Anoop insurance in industry.docx
Transcript of Anoop insurance in industry.docx
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Declaration
! Anoo"
#umar
$tudent
o%
B.com
!on".#
Finance
&ereby
declare
t&at
my "ro'ect re"ort entitled Investor’s perspective towards insurance
industry in India is (ritten and
$ubmitted by me. )&i$ "ro'ect re"ort i$ not co"ied %rom any $ource or ot&er
"ro'ect re"ort $ubmitted %or $imilar "ur"o$e.
Anoo" #umar *.C+M ,-+NS.
ADM N+. /13GSFC101042
EN+ N+. / 1306102014
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AC$NOW%ED&E'ENT
coney
my
$incere
t&an#$
to
ro%.
C&abi Gu"ta (
Faculty
Guide
under
&er aluable uidance and $u"eri$ion and $u""ort at all time and "roidin me t&e
"ro"er uidance to carry out intern$&i" re"ort e%%ectiely and e%%iciently.
(ould li#e to t&an#$ to all t&o$e "eo"le (&o "roided me t&e be$t in%ormation
directly and indirectly t&rou&out my "ro'ect re"ort com"leted at time.
Anoop kumar
B.com(H)
Admission no 13gsfc 1010!
"nro##ment no 130$10!01
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CERTIFICATE
)&i$ i$ to certi%y t&at t&e "ro'ect re"ort entitled . in/estors perspe'ti/eto0ard insuran'e industr1 in india2 i$ a bona%ide (or# carried out by 'r. Anoo) *+mar( $tudent o% *.com ,-on$. ,Finance o% GAG+)AS 5NES)7
under my $u"eri$ion and uidance. )&i$ "ro'ect re"ort i$ $ubmitted %or t&e
re8uirement o% t&e deree o% t&e a(ard o% B.com !on".# Finance#.
)&i$ (or# &a$ not been $ubmitted any(&ere el$e %or any ot&er deree 9 di"loma.
Date: ;;;;;;;;;;;;; Faculty Guide
lace: ;;;;;;;;;;;;;
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SYNOPSIS,
SCOPE OF T!E STUDY,
%&'e resu#t of t'is re$earc& wou#d 'e#p t'e company to 'ave a etter
understanding aout t'e consumer’s perception towards #ife
insurance.
%&'e study 'e#ps t'e company y creating awareness aout t'e
consumers of dierent ages and income #eve#s.
%&'e study a#so ena#es t'e company to focus t'e consumer’s
preferences and e*pectations on t'e product w'ic' t'ey oer.
OB-ECTIVES OF T!E STUDY,
a) &o know aout t'e various Investment a#ternatives t'at is
most#y preferred y t'e peop#e.
) &o +nd out t'e important criteria t'at peop#e t'ink aout
efore investing in a #ife insurance po#icy.
c) &o +nd out w'et'er gender ias invo#ved in investing #ife
insurance or not.
d) &o +nd out t'e awareness of H,- /ife Insurance among t'epeop#e
RESEARC! 'ET!ODO%O&Y,
et'odo#ogy is a systematic way of so#ving a pro#em it inc#udes
t'e researc' met'ods for so#ving a pro#em it inc#udes t'eresearc' met'ods for so#ving t'e pro#em.
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T1pe of resear'h 3
,escriptive researc'
&ata sour'e 3
rimary and 2econdary data
&ata 'olle'tion method 3
Interview and survey ,ata co##ection too#s 4uestionnaires
2amp#ing universe Sample si4e 3
100
SA'P%E DESI&N
&'e target popu#ation of t'e study consists of various respondents
of various p#aces. &'is survey was done y co##ecting t'e data from
t'e respondents.
SA'P%E SIE
After due consu#tation wit' t'e company supervisor as we## as wit'
t'e co##ege guide5 a#so keeping in mind t'e re6uirements of t'e
company for t'e researc'5 t'e samp#e si7e t'at was found to
e appropriate for t'e study was 100.
SA'P%IN& TEC!NI/UE
&'e samp#ing tec'ni6ue t'at adapted to conduct t'e survey was
8onvenient 9andom 2amp#ing’ and t'e area of t'e researc' was
concentrated in t'e city of "rode on#y. &'e survey was conducted
y visiting dierent p#aces #ike co##eges5 corporate o:ces5
respondent’s 'ome etc
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DATA SOURCE
&'e task of data co##ection egins after a researc' pro#em 'as
een de+ned. In t'is study data was co##ected t'roug'
ot' primary and secondary data source.
A. PRI'ARY DATA
A primary data is a data5 w'ic' is co##ected for gat'ering
information +rst timeand to ana#y7e t'e pro#em. In t'is study t'e
primary data was co##ected among t'e consumers using
6uestionnaire.
B. SECONDARY DATA
2econdary data consist of information t'at a#ready e*its
somew'ere5 'aving een co##ected for
some ot'er purpose. In t'is study secondary data was
co##ected from company wesites5 maga7ines and roc'ures.
STATISTICA% TOO%S
2imp#e percentage ana#ysis5 ranking met'od and c'i s6uare
ana#ysis are t'e main statistica# too# used for t'e study.
SI'P%E PERCENTA&E ANA%YSIS
ercentage refers o a specia# king of ratio in making comparison
etween two or more data and to descrie re#ations'ips.
ercentage can a#so e used to compare t'e re#ation terms
etween two or more sources of data.
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ercentage of respondents ; &ota#
respondents.
T$B5E OF CONTENT6
S.NO TOP7C P$#E
NO.
< S)5DEN) CE)FCA)E 2
< FAC5)7 CE)FCA)E 3
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ND5S)7 G5DE CE)FCA)E 4
S7N+SS =
E>EC5)E S5MMA7 ?
