity date subject to all due premiums being paid. Note: The Guaranteed Additions are payable on maturity only for the Marriage Payout Option. Guaranteed Death Benefit • Before the Policy Maturity Date • In the unfortunate event of death of the parent during the Policy TermThe Death Benefit (50% of the GMB) will be paid out. The education and marriage payouts as planned for your child will continue and all the future premiums payable under this policy from the next policy Year onwards shall be waived. The Death Benefit will be paid as part lumpsum (50%) on death and part as staggered benefits (10% each) in the next 5 years.• In the unfortunate event of death of the child during the Policy Term The Death Benefit (2.50% of the GMB) and the Surrender Value (if applicable) will be paid out and the policy will be terminated. • After the Policy Maturity Date (during the extended Policy Term of 30 years)In the unfortunate event of death of the child during the extended Policy Term the Death Benefit Indus Business Academy FPB1214/029 41
  42. 42. (50% of the GMB) is paid out and the Policy Terminates. Note:- There is no life insurance cover for the parent once the guaranteed maturity benefits are paid out. Product Features Min/Max Entry Age (age last birthday) Parent (Life Assured) 20 -55 years Max Maturity Age of the parent Premium Paying Term (PPT) Policy Term 70 years Minimum Guaranteed Maturity Benefit Rs. 6,00,000 Maximum Guaranteed Maturity Benefit Death Benefit Indus Business Academy FPB1214/029 Child (Life Assured 3-15 Years 10 - 20 years PPT + 5 years No limit (subject to Underwriting) Before the Policy Maturity Date for parent: 50% of GMB For child: 2.5% of the GMB + Surrender Value (if any) After the Policy Maturity Date For parent: Not applicable For child: 50% of GMB 42
  43. 43. Retirement Plans ING Golden Years Retirement Plan Your retirement years allow you to leisurely enjoy everything you always aspired for. That’s why we call them the Golden Years of your life. You need to plan well so that you don’t just retire, you retire well. What is ING Golden Years Retirement Plan? ING Golden Years Retirement Plan is a unique plan that helps you make your retirement years the golden years of your life by offering a host of benefits: Key Benefits 1. Growth with minimum guarantee: Your Individual Pension Account (IPA) grows at an interest rate declared every year. It is determined subject to the performance of the fund. However, the minimum interest rate on your IPA is 5% p.a. for first 5 policy years and 1.5% p.a. for rest of the policy term. The interest once added in IPA is guaranteed to be paid. 2. Flexibility: This plan offers multiple flexibilities to help you plan your retirement as per your convenience. Top-Up Premium: In addition to the regular premium, you can pay an additional amount during the policy term (subject to product terms and conditions) to ensure your retirement fund grows faster. Premium Payment Options : Choosing from Regular, Limited or Single Payment options. You can choose to pay your premium either monthly or annually. You can decrease or increase the premium payment term by keeping the premium amount same. Postponement of retirement age: You may postpone your retirement age (subject to product terms and conditions) depending upon change in your retirement planning. Indus Business Academy FPB1214/029 43
  44. 44. 3. Regular & Disciplined Savings: A disciplined saving method (starting with as little as Rs. 2000 per month) goes a long way in building the desirable retirement corpus. 4. Guaranteed Vesting Benefit: On completion of vesting term, you receive higher of the two below Gross premiums including top-up premiums compounded @ 1% p.a., or Individual pension account (IPA) value. You may take up to 1/3rd of the maturity amount tax free in cash and use the balance to purchase annuity from ING Life Insurance to ensure a monthly income for your life time. 5. Loyalty Benefit: All premium allocation charges deducted are refunded to your pension account on reaching the retirement age. This is applicable once you have made a total premium payment of Rs. 4,80,000/- (does not include top-up premiums). 6. Life Cover: In case of demise of the policy holder, higher of following is paid to the nominee: 105% of gross premiums and Top Up premiums (excluding service tax) Gross premium and Top Up premiums compounded @ 1% p.a. (excluding service tax) Individual Pension Account (IPA) Value. 7. Tax Savings: All the premiums paid are tax free under section 80C. Indus Business Academy FPB1214/029 44
  45. 45. Product Features Minimum / Maximum Age at Entry 18 years – 65 years Minimum / Maximum Vesting Age 45 Years - 75 years Premium Payment Term Vesting Term / Premium Paying Term Vesting Term Allowed Single Pay 10-42 years Limited Pay: 5 – 9 years 10 years Limited Pay (10-41 Years) 15 - 42 years and Regular Pay Premium Payment Term Minimum Premium for Limited Pay / Regular Pay 5 – 9 years 10 - 42 years Minimum Annual Premium Minimum Monthly Premium Rs. 48,000 Rs. 4,000 Rs. 24,000 Rs. 2,000 Minimum Single Premium Rs. 2,40,000 Premium Payment Frequency Annual and Monthly modes available Annuity Options Guaranteed for Life Indus Business Academy FPB1214/029 45
