DESSIORTATION PROJECT REPORT MAYURI BHOLE.pdf

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Research Project Report
On
[A STUDY OF INSURANCESECTOR IN INDIA . ]
Of
Master ofBusinessAdministration DEGREE
(Session:2020-2021)
SUBMITTED BY
(MAYURIHEMANT BHOLE)
PRN No:180102031014
UNDER THE GUIDANCEOF
(PROF.SHUBHRA JOHRI)
School of Commerce& ManagementStudies
A/P: Mahiravani, Trimbak Road,Tal. &Dist.Nashik – 422213
Phone:(2594)222541/42/43/44/45
www.sandipuniversity.edu.in

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AnnexureC
StudentDeclaration & Certificate
I “MAYURIHEMANTBHOLE”hereby declarethatthework which is being
presented in this report entitled “A STUDY OF INSURANCESECTOR IN
INDIA .” is an authenticrecordofmy own work carried outunderthe
supervisionof (PROF.SHUBHRA JOHRI)
The matterembodied in this reporthasnot been submittedby me for the award
of any other degree/ Diploma/Certificate.
Schoolof ManagementStudies MAYURIBHOLE
Date:
25may2020
This is to certify that thework which is being presentedin this reportentitled “A
STUDY OF INSURANCESECTOR IN INDIA .” is an authenticrecord ofthe
studentcarried outunder my supervision.Thestatementsmadeby thecandidate
arecorrect to the best of my knowledge.
Dr. Zafar Khan Name of Supervisor:
Dean I/C : School of Commerce & Management Sciences Designation:
Date: 25may2020 Date:25may2020

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AnnexureD
Acknowledgment
The success and final outcome of this project required a lot of guidance and
assistance from many people and I am extremely privileged to have got this all
along the complete on of my project. All that I have done is only due to such
supervisionand assistanceand Iwould not forget to thankthem.
I owe my deep gratitude to our project guide (PROF.SHUBHRA JOHRI)for his
encouragement and more over for her timely support and guidance till the
completionoftheproject work.
I am thankful and fortunate enough to get constant encouragement, support and
guidance from dean and all teaching staff of Management Studies which helped
me in successfully completingmy project work.
Finally, I would like to thank one and all who have helped me directly or
indirectly in preparingthis paper.
DATE:25 may2020
PLACE:NASHIK
MAYURI BHOLE

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Annexure E
Content Page
TABLE OF CONTENTS
Sr. No. Particulars Pg. No.
1 Chapter I 5
1.Introduction of the topic 5
2. Need of the study 6
3. Scope of study 7
4. Objective of study 7
2 Chapter II 43
1. Review of Literature 43
3 Chapter III 44
1. Research Methodology 44
4 Chapter IV 49
1.Data Analysis & Interpretation 49
5 Chapter V
1. Findings
73
6 Chapter VI
1. Suggestion. & Recommendations
74
7 Chapter VII
1. References
75

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Chapter I
INTRODUCTIONOF THE TOPIC:-
The insurance industry of India consists of 57 insurance companies of which 24
are in life insurance business and 33 are non-life insurers. Among the life insurers, Life
Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the
non-life insurers there are six public sector insurers. In addition to these, there is sole national
re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in
Indian Insurance market include agents (individual and corporate), brokers, surveyors and
third-party administrators servicing health insurance claims.
Life insurance or life assurance is a contract between the policy owner and the
insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured
individual's or individuals' death or other event, such as terminal illness or critical illness. In
return, the policy owner agrees to pay a stipulated amount called a premium at regular
intervals or in lump sums. There may be designs in some countries where bills and death
expenses plus catering for after funeral expenses should be included in Policy Premium. In
the United States, the predominant form simply specifies a lump sum to be paid on the
insured's demise.
As with most insurance policies, life insurance is a contract between the insurer
and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured
event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value
derived from the 'peace of mind' experienced by the policyholder, due to the negating of
adverse financial consequences caused by the death of the Life Assured.
COMPANY PROFILE
COMPETITION OFLIFE INSURANCE
the insurance industry of India consists of 57 insurance companies of which 24 are in
life insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company.
Apart from that, among the non-life insurers there are six public sector insurers. In
addition to these, there is sole national re-insurer, namely, General Insurance Corporation of
India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and
corporate), brokers, surveyors and third party administrators servicing health insurance claims.
INSURANCECOMAPANES
Life insurance companies
As of October 2018, IRDAI has recognized 24 life insurance companies. Following is the list:
1. Life Insurance Corporation of India Life Insurers in Private Sector
1. SBI Life Insurance
2. Met life India Life Insurance
3. ICICI Prudential Life Insurance
4. Bajaj Allianz Life
5. Max New York Life Insurance

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6. Sahara Life Insurance
7. Tata AIG Life
8. HDFC Standard Life
9. Birla Sunlife
10. Kotak Life Insurance
11. Aviva Life Insurance
12. Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC
13. ING Vysya Life Insurance
14. Shriram Life Insurance
15. Bharti AXA Life Insurance Co Ltd
16. Future Generali Life Insurance Co Ltd
17. IDBI Fortis Life Insurance
18. AEGON Religare Life Insurance
19. DLF Pramerica Life Insurance
20. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE
21. India First Life insurance company limited
22. Star Union Dia-ichi Life Insurance Co. Ltd]
TOP COMPANYS IN INSURANCESECTOR
Need of the study:-
A human being is an income generating asset. One’s income generating ability depends on
one’s skills, (manual, professional, problem solving, entrepreneurial, etc.) These are the
assets the value of which can be measured by considering the income that is generated by the
person concerned. The concept of human life values provided by insurance enables the
determination of the asset value of the human life and therefore, the amount of life insurance
required. Life insurance emphasizes the preservation of the economic value of the human

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asset in the event that these assets may be lost through unexpectedly early death or through
sickness and disabilities caused by accidents.7
Insurance as a social security tool – The United Nations Declaration of Human Rights 1948
provides that “Everyone has a right to a standard of living adequate for
the health and wellbeing of himself and his family, including food, clothing, housing
and medical care and necessary social services and the right to security in the event
of unemployment, sickness, disability, widowhood or other lack of livelihood in
circumstances beyond his control”. When the bread winner dies, to that extent, the
family’s income dies.
Objective of study:-
1. To examine the Indian Insurance market and make a comparative study of the operations
and claim settlement procedures of Public Sector and Private Sector Life Insurance
Companies.
2. To study the different mechanisms of risk calculations, underwriting
procedures, premium and bonuses offered and claim settlement procedures
in public sector and private sector Life Insurance Companies.
3. To assess the performance of Public sector vis a vis Private Sector Life
Insurance Companies.
4. To analyse the shift in customer perceptions and preference towards Private
Sector Life Insurance Companies and to investigate the causes there to.
5. To offer suggestions to customers about the long term financial benefits and
security offered by insurance and be a catalyst to change the perceptions of
customers so as to make them aware of the need for insurance.
6. To examine the role of IRDA as the sole regulatory body for all insurance
companies in India and study the changes in the regulation in Insurance
sector since 2000.
7. To evaluate the various Customer Relationship Management programmes
and Marketing strategies adopted by Public Sector and Private Sector Life
Insurance Companies.
8. To have an in depth understanding of the problems faced by public sector and
private sector Life Insurance Companies and suggest suitable remedies.
Scopeof study:-
This thesis aims at making an in depth study of Life Insurance Companies only, both
in the Public Sector and Private Sector. It deals with products offered by Life
Insurance Companies consisting of Endowment Assurance (Participating), and
Money Back (Participating) and Unit Linked Insurance Policies. An elaborate study is
undertaken covering a period of ten years since the inception of the IRDA and the
resultant entry of private players in the Insurance segment. The survey was conducted on
customers of the public Sector Life Insurance Corporation of India and ten top Private Sector
Companies started between the year 2000 and 2013. An analysis of performance was done
by evaluating the performance of top six private sector life insurance companies with Life
Insurance Corporation of India. A survey of insurance clients and also people who have no
insurance coverage was made covering the major cities in India.

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❖ LIC- LIFE INSURANCE COMPANIESIN INDIA
Whether one is an earning member of the family or not, life insurance is something
everyone must possess, that too from an established and popular life insurance company.
At present, there are 24 life insurance brokers in India with only LIC of India being
the government undertaking and other 23 are either privately owned or joint ventures
between two or more private companies (national and/or international) or between
private companies and public sector undertakings
ABOUT THE COMPANY
The Life Insurance Corporation of India was founded in 1956 when the Parliament of
India passed the Life Insurance of India Act that nationalised the insurance industry in India.
Over 245 insurance companies and provident societies were merged to create the state-owned
Life Insurance Corporation of India .As of 2019, Life Insurance Corporation of India had
total life fund of ₹28.3 trillion .
The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance
Corporation of India settled 26 million claims in 2018-19. It has 290 million policy holders.
INTRODUCTION:-
Life Insurance Corporation (LIC) is one of the leading insurance firms of India for five
decades. It is the most trusted company enjoying more than 60 years of trust, faith and
confidence of people. It is known as the “Pension Provider” of the country.
Well, from an analysis of the available data shows that the year 1956 was very prominent in
terms of changes that took place in the insurance sector and other private sector companies.
• On January 19, 1956, the Central Government of India took over the charge of all 154
Indian, 16 Non-Indian and 75 provident societies (consolidated 245 private insurance
companies) which were working in India at that time.
• The Parliament of India passed the Life Insurance Corporation Act on the 19th of
June 1956.
• LIC was created on 1st September 1956 with the merger of more than 245 insurance
companies and provident societies.
• It was formed under an act of the parliament viz. LIC Act, 1956 with an initial capital
of Rs. 5 crores from the Government of India.
OBJECTIVE OF LIC
• The primary objective of LIC is to provide life insurance policies to all the section of
society.