*. C!$PTER ,*/7N&7$N 7NS8R$NCE 7N&8STR9 $N
O:ER:7E;2
14
1.1 N)+D5C)+N )+ FE NS5ANCE 1=
1.2 NEED F+ NS5ANCE 16
1.3 C-AAC)ES)C +F NS5ANCE 1@
1.4 F5NC)+NS +F NS5ANCE 1?
1.= +EE 20
1.6 M+)AN) ME S)+NES +F NS5ANCE ND5S)7 23
1.B *AA)+N +F NDAN NS5ANCE 24
1.@ +E +F DA N NS5ANCE 24
1.? +E +F NDAN *ANS 26
1.10 +E +F A)E NS5ANCE C+MAN7 2B
1.11 A7ES N NS5ANCE ND5S)7 2@
2. C!$PTER,( CONS8
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+. C!$PTER,+ CO. C!$PTER,> F7N&7N#S $N& $N$59S7S B0
=.1 S+) ANA7SS B1
>.(
=.2.1
=.2.2
=.2.3
=.2.4
=.2.=
=.2.6
=.2.B
#R$P!S
MAE) S-AE +F E7 A7ES
*ENEF) +F NS5ANCE
SA)SFAC)+7 EE
-C- SEC)+/A)E + 5*C
-EE )+ M+E
)+)A S5M ASS5ED +F FE NS5ANCE
EAS+N F+ NES)NG
?+
B3
B4
B=
B6
B@
B?
@1
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-. C!$PTER,- CONC58S7ON @(
-.* C+NC5S+N @+
6.2 FAC)+ NF5ENCNG C+NS5ME *E-A+5 @B
6.3 S5GGES)+NS @@
6.4 M)A)+NS @?
B. 5ES)+NAE ?0
@. ES5ME ?4
A. **+GA-7 ?B
EEC8T7:E S8
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n order to ma#e t&em "roactie.! it i$ re8uired to "roide t&em (it& $uc& #ind
o% enironment! and e8ually &ae "eo"le oientation too in order to ma#e a
com"any be$t "lace to (or# %or &i& "er%ormer$ and creatin a conenial
enironment.H
7N&7$N 7NS8R$NCE 7N&8STR9
T!E 7NS8R$NCE 7N&8STR9 7N 7N&7$
*.* 7NS8R$NCE6
&efinition:
n$urance i$ a contract "roidin %or "ayment o% a $um o% money to t&e "er$on
a$$ured or %ailin &im to t&e "er$on entitled to receie t&e $ame on t&e &a""enin o%
certain eent. 5ncertainty o% deat& i$ in&erent in &uman li%e. t i$ t&i$ ri$#! (&ic&
ie$ ri$e to t&e nece$$ity %or $ome %orm o% "rotection aain$t t&e %inancial lo$$
ari$in %rom deat&. n$urance $ub$titute$ t&i$ uncertainty by certainty. )&e ob'ectie
o% in$urance i$ normally to "roide:
aFamily "rotection and 9 or
broi$ion %or old ae.
crotection aain$t ri$#$
;h1 7nsuran'e
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• n$urance coer i$ e$$ential becau$e it "roide$ t&e %ollo(in bene%it$:
• A lum" $um "ayment to t&e nominee$ at t&e time o% t&e deat& o% t&e "olicy
&older.
•
A reular "ayment to t&e nominee$ in t&e eent o% t&e deat& o% t&e "olicy&older. )aK bene%it$! a$ "remium$ "aid reduce t&e liability o% taK.
• eliee$ economic &ard$&i"$ in t&e %amily on t&e uneent%ul deat& o% t&e $ole
income &older.
• nculcate$ t&e &abit o% $ain$.
*.( NEE& FOR 7NS8R$NCE6
&o (ill ta#e care o% my %amily i% tomorro( $omet&in un%ortunate &a""en$ to
meLH % t&i$ 8ue$tion bot&er$ you! t&en i%e n$urance i$ t&e an$(er.
+% cour$e! under any circum$tance$! t&e lo$$ o% a loed one i$ a traumatic
eK"erience. *ut! i% your %amily i$ al$o le%t (it&out $u%%icient money to meet ba$icliin need$ or "re"are %or %uture oal$! t&ey (ill &ae to co"e (it& a %inancial cri$i$
at t&e $ame time. A i%e n$urance "lan en$ure$ t&at your %amily i$ %inancially $ecure
een i% tomorro( you are no loner around to care %or t&em.i%e in$urance!
e$"ecially tailored to meet your %inancial need$:
Need for 5ife 7nsuran'e
)oday! t&ere i$ no $&ortae o% ine$tment o"tion$ %or a "er$on to c&oo$e %rom.
Modern day ine$tment$ include old! "ro"erty! %iKed income in$trument$! mutual
%und$ and o% cour$e! li%e in$urance. Gien t&e "let&ora o% c&oice$! it become$
im"eratie to ma#e t&e ri&t c&oice (&en ine$tin your &ard/earned money. i%e
in$urance i$ a uni8ue ine$tment t&at &el"$ you to meet your dual need$ / $ain %or
li%e$ im"ortant oal$! and "rotectin your a$$et$. et u$ loo# at t&e$e uni8ue
bene%it$ o% li%e in$urance in detail.
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$sset Prote'tion
From an ine$tor$ "oint o% ie(! an ine$tment can "lay t(o role$ / a$$et
a""reciation or a$$et "rotection. &ile mo$t %inancial in$trument$ &ae t&e
underlyin bene%it o% a$$et a""reciation! li%e in$urance i$ uni8ue in t&at it ie$ t&e
cu$tomer t&e rea$$urance o% a$$et "rotection! alon (it& a $tron element o% a$$et
a""reciation.