  46. 46. Premium Allocation Charge Regular Premiums Allocation Charges as a % of Annual Policy Year Premium Annual Mode Monthly Mode 1 2-5 6th Onwards Allocation Charges as a % of Single Premium 9% 2.5% 6% 2 3% NIL 2% 2% NIL 2. Policy Admin Charge: Policy Year Charges as a % of Annual/Single Premium Regular Pay PPT / Limited PPT Single PayPPT 1 2-5 6th onwards NIL 4% 4% NIL 2.2% 0% 3. Annual Management Fee The Annual Management fee is 1.35% p.a. and is charged as percentage of the pension account value. Indus Business Academy FPB1214/029 46
  47. 47. ING Immediate Annuity Retirement is the golden period when you want to make your wishes come true which otherwise had taken a back seat in meeting key milestones of the life. To make this period really tension free, you need to arrange for guaranteed regular income for the rest of your life; not let anything disturb your years of enjoyment, least of all market volatility disturbing your peace. ING Life offers the Immediate Annuity Plan with Return of Purchase Price. For years, you have been saving for your retirement and now you can use those savings to get a guaranteed life time income. All you have to do is invest your savings at one go in this Policy and choose the frequency of receiving the Annuity (monthly/quarterly/half-yearly /yearly) and we will start paying your regular income. The Annuity rates are dependent on the age, gender and the Annuity frequency mode selected by the Annuitant Key Benefits Annuity Payments: Lifelong fixed annuity payouts guaranteed for life. Flexibility: Flexible options of receiving payouts annually, semi annually, quarterly or monthly. Death Benefit: On death of Annuitant, Purchase price or a part there of will be paid to the nominee. Simplicity: No medical examination, large volume discounts. Indus Business Academy FPB1214/029 47
  48. 48. Product Features Entry Age (age last birthday) Minimum: 45 Years Maximum: 70 Years Age at maturity Not Applicable Premium Paying Term (PPT) Single (One Time Payment) Policy Term Whole of Life Purchase Amount Minimum: Rs 50,000 Maximum: No Limit Minimum Payout Amount Rs.1000 Annuity Frequency Mode Yearly, Half Yearly, Quarterly and Monthly Investment Plans ING STAR Life ING STAR Life, a unique life insurance plan that helps you enjoy assured tax free returns on your hard earned savings. All you have to do is pay premium for 3 years and enjoy benefits in a 12 year period. ING STAR Life has unique advantages: Get 9-10% Guaranteed Addition rate for 12 years. Pay for just 3 years Life Cover (5 or 10 times the annual premium) Assured tax free returns Key Benefits 1.Guaranteed Life Cover: ING STAR Life secures your family’s financial future in case of an unfortunate event by guaranteeing life cover of 5 or 10 times the annual premium depending on the age of life assured. The life cover is applicable throughout the policy term of 12 years. Indus Business Academy FPB1214/029 48
  49. 49. 2. Guaranteed Addition Rate: ING STAR Life assures you a guaranteed rate of addition from year 1 till policy maturity. The rate varies as per the sum assured chosen as follows:- Sum Assured (in Rs.) Guaranteed Addition Rate (per annum) 1.30 Lac – 1.95 Lac 9% 1.95 Lac – 2.5 Lac 9.5% 2.5 Lac and above 10% Guaranteed Addition is accumulated every year as a percentage of the sum assured and is paid in aggregate after the end of the 12th policy year. 3. Guaranteed Survival Benefit With ING STAR Life, you do not have to wait for the end of the policy term to receive the full policy benefits since you start getting the sum assured in 10th year (50%) and 11th year (50%). 4. Guaranteed Maturity benefit: With ING STAR Life, the maturity benefit is paid at the end of policy term and is equal to the sum of all guaranteed additions accumulated over 12 years. 5. Other Benefits:: Short premium contribution term: You need to pay premiums only for 3 years while you enjoy all the benefits in full policy term of 12 years. Policy Loan: You can avail a policy loan after paying the premium for two full years and after completion of 2 policy years as per the prevailing terms applicable to the product. Tax Benefit: As per the prevailing tax laws under section 80C and 10(10D) of the Income Tax Act, 1961, you an avail of the tax benefits on the premium paid and the benefits received if the death benefits is 10 times the annual premium. The tax benefits are subject to change as per change in tax laws from time to time. For specific details please contact your tax consultant before you invest in this policy Indus Business Academy FPB1214/029 49
  50. 50. Product Features Minimum / Maximum Age at Entry 8 - 60 years age last birthday Minimum / Maximum Maturity Age 20 Years / 72 years age last birthday Policy Term 12 Years Premium Paying Term (PPT) 3 Years Life Cover (Depends on Entry age of Life Assured) Minimum Annual Premium (Rs.) For Age of Entry of 8-50 yrs:10 times Annual premium For Age of Entry of 51-60 yrs: 5 times Annual premium Rs. 51,728 Minimum Sum Assured (Rs.) Rs. 1,30,000 Maximum Sum Assured (Rs.) Rs. 50,00,000 (Subject to underwriting) Premium Mode Indus Business Academy FPB1214/029 Annual only 50