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• To provide life insurance services and financial cover to the low-income segment at
an affordable cost in rural areas of the country.
Mission / Vision
Mission
"Ensure and enhance the quality of life of people through financial security by providing
productsand services of aspired attributes with competitive returns, and by rendering resources
for economic development."
Vision
"A trans-nationally competitive financial conglomerate of significance to societies and Pride
of India."
POLICY'S OF LIC
1. 1]Aam Aadmi Bima Yojna
2. 2]Insurance Plans
3. 3] Special Plans
4. 4] Pension Plans
5. 5] Unit Plans
6. 6] Micro Insurance Plans
7. 7] Withdrawn Plans
8. 8] Health Plans
1]AAM AADMIBIMA YOJNA
government of india has approved the merger of social security schemes viz., aam admi bima
yojana and janashree bima yojana.the merged scheme is renamed "aam admi bima yojana"
and has come into effect from 01.01.2013.
A) DETAILS OF THE SCHEME :
1. Eligibility criteria :-
1. The members should be aged between 18 years completed and 59 years nearer birthday.
2. The member should normally be the head of the family or one earning member of the
below poverty line family (BPL) or marginally above the poverty line under identified
vocational group/rural landless household.
2. Nodal Agency:-
"Nodal Agency" shall mean the Central Ministerial Department/State Government / Union
Territory of India/any other institutionalized arrangement/any registered NGO appointed to
administer the Scheme as per the rules. In the case of "Rural Landless Households", the nodal
agency will mean the State Government/Union Territory appointed to administer the Scheme.
3. Age Proof :-
a) Ration Card
b) Extract from Birth Register

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c) Extract from School Certificate
d) Voter's List
e) Identity card issued by reputed employer/Government Department
f) Unique Identification Card (Aadhar Card)
4. Premium :-
The premium to be charged initially under the scheme will be Rs.200/- per annum per
member for a cover of Rs.30,000/-, out of which 50% will be subsidized from the Social
Security Fund . In case of Rural Landless Household (RLH) remaining 50 % premium shall
be borne by the State Government/ Union Territory and in case of other occupational group
the remaining 50% premium shall be borne by the Nodal Agency and/or Member and/or State
Government/ Union Territory
2]INSURANCE PLANS:-
As individuals it is inherent to differ. Each individual's insurance needs and requirements are
different from that of the others. LIC's Insurance Plans are policies that talk to you
individually and give you the most suitable options that can fit your requirement.
➢ Endowment Plan
➢ Money Back Plans
➢ Term Assurance Plans
➢ RIDER
➢ Endowment Plan
1] LIC's JEEVAN PRAGATI PLAN :-
LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of
protection and savings. This plan provides for automatic increase in risk cover after every
five years during the term of the policy. In addition, this plan also takes care of liquidity
needs through loan facility.
1. Benefits:-
Death benefit :- In case of death during the policy term, provided all due premiums have
been paid, Death benefit, defined as sum of "Sum Assured on Death ", vested Simple
Reversionary Bonuses and Final Additional bonus, if any, shall be payable.Where "Sum
Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute
amount assured to be paid on death.
Maturity Benefit:- "Sum Assured on Maturity" equal to Basic Sum Assured, along with
vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in
lump sum on survival to the end of the policy term provided all due premiums have been
paid.
Participation in Profits:- The policy shall participate in profits of the Corporation and shall
be entitled to receive Simple Reversionary Bonuses declared as per the experience of the
Corporation, provided the policy is in force. The Bonuses shall be declared on the Basic Sum
Assured.Final Additional Bonus may also be declared under the policy in the year when the
policy results into a claim either by death or maturity.

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2. Optional Rider:-
The policyholder has an option of availing LIC's Accidental Death and Disability Benefit
Rider . Rider sum assured cannot exceed the Basic Sum Assured.For more details on the
above riders, refer to the rider brochure or contact LIC's nearest Branch Office
3)MONEY BACK PLANS
1]New Money Back Plan-20 Years:-
Benefits:-
LIC's New Money Back Plan-20 years is a participating non-linked plan which
offers an attractive combination of protection against death throughout the term of the plan
along with the periodic payment on survival at specified durations during the term. This
unique combination provides financial support for the family of the deceased policyholder
any time before maturity and lump sum amount at the time of maturity for the surviving
policyholders. This plan also takes care of liquidity needs through its loan facility.
1.Benefits:
Death benefit:-
On death during the policy term provided the policy is in full force, death benefit,
defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and
Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined
as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death
benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude tax, extra premium and rider premium, if
any.
Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20%
of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
Maturity Benefit:-
In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic
Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if
any, shall be payable.
Participation in Profits:-
The policy shall participate in profits of the Corporation and shall be entitled to
receive Simple Reversionary Bonuses declared as per the experience of the Corporation,
provided the policy is in full force.Final Additional Bonus may also be declared under the
policy in the year when the policy results into a claim either by death or maturity, provided
the policy has run for certain minimum term.
2.Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and
Disability Benefit Rider can be opted for under an inforce policy at any time within the
premium paying term by payment of additional premium and the cover will be available
throughout the policy term provided the Policy is inforce for the full Sum Assured as on date
of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as
lumpsum along with the death benefit under the basic plan.
In case of accidental permanent disability arising due to accident (within 180 days
from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid

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in equal monthly instalments spread over 10 years and future premiums for Accident Benefit
Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to
Accident Benefit Sum Assured under the policy, shall be waived.
4)TERM ASSURANCEPLANS
1]Anmol Jeevan II
LIC’s Anmol Jeevan - II is a protection plan which provides financial protection to the
insured’s family in case of his/her unfortunate demise.
Benefits:
Death Benefit:-In case of unfortunate death of the Life Assured during the policy term Sum
Assured shall be payable.
Maturity Benefit:- On survival to the end of the policy term, nothing shall be payable.
LIC’s Special Plans:-
LIC’s Special Plans are not plans but opportunities that knock on your door once in a
lifetime. These plans
Pension Plans:-
Pension during your old age. These policies are most suited for senior citizens and those
planning a secure future, so that you never give up on the best things in life.
Jeevan Shanti:-
This is a single premium plan wherein the Policyholder has an option to choose an Immediate
or Deferred annuity.
The annuity rates are guaranteed at the inception of the policy for both Immediate and
Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).
This plan can be purchased offline as well as online. To purchase the plan online, please log
on to our website
Benefits:-
1. Make one time investment and get Guaranteed life long income.
2. 9 different annuity options to choose from to suit every need and circumstance.
3. Option to choose either Immediate Annuity or postpone it to a future date as Deferred
Annuity.
4. Annuity rates are guaranteed from inception of the policy.
5. Guaranteed additions during deferment period.
6. This policy can be taken on own life or as joint life with grandparent, parent, children,
grandchildren, spouse or siblings.
7. Loan Available: Loan facility shall be available after completion of 1 policy year.
8. Surrender Allowed: The policy can be surrendered at anytime after three months from
the completion of policy when Annuity Option is with return of purchase price.
9. Free look Period: If the Policyholder is not satisfied with the “Terms and Conditions”
of the policy, the policy may be returned to the Corporation within 15days.

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10. Option to take the plan for the benefit of handicapped dependant (Divyangjan) life
insurance
5)UNIT PLANS
Unit plans are investment plans for those who realise the worth of hard-earned money. These
plans help you see your savings yield rich benefits and help you save tax even if you don't
have consistent income
LIC's NEW ENDOWMENT
LIC's NEW ENDOWMENTPLUS
LIC's New Endowment Plus is a unit linked non-participating endowment assurance plan
which offers investment cum insurance cover during the term of the policy. This plan is
specially designed for you to provide a very good combination of protection and long term
savings and also provides you greater flexibility to build a better life and realise your dreams.
You have a choice of investing premiums in one of the four types of investment funds
available. Premiums paid after deduction of Premium Allocation Charge will purchase units
of the Fund type chosen. The unit fund is subject to various charges and value of units may
increase or decrease, depending on Net Asset Value (NAV).
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly,
quarterly or monthly (through ECS mode only) intervals over the term of the policy.A grace
period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums
and 15 days for monthly (ECS) premiums.
2. Benefits:
A) Death Benefit: On death of the Life Assured before the stipulated Date of Maturity
provided policy is inforce, thenOn death before the Date of Commencement of Risk:
An amount equal to the Policyholder's Fund Value shall be payable.
On death after the Date of Commencement of Risk:
An amount equal to the higher of Basic Sum Assured or Policyholder's Fund Value shall be
payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total
premiums paid), whichever is higher.
B) Maturity Benefit:
On Life Assured surviving the date of maturity provided the policy isinforce, an amount
equal to Policyholder's Fund Value shall be payable.
3. Optional Benefits:
The policyholder has an option of availing LIC's Linked Accidental Death Benefit Rider
 Micro Insurance Plans:-
 WithdrawnPlans
❖ Jeevan Rakshak
Benefits:-
LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a
combination of protection and savings. This plan provides financial support for the family in
case of unfortunate death of the policyholder any time before maturity and a lump sum
amount at the time of maturity for the surviving policyholder. This plan also takes care of

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liquidity needs through its loan facility.
Death benefit:-
In case of death of the policyholder during the policy term provided all due premiums have
been paid, “Sum Assured on Death” shall be payable, which is the highest of
» Basic Sum Assured or
» 10 times of annualized premium or
»105% of all the premiums paid as on date of death.
The premiums defined above exclude service tax, extra premium and Accident Benefit rider
premium, if any. In addition to the above, Loyalty Addition, if any shall also be payable if
death occurs after completion of 5th policy year.
Maturity Benefit:-Basic Sum Assured, along with Loyalty Addition, if any, shall be payable
in lump sum on Survival to the end of the policy term provided all due premiums have been
paid.
Participation in Profits:- Provided the policy is in full force, then depending upon the
Corporation’s experience the policies under this plan will be eligible for Loyalty Addition.
The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by
the Corporation, on death after completion of 5th policy year or on Policyholder surviving to
the maturity.
2.Optional Benefit:-LIC’s Accident Benefit Rider: Accident Benefit Rider is available as an
optional rider by payment of additional premium. In case of accidental death, the Accident
Benefit Sum Assured will be payable as lumpsum along with the death benefit under the
basic plan
6)HEALTH PLANS:-
LIC's Jeevan Arogya:-
LIC's Jeevan Arogya is a unique non-participating non-linked plan which provides health
insurance cover against certain specified health risks and provides you with timely support in
case of medical emergencies and helps you and your family remain financially independent
in difficult times.
Health has been a major concern on everybody’s mind, including yours. In these
days of skyrocketing medical expenses, when a family member is ill, it is a traumatic time for
the rest of the family. As a caring person, you do not want to let any unfortunate incident to
affect your plans for you and your family. So why let any medical emergencies shatter your
peace of mind.
1. LIC’s Jeevan Arogya give:
2. Valuable financial protection in case of hospitalisation, surgery etc
3. Increasing Health cover every year
4. Lump sum benefit irrespective of actual medical cost
5. No claim benefit
6. Flexible benefit limit to choose from
7. Flexible premium payment options