)&e core bene%it o% li%e in$urance i$ t&at t&e %inancial intere$t$ o% oneJ$ %amily
remain "rotected %rom circum$tance$ $uc& a$ lo$$ o% income due to critical illne$$ or
deat& o% t&e "olicy&older. Simultaneou$ly! in$urance "roduct$ al$o &ae a $tron
inbuilt (ealt& creation "ro"o$ition. )&e cu$tomer t&ere%ore bene%it$ on t(o count$
and li%e in$urance occu"ie$ a uni8ue $"ace in t&e land$ca"e o% ine$tment o"tion$
aailable to a cu$tomer.
#oal based sa/ings
Eac& o% u$ &a$ $ome oal$ in li%e %or (&ic& (e need to $ae. For a youn! ne(lymarried cou"le! it could be buyin a &ou$e. +nce! t&ey decide to $tart a %amily! t&e
oal c&ane$ to "lannin %or t&e education or marriae o% t&eir c&ildren. A$ one
ro($ older! "lannin %or one$ retirement (ill bein to ta#e "recedence.
Clearly! a$ your li%e $tae and t&ere%ore your %inancial oal$ c&ane! t&e in$trument
in (&ic& you ine$t $&ould o%%er corre$"ondin bene%it$ "ertinent to t&e ne( li%e
$tae.
5ife insuran'e i$ t&e only ine$tment o"tion t&at o%%er$ $"eci%ic "roduct$ tailor
made %or di%%erent li%e $tae$. t t&u$ en$ure$ t&at t&e bene%it$ o%%ered to t&e
cu$tomer re%lect t&e need$ o% t&e cu$tomer at t&at "articular li%e $tae! and &ence
en$ure$ t&at t&e %inancial oal$ o% t&at li%e $tae are met.
)&e table belo( ie$ a eneral uide to t&e "lan$ t&at are a""ro"riate %or di%%erent
li%e $tae$.
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g Life Stage e Prim Primary Need aryNeed
Life Insurance Product Life Insurance Product
Young & Single Asset creation
Wealth creation plans
Young & Just married Asset creation & protection Wealth creation and mortgage protection plans
Married with kids Children's education, Asset
creation and protection
Education insurance, mortgage protection & wealth creation
plans
Middle aged with grown up
kids
Planning or retirement & asset
protection
!etirement solutions & mortgage protection
Across all lie"stages
#ealth plans
#ealth $nsurance
*.+ Chara'teristi's of insuran'e
• S&arin o% ri$#$
• Coo"eratie deice
• Ealuation o% ri$#
• ayment on &a""enin o% a $"ecial eent
• )&e amount o% "ayment de"end$ on t&e nature o% lo$$e$ incurred.
• )&e $ucce$$ o% in$urance bu$ine$$ de"end$ on t&e lare number o% "eo"le
in$ured aain$t $imilar ri$#.
• n$urance i$ a "lan! (&ic& $"read$ t&e ri$# and lo$$e$ o% %e( "eo"le amon a
lare number o% "eo"le.13
• )&e in$urance i$ a "lan in (&ic& t&e in$ured tran$%er$ &i$ ri$# on t&e in$urer.
• n$urance i$ a leal contract (&ic& i$ ba$ed u"on certain "rinci"le$ o%
in$urance (&ic& include$ utmo$t ood %ait&! in$urable intere$t! contribution!
indemnity! cau$e$ "roKimal ! $ubroation! etc.• )&e $co"e o% in$urance i$ muc& (ider and eKten$ie.
http://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htm
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*.= Fun'tions of insuran'e6
Primar1 fun'tions6
1.Pro/ide prote'tion: / n$urance cannot c&ec# t&e &a""enin o% t&e ri$#! but can "roide %or
t&e lo$$e$ o% ri$#.
2.Colle'ti/e bearing of risD : / n$urance i$ a deice to $&are t&e %inancial lo$$e$ o%
%e( amon many ot&er$.
3.$ssessment of risD : / n$urance determine$ t&e "robable olume o% ri$# by
ealuatin ariou$ %actor$ t&at ie ri$e to ri$#.
4.Pro/ide 'ertaint1: / n$urance i$ a deice! (&ic& &el"$ to c&ane %rom
uncertainty to certainty.
Se'ondar1 fun'tions6
1.Pre/ention of losses: / n$urance caution$ bu$ine$$man and indiidual$
to ado"t$uitable deice to "reent un%ortunate con$e8uence$ o% ri$# by ob$
erin $a%etyin$truction$.
2.Small 'apital to 'o/er large risDs: / n$urance relie$ t&e bu$ine$$man %rom
$ecurity ine$tment! by "ayin $mall amount o% in$urance aain$t larer ri$#$ anduncertainty.
3.Contributes to0ards de/elopment of larger industries.
Other Fun'tion6
Mean$ o% $ain$ and ine$tment :n$urance com"anie$ are bu$ine$$ &ou$e$.
)&e "roduct t&ey $ell i$ %inancial "rotection. )o $ucceed and $urie! t&ey mu$tcoer t&eir co$t$! (&ic& include "ayment$ to coer t&e lo$$e$ o% "olicy&older$! a$
(ell a$ $ale$ and admini$tratie eK"en$e$! taKe$ and diidend$.
*.> .$N O:ER:7E;6
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it& an annual ro(t& rate o% 1=/20 and t&e lare$t number o% li%e in$urance
"olicie$ in %orce! t&e "otential o% t&e ndian in$urance indu$try i$ &ue. )otal alue
o% t&e ndian in$urance mar#et i$ e$timated at $. 4=0 billion ,5SO10 billion.