  51. 51. ING Prospering Life SP We all experience receipt of unplanned income in the form of bonus, business order, repayment from debtors, etc. Correspondingly, we also have unforeseen unplanned expenses like medical emergency, family vacation, wedding of relatives, etc. ING Prospering Life SP is the perfect 'Investment Space' for your uncertain income. ING Prospering Life SP is a Single Premium Unit Linked Insurance Plan which maximizes returns over the long term (10-years) by providing choice of 6 investment funds with just a single contribution. With ING Prospering Life SP, pay once and build wealth for life! For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Indus Business Academy FPB1214/029 51
  52. 52. Key Benefits Key attractive features of this plan are as follows: Flexible life insurance cover of up to 5 times the Single Premium for younger ages Option to choose from 6 Investment Funds Loyalty additions – Refund of 50% of mortality charges at maturity; Unlimited free switched and liquidity in the form of free partial withdrawals No medicals required for the ages 56 – 65 years till Rs 3,60,000 (Sum Assured) Product Features Entry Age(age last birthday) Minimum: 8 Years Maximum: 65 Years Age at maturity Minimum: 18 Years Maximum: 75 Years Premium Paying Term (PPT) Single Premium Policy Term 10 years Premium Minimum: Rs. 72,000 Maximum: No Limit Initial Sum Assured For age at entry of 55 years or below: Min: 1.25 times the Single Premium Max: 5 times the Single Premium For Age at Entry of above 55 years Fixed at 1.1 times the Single Premium Additional Sum Assured from Top Up Indus Business Academy FPB1214/029 For age at entry of 55 years or below: Fixed 1.25 times the Top Up Premium For Age at Entry of above 55 years Fixed 1.1 times the Top Up Premium 52
  53. 53. Top Up Premium Minimum: Rs 5,000 Maximum: Any amount (subject to U/W guidelines) ING Market Shield Today, as an investor, you would want: Returns that are better than traditional instruments over a longer term. Protection from unpredictable fluctuations in the market. Affordable investment options. ING Market Shield is a unique equity linked insurance plan that offers market linked returns and protection against unpredictable downfalls in market throughout the policy term. Key Benefits Daily Guaranteed NAV : When the market goes down, your investments are secured with the guarantee offered on the highest NAV recorded. Market Linked Returns : Our expert Investment Team invests the money in select stocks to offer market linked returns on your savings. Anytime Guarantee: The guarantee offered on the Highest NAV is applicable from Day 1 till the policy continues. Monthly Premium Payment Option : By paying premium every month you can benefit from rupee cost averaging and make annual investments affordable without any financial strain. Life Cover: It offers a life cover equivalent of 10-20 times the annual premium paid by you. Other Benefits: Get tax benefits* and free partial withdrawal options during the policy term. Indus Business Academy FPB1214/029 53
  54. 54. Product Feature Entry Age Minimum: 8 Years Maximum: 55 Years Age at maturity Minimum: 23 Years Maximum: 70 Years Policy Term 15 - 20 years Premium Paying Term (PPT) Limited Pay (5, 10 years) or Regular (Equal to Policy Term) Premium Payment Modes Annual / Monthly Annual Mode Monthly Mode PPT of 5 years Rs 48,000 p.a.Rs 4,000 p.m. Minimum Premium For PPT of 10 yearsRs 36,000 p.a.Rs 3,000 p.m. and Regular Pay Maximum Premium No Limit Top Up Premium Minimum: Rs 5,000 Maximum: Rs 8,00,000 per life assured Basic Sum Assured 10 times to 20 times the Annual Premium Additional Sum Assured Fixed at 1.25 times of the Top-Up premium paid (if any) Indus Business Academy FPB1214/029 54
  55. 55. ING Prospering Life ING Prospering life is an excellent tool for wealth creation while enjoying control over your assets at all times. It offers multiple fund options and investment strategies that help you maximize returns as per your investment objective. The plan also provides the much needed life insurance protection in case of any unfortunate event. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Life Insurance: Life cover up to 10 times the annual premium. Multiple Funds: 6 funds with diversified mix of equity and debt to meet one's risk appetite. Automatic Asset Allocation Strategy: Automatic rebalancing of debt and equity mix to conserve the wealth generated. Flexibility: Unlimited free switches and premium redirections, charge free withdrawals, top ups. Limited pay option: Option to pay premium for half the number of policy term years Indus Business Academy FPB1214/029 55