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Benefit
1. Hospital cash benefit (HCB)
2. Major Surgical Benefit (MSB)
3. Day Care Procedure Benefit
4. Other Surgical Benefit
5. Ambulance Benefit
6. Premium waiver Benefit (PWB)
A) Hospital Cash Benefit:-
If you or any of the insured lives covered under the policy is hospitalised due to
Accidental Body Injury or Sickness and the stay in hospital exceeds a continuous period of
24 hours, then for any continuous period of 24 hours or part thereof, provided any such part
stay exceeds a continuous period of 4 hours (after having completed the 24 hours as above) in
a non-ICU ward/room of a hospital, an amount equal to the Applicable Daily Benefit (ADB)
available under the policy during that policy year shall be payable subject to benefit limits
and conditions mentioned in Para 11A) and exclusions mentioned in Para 15 below.
During the first year of cover commencement in respect of each insured, the
Applicable Daily Benefit shall be the Initial Daily Benefit amount chosen by you and
mentioned in the policy Schedule.The amount of ADB for each policy year, after the first
policy year, shall consist of 2 parts:
An arithmetic addition of an amount equal to 5% (five percent) of the Initial Daily
Benefit to the Applicable Daily Benefit of the previous Policy Year. Such increase in the
Applicable Daily Benefit shall be effected on each policy anniversary during the Cover
Period and shall continue until it attains a maximum amount of 1.5 times the Initial Daily
Benefit. Thereafter, this amount in each Policy Year in future shall remain at that maximum
level attained.Further arithmetic addition of an amount equal to provided the policy attracts
and is eligible for it. There shall be no maximum limit for such increase which means that if
this policy is eligible for “No Claim Benefit”, the same shall be granted throughout the Cover
Period without any maximum limit.For members included subsequently under the policy, the
benefit in the first year shall be equal to Initial Daily Benefit amount and thereafter the
Applicable Daily Benefit shall increase as above.
If any of the member insured is required to stay in an Intensive Care Unit of a hospital,
two times the Applicable Daily Benefit will be payable subject to benefit limits and conditions
mentioned in Para 11A) and exclusions mentioned in Para 15 below.
During one period of 24 continuous hours of Hospitalisation (after having completed the 24
hours as above), if the said Hospitalisation included stay in an Intensive Care Unit as well as
in any other in-patient (non-Intensive Care Unit) ward of the Hospital, the Corporation shall
pay benefits as if the admission was to the Intensive Care Unit provided that the period of
Hospitalisation in the Intensive Care Unit was at least 4 continuous hours.
No benefit will be payable for the first 24 hours of hospitalisation. However, for every
Hospitalization that extendsfor a continuous period of 7 days or more, the Daily Hospital Cash
Benefit would also be paid for first 24 hours (day one) of hospitalization, regardless of whether
the Insured was admitted in a general or special ward or in an intensive care unit.

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B)Major Surgical Benefit:In the event of an Insured under this plan, due to medical
necessity, undergoing one of the surgeries defined in Major Surgical Benefit Annexure,
within the cover period in a hospital due to Accidental Bodily Injury or Sickness, the
respective benefit percentage of the Major Surgical Benefit Sum Assured, as specified against
each of the eligible surgeries mentioned in Major Surgical Benefit Annexure, shall be paid
subject to benefit limits and conditions mentioned in Para 11B) and exclusions mentioned in
Para 15 below.
Day Care Procedure Benefit:In the event of an Insured under this Plan undergoing any
specified Day Care Procedure mentioned in the Day Care Procedure Benefit Annexure due to
medical necessity, a lump sum amount equal to 5 (five) times the Applicable Daily Benefit
shall be paid, regardless of the actual costs incurred, subject to benefit limits and conditions
mentioned in Para 11C) and exclusions mentioned in Para 15 below.
D) Other Surgical Benefit:In the event of an Insured under this Plan, due to medical
necessity, undergoing any Surgery not listed under Major Surgical Benefit or Day Care
Procedure Benefit, causing the Insured’s Hospitalization to exceed a continuous period of 24
hours within the Cover Period, then, a daily benefit equal to 2 (two) times the Applicable
Daily Benefit shall be paid for each continuous period of 24 hours or part thereof provided
any such part stay exceeds a continuous period of 4 hours of Hospitalization, subject to
benefit limits and conditions mentioned in Para 11D) and exclusions mentioned in Para 15
below.
E) Ambulance Benefit:In the event that a Major Surgical Benefit falling under Category 1 or
Category 2 (as mentioned in the Major Surgical Benefit Annexure) is payable and emergency
transportation costs by an ambulance have been incurred, an additional lump sum of ` 1,000
will be payable in lieu of ambulance expenses.
F) Premium Waiver Benefit: In the event that a Major Surgical Benefit falling under
Category 1 or Category 2 (as mentioned in the Major Surgical Benefit Annexure) is payable
in respect of any Insured covered under the policy, the total annualized premium . total one
year premium in respect of that Policy from the date of instalment premium due coinciding
with or next following the date of the Surgery will be waived.
G) No claim benefit: A no claim benefit will be paid in the event that during the period
between Date of Commencement of policy and next Automatic Renewal Date or between
two Automatic Renewal Dates (described in Para 4 below) there are no claims in respect of
any Insured covered under your policy. The amount of the no claim benefit would be equal to
5% (five percent) of the Initial Daily Benefit in respect of each Insured and the resulting
amount shall be added to arrive at the Applicable Daily Benefit in respect of each Insured for
the Policy Year next following the most recent Automatic Renewal Date.
Payment of Premiums: You may pay premiums regularly at yearly or half-yearly intervals
over the term of the policy.
The premium in respect of each individual will be payable from the date of entry into the
policy till the date of exit from the policy and will depend on the age of the insured member,
the level of Hospital Cash Benefit (HCB) chosen, whether the insured member is Principal

P a g e 17 | 75
Insured or any other Insured life (in case of cover for more than one member in a policy). The
level of premium for Principal Insured and the other insured members shall be different for
the same age and same level of cover.
The premiums are guaranteed for 3 years from the date of commencement of policy. Thereafter
at the end of every 3 years, the Corporation reserves the right to review the premium to take
account of the experience of the portfolio subject to prior approval from IRDA. The rates
applicable on every AutomaticRenewal Date shall be guaranteed for a further period of 3 years.
till next Automatic Renewal Date.
The premium rates in respect of each insured member on renewal will be based on age of that
member at the time of inclusion into the policy.
The total premium to be charged for a policy will be the sum of premiums in respect of each
member to be covered in that policy.
❖ SBI LIFE INSURANCE
A joint venture between State Bank of India, the largest bank of our country and BNP
Paribas, a France-based Banking and Financial Services Company is the largest in private
segment and third most dependable insurance company of India.
Offering a diverse variety of life insurance products, its customer service mechanism is one
of the strongest. The claim settlement ratio of more than 95% is quite impressive.
Two plans namely ‘SBI Life Saral Pension’ and ‘sbi life shubh nivesh’
are the most sought-after plans offered by the company.
Vision
To be the most trusted and preferred life insurance provider
Mission
"To emerge as the leading company offering a comprehensive range of life insurance and
pension products at competitive prices, ensuring high standards of customer satisfaction and
world class operating efficiency thereby becoming a model life insurance company in India
in the post liberalization period."
INSURANCEPLANS
1. ONLINE PLAN
• SAVINGS PLAN
• PROTECTION PLANS
• SBI LIFE - SARAL INSUREWEALTH PLUS
• RETIREMENTPLANS
2.

P a g e 18 | 75
O ONLINE PLAN
A)SBI Life – eShield
Shield Your Family, Secure Their Dreams!
• Two Benefit Structures and two Rider Options
• Inbuilt Accelerated Terminal Illness Benefit$
• Rewards you with lower premium in case you are a non-smoker
• Avail Medical Second Opinion
This online pure term plan provides –
• Security – to ensure your family is financially protected
• Flexibility – Choose between two benefit structures and two rider options
• Simplicity – with an easy online process
• Affordability – through reasonable premiums
• Reliability- with Medical Second Opinion
Get insured with just a few clicks and give your family the gift of security!
PLAN BENEFITS
Benefit Structure :
The plan offers two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Accelerated
Terminal Illness benefit$
is available as an inbuilt benefit for both the structures.
Level Cover Benefit:
• Under this structure, the sum assured remains same throughout the policy term.
• You get protection against Terminal Illness#
• During the policy term, on unfortunate death or diagnosis of terminal illness#
, whichever is earlier, “Sum
assured on Death” is paid provided the policy is in force and the policy terminates.
Where the “Sum assured on Death” is higher of the following:
• 10 times the Annualized premium**, or
• 105% of the total premiums^^ received up to the date of death, or
• Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured##
,as on the date
of death
##
Effective Sum Assured for Level Cover Benefit as on date of death will be the initial sum
assured opted.
Increasing Cover Benefit :
• Under this structure, the sum assured automatically increases by simple rate of 10% at the end of every 5th
policy year
• You get protection against Terminal Illness#