Accordin to oernment $ource$! t&e in$urance and ban#in $erice$J contribution
to t&e country$ ro$$ dome$tic "roduct ,GD i$ B out o% (&ic& t&e ro$$
"remium collection %orm$ a $ini%icant "art. )&e %und$ aailable (it& t&e $tate/
o(ned i%e n$urance Cor"oration ,C %or ine$tment$ are @ o% GD.
)ill date! only 20 o% t&e total in$urable "o"ulation o% ndia i$ coered under
ariou$ li%e in$urance $c&eme$! t&e "enetration rate$ o% &ealt& and ot&er non/li%e
in$urance$ in ndia i$ al$o (ell belo( t&e international leel. )&e$e %act$ indicate t&e
o% immen$e ro(t& "otential o% t&e in$urance $ector. )&e year 1??? $a( a reolution
in t&e ndian in$urance $ector! a$ ma'or $tructural c&ane$ too# "lace (it& t&e
endin o% oernment mono"oly and t&e "a$$ae o% t&e n$urance eulatory and
Deelo"ment Aut&ority ,DA *ill! li%tin all entry re$triction$ %or "riate "layer$
and allo(in %orein "layer$ to enter t&e mar#et (it& $ome limit$ on direct %oreino(ner$&i". )&ou&! t&e eKi$tin rule $ay$ t&at a %orein "artner can &old 26 e8uity
in an in$urance com"any! a "ro"o$al to increa$e t&i$ limit to 4? i$ "endin (it& t&e
oernment. Since o"enin u" o% t&e in$urance $ector in 1???! %orein ine$tment$
o% $. @.B billion &ae "oured into t&e ndian mar#et and 21 "riate com"anie$ &ae
been ranted licen$e$.
nnoatie "roduct$! $mart mar#etin! and are$$ie di$tribution &ae enabled
%ledlin "riate in$urance com"anie$ to $in u" ndian cu$tomer$ %a$ter t&an
anyone eK"ected. ndian$! (&o &ad al(ay$ $een li%e in$urance a$ a taK $ain
deice! are no( $uddenly turnin to t&e "riate $ector and $na""in u" t&e ne(
innoatie "roduct$ on o%%er.
)&e li%e in$urance indu$try in ndia re( by an im"re$$ie 36! (it& "remium
income %rom ne( bu$ine$$ at $. 2=3.43 billion durin t&e %i$cal year 2004/200=!
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brain $ti%% com"etition %rom "riate in$urer$. )&i$ re"ort! ndian n$urance
ndu$try: Ne( Aenue$ %or Gro(t& 2012H! %ind$ t&at t&e mar#et $&are o% t&e $tate
be&emot&! C! &a$ cloc#ed 21.@B ro(t& in bu$ine$$ at $.1?B.@6 billion by
$ellin 2.4 billion ne( "olicie$ in 2004/0=. *ut t&i$ (a$ $till not enou& to arre$t t&e
%all in it$ mar#et $&are! a$ "riate "layer$ re( by 12? to mo" u" $. ==.=B billion
in 2004/0= %rom $. 24.2? billion in 2003/04. )&ou& t&e total olume o% C$
bu$ine$$ increa$ed in t&e la$t %i$cal year ,2004/200= com"ared to t&e "reiou$ one!
it$ mar#et $&are came do(n %rom @B.04 to [email protected]. )&e 14 "riate in$urer$
increa$ed t&eir mar#et $&are %rom about 13 to about 22 in a year$ time. )&e
%iure$ %or t&e %ir$t t(o mont&$ o% t&e %i$cal year 200=/06 al$o $"ea# o% t&e ro(in
$&are o% t&e "riate in$urer$. )&e $&are o% C %or t&i$ "eriod &a$ %urt&er come do(n
to B= "ercent! (&ile t&e "riate "layer$ &ae rabbed oer 24 "ercent.
)&ere are "re$ently 12 eneral in$urance com"anie$ (it& %our "ublic $ector
com"anie$ and ei&t "riate in$urer$. Accordin to e$timate$! "riate in$urance
com"anie$ collectiely &ae a 10 $&are o% t&e non/li%e in$urance mar#et.
)&ou& t&e %ocu$ o% t&i$ mar#et re$earc& re"ort i$ on t&e "otential ro(t& on t&e
ndian n$urance Sector! it al$o tal#$ about t&e mar#et $iIe! mar#et $ementation!
and #ey deelo"ment$ in t&e mar#et a%ter 1???. )&e re"ort ie$ an in$tant oerie(
o% t&e ndian non/li%e in$urance mar#et! and coer$ %ire! marine! and ot&er non/li%e
in$urance. )&e data i$ $u""lied in bot& ra"&ical and tabular %ormat %or ea$e o% inter"retation and analy$i$. )&i$ re"ort al$o "roide$ com"any "ro%ile$ o% t&e ma'or
"riate in$urance com"anie$.