  56. 56. Product Feature Age at Entry Minimum: 8 Years Maximum: 55 Years Age at maturity Minimum: 24 Years Maximum: 71 Years Policy Term 16 or 20 years Premium Paying Term (PPT) Policy Term/2 or equal to Policy Term Premium Payment Modes Annual, Half-yearly, Quarterly, Monthly* Minimum Premium Yearly - Rs. 48,000 Half-yearly - Rs. 24,000 Quarterly - Rs. 12,000 Monthly - Rs. 4,000 Maximum Premium No Limit Top Up Premium Minimum of Rs. 5,000 Basic Sum Assured For age at entry below 45 years: Fixed at 10 X annual premium For age at entry of 45 years or above:Fixed at 7 X annual premium Additional Sum Assured Fixed at 1.25 times of the Top-Up premium paid (if any) * For Monthly mode: Minimum 3 Monthly premiums to be collected at the time of issue Indus Business Academy FPB1214/029 56
  57. 57. ING Uttam Jeevan - Regular Premium At every stage in life, there comes along a different need, most of which requires substantial financial planning. You may need to make a down payment for a new house or your child’s education may need immediate financial support. Usually your responsibilities are as big as your wish to fulfill them. Meeting all these needs can be easier, provided you are prepared adequately for them. ING Uttam Jeevan, a unique unit linked plan will definitely help you provide for them in the future. ING Uttam Jeevan is a simple, easy to understand plan which fulfills customers need of investment and protection. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale Key Benefits Uttam Savings: Market Linked Returns with higher allocation of premium. Uttam Protection: Automatic increase in base sum assured; inbuilt accidental death benefit; Death Benefit is SA plus Fund Value Uttam Flexibility: Charge free withdrawals; Top Ups. Uttam Simplicity: Non Medical Plan , Minimum documentation Indus Business Academy FPB1214/029 57
  58. 58. Product Features Entry Age (age last birthday) Minimum: 8 Years Maximum: 45 Years Age at maturity Minimum: 28 Years Maximum: 65 Years Premium Paying Term (PPT) Fixed - 20 years Policy Term Fixed - 20 years Premium (Fixed) Rs. 18,000, Rs. 24,000, Rs. 30,000, Rs. 36,000 Initial Sum Assured 10 times Annual Premium Frequency Annual Premium Payment only Top Up Premium Minimum: Rs 2,000 Maximum: Total of the Top Up Premiums should not exceed 25% of the Total Regular Premiums paid Indus Business Academy FPB1214/029 58
  59. 59. ING Uttam Jeevan - Single Premium Life is very unpredictable. Still, we have defined financial goals at every stage in life which requires substantial financial planning. Meeting all these needs can be easier, provided you can get prepared adequately. . ING Uttam Jeevan SP, a unique Single Premium unit linked plan which can help you strike your future worries in one shot. Pay once and enjoy the benefits for the term of the policy. ING Uttam Jeevan SP is a simple, easy to understand plan which fulfills customers’ needs of investment For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale Key benefits Uttam Savings: Market Linked Returns with higher allocation of premium. Uttam Protection: Automatic increase in base sum assured; inbuilt accidental death benefit; Death Benefit is SA plus Fund Value Uttam Flexibility: Charge free withdrawals; Top Ups. Uttam Simplicity: Non Medical Plan , Minimum documentation Indus Business Academy FPB1214/029 59
  60. 60. Powering Life Limited Payment Endowment Plan For those who have achieved financial success, ensuring that success is well protected and loved ones are cared for is an important necessity. The limited payment endowment plan does just that by allowing you to pay for the policy in a short period and to enjoy the life insurance coverage and maturity benefits for a long period. ING Life Insurance can help you to ensure that your family's future is safe and secure. The Powering Life Plan is ideal because you get a life cover and your family enjoys long term financial security. And thanks to a high reversionary bonus, your investment grows over time. You can even customise your coverage term and choose from a range of premium payment terms. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale Key Benefits Safe Investment with High Tax Free Returns Customisable Premium Payment Term Enhancing Life Cover Indus Business Academy FPB1214/029 60
  61. 61. Product Feature Eligibility Minimum entry age: 18 years Maximum entry age: 60 years Maximum maturity age: 70 years Premium Payment Options Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 24,000 Half-Yearly : Rs. 12,000 Quarterly : Rs. 6,000 Monthly : Rs. 3,000 New Fulfilling Life Plan Investment plan with double benefit of periodic cash returns during policy term and maturity or death benefit. The Fulfilling Life Plan provides your family security even after your death, apart from giving you regular cash returns during your life. The special feature of this plan is you may receive 100% of Sum Assured as money back spread over the premium payment term, 100% on death or maturity. You can also choose from a range of limited premium payment terms. For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration carefully before concluding a sale. Key Benefits Regular Cash Back Benefit Flexible Premium Payment Benefit Guaranteed Maturity Benefit Indus Business Academy FPB1214/029 61