P a g e 19 | 75
• During the policy term, on unfortunate death or diagnosis of Terminal Illness#
, whichever is earlier, the
‘Sum Assured on Death’ for that policy year is paid provided the policy is in force and the policy
terminates.
Where the “Sum assured on Death” is higher of the following:
• 10 times the Annualized premium**, or
• 105% of the total premiums^^ received up to the date of death, or
• Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured~~
,as on the date
of death
~~
Effective Sum Assured for Increasing Cover Benefit as on date of death will be initial sum
assured opted increased at simple rate of 10% at the end of every 5th policy year prior to the
date of death.
#
Terminal illness is defined as the conclusive diagnosis of an illness that is expected to result
in the death of the life assured within 180 days.
**
Annualized premium means the premium payable in a year chosen by the policy holder,
excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal
premiums, if any.
^^
Total Premiums received means total of all the premiums received excluding any extra
premium, any rider premium and taxes.
Death Benefit:
• Depending upon the Benefit Structure chosen, the nominee will receive the “Sum assured on Death”.
• Death benefit will be paid provided the policyholder has paid all the regular premiums to date and the
policy is in force as on the date of death of life assured.
$
Accelerated Terminal Illness Benefit :
• This in built benefit is available with both the benefit structures
• On the Life Assured being diagnosed with terminal illness, the benefit equal to death benefit would be paid
and the policy will terminate
• Accelerated Terminal Illness Benefit will be payable, provided you have paid all your regular premiums to
date and your policy is in-force as on the date of diagnosis. The policy will terminate as a result of terminal
illness claim.
• Terminal illness is defined as the conclusive diagnosis of an illness that is expected to result in the death of
the life assured within 180 days.
Medical Second Opinion:
• Medical second opinion is a service which enables life assured, to receive second opinion of their
diagnosis and treatment plans by another doctor.
• Available under both the benefit structures viz. Level Cover Benefit and Increasing Cover Benefit,
provided the policy is in-force
Maturity Benefit:
This plan provides no maturity benefit.
Rider Benefit:

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• SBI Life - Accidental Death Benefit Rider
The rider sum assured is payable, in case the life assured dies within 120 days of accident as a result of an
accident during the rider term, provided the rider policy is in-force.
• SBI Life - Accidental Total & Permanent Disability Benefit Rider
• The rider sum assured is payable on the occurrence of accidental total and permanent disability of
B) SBI Life - eWealth Insurance
Make smart moves to grow your wealth with insurance.
• Easy online buying process
• Two plan options
• Hassle-free investment management
• Market-linked returns
An Individual Non-Participating Unit Linked Life Insurance Product
"The Unit Linked Insurance products do not offer any liquidity during the first five years of the
contract. The policyholders will not be able to surrender or withdraw the monies invested in unit
Linked Insurance Products completely or partially till the end of fifth year"
Is a cumbersome buying process discouraging you from investing in Unit Linked Insurance Plans?
You can now enjoy the benefits of ULIPs with a simplified, 3-step online buying process. SBI Life -
eWealth Insurance helps you to not only secure your family's future but grow your wealth as well.
This wealth creation plan offers –
• Security – cover your family's needs in case of eventuality
• Affordability – with premiums starting at Rs. 2000 per month
• Flexibility – to choose between two plan options
• Simplicity – apply online with ease
• Liquidity – through partial withdrawals from 6th
policy year
With just a few clicks, take your first step towards Insurance and wealth creation.
o SAVINGS PLAN
SBI LIFE – SMART PLATINA ASSURE
Our Promise. Assured Returns.
• Premium payment for 6 or 7 years
• Choice of monthly or yearly payments
• Guaranteed Additions^ of 5.50% to 6.00% at the end of each policy year
• Tax Benefits*
A smart choice for champions like you is choosing the right savings plan which can minimise risk
and assure a guaranteed return while providing life insurance.
We at SBI Life understand this and are pleased to Introduce SBI Life - Smart Platina Assure, an individual,
non-linked, non-participating,life endowment assurance savings product which assures guaranteed returns
with an advantage of paying premiums for a limited term. This smart endowment life insurance product
will ensure that your money works harder while you work hard for your family and also give you peace of
mind.
This endowment plan offers:

P a g e 21 | 75
• Security – protection for your loved ones in the case of an eventuality
• Flexibility – choose between monthly or yearly premium payments
• Simplicity – easy online application process
• Reliability – through guaranteed additions
Key Features -Annual Premium Range#50,000 onwards Entry Age 18 Years
o PROTECTION PLANS
SBI LIFE – POORNA SURAKSHA
Let affection of your loved ones be felt at all times
• Term Insurance Plan with Increasing** Critical Illness Cover
• Premium waiver benefit on diagnosis of Critical Illness
• Fixed premium throughout the policy term
•
If your needs change with age, Why shouldn’t your financial planning?
With SBI Life – Poorna Suraksha Plan, auto-rebalance your Life and Critical Illness cover as
you get older, for more effective protection.
This Term Insurance product with Critical Illness cover offers:
• Security - Comprehensive protection in case of death and critical illness
• Simplicity - Re-balances your life and critical illness cover on every policy anniversary
• Reliability - A lump sum payout providing financial support in case of diagnosis of any of the
covered 36 critical illnesses and waiver of all future premiums.
Want to know how the life stage rebalancing feature helps you prepare financially?
Try our premium calculator below
o SBI LIFE - SARAL INSUREWEALTH PLUS
SBI LIFE – SMART WEALTHBUILDER
More insurance. More flexibility. More return.
• Guaranteed additions#
• Enhanced investment options
• Life insurance coverage
• Flexible premium payment option
"The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract.
The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance
Products completely or partially till the end of fifth year"
Have you invested your money in an instrument that provides you with the flexibility to manage your
funds?
It’s time to start investing today to reap the benefits tomorrow. With SBI Life – Smart Wealth Builder,
avail the benefit of life coverage and enhanced investment opportunity by investing in one or many
investment funds. Also, get guaranteed additions#
based on the term of the policy.
This plan offers –

P a g e 22 | 75
• Security – to financially protect your family in the case of an eventuality
• Reliability – through periodic guaranteed additions#
• Flexibility – to manage the invested money as per your choice
• Liquidity – through partial withdrawals from 6th
policy year onwards+
Try our benefit illustrator below to see how you can build your wealth smartly.
Build wealth and live the life you earned.
o RETIREMENT PLANS
SBI LIFE - RETIRE SMART
Smart present, smarter future.
• Safeguarding against market volatility through the 'Advantage Plan'
• Minimum assured maturity amount
• Assured benefits on extended policy terms for in-force policies
"The Unit Linked Insurance products do not offer any liquidity during the first five years of
the contract. The policyholders will not be able to surrender or withdraw the monies invested
in Unit Linked Insurance Products completely or partially till the end of fifth year"
This is a Pension Product. Benefits by way of surrender, complete withdrawal or maturity /
vesting will be available in the form of annuities except to the extent of commutation of such
benefits as allowed under the Applicable Regulations'
Are you ready to retire without worry? Now cherish your golden years with proactive and
thorough planning.
Enjoy an assured maturity benefit that secures your investment from market volatility, with
SBI Life – Retire Smart. Secure your future by creating a retirement corpus with systematic
investments during your earning years.
SBI Life - Retire Smart plan provides –
Security – by safeguarding your retirement years
Reliability – through an assured retirement corpus
Flexibility – to pay premiums One time, regularly or for a limited period
❖ BAJAJ ALLIANZ LIFE INSURANCE
The company lives up to the expectations people have with the name of Bajaj brand
by offering a wide range of customization in products and transparency in benefits.
The plans of Bajaj Allianz have been conceptualized and composed for all age and income
groups. Guided by the principle of customer delight, the insurer manages to resolve more
than 99% of its customer complaints and settle 91% of its claims.

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ABOUT THE COMPANY
Bajaj Alliance Life Insurance Co. Ltd is a joint venture between two leading
Conglomerates – Allianz AG, one of the world’s largest insurance companies, and Bajaj
Auto, one of the biggest two and three wheeler manufacturers in the world. Bajaj Allianz is
one of India’s leading private life insurance companies. It stands 2nd among the private
Insurance companies in India and 3rd among the Insurance companies in India. It is one of the
fastest growing private life insurance companies in India. Bajaj Allianz currently has over
300,000satisfied customers. They are even backed by a network of 155 offices spanning the
country.
Bajaj Allianz General Insurance Company Limited, one of India's leading private
general insurance companies, reported a 50 percent increase in gross premium income to
12,850 million rupees (234 million euros) excluding service tax for its business year 2005-6,
ending March 31. Net profit grew 9.8 percent to 516 million rupees (9 million euros).
Bajaj Allianz General Insurance is aiming for accelerated market penetration in future.
"Going forward, the company's focus will continue to be on growth with underwriting profits,
and preparing ourselves for the free pricing scenario from 2007 onwards," said Kamesh
Goyal, CEO.
The company, a joint venture company between Bajaj Auto Limited, a leading
Indian manufacturer of two- and three-wheeler vehicles and the Allianz Group, issued 3.9
million policies over the twelve-month period, the highest rate among private insurers. Its
claim settlement ratio reached 93 percent.
Bajaj Allianz Life Insurance, meanwhile, reported a 216 percent increase in new business
premium to 505 million euros in its business year 2005-6. The company, which is now
Indian's leading life insurance company, said its industry market share grew to 7.6 percent
from 3.4 percent in the previous year. It aims to become India's first profitable life insurance
company soon, by employing an innovative economic model & keeping costs low. It issued
777,492 new policies in fiscal 2005-6.
Bajaj Allianz Life Insurance is now based in 534 towns, compared with 293 towns in 2004-5.
It employed 108,155 agents in its last fiscal year, more than doubling than 47,078 agents in
the previous year.
Analysis:

P a g e 24 | 75
After collecting the data through survey I have done analysis of the information collected.
The sample size in the present study is 100 and the total respondents of this survey has well
responded in a very interesting manner. The topic on which the survey is conducted is
Customer Perception towards Private Life Insurance Companies. The survey covers only the
Hyderabad region. The analysis is based on questionnaire designed.
Allianz Bajajdeclares bonusforpolicyholders
Pune, 15th March, Allianz Bajaj Life Insurance Company Limited, a joint venture between
Allianz AG of Germany and Bajaj Auto and also the fastest growing private life insurance
company, announced the compounded reversionary bonus on the Sum Assured up to March
2003-04 for the second continuous year. The Board of Directors of the company also
approved a â€œspecial bonus for the policyholders. Bonuses once declared by the company
are fully guaranteed.
The compounded bonus is different from simple bonus as in a compounded bonus, the
bonuses already attached to the policy also earn through bonuses declared every year. If this
declaration of bonus were repeated every year, then at the current level i.e. at 2.3%, the
policyholder would receive a return on investment of up to 5.7% on premiums paid in the
long term, in addition to the valuable life protection benefits.
The compounded reversionary bonus would be applicable to all regular premium with-profits
policies in-force as on 31.03.2004.The total compounded reversionary bonus rate for the
main line of regular premium products like Invest Gain and Cash Gain will be a total 2.3%
p.a. of the Sum Assured of which 1.8% p.a. will be compounded reversionary bonus and
0.5% p.a. will be the â€œspecial bonus€•.
Announcing the bonus rates, Sam Ghosh, Country Manager, Allianz and CEO, Allianz Bajaj
Life Insurance said â€œThe total bonus of 2.3% on the mainline products this year compares
favorably with the 2.5% declared last year in the current market conditions. This is
significantly better if one takes into account that the drop in 10-year gilt rates from 6% to 5%
during the course of the year and also the benchmark interest rates dropped significantly
during 2003-04. This has put a downward pressure on the bonuses. We are using the process
of smoothing our bonus rates for participating policies to provide better bonuses to
policyholders.

P a g e 25 | 75
The bonus rate for all other types of regular premium policies like Save Care, Cash Care,
Lifetime Care and Child Care would be a total of 1.2% of the Sum Assured (inclusive of the
special bonus).
Allianz Bajaj Life Insurance Company has developed insurance solutions that cater to every
segment and age-income profiles. Its products include Invest Gain (a unique life insurance
plan where sustenance of income is combined in the same plan that also pays a lump sum),
Cash Gain (Money Back), Child Gain (Childrenâ€™s plan), Risk Care (Pure Term), Lifetime
Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement
Plan), Protector (Mortgage term insurance plan), Unit Gain (Unit Linked Whole of Life Plan)
and Unit Gain Single Premium.
Allianz Bajaj is poised for an accelerated growth in the market and has already become the
fastest growing private life insurance company in India. Allianz Bajaj has a wide pan India
presence of office network in 56 cities of the country and is aided with a strong and trained
Agency network of over 27,000 agents. Allianz Bajaj has also forged strong Banc assurance
and Corporate Agency relationships and continues to build on new tie-ups for fast track
growth and deep market penetration.
Allianz Bajaj has launched a slew of need-based products to cater to each varied needs of the
customer. Currently Allianz Bajaj has a product portfolio of 18 products and more need-
based products are in the pipeline.
Allianz Group
Allianz Group is one of the world's leading insurers and financialservices
providers.
• Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost
174,000 employees. At the top of the international group is the holding company,
Allianz AG, with its head office in Munich.

P a g e 26 | 75
• Allianz Group provides its more than 60 million customers worldwide with a
comprehensive range of services in the areas of
• Property and Casualty Insurance,
• Life and Health Insurance,
• Asset Management and Banking.
ALLIANZ AG-A GLOBAL FINANCIALPOWERHOUSE
• Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 cr.
• 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. -
AUM of Rs.51, 96,959 cr.
• 12th largest corporation in the world
• 49.8 % of global business from Life Insurance
• Established in 1890, 110 yrs of Insurance expertise
• 70 countries, 173,750 employees worldwide
BajajGroup
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest
manufacturer of two-wheelers and three-wheelers in India and one of the largest in the
world.
A household name in India, Bajaj Auto has a strong brand image & brand loyalty
synonymous with quality & customer focus.
A STRONG INDIAN BRAND-HAMARABAJAJ
o One of the largest 2 & 3 wheeler manufacturer in the world
o 21 million+ vehicles on the roads across the globe
o Managing funds of over Rs 4000 cr.
o Bajaj Auto finance one of the largest auto finance cos. in India
o Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03

P a g e 27 | 75
o It has joined hands with Allianz to provide the Indian consumers with a distinct option
in terms of life insurance products.
o As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following
to offer -
o Financial strength and stability to support the Insurance Business.
o A strong brand-equity.
o A good market reputation as a world-class organization.
o An extensive distribution network.
o Adequate experience of running a large organization.
Why BajajAllianz Life Insurance
An Impeccable track record across the globe in providing security and cover for you
and your family...
We, at Bajaj Allianz, realize that you seek an insurer who you can trust your hard earned
money with
Allianz AG with over 110 years of experience in over 70 countries and Bajaj Auto, trusted
for over 55 years in the Indian market, together are committed to offering you financial
solutions that provide all the security you need for your family and yourself.
Bajaj Allianz brings to you several innovative products, the details of which you can browse
in this section
Key Achievementsin FY 2005-06:
• No.1 Pvt Life Insurer FY 2005-06. Leading by Rs. 78 Cr.
• No.1 Pvt Life Insurer in Retail Business. Leading by Rs. 339 Cr.
• Whopping growth of 216% for the FY 2005-06
• Have sold over 20,00,000 policies to satisfied customers
• Is backed by a network of 900+ offices spanning the country

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• Accelerated Growth
Fiscal Year No of policies sold in FY GWP in FY
2001-2002 (6mths) 21,376 Rs 7 cr.
2002-2003 1,15,965 Rs 69 cr.
2003-2004 1,86,443 Rs 221 cr.
2004-2005 2,88,189 Rs 1002 cr.
2005-2006 7,81,685 Rs 3134 cr.
• Assets under management Rs 3,324 cr.
• Shareholder capital base of Rs 500 cr.
Products
Protector
A MortgageReducing Term Insurance Plan
This is the perfect plan to protect the family from the repayment liability of outstanding loans, in the
unfortunate case of death of the loaner.There is also an option to cover the co- applicant of the loan at
a very nominal cost underthis plan...
Child Gain
Children's Policy
Right from providing for your child's education to securing a bright future, this plan is tailor-
made to suit your child's needs...
Cash Gain
Money Back Plan
This is the only money back plan that offers quadruple protection, going up to 4 times the
basic sum assured, and a family income benefit
Swarna Vishranti
Retirement Plan
In addition to life insurance and attractive tax benefits, this plan enables you to make
adequate provisions for your years after retirement as well...

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Invest Gain
An EndowmentPlan
This savings plan combines high protection (up to quadruple cover) with a unique family
income benefit
Term Plan with Return-of-Premium
An economic way of providing life cover, this plan also ensures the return of all premiums at the
time of maturity...
Lifetime Care
Whole LifePlan
This whole life plan provides survival benefits at the age of 80 thereby making sure you are
financially secure at the time when you need it the most...
KEYMAN INSURANCE
A Promising Business Opportunity
The thumb rule for buying insurance is that your insurance needs are minimal in your early
earning years, increase with added responsibilities (Marriage, children, loans etc.) and taper
off by the time you retire. It is difficult to find a single Insurance plan that can take care of all
your changing requirements in life – additional protection, more money to invest, sudden
requirement of cash or a steady Post-retirement income
New Unit Gain Easy Pension Plus
Unit Linked Retirement Plan without life cover
Bajaj Allianz Unit Gain Easy Pension is a plan that helps you take control of your future and
ensure a retirement you can look forward to. This is a regular premium investment linked
deferred annuity policy. Available as: Unit Gain Easy Pension Regular Premium & Unit Gain
Easy Pension Single Premium
HealthCare
This is a three-year health insurance plan, providing comprehensive health cover with life
insurance benefit. You can choose the amount of cover for each benefit separately in
multiples of the minimum cover amount, subject to a maximum multiple of 10.
CapitalUnit Gain
• Big Boss of all ULIPS
• Capital Unit gain is a unit linked endowment regular premium plan that is designed to suit
all your insurance & investment needs

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Group Plans
GROUPCREDIT SHIELD
Available for Employer - Employee Groups
and Non Employer-Employee Groups
GROUP TERM LIFE
Available for Employer - Employee Groups
and Non Employer-Employee Groups
GROUP TERM LIFE SCHEME
in lieu of EDLI (Employees Deposit Linked Insurance
NEW GROUP SUPERANNUATIONSCHEME
Assure your Employees a financially secured, stable and independent post
retirement life
Giving your Employees and their families the heartening reassurance of your care
and financial security
ING Vysya Lifeentered the privatelife insuranceindustry
ING Vysya Life entered the private life insurance industry in Indiain September 2001,
and has established itself as a distinctive life insurance brand with an innovative, attractive and
customer-friendly portfolio ranging from protection, savings, retirement and investment plans;
which it sells through a unique tool - The Life Maker.
ING Vysya Life is headquartered in Bangalore, and is a part of the ING group. The
ING group is a 150-year-old global financial institution of Dutch origin offering banking,
insurance and asset management to over 60 million private, corporate and institutional clients
in 50 countries. We are the world's Largest Financial Services Group and the world's Largest
Life Insurance Provider.
ING Group has wide and deep experience in setting up companies in new markets,
which require substantial investments underlining ING's long-term commitment. In the last 20