)&e ndian n$urance Sector (ent t&rou& a %ull circle o% "&a$e$ %rom bein
unreulated to com"letely reulate and t&en bein "artly dereulated (&ic& i$ t&e
"re$ent $ituation. A brie% on &o( t&e eent$ %olded u" i$ di$cu$$ed a$ %ollo($: )&e
n$urance Act o% 1?3@ (a$ t&e %ir$t lei$lation oernin all %orm$ o% in$urance
to "roide $trict $tate control$ oer in$urance bu$ine$$. n 1?t& anuary! 1?=6! t&e
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li%e in$urance in ndia (a$ com"letely nationaliIed t&rou& t&e i%e n$urance
Cor"oration Act o% 1?=6. At t&at time! t&ere (ere 24= in$urance com"anie$ o% bot&
ndian and %orein oriin. Goernment accom"li$&ed it$ "olicy o% nationaliIation by
ac8uirin t&e manaement o% t&e com"anie$. *earin t&i$ ob'ectie in mind! t&e i%e
n$urance Cor"oration ,C o% ndia (a$ created on 1$t Se"tember! 1?=6 (&ic& &a$
ro(n in lea"$ and bound$ &ence%ort&! to become t&e lare$t in$urance com"any in
ndia. )&e General n$urance *u$ine$$ ,NationaliIation Act o% 1?B2 (a$ %ormulated
(it& t&e
ob'ectie o% nationaliIin nearly 100 eneral in$urance com"anie$ and $ub$e8uently
amalamatin t&em into %our ba$ic com"anie$ namely National n$urance! Ne(
ndia A$$urance! +riental n$urance and 5nited ndia n$urance (&ic& &ae t&eir
&ead 8uarter$ in %our metro"olitan citie$. )&e n$urance eulatory and
Deelo"ment Aut&ority ,DA Act o% 1??? dereulated t&e in$urance $ector in
ndia and allo(ed t&e entry o% "riate com"anie$ into t&e in$urance $ector.
Moreoer! t&e %lo( o% Forein Direct ne$tment ,FD (a$ al$o re$tricted to 26
o% t&e total ca"ital &eld by t&e ndian n$urance Com"anie$.
*.-.7
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*A(@6
)&e ndian n$urance Com"anie$ Act enacted to enable t&e oernment to collect
$tati$tical n%ormation about bot& li%e and non li%e in$urance bu$ine$$e$.
*A+@6
Earlier lei$lation con$olidated and amended to by t&e n$urance Act (it& t&e
ob'ectie o% "rotectin t&e ntere$t$ o% t&e in$urin "ubic.
*A>-6
24= ndian and %orein in$urance and "roident $ocietie$ are ta#en oer by t&e
central oernment and nationaliIed. C %ormed by an Act o% arliament! iI. C
Act!1?=6! (it& a ca"ital contribution o% $. = c&ore$ %rom t&e Goernment o% ndia.
*.?.5iberali4ation of 7ndian 7nsuran'e6
*AA=6
n$urance $ector inited "riate "artici"ation to induce a $"irit o% com"etitionamon
$t t&e ariou$ in$urer$ and. to "roide a c&oice to t&e con$umer$.
*AA?6
n$urance reulator DA (a$ $et u" a$ t&ere %elt t&e Feed:
)o $et u" an inde"endent reulatory body! t&at "roide$ reater autonomy to
in$urance com"anie$ in order to im"roe t&eir "er%ormance! n t&e %ir$t year o%
in$urance mar#et liberaliIation ,2001 a$ muc& a$ 16 "riate $ector com"anie$
includin 'oint enture$ (it& leadin %orein in$urance com"anie$ &ae entered t&e
ndian in$urance $ector. +% t&i$! 10(ere under t&e li%e in$urance cateory and $iK
under eneral in$urance. )&u$ in all t&ere are2= "layer$ ,12/li%e in$urance and l3/
eneral in$urance in t&e ndian in$urance indu$try till date.
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*[email protected] OF 7R&$ 7N 7NS8R$NCE SECTOR6
DA "lay$ an im"ortant role in in$urance $ector iin im"ortant uide line$ to
ariou$ com"anie$ in t&e area o% in$urance. )&e DA$ reen $inal to in$urance
com"anie$ %or ine$tment$ in enture ca"ital %und$ (ould "roide a boo$t in ro(t&
"ertainin to t&e in%ra$tructure $ement. )&e in$urance com"anie$ (ould be allo(ed
to ine$t about = o% t&e total ine$tment in t&e enture ca"ital %und$ "ertainin to
in%ra$tructure ba$ed "ro'ect$. )&e total areate o% t&e a$$et$ under t&e li%e
in$urance com"anie$ i$ $ 6??!3B= crore$. )&e "ro"o$ed alteration$ in t&e
reulation$ "ertainin to ine$tment$ o% t&e in$urance com"anie$ (ere $ettled by t&e
n$urance eulatory and Deelo"ment Aut&ority o% ndia ,DA! at t&e board
meetin on t&e 2=t& o% Marc& 200@. Seeral ot&er alteration$ (ere al$o done (it&
t&e ine$tment norm$. )&e ot&er im"ortant norm i$ t&e eK"an$ion o% t&e $anctioned
ine$tment$ cateory! (&ic& (ould al$o include t&e mortaed $ecuritie$ and t&e
initial "ublic o%%erin$ unli#e "reiou$ly (&en t&e$e t(o (ere not included. )&e
"ro"o$al (ould be $ubmitted to t&e n$urance eulatory and Deelo"ment
Aut&ority o% ndia ,DA board %or a""roal. )&e %inal dra%t (a$ "ubli$&ed in t&e
GaIette o% t&e Central Goernment at t&e end o% Marc& 200@. )&e alteration$ (ould
&el" in deelo"in t&e in$trument$ o% ine$tment and "roide %leKibility %or in$urer$.
)&e alteration$ (ould "roide more marin$ "ertainin to t&e ine$tment$ in
certi%icate$ o% de"o$it i$$ued by t&e ban#$ and term de"o$it$.
At "re$ent t&e in$urance com"anie$ may ine$t about 10 o% it$ ine$tment %und$ to
a "articular $ector. )&e n$urance eulatory and Deelo"ment Aut&ority o% ndia
,DA con$tituted a (or#in rou" in t&e year 2006 to "robe t&e eKi$tin
ine$tment reulation$ and "roide reie( on t&e "re$ent $tatutory adice$ and t&e
trend$ o% ine$tment$ %or in$urance com"anie$. Accordin to t&e n$urance
eulatory and Deelo"ment Aut&ority ,DA! t&e "riate in$urer$ &ad collected
"remium income %rom ne( bu$ine$$ o% about $. 1@!?@0 crore! in 200B.