  62. 62. Product Features Entry Age (age last birthday) Minimum: 8 Years Maximum: 45 Years Age at maturity Minimum: 18 Years Maximum: 55 Years Premium Paying Term (PPT) Fixed - Single Premium Policy Term 10 years Premium Minimum: Rs.48,000 Maximum: Rs.4,00,000 Initial Sum Assured Minimum: 1.25 times Single Premium Maximum: 5 times Single Premium Top Up Premium Minimum: Rs 2,000 Maximum: Total of the Top Up Premiums should not exceed 25% of the Single Premium paid Indus Business Academy FPB1214/029 62
  63. 63. Product Feature Eligibility Minimum entry age: 14 years Maximum entry age: 54 years Maximum maturity age: Fixed at 85 years Premium Payment Term Choose premium paying terms of 16, 20 and 24 years Premium Payment Options Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 8,000 Half-Yearly : Rs. 4,000 Quarterly : Rs. 2,000 Monthly : Rs. 750 Riders: Accidental Death Rider In case of death of the life assured, due to accident during the term of the policy, the Sum Assured under this Rider is paid along with the Sum Assured under the basic policy. Definition of Accident An event or series of events of violent, external and visible nature causing bodily injury is defined as accident. Accidental Death Death, which results from bodily injury, occurs within 180 days from the date of injury resulting from an accident Indus Business Academy FPB1214/029 63
  64. 64. Product Feature Entry age 18 years (last birth date) Last Premium Paying Age 65 years (last birth date) Premium Paying Term Same as base policy Payment Mode For Individuals: Yearly, Half-Yearly, Quarterly For group billing as a single cheque from a company: monthly facility availability Modal Factor Yearly: 10.86 Half yearly: 5.61 Quarterly: 2.895 Exclusions This Rider shall not cover the death, disability or dismemberment of the Life Assured being caused directly or indirectly by any of the following: Any disease or infection. ll subsequent contributions 3% Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane. Life Assured being under the influence of alcohol, narcotics, psychotropic substances or drugs unless taken in accordance with the lawful directions and prescription of a qualified and registered medical practitioner. War (declared or undeclared), war-like operations, invasion, civil commotion, riots or revolution. Participation in any flying activity, except as a bonafide passenger in a commercially licensed aircraft. Participation is a criminal or unlawful act. Any injury sustained before the Effective Date of this Rider. Participation in hazardous sports, hobbies or pastimes including (but not limited to) racing, parachuting, mountaineering etc. Atomic energy explosion or radiation of any kind. Indus Business Academy FPB1214/029 64
  65. 65. Maximum Cover Equal to the Sum Assured under the basic policy, subject to an overall maximum of Rs. 20,00,000/Maximum Cover Equal to the Sum Assured under the basic policy, subject to an overall maximum of Rs. 20,00,000/Tax benefit Rebate under section 80 ( c ) and rider benefit is tax free under section 10 (10 D) Accidental Death, Disability and Dismemberment Rider Death Benefit In case of death due to accident, the Sum Assured under this Rider is payable along with the Sum Assured of the basic policy. Definition of Accident An event or series of events of violent, external and visible nature causing bodily injury is defined as accident. Total Permanent Disability Resulting from an accident and occurring within 180 days of the date of accident and lasting for at least 180 consecutive days. Completely and continuously preventing the Life Assured from engaging in any occupation to earn any wages. Definition of Loss Physical severance or total irrevocable loss of use which results from accident and occurs within 180 days from the date of the accident. Dismemberment of limbs occurring within 180 days of accident Physical severance of arm at or above wrist Physical severance of leg at or above ankle Physical severance of a thumb, an index finger, and at or above metacarpophenageal joint Indus Business Academy FPB1214/029 65
  66. 66. Product Feature Entry age 18 years (last birth date) Last Premium Paying Age 65 years (last birth date) Premium Paying Term Same as base policy Payment Mode For Individuals: Yearly, Half-Yearly, Quarterly For group billing as a single cheque from a company: monthly facility availability Modal Factor Yearly: 10.86 Half yearly: 5.61 Quarterly: 2.895 Exclusions This Rider shall not cover the death, disability or dismemberment of the Life Assured being caused directly or indirectly by any of the following: Any disease or infection. ll subsequent contributions 3% Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane. Life Assured being under the influence of alcohol, narcotics, psychotropic substances or drugs unless taken in accordance with the lawful directions and prescription of a qualified and registered medical practitioner. War (declared or undeclared), war-like operations, invasion, civil commotion, riots or revolution. Participation in any flying activity, except as a bonafide passenger in a commercially licensed aircraft. Participation is a criminal or unlawful act. Any injury sustained before the Effective Date of this Rider. Indus Business Academy FPB1214/029 66