P a g e 31 | 75
years, ING Group has established successful life insurance companies in 15 countries
contributing to the development of insurance services in these countries successfully.
Management Team
Board of Directors (as on January 18, 2008)
Mr. Rajan Raheja Chairman of the Board
Mr. Kshitij Jain Managing Director & C.E.O.
Mr. N.N. Joshi Director
Mr. Satish Raheja Director
Mr. Rajesh Kapadia Director
Mr. S.B. Ganguly Director
Mr. Ron Van Oijen Director
Senior Management Team
Kshitij Jain Managing Director & C.E.O.
Amit Gupta Director; Marketing & Communication.
Hemamalini Ramakrishnan Appointed Actuary & Chief Investment
Risk Officer (CIRO)
Marco Fredriks Financial Controller
Rahul Agarwal Customer Services & Risk
T K Uthappa Sales, Tied Agency
Y V D V Prasad Business Development
Partners :
a. ING Group
b. Exide Industries Limited
c. Gujarat Ambuja Cements Limited.
d. Enams Group

P a g e 32 | 75
ING Vysya Life Insurance company
ING Vysya Life Insurance company commonly known as ING Life India, in its 10th year
of operations, is a part of the ING Group. ING Life entered the private life insurance industry
in India in September 2001. The company has issued over 1 million policies and is staffed by
over 6500 employees.
Headquartered in Bangalore, ING Life India is currently present in 229 cities across 251
branch offices. In addition, the company distributes its products in several parts of the
country through its partner's presence.
ING Life India distributes its products through two channels, the Tied Agency Force and the
Alternate Channel. The Tied Agency force comprises over 50,000 ING Life Advisors, spread
across the country. The Alternate Channels business within ING Life India is a fast growing
distribution channel, and includes the Bancassurance partner ( ING Vysya Bank), Referral
Partners, Corporate Agents and Brokers.
Following are the Plans that ING Vysya is offering
Children Plan - Currently available products to purchase
• ING Aashirvad : Its new design amongst child plans that will help revolutionize your
approach towards planning for your child's future.
• Creating Life Child Protection Plan : Life is uncertain & at any point of time if you are not
there then this should not affect the you child’s future. A payment will be made to.
• Creating Life Money Back Plan : The Creating Life Money Back Plan helps to fulfill small
needs of your child, whether it’s their tuitions, their regular studies or higher studies. In case
of the death of the parents a payment will be made to the child & future premium will be
waived, a guaranteed survival benefit & reversionary bonus benefit too.
Protection Plan - Currently available products to purchase
Protection Plan: The Protection Plan ensures the security of your loved ones, in your
absence. You can choose the plan according to your requirement. Below are the Protection
Plans offered by ING Vysya Life Insurance:
• ING Term Plan : The ING Term Plan is a Term Life Insurance Policy that provides the sum
assured to the beneficiary of the policy, if the policy holder dies. An upward protection cover
of 10lacs to sum assured. You can choose the policy term between 10yrs to 30yrs.
• ING Term Plan Plus : A Term Insurance product with return of premiums. A sum assured
will be paid at the time of death of the insured.Alongwith that a proportion of premiums that
the insured has paid after completion of half the policy term & another proportion on the
policy maturity date. If you want to surrender the policy, you can do that too.
Saving Plans - Currently available products to purchase
• Saving Plans: The saving plans of Ing vysya helps you to achieve your dream goals of your
life. Below are the Saving Plans offered by ING Vysya Life:
• Reassuring Life Endowment Plan (Reversionary Bonus) : The plan gives you a lump sum
benefit at the time of maturity & customize your Life cover.

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• Safal Jeevan Endowment Plan : The plan helps you to decide that how long & how much
cover you want. It offers you death benefits, maturity benefit and also the in built accidents
cover.
• Safal Jeevan Money Back Plan : The plan helps you to decide that how long & how much
cover you want. The plan offers you maturity & survival benefits, a pay out at regular interval
of time and extended Life cover.
• ING Creating Star Guaranteed Future : It is a child life insurance plan that pays out
monies and helps you plan for the career and marriage of your children.
Saving Plans - Old products not available for fresh purchase
• ING Prime Life: A Plan that comes with an option of usual withdrawal of money.
• ING Positive Life : A flexible unit linked plan that can be taken at any point of time, in
between 0 to 50years.It’s the lowest premium plan that offers you a monthly premium of
Rs.834.The policy term can be 10, 15 or 20years.
• ING Creating Star : This plan helps in providing a quality education to your child. The
premium will be wavered in case of the death of parents.
• ING LifePlus : ING LifePlus is a Unit Linked Plan (ULIP), it allows you to invest & manage
your investments at your own risk.
Retirement Plans - Currently available products to purchase
• Best Years : A plan that gives a sense of security to you. The plan gives the guaranteed
returns with the invested amount. The plan gives you the flexibility in funds accumulation
and offers you low management fee.
• ING Immediate Annuity : 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
Retirement Plans - Old products not available for fresh purchase
• New Future Perfect (Unit Linked Insurance Plan : Retirement Planning) : A plan that
offers you flexibility in terms of how much you want to pay, how often you want to pay &
the choice of investment option too.
• ING Golden Life : The plan allows you to manage your investments at your own risk. Then
plan gives you the flexibility to choose the retirement age and flexible premium payment
option too.
Investment Plans - Currently available products to purchase
• Powering life : The Powering Life Plan gives you a life cover & a long term financial
security. With the high reversionary bonus, your investment grows over time to time. You
can customise your coverage term & choose from the range of premium payment terms.
• Platinum Life : With the Platinum Life Plan you get a maturity or death benefit.

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• New Fulfilling Life : The plan gives you regular cash back benefit, flexible premium
payment benefit and guaranteed maturity benefits too.
• ING Prospering Life : It is an excellent tool for wealth creation while enjoying control over
your assets at all times.
• ING Uttam Jeevan RP : It is a simple, easy to understand plan which fulfills customer’s
need of investment and protection.
• ING Uttam Jeevan SP : It is 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 Market Shield : It is a Unit linked life insurance plan that ensures you never miss an
opportunity to maximize your gains and at the same time limits your losses
Investment Plans - Old products not available for fresh purchase.
• New Freedom Life : The plan offers you flexible Life cover & investment option.
• New One Life : The plan offers you single premium option with flexible policy term. Along
with that you get a chance to earn market linked returns.
• High Life : It offers you Life cover of your choice, flexible pay out on maturity &
opportunity to earn market linked returns.
• High Life Plus : The plan gives you benefits like Life cover of your choice, flexible pay out
on maturity and opportunity to earn market linked returns.
Riders - Currently available products to purchase
• Accidental Death Rider : The Sum Assured under this Rider is paid along with the Sum
Assured under the basic policy.
• Accidental Death, Disability and Dismemberment Rider : Completely and continuously
preventing the Life Assured from engaging in any occupation to earn any wages.
Group products - Currently available products to purchase
• ING Smart Shield – It’s a new group insurance product "ING Smart Shield" for credit
related insurance. Credit related insurance is sold in conjunction with credit, where the policy
terms and benefits are related to specific consumer credit obligation.
• Group Gratuity – It is a special way to reward your employee's loyalty.
• Employee Deposit Linked Insurance - The scheme offers a higher life cover to your
employees without linking to the Provident Fund balance.
• Group Term Life Insurance Plan – It is a special way to safeguard your employees'
interests.
• Single Premium Level Term Plan - This Single Premium Insurance plan provides for
payment of sum assured for the benefit of the beneficiaries in the event of death of your
client.

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❖ MAX LIFE INSURANCE
Recognized for solving all of its customer grievances (yes! 100% of them), Max Life
Insurance was also awarded for settling most claims in the year 2015. Overall, the claim
settlement ratio is close to 97%, the best among all private insurance brokers in India.
It reaches its customer base through its network of more than 200 branches, agents and
insurance and bancassurance partners.
The most popular of all the plans by Max Life Insurance is the term plan under which it
offers Rs.1 crore life cover at Rs.21* per day.
❖ BIRLASUN LIFE INSURANCE COMPANY
Backed by globally renowned Aditya Birla Group, Birla Sun Life Insurance has more than
600 branches and an extensive network of banks, brokers and corporate agents marketing its
products.
The first insurance company to introduce Unit Linked Plans to the insurance sector, it has
ever been known for offering the most innovative products to its client base.
The maximum maturity age for its plans is 80 years, while for most others it is 65 to 75
years.
❖ RELIANCENIPPONLIFE INSURANCE
With a network of more than 800 branches and 1 lakh advisors across the country, Reliance
Nippon Life Insurance is another well-known name in the insurance industry of India.
The term plan that offers Rs.1cr life cover at Rs.15* per day is quite a unique plan by the
company.
A claim settlement ratio of around 95% and grievance redressal ratio of close to 99% also
deserve a mention

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❖ TATA AIA LIFE INSURANCE COMPANY
TATA AIA Life Insurance is a joint venture between Tata Group, the unmatched name in the
world of business and AIA Group, the largest, independent listed pan-Asia life insurance
company in the world.
By resolving 100% of its customer grievances and settling more than 96% claims, the
❖ CPNB METLIFE INDIAINSURANCECOMPANYcOMPANY
BECOMESASOUPUNJAB NATIONALBANK
is an established name in the banking industry of India. Metlife, on the other hand is a famed
global brand of insurance products. PNB Metlife India Insurance is a joint venture between
the two honchos.
Showing a growth rate faster than its peers, the company has spread its network to 7,000
locations across the country.
The percentage of customer grievances solved is a whopping 99.97 %. The insurer is known
for offering cost effective life insurance products.
t-after name in the lit of best life insurance companies in India.
Market Structure
It is important to understand the market structure of life insurance sector. LIC as
a dominant player has gained an increase of 88%in new business premium income.
Despite of uncertain environment, total premium of Life Insurance industry increase by