*.A.RO5E OF 7N&7$N B$N%S 7N 7NS8R$NCE SECTOR6
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Many ndian ban#$ are "lannin to enter t&e in$urance $ector due to t&e &ue ro(t&
t&at i$ e$timated to ta#e "lace in t&i$ $ector. ndian ban#$ "lan to %oray into t&e
in$urance $ector by $ettin u" t&eir o(n in$urance com"anie$. )&e ndian in$urance
$ector collected a "remium o% about $. B=!000 crore$ in t&e $ement$ o% non/ li%e
and li%e in$urance! durin t&e %ir$t nine mont&$ o% 200B/ 200@. Furt&er! t&e bu$ine$$
o% in$urance in t&e country i$ eK"ected to increa$e due to t&e ro(t& in t&e
cateorie$ o% $emi/ urban and rural in$urance and i$ eK"ected to be (ort& about 5SO
60 billion by 2010. )&e ma'or ndian *an#$ t&at are "lannin to enter t&e in$urance
$ector o% t&e country are 5nion *an#! Federal *an#! Alla&abad *an#! *an# o% ndia!
arnata#a *an#! ndian +er$ea$ *an# and *an# o% Ma&ara$&tra. Furt&er! t&ere are
a number o% ban#$ t&at are "lannin to $et u" t&eir o(n com"anie$ %or in$urance
$uc& a$ *an# o% *aroda! un'ab National *an#! and Dena *an#. ndian ban#$ are
"lannin to enter t&e in$urance $ector on t&eir o(n! (it&out "artnerin (it&
in$urance com"anie$ due to $eeral rea$on$. +ne im"ortant rea$on i$ t&at t&ey
(ould et better diidend$ t&an t&e commi$$ion t&ey (ould et by enterin into
"artner$&i"$ (it& ot&er in$urance ma'or$. Moreoer! t&i$ (ould &el" t&em todier$i%y %rom t&e reular ban#in actiity t&at t&ey are inoled in. )&e in$urance
com"anie$ &ae been a%%ected (it& t&e "lannin o% ndian ban#$ to %oray into t&e
in$urance $ector o% t&e country. )&i$ i$ due to t&e %act t&at t&e in$urance com"anie$
are no( unable to %ind ban#$ (it& (&om t&ey can enter into "artner$&i"$ %or t&e
di$tribution o% t&eir "roduct$.
*.*).RO5E OF PR7:$TE 7NS8R$NCE CO
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launc&ed li%eline a &ealt& in$urance "roduct on Marc& 200@! acro$$ ndia. No(! t&e
com"any can boa$t o% o%%erin com"lete &ealt& and li%e in$urance "roduct$ acro$$ 11
reion$ in ndia. )&i$ ne(ly launc&ed &ealt& in$urance "roduct o% MaK Ne( 7or#
i%e n$urance Com"any o%%er$ t&ree rou"$ o% &eat& in$urance $olution$. )&e
director mar#etin "roduct manaement and cor"orate a%%air$ o% MaK Ne( 7or#
i%e n$urance $aid t&at t&e$e t&ree di$tinct &eat& in$urance "roduct$ are meant to
coer eentualitie$ li#e &o$"italiIation! $urery and critical illne$$ o% t&e in$ured and
t&e$e "lan$ &ae been $tructured (it& %eature$ li#e coerae %or a (ide rane o%
ailment$! no claim di$count on rei$ed "remium %or a &ealt&y li%e! a %iKed "remium
%or a %ie/year term! %ree $econd o"inion %rom t&e be$t &ealt& care in$titution$ o%
ndia on detection o% illne$$. Furt&er! it al$o &a$ "roi$ion %or a %ree tele"&onic
medical &el"line acro$$ ndia. )&e &o$"italiIation i$ coered by PMedicate lanP!
(&ic& i$ meant to "roide a %iKed amount o% ca$& bene%it on a day/to/day ba$i$
durin t&e entire "eriod o% &o$"italiIation o% t&e in$ured. )&e Medicate lanH
(ould al$o coer eK"en$e$ %or admi$$ion in C5! lum" $um bene%it$ aain$t an
unlimited number o% $urerie$ and recu"eration bene%it$. )&e $econd "lan o% t&ene(ly launc&ed &ealt& in$urance o% MaK Ne( 7or# i%e n$urance! i$ t&e Pellne$$
lanP! (&ic& i$ a more attractie one and coer$ critical illne$$ li#e cancer!
AlI&eimerJ$! &eart ailment$! lier di$ea$e! dea%ne$$! "ermanent di$ability! etc. )&e
ellne$$ "lanH coer$ t&irty ei&t critical illne$$e$! (&ic& i$ t&e &i&e$t number o%
illne$$ coered under one in$urance "lan in ndia by any in$urance com"any. )&e
t&ird &ealt& in$urance "olicy o% MaK Ne( 7or# i%e n$urance i$ a term "lu$ &ealt& "rotection "lan #no(n a$ PSa%ety NetP. MaK Ne( 7or# i%e n$urance Com"any i$
one o% t&e %a$te$t ro(in li%e in$urance com"anie$ in ndia and i$ t&e %ir$t li%e
in$urance com"any o% ndia to be a(arded (it& S+ ?001:2000 certi%ication.