  67. 67. Participation in hazardous sports, hobbies or pastimes including (but not limited to) racing, parachuting, mountaineering etc. Atomic energy explosion or radiation of any kind. Maximum Cover Equal to the Sum Assured under the basic policy, subject to an overall maximum of Rs. 20,00,000/Maximum Cover Equal to the Sum Assured under the basic policy, subject to an overall maximum of Rs. 20,00,000/Tax benefit Rebate under section 80 ( c ) and rider benefit is tax free under section 10 (10 D) Term Rider ING Term Life Rider is an option to increase your life protection at a nominal cost. In case of death of the life assured during the term of the policy, the Sum Assured under this Rider is paid along with the Sum Assured under the basic policy. It ensures that your family enjoys enhanced security and a comfortable lifestyle – at a fraction of a cost. Key Benefits 1. Enhanced Life Cover: With ING Term Rider, you can increase your life cover up to twice the base plan life cover. This additional life cover will be paid out on death of life assured in addition to the life cover in the base plan. 2. High value for money: This rider provides you life cover at a nominal cost, as compared to a new term plan for equal life cover. So it is a very cost effective way of enhancing protection. 3. Tax Benefit: Rebate under section 80 ( c ) and death benefit is tax free under section 10 Indus Business Academy FPB1214/029 67
  68. 68. Product Feature Minimum / Maximum Age at Entry 18 years / 60 years age last birthday Rider Protection Ceasing Age 70 years Minimum Sum Assured Rs. 50,000 Maximum Sum Assured Lower of : Rs. 50,00,000 or Sum Assured of the Base Policy Rider Term (minimum/maximum)** For Regular Premium Payment: 5 years – 52 years For 5 year Premium Payment:- 6 years – 30 years For 10 years Premium Payment: 11 years – 30 years Premium Payment Terms** Regular Pay Limited Pay (5 Pay, 10 Pay) Premium Payment Modes Same as that of the Base Policy (Monthly, Quarterly, Half-Yearly, Yearly) Indus Business Academy FPB1214/029 68
  69. 69. ING Critical illness Rider ING Critical illness Rider is an add-on protection benefit that policy holders can add to their new or existing traditional ING Life Insurance policies. It pays a lump sum benefit in case the life assured is diagnosed with major illness like Heart Attack, Cancer, Paralysis, Kidney failure, Coma etc. This benefit payout ensures that family is not burdened with high medical expenses, thereby allowing them to maintain their standard of living. It gives you an option to cover either 4 critical illnesses (Option A) or 25 critical illnesses (Option B). Key Benefit 1. Critical illness Benefit Get a lump sum amount on diagnosis of any of the covered Critical illnesses irrespective of the actual expenses incurred for treatment. Moreover the amount will be paid in addition to the claim on any existing health insurance policy that you may have. 2. Comprehensive Protection: Option to cover up to 25 illness – Cancer, Heart Attack, Stroke, Coronary Artery Bypass graft, Kidney Failure, Major Organ Transplant, Benign Brain Tumour, Paralysis, Coma, Total Blindness, Major Burns, Heart Valve Surgery, Surgery of Aorta, Motor Neurone Disease, Multiple Scelerosis, Aplastic Anaemia, End Stage Lever Disease, Chronic lung disease, Alzheimer Disease, Parkinson's disease, Loss of speech, Major Head Trauma, Primary Pulmonary Hypertension, Systemic Lupus Erythematosus with Lupus Nephritis, Apallic Syndrome. Option A provides protection against Cancer, Heart Attack, Stroke, Coronary . Artery Option B provides protection against 25 illnesses as mentioned in the Comprehensive Protection mentioned above. Indus Business Academy FPB1214/029 69
  70. 70. 3. Tax Benefit: You receive tax benefits under section 80D and under section 10(10D) on the premiums paid and on the benefit amount. Product Feature Minimum / Maximum Age at Entry For Critical illness Rider:- 18 years – 60 years CI Benefit Ceasing Age 65 years Minimum Sum Assured Rs. 50000 Lower of, Maximum Sum Assured Rider Term (minimum/maximum)**) Rs. 25 lakhs or Sum Assured of the base policy 5 years – 47 years Premium Payment Terms** 5 years – 47 years Premium Payment Modes Same as that of the base policy Premium Rates Revision For Critical illness Rider: Premium rates are guaranteed for a 5 years; For more details on the above Critical illnesses refer to the sales brochure and policy terms and conditions. Indus Business Academy FPB1214/029 70