P a g e 37 | 75
66% to Rs 62,361.34 crore in first six months of the current fiscal from Rs 39,046.59
crore in same period last fiscal. In 2010, life insurance companies witnessed new
business premium collecting during first five months. According to LIC‘s recent filing
with IRDA the total value of its investments from policy holders funds, as at June 30
2010, stood at Rs 867,935 crore as agencies Rs. 717,002 crore on June,2009, the value
of investments in equity share has become 183,233 crore. Public sector Life Insurance
Corporation of India (LIC) has clocked a robust 72.53 per cent jump in fresh premium
collection in January 2009 leaving behind major private sector players, most of whom
have posted negative growth in the month as compared to January 2008. Data released
by insurance sector regulator IRDA shows that the first year premium of the life insurers
for the period of December, 2010 is again predominantly in favors of LIC. Herein
mentioned are some statistics given by IRDA regarding the individual single premium
of several life insurers in December 2011:-
1. Bajaj Allianz - 77.26 crore
2. ING vyasa - 2.58 crore
3. Reliance Life - 80.26 crore
4. SBI life - 248.54 crore
5. Tata AIG - 14.02 crore
6. HDFC standard - 136.72 crore
7. ICICI prudential - 251.97 crore
8. Birla Sunlife - 9.73 crore
9. Aviva - 21.57 crore
10. Max New York - 25.15 crore
11. Met Life - 33.86 crore
12. Shriram Life - 44.90 crore
13. IDBI federal - 21.11 crore
14. Star Union Dai-ichi - 44.98 crore

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15. LIC - 1774.43 crore
Fig: - market split up of private life insurers only excluding LIC
These are some top companies and there premium collected in December 2010 which clearly
depicts that LIC has lucrative market dominance and other private players have a small
market share. Such figures explain that LIC is a dominant entity and can influence
competition in market negatively due to the regulation of the regulatory body and the
government
Principles of Insurance.
A large number of homogeneous exposure units:
The vast majority of insurance policies are provided for individual members of very large
classes. Automobile insurance, for example, covered about 175 million automobiles in the
United States in 2004. The existence of a large number of homogeneous exposure units
allows insurers to benefit from the so-called “law of large numbers,” which in effect states
that as the number of exposure units increases, the actual results are increasingly likely to
become close to expected results. There are exceptions to this criterion. Lloyd's of London is
famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch
insurance covers events that are infrequent. Large commercial property policies may insure
exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing
on this criterion, many exposures like these are generally considered to be insurable.

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Definite Loss. The event that gives rise to the loss that is subject to insurance should, at least
in principle, take place at a known time, in a known place, and from a known cause. The
classic example is death of an insured person on a life insurance policy. Fire, automobile
accidents, and worker injuries may all easily meet this criterion. Other types of losses may
only be definite in theory. Occupational disease, for instance, may involve prolonged
exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally,
the time, place and cause of a loss should be clear enough that a reasonable person, with
sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at
least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the
sense that it results from an event for which there is only the opportunity for cost. Events that
contain speculative elements, such as ordinary business risks, are generally not considered
insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured.
Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing
and administering the policy, adjusting losses, and supplying the capital needed to reasonably
assure that the insurer will be able to pay claims. For small losses these latter costs may be
several times the size of the expected cost of losses. There is little point in paying such costs
unless the protection offered has real value to a buyer.
5. Affordable Premium. If the likelihood of an insured event is so high, or the cost of the
event so large, that the resulting premium is large relative to the amount of protection offered,
it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting
profession formally recognizes in financial accounting standards, the premium cannot be so
large that there is not a reasonable chance of a significant loss to the insurer. If there is no
such chance of loss, the transaction may have the form of insurance, but not the substance.
Calculable Loss. There are two elements that must be at least estimable, if not formally
calculable: the probability of loss, and the attendant cost. Probability of loss is generally an
empirical exercise, while cost has more to do with the ability of a reasonable person in
possession of a copy of the insurance policy and a proof of loss associated with a claim
presented under that policy to make a reasonably definite and objective evaluation of the
amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the
same event can cause losses to numerous policyholders of the same insurer, the ability of that
insurer to issue policies becomes constrained, not by factors surrounding the individual
characteristics of a given policyholder, but by the factors surrounding the sum of all

P a g e 40 | 75
policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a
single event to some small portion of their capital base, on the order of 5%. Where the loss
can be aggregated, or an individual policy could produce exceptionally large claims, the
capital constraint will restrict an insurer's appetite for additional policyholders. The classic
example is earthquake insurance, where the ability of an underwriter to issue a new policy
depends on the number and size of the policies that it has already underwritten. Wind
insurance in hurricane zones, particularly along coast lines, is another example of this
phenomenon. In extreme cases, the aggregation can affect the entire industry, since the
combined capital of insurers and reinsurers can be small compared to the needs of potential
policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible
to find single properties whose total exposed value is well in excess of any individual
insurer’s capital constraint. Such properties are generally shared among several insurers, or
are insured by a single insurer who syndicates the risk into the reinsurance market.
EVOLUTIONOFLIFE INSURANCE IN INDIA
Life insurance traces its origins in India to the early nineteenth century when companies in
India insured the lives of Europeans living here. Eventually these companies began to cover
Indians as well but required them to pay higher premiums. Regulations were passed to
regulate the Indian insurers (but not the foreign companies providing insurance services in
India) and to allow collection of information about insurance companies thus facilitating
comparison amongst them. However the legislations became insignificant with time and the
government nationalized the sector by combining all the 154 Indian private insurance
companies to give birth to one behemoth: the Life Insurance Corporation of India. Through
this the Government strived to put an end to prevalent malpractices such as poor Servicing
standards along with the appalling management of companies wherein funds were simply
being divested to all types of securities without any valuation of the borrowers. The
Government took over the reins of the industry in its own hands reasoning that insurance was
a cooperative enterprise and should be within the purview of the state in order to provide
improved services to the public at lower costs. It was also envisioned that the nationalization
of this sector would lead to more effective mobilization of funds to enable capital to be
allocated to development projects. Besides the charter of freedom also pleaded the control of
the state on key industries such as banking and insurance. Thus the industry was transformed
from a competitive one to a highly regulated monopoly.
In the last decade of the 20th century India watched history repeat itself. With the
Government implementing the New Industrial Policy in 1991, the country underwent a major
wave of globalization. Strategic sectors such as the banking and the financial sector were
reformed. Time had come for the policymakers to introspect the current policies in the Indian
insurance industry as well. Committees on insurance sector reforms followed suit and it was
found that India had continued to be one of the least insured countries till the late 20th
century. Experts emphasized that customer service, insurance coverage, allocation of
resources needed to be improved within the industry.

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IRDA
Unit Linked Plan
FinancialPlanning
Composition of Authority under IRDA Act, 1999
As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development
Authority (IRDA, which was constituted by an act of parliament) specify the composition of
Authority
The Authority is a ten member team consisting of
(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,
Duties, Powers and Functionsof IRDA
Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.
1) Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
2) Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include, -
a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;
b) protection of the interests of the policy holders in matters concerning assigning of
policy, nomination by policy holders, insurable interest, settlement of insurance claim,
surrender value of policy and other terms and conditions of contracts of insurance;
c) specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
d) specifying the code of conduct for surveyors and loss assessors;

P a g e 42 | 75
e) promoting efficiency in the conduct of insurance business;
f) promoting and regulating professional organizations connected with the insurance and
re-insurance business;
g) levying fees and other charges for carrying out the purposes of this Act;
h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries
and other organizations connected with the insurance business;
i) control and regulation of the rates, advantages,terms and conditions that may be offered
by insurers in respect of general insurance business not so controlled and regulated by
the Tariff Advisory Committee under section 64U of the Insurance Act, 1938;
j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
k) regulating investment of funds by insurance companies;
l) regulating maintenance of margin of solvency;
m) adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
n) supervising the functioning of the Tariff Advisory Committee;
o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organizations referred to in clause (f);
p) specifying the percentage of life insurance business and general insurance business to
be undertaken by the insurer in the rural or social sector;
q) exercising such other powers as may be prescribed;

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Chapter II
1. Review of Literature:-
As it is aptly insisted in Life Insurance Council’s Code of Best Practice for Indian Life
Insurers, as a trustee of policy-owners’ savings, a life insurance company has the
responsibility to safeguard customers’ interest at all times and ensure their continued
confidence in the integrity and professional conduct of life insurers. The policy-owner’s
trust placed on the managers of life insurance companies casts a heavy responsibility to
ensure that their institutions are professionally managed at all levels and they do, and are
seen to, conduct their business with the highest level of integrity. If the insurers
understand all the expectations of the insurers and do their best to meet them, customers
are said to be satisfied.
Thousands of consumers are dissatisfied with the way their claims are served despite
spending money on insurance policies and premium. A nation wide study of four
insurance sectors life, health, home and motor insurance was conducted by Voluntary
Organization in Interest Consumer Education (VOICE), India’s leading consumer
organization. Surveying 3600 consumers in 8 metros, the study included 12 Life
Insurance and 11 Non life Insurance companies. Interestingly, this study revealed that
none of the company has a satisfied customer base.(Source: India’s First ever Customer
Satisfaction on Insurance Sector)
Public sector Insurance companies despite their long standing presence in insurance
sector are losing out the customer base as consumers lose confidence in their service. The
life insurance study found that, though LIC still have lions
18
share with 80% of the market, is no longer the only option that customer is considering.
Now product differentiation is at its peak in the Life Insurance sector with private players
allowing maximal grace period for payment of premium, prompt service.
The studies relating to customer satisfaction of Life Insurance women policy holders are
very few. The available studies are in the form of research articles, various committee’s
reports and surveys conducted by LIC. No comprehensive study has been taken up so far
on women customer satisfaction in life insurance. An attempt has been made here to
briefly review the previous studies made in the area of women customer satisfaction of
life insurance and arranged in the order of reviews dealing with life insurance, which was
followed by reviews on LIC, insured women, and customer satisfaction.