*.**.Pla1ers in 7ndian insuran'e industr1 5ife insurers6
n$urance indu$try! a$ on 1.4.2000! com"ri$ed mainly t(o "layer$: t&e $tate in$urer$:
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Qi%e n$urance Cor"oration o% ndia ,C
#eneral insurers:
General n$urance Cor"oration o% ndia ,GC (it& e%%ect %rom Dec2000!
a National ein$ureGC &ad %our $ub$idiary com"anie$! namely (it& e%%ect
%rom Dec2000! t&e$e $ub$idiarie$ &ae been de
lin#ed %rom t&e "arent com"any and made a$ inde"endent in$urancecom"anie$.
1. )&e +riental n$urance Com"any imited
2. )&e Ne( ndia A$$urance Com"any imited!
3. National n$urance Com"any imited4. 5nited ndia n$urance Com"any
imited.
9r6 ())),())?
: n$urance ndu$try in t&e year 200?/2010 &ad 1= ne( entrant$! namely:
5ife 7nsurers insuran'e 'ompan1"
1. MaK Ne( 7or# i%e n$urance Co. td.2. -DFC Standard i%e n$urance Com"any td.3. CC rudential i%e n$urance Com"any td.4. +m ota# Ma&indra i%e n$urance Co. td.=. *irla Sun i%e n$urance Com"any td.
6. )ata AG i%e n$urance Com"any td.B. S* i%e n$urance Com"any imited@. NG y$ya i%e n$urance Com"any riate imited?. AllianI *a'a' i%e n$urance Com"any td.10.Meti%e ndia n$urance Com"any t. td.11.eliance i%e n$urance Com"any td.12.S&riram i%e n$urance Com"any td.13.Sa&ara ndia i%e n$urance Com"any td.14.*&arti A>A i%e n$urance Com"any td.
1=.Aia i%e n$urance Com"any td.
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CONS8
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A$ a $cienti%ic enter"ri$e! &o(eer!t&e ine$tiation of perce"tion 'as especial
lydeelo"ed a$ "art o% t&e larer di$ci"line o% "$yc&oloy. For t&e mo$t "art!
"$yc&oloy by"a$$e$ t&e 8ue$tion$ about "erceiin rai$ed by "&ilo$o"&y in %aor$
o% "roblem$ t&atcan be &andled by it$ $"ecial met&od$. )&e remnant$ o% $uc&
"&ilo$o"&ical
8ue$tion$!&o(ever ! do remainR re$earc&ers are $ t i l l concerned! %or
eKam"le 5 wi t& t&e relat iecontribution$ o% innate and learned %actor$ to t&e
"erce"tual "roce$$. Suc& %undamental "&ilo$o"&ical a$$ertion$ a$ t&e eKi$tence o% a
"&y$ical (orld! &o(eer are ta#en %or ranted amon mo$t $cienti%ic $tudent$ o%
"erceiin. )y"ically! re$earc&er$ in "erce"tion $im"ly acce"t t&e a""arent "&y$ical
(orld "articularly a$ it i$ de$cribed in t&o$e branc&e$ o% "&y$ic$ concerned (it&
electromanetic enery! o"tic$! and mec&anic$. )&e "roblem$ t&ey con$ider relate to
t&e "roce$$ (&ereby "erce"t$ are %ormed %rom t&e interaction o% "&y$ical enery ,%or
eKam"le! li&t (it& t&e "erceiin orani$m. +% %urt&er intere$t i$ t&e deree o%
corre$"ondence bet(een "erce"t$ and t&e "&y$ical ob'ect$ to (&ic& t&ey ordinarily relate.
n "&ilo$o"&y! "$yc&oloy! and conitie $cience! "erce"tion i$ t&e "roce$$ o%
attainin a(arene$$ or under$tandin o% $en$ory in%ormation. )&e (ord P"erce"tionP come$
%rom t&e
atin (ord$ "erce"tio5 perci"io5 and mean$ Prece iin! col lect in
5 ac ti on o% ta#in "o$$e$$ion! a""re&en$ion (it& t&e mind or $en$e$.
erce"t ion is one of t'e o#de$t + e ld$ in "$yc&oloy. )&e olde$t
8uant i tat ie la( in "$yc&oloy i$ t&e eber /Fetc&er la(! (&ic& 8uanti%ie$t&e relation$&i" bet(een t&einten$ity o% "&y$ical $timuli and t&eir "erce"tual
e%%ect$. )&e $tudy o% "erce"tion ae ri$e to t&e Ge$talt $c&ool o% "$yc&oloy! (it& it$
em"&a$i$ on &oli$tic a""roac&.
(.( $BO8T CONS8
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"redict t&e %uture mar#et be&aior. n t&i$ "a"er! role o% DA! role o%
ndian ban#$! role o% "riate in$urance com"anie$! %unction o% in$urance
com"any! ariou$ %actor$ in%luencin con$umer be&aior! %actor$
in%luencin buyin deci$ion and model o% con$umer deci$ion$ ma#in
"roce$$ &ae been con$idered. Al$o! t&e ty"e$ o% in$urance "olicy ta#en by
con$umer! t&e total $um a$$ured o% li%e in$urance! t&e total $um a$$ured o%
li%e in$urance %or t&e $"ou$e! t&e $&are o% "ublic in$urance in in$urance
$ector! $&are o% C in li%e in$urance in in$urance $ector and t&e rea$on$
%or ine$ted in li%e in$urance &ae been $tudied. )&e $urey (a$ conducted
acro$$ 334 citie$9to(n$ in all t&e $tate$ and union territorie$. A $am"le o%
1?4B indiidual$ &a$ been $elected by $ettin 8ue$tionnaire. )&e online
re$"on$e $y$tem &a$ $el%c&ec#in and it$ alidation $y$tem etted t&e
8uality and eracity o% t&e re$"on$e$.ndicu$ Analytic$ t&en cro$$/c&ec#ed
and in"ut$ (it& it$ databa$e$ on ine$tor$ and t&eir &abit$. )&e ma'oritie$
o% t&e re$"ondent$ (ere %rom t&e to" %ie metro$ and 10 ma'or citie$ and
&ad at lea$t 30 "artici"ant$. )&e "ro%ile o% t&e taret re$"ondent$ i$ty"ically matc&ed. )&e taret re$"ondent$ are (ell educated! %amiliar (it&
Enli$&! $"read oer ma'or urban center$ &ain a &i&er $ocioeconomic
and income "ro%ile and $"read acro$$ a rane o% occu"ation$! "ro%e$$ion$
and di%%erent ae rou"$.