  71. 71. Key Benefits 1. Critical illness Benefit: Get a lump sum amount on diagnosis of any of the covered Critical illnesses irrespective of the actual expenses incurred for treatment. Moreover the amount will be paid in addition to the claim on any existing health insurance policy that you may have. 2. Comprehensive Protection: Option to cover up to 25 illness – Cancer,Heart Attack, Stroke, Coronary Artery Bypass graft, Kidney Failure, Major Organ Transplant, Benign Brain Tumour, Paralysis, Coma, Total Blindness, Major Burns, Heart Valve Surgery, Surgery of Aorta, Motor Neurone Disease, Multiple Scelerosis, Aplastic Anaemia, End Stage Lever Disease, Chronic lung disease, Alzheimer Disease, Parkinson's disease, Loss of speech, Major Head Trauma, Primary Pulmonary Hypertension, Systemic Lupus Erythematosus with Lupus Nephritis, Apallic Syndrome. Option A provides protection against Cancer, Heart Attack, Stroke, Coronary Artery Bypass graft. Option B provides protection against 25 illnesses as mentioned in the Comprehensive Protection mentioned above. 3. Tax Benefit: You receive tax benefits under section 80D and under section 10(10D) on the premiums paid and on the benefit amount. Indus Business Academy FPB1214/029 71
  72. 72. ING Critical illness Limited Pay Rider ING Critical illness Limited Pay Rider is an add-on protection benefit that policy holders can add to their new or existing traditional ING Life Insurance policies. It pays a lump sum benefit in case the life assured is diagnosed with major illness like Heart Attack, Cancer, Paralysis, Kidney failure, Coma etc. This benefit payout ensures that family is not burdened with high medical expenses, thereby allowing them to maintain their standard of living. In this, premium is to be paid for 5 years, while protection is ensured for 10 years. It gives you an option to cover either 4 critical illnesses (Option A) or 25 critical illnesses(Option B) . Key Benefit 1. Critical illness Benefit: Get a lump sum amount on diagnosis of any of the covered Critical illnesses irrespective of the actual expenses incurred for treatment. Moreover the amount will be paid in addition to the claim on any existing health insurance policy that you may have. 2. Comprehensive Protection: Option to cover up to 25 illness – Cancer, Heart Attack, Stroke, Coronary Artery Bypass graft, Kidney Failure, Major Organ Transplant, Benign Brain Tumor, Paralysis, Coma, Total Blindness, Major Burns, Heart Valve Surgery, Surgery of Aorta, Motor Neuron Disease, Multiple Sclerosis, Aplastic Anemia, End Stage Lever Disease, Chronic lung disease, Alzheimer Disease, Parkinson's disease, Loss of speech, Major Head Trauma, Primary Pulmonary Hypertension, Systemic Lupus Erythematous with Lupus Apallic Syndrome. Option A provides protection against Cancer, Heart Attack, Stroke, Coronary Artery graft. Option B provides protection against 25 illnesses as mentioned in the Comprehensive Protection mentioned above. 3. Tax Benefit: You receive tax benefits under section 80D and under section 10(10D) on the premiums paid and on the benefit amount. Indus Business Academy FPB1214/029 72
  73. 73. Product Feature Minimum / Maximum Age at Entry For Critical illness Limited Pay Rider 18 – 55 years CI Benefit Ceasing Age 65 years Minimum Sum Assured Rs. 50000 Lower of, Rs. 25 lakhs or Sum Assured of the base policy Maximum Sum Assured Rider Term (minimum/maximum)**) 10 years (fixed) Premium Payment Terms 5 years Premium Payment Modes Same as that of the base policy Premium Rates Revision Premium rates are guaranteed for the entire rider term For more details on the above Critical illnesses refer to the sales brochure and policy terms and conditions. Indus Business Academy FPB1214/029 73
  74. 74. Analysis and Interpretation: Data Analysis Tool:  7p of Marketing Mix  Michel Porter’s five forces model  Observation Present Marketing Strategies of ING Life Insurance Company Indus Business Academy FPB1214/029 74
  75. 75. Product Strategies: Width (No of product lines) of ING Vysya Life Insurance company= 6 Length ( No of items) of ING Vysya Life Insurance company= 25 Depth ( No of variants in each product) of ING Vysya Life Insurance company= Eg: ING secured income insurance plans has 2 variants. 1. ING Secured Income Insurance Plus 2. ING Secured Income Insurance RP Consistency (How closely related the various product lines) of ING Vysya Life Insurance company= ING Vysya Life Insurance company’s product lines are consistent insofar as they are related to customer’s life but from the performance angle they are less consistent insofar because as they perform different functions for buyers. Pricing Strategy: On the basis of standard of living, loyalty of customer, current market demand, salary and commission to be paid to employees they fix their pricing. They normally follow the following 6 pricing strategies. Destroyer Pricing ( To kill the competition) Psychology pricing Going Rate (Price set following the competition) Pricing Strategies Price Discrimination (Different price in different market) Cost Plus Pricing (Average cost + Pricing) Discount Indus Business Academy FPB1214/029 75
  76. 76. Place Strategy: ING Vysya Life Insurance Company do it’s distribution or the channel by which product or service reach to customer by two ways as mentioned in below Internet Place Direct Sales Promotion Strategy: Main objective of ING Vysya Life Insurance Company behind promotion is to make awareness the people about insurance, especially ING life insurance and getting more revenue by create more loyal customer. Indus Business Academy FPB1214/029 76