P a g e 44 | 75
ChapterIII
Research Methodology
The objective of the present study can be accomplished by conducting a systematic market
research. Market research is the systematic design, collection, analysis and reporting of data
and findings that are relevant to different marketing situations facing the company. The
marketing research process that will be adopted in the present study will consist of the
following stages:
a. Defining the problem and the research objective:
The research objective states what information is needed to solve the problem. The objective
of the research is to derive the opinion of the users and opinion of the potential customers.
b. Developing theresearch plan:
Once the problem is identified, the next step is to prepare a plan for getting the information
needed for the research. The present study will adopt the exploratory approach wherein there
is a need to gather large amount of information before making a conclusion. If required, the
descriptive and casual approaches may also be used.
c. Collection and Sources of data:
Market research requires two kinds of data, i.e., primary data and secondary data. Being a
firm in financial services, data gathering will involve usage of both primary and secondary
data though there
Will be an extensive usage of primary data. Well-structured questionnaires will be
prepared for both the existing and potential customers. There will be personal interview
surveys mostly in-home (door-to-door) surveys. The questionnaires will contain both open-
ended and close-ended questions. Here, open-ended questions will be more useful, as it is an
exploratory research being conducted, wherein the main objective is to get an insight into
how investors think. Secondary data will be collected from various journals, books and web
sites.
d. Analyzethe collected information:
This involves converting raw data into useful information. It involves tabulation of data,
using statistical measures on them for developing and calculating the averages.
e. Reportresearch findings:
This phase will mark the culmination of the marketing research effort. The report with the
research findings is a formal written document. The research findings and personal
experience will be used to propose recommendations to develop the performance of the
organization.
RESEARCH DESIGN:
The study will be carried on making content analysis from the data collected from various
secondary sources such as annual reports of insurance companies, Insurance Regulatory
Development Authority (IRDA) journal, and insurance journal. The statistical tools used in

P a g e 45 | 75
the study will be descriptive statistics, percentage analysis, growth trends. The hypothesis of
the study is that there is no difference in the growth and performance between the public and
private firm in insurance industry. The study is explorative, descriptive and empirical in
nature.
1. Objective of the study
(A)Primary objectives:
To compare the relative effectiveness/ acceptance/ satisfaction of
To study the consumer behavior and investment pattern towards life insurance.
(B) Secondary objective:
To find out the current market scenario & current market standing of our company.
To provide the suggestion & recommendation to the company.
2. Data Sources:
The data collection process was carried out in various stages. These stages can be clubbed
two major heads.
Primary source- survey:
A random survey was carried out according to my convenience while going out to contact the
respondents. The different employees of government offices, private offices & different
business houses were kept in mind.
Secondary Sources:
Internal: Company’s Prospectus
External: books, Magazines, Journal’s
Data collection techniques
The data was collected through open and closed ended questionnaire, in which question were
asked in a logical order. Each question has a specific meaning. The data analysis is bases on
the data collected through these questions.
Sample design
Target Population or Sampling Unit
The universe for the research is Goregaon East Area Sample Size
The sample size taken for the study is 30 respondents. Sample Procedure
Sample procedure used in the project is non probability sampling. The required information
was collected through convenience and judgmental sampling
“A research design is arrangement of conditions for collection and analysis of data in
a manner that aims to combine relevance to the research purpose with economy in
procedure”.
Descriptive research studies are those studies, which are concerned with describing the
characteristics of a particular individual
SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given population. It refers to
the technique or procedure that the researcher would adopt in items for the sample.
Typeof sample design:

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I have selected my sampling design as Non- Random Sampling in that also my
sampling type is convenience sampling this is based on the convenience of the researcher. It
is not that much easy to identify potential customer, I need to go their, communicate with
them and then sell the concept of the and life insurance to the customers who require the
products
This study consists of three surveys conducted on policy holders of Life Insurance
Corporation and ten top Private Insurance Companies. A proportionate convenient
random sampling method was adopted. The first phase of the study was conducted
on a sample of 140 respondents who were all policy holders and non policy holders
at random. The second part of the study was conducted among 78 employees and
agents of public sector LIC and private sector life insurance companies.
The third phase of the survey was conducted on 722 policy holders of both
public sector and private sector life insurance companies.The top ten Private
Insurance companies were selected on the basis of the number of years of existence
in the Indian insurance segment and the maximum amount of business generated by
them during the years 2000 to 2013.
.
9 HYPOTHESES
1. The one and only Public Sector insurance company, viz, the Life Insurance
Corporation of India has been ineffective in meeting insurance needs of the
huge Indian population. The vast majority of Indian population is still unaware
of the need of financial security offered by life insurance.
2. The introduction of private insurance companies have brought in a vibrant
competition in the insurance segment, so as to enhance customer satisfaction
through increased consumer choice and lower premiums, while ensuring the
financial security of the insurance market.
3. There is a shift in customer preference towards private insurance companies.
4. The quality of services offered by Private life insurance companies and their
efficiency in claim settlements have enhanced customer loyalty towards
private life insurance companies when compared to Life Insurance
Corporation of India.
5. The performance of private companies have paved the way for a future when
private companies show a higher profitability than public sector LIC.
TOOLS USED FOR ANALYSIS
I Correlation Analysis
II Sum of Square Method
III Arithmetic Mean
IV Coefficient of Variation.
V Hypotheses testing through Chi Square analysis.
LIMITATIONSOF THE STUDY
1. This study is restricted to the urban population only.
2. Insurance Companies, both private and public were unwilling to disclose any
information apart from those available on the websites. It was very difficult to get
information regarding details of policies and financial statements of public sector LIC before
the year 2000.

P a g e 47 | 75
3. Due to high migration of employees of private sector Life Insurance
Companies from one company to the other they are reluctant to divulge
details of company’s policies and programmes.
4. Though an attempt was made to study the performance of top ten private
sector life insurance companies, it was possible to get the financial
information relating to top six only since the remaining were insignificant as
they were of recent origin.
Investments and Recent Developments
The following are some of the major investments and developments in the Indian insurance sector.
• The non-life insurance companies witnessed a rise of 14 per cent in their collective
premium for April-February 2019-20.
• In November 2019, Airtel partnered with Bharti AXA Life to launch prepaid bundle with
insurance cover.
• In September 2019, Competition Commission of India (CCI) approved acquisition of
shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat.
• As of November 2018, HDFC Ergo is in advanced talks to acquire Apollo Munich Health
Insurance at a valuation of around Rs 2,600 crore (US$ 370.05 million).
• In October 2018, Indian e-commerce major Flipkart entered the insurance space in
partnership with Bajaj Allianz to offer mobile insurance.
• In August 2018, a consortium of WestBridge Capital, billionaire investor Mr Rakesh
Jhunjunwala announced that it would acquire India’s largest health insurer Star Health and
Allied Insurance in a deal estimated at around US$ 1 billion.
• India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with
Ebix Inc to build a robust insurance distribution network in the country through a new
distribution exchange platform.
GovernmentInitiatives
The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:
• As per Union Budget 2019-20, 100 per cent foreign direct investment (FDI) permitted for
insurance intermediaries.
• In September 2018, National Health Protection Scheme was launched under Ayushman
Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families. The scheme is expected to increase penetration of health insurance in
India from 34 per cent to 50 per cent.
• Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima Yojana
(PMFBY) in 2017-18.
• The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India, which
are to looking to divest equity through the IPO route.
• IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds
that are issued by banks to augment their tier 1 capital, in order to expand the pool of
eligible investors for the banks
• Indian Insurance Industry Overview & Market Development Analysis

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RECENT DEVELOPMENTS IN INDIAN INSURANCE.
The basic factor behind most of the shortcomings pointed out in Indian Insurance sector, has
been supposed to be lack of competition in Indian Insurance market. The nationalized
insurance companies perceive themselves to be extension of government and accordingly
function in bureaucratic manner without giving regard to emerging requirement of the
economy. This is affected in their lack of innovation with regard to designing of products.
Appreciating these concerns and realizing them utmost need of vibrant insurance industry
government of India decided to liberalise the industry. Accordingly, Insurance Regulatory
and Development Authority Act, 1999 was enacted. The IRDA has been assigned basically
three functions:
The protection of consumer interests.
To ensure financial soundness of the insurance industry, and
To ensure healthy growth of the insurance market.
In insurance of its mandate, the IRDA acted with enthusiasm and announced draft guidelines
for insurance brokers and agent from that of a broker.

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Chapter IV …………..
1. Data Analysis & Interpretation
Response No. No. of Respondents % of Respondents
LIC 50 50
HDFC 17 17
ICICI 14 14
BAJAJ Allianz 11 11
Aviva India 8 8
Total 100 100
‘
Figure:1Have you heard about Private Life Insurance or LIC
100 %
0 %
Yes No
Figure:2Knowabout the various plans offered by
Insurance Companies
LIC respondents are more aware about the plans
offered
%
78
%
22
Private
Yes No
90%
10% LIC
Yes NO

P a g e 50 | 75
Respondents
Male 79
Female 21
Age
20-25 23
25-30 47
30-35 17
35Above 13
Education
Upto HSC 7
Graduate 63
Post Graduate 3
Professional 27
Occupation
Salaried 34
Business 19
Housewife 8
Students 3
Professional 27
Retired 9
Income
Less Than 2Lac 35
2-3Lac 41
3 Above 24
19
28
3 0
29
15
4 2
36
9 5 0
0
15 9
26
To a great
extend
Somewhat VERY
LITTLE
NOT AT
ALL
LIC
Newspaper Social Media
Television Hoardings

P a g e 51 | 75
As per the survey, Social media is used mostly by the private life insurance
companies to target the customer. LIC respondent‟s point of view, television media is used
mostly by the company for targeting the customer.
Factors influencing customer investment decision.
Figure:4 Consult before making an investment.
respondents. 90% of the respondents are aware about the plans offered by LIC. It is 12%
more than the private life insurance company.
Figure:3Media used by your insurance company
Private Data Analysis & Interpretation:
➢ Awareness level of customer‟s towards
insurance companies
Figure:2 Know about the various plans offered by
Insurance Companies
LIC respondents are more aware about the plans
offered by their company as compared to the private
%
78
%
22
Private
Yes No
90 %
10 % LIC
Yes NO
12 3
35
0
12
35
3 0
26
13
2 9
12 4
28
6
To a great
extend
Somewhat Very little Not at All
Newspaper Social Media
Television Hoardings

DESSIORTATION PROJECT REPORT MAYURI BHOLE.pdf

DESSIORTATION PROJECT REPORT MAYURI BHOLE.pdf

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