(.+.7NTRO&8CT7ON6
Con$umer be&aior i$ t&e "roce$$ (&ere t&e indiidual decide$ (&at! (&en!
&o( and %rom (&om to "urc&a$e ood$ and $erice$. Con$umer be&aior
$tudie$ &o( indiidual$! rou"$ and oraniIation $elect! buy! u$e di$"o$e
o%% ood$! $erice$! idea$ or eK"erience$ to $ati$%y t&eir need$ and de$ire.
)&e $tudy o% con$umer be&aior enable$ mar#eter$ to under$tand and
"redict con$umer be&aior in t&e mar#et "lace in adance and it i$ return
%or t&e "ayment o% "remium by t&e in$ured! t&e in$urer$ "ay t&e %inancial
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lo$$e$ $u%%ered by t&e in$ured a$ a re$ult o% t&e occurrence o% un%ore$een
eent$. )&e ndian in$urance mar#et i$ c&aracteriIed by t&e "re$ence o%
youn "en$ioner$! a$ "er an article in t&e )ime$ o% ndia.
CO
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t&e c&oice o% all "eo"le on t&e ba$i$ o% tru$t o% cu$tomer! delierin &i& alue to
t&e cu$tomer! and delier +% be$t alue o% t&e money.
+.+.OFF7CES 7N 7N&7$6
///EKten$ie branc& net(or# reac& to cu$tomer$
TDedicated Email team %or re$olution o% email re8ue$t$98uerie$
TSMS Serice$ %or cu$tomer$ U+n t&e MoeV t&rou& SMS #ey (ord$
Teb ba$ed $erice$ en&anced %or cu$tomer$ and c&annel "artner$
TCon$tant ealuation and ca"ture o% Woice o% Cu$tomer ? t&rou& reno(ned
re$earc& aencie$ %or eK"erience at ariou$ touc& "oint$
TDra$tic +ur eKclu$ie Cu$tomer Contact Center %or cu$tomer 8uerie$
CO
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At t&e core o% it$ cor"orate oernance "ractice i$ t&e *oard! (&ic& oer$ee$ &o(
t&e manaement $ere$ and "rotect$ t&e lon/term intere$t$ o% all t&e $ta#e&older$ o%
t&e Com"any. )&e Com"any beliee$ t&at an actie! (ell/in%ormed and inde"endent
*oard i$ nece$$ary to en$ure t&e &i&e$t $tandard$ o% cor"orate oernance.
)&e Com"anyJ$ cor"orate oernance "ractice$ are aimed at meetin t&e cor"orate
oernance re8uirement$ a$ "er t&e DA Cor"orate Goernance Guideline$!
be$ide$ ood "ractice$ eit&er recommended by "ro%e$$ional bodie$ or "racti$ed by
leadin com"anie$ in ndia. .
)&e %ollo(in Cor"orate Goernance olicy &a$ been ado"ted by t&e *oard o% Director$ to a$$i$t t&e *oard in t&e eKerci$e o% it$ re$"on$ibilitie$. )&i$ olicy i$
$ub'ect to %uture amendment$ or c&ane$! a$ may be nece$$ary! in t&e li&t o% t&e
amendment$ in ariou$ reulation$ in %orce %or oernance re8uirement$.
+.=.O8R :7S7ON $N& :$58ES
-DFC Standard i%e n$urance Com"any td. i$ one o% ndia$ leadin "riate
in$urance com"anie$! (&ic& o%%er$ a rane o% indiidual and rou" in$urance
$olution$. t i$ a 'oint enture bet(een -ou$in Deelo"ment Finance Cor"oration
imited ,-DFC td.! ndia$ leadin &ou$in %inance in$titution and Standard i%e
"lc! a Grou" Com"any o% t&e Standard i%e! 5. -DFC! a$ on December 31! 200@!
&old$ B2.26 "er cent o% t&e "aid u" e8uity in t&e 'oint enture.
Our :ision
)&e mo$t $ucce$$%ul and admired li%e in$urance com"any! (&ic& mean$ t&at (e are
t&e mo$t tru$ted com"any! t&e ea$ie$t to deal (it&! o%%er t&e be$t alue %or money!
and $et t&e $tandard$ in t&e indu$try. n $&ort! )&e mo$t obiou$ c&oice %or all.
Our :alues
alue$ t&at de%ine &o( (e (or#:
nterity nnoation Cu$tomer centric eo"le Care )eam (or# oy and Sim"licity
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7n/estment Plan6 o"ularly #no(n a$ 5! an ine$tment "lan ine$t$ "art o%
your $ain$ in e8uity or debt mar#et a$ "er your "re%erence. )&e ob'ectie o%
ine$tment "lan i$ to ie you return$ (&ic& ea$ily beat t&e ri$in co$t$ $ince t&e
u$ual return$ in a ban# are eKtremely lo(. 5J$ o%%ered by -DFC i%e are
Endo(ment A$$urance lan! S Cre$t! S roGro(t& Su"er ! S