  77. 77. For that this company uses following tools. Special offer Free Gifts Personal Selling Indus Business Academy FPB1214/029 77
  78. 78. People: As this is a service industry “people” play a very important role because they only deal with the customer directly and they only directly relate to deliver the service to customer. In this organization people indicates and deal with the following things. Employees Management Culture Cutomer servicce Process: It deals with how are service consumed? This task customer has to perform to get the service. For making that task easy for customer ING Vysya Life Insurance Company has done the following thing. User friendliness and easy access: www.inglife.co.in Phone: 91-80-25328000 Fax: 91-80-25559764 For complaint register: Complaint Redressal Cell Indus Business Academy FPB1214/029 78
  79. 79. Physical Evidence: As service is intangible, physical evidence plays a crucial role to prove the quality of the service. In ING Life Insurance Company in terms of physical evidence it has lots of amenities facilities, comfort, and particular dress code for every level of employees. Value Delivery process: Till now most of the company follow the traditional delivery process that is make the product and sell the product but ING follows the modern delivery process i.e. 1st step Choose the value 2nd step Provide the value 3rd step Communicate the value Indus Business Academy FPB1214/029 79
  80. 80. Research Methodology: 1. Statement of the Problem  People were getting irritate by listening the word “Insurance”  Most of the people have trust on LIC compare to other Life Insurance.  In some cases I went to meet with the prospect without appointment for which I got scolded by them like anything.  I found it very difficult to convince lapsed policy holders to revive their policy Type of Research:  Causal Research: I had done a causal research where I did a research with completely certain criteria not exploratory. I just collected data through interaction and observation  I made 3 polices and revive 7 lapsed policy. 2. Objective of the Study  To study the level of awareness of ING Vysya Life Insurance among the prospect and potential customer.  Marketing strategies of ING Vysya Life Insurance  To find out what level of the service of ING Vysya Life Insurance are received by customer in case of service like response to complaints, offer given, product updates, post purchase service.  The current level of customer demand of ING Life Insurance product in comparison of its competitors.  To analyze the strength, weakness, opportunity and threat of ING Vysya Life Insurance  To get the suggestion of policy holder to improve the service of ING Vysya Life Insurance Indus Business Academy FPB1214/029 80
  81. 81. 3. Research Design  Panel Talk: At least thrice in a week I used to sit with my GSM and branch manager and senior advisors where we used to discuss about the progress, problems and we are also trying to come up with solution that time.  Individual Interaction: By calling and meeting with the prospect and existing customer through observation I was trying to know their opinion about ING Vysya Life insurance Company. Hypothesis Statement: ING Vysya Life Insurance’s current position o Tools for Data Collection Primary Data:  Direct interaction with customers  From making phone calls  Analyzing the strength, weakness, opportunity and threats of ING Vysya Life Insurance by observing the market. Secondary Data:  Internet  Broachers Indus Business Academy FPB1214/029 81
  82. 82.  Product Manual Findings:  ING has a good brand image but not that much.  Existing customers of ING Vysya Life insurance are not satisfied, with the after sell service.  Most of the people are not interested in buying insurance.  People are not ready to trust on Company’s insurance. Indus Business Academy FPB1214/029 82
  83. 83. Recommendations:  Company should advertise more to make aware about ING Vysya Life Insurance among the people  Company’s after sell service should be faster and better  Effective media should be used to reach the target customer  It should convey it’s history, achievement and also need to create interest for gaining the trust people. Indus Business Academy FPB1214/029 83
  84. 84. Conclusion:  The study of my overall data relate with techniques to study the sales and marketing strategy use by ING Vysya Life insurance Company Ltd.  Company has more opportunity to grow but he has to wait.  For earning more revenue company has to spared the awareness about its product with USP  In India still customers have more faith in bank then insurance. Indus Business Academy FPB1214/029 84
  85. 85. Bibliography:  www.inglife.co.in  Philip kotler( Marketing Management- 13th Editiion)  http://www.moneycontrol.com/news-topic/ing-vysya-lifeinsurance-company/ Indus Business Academy FPB1214/029 85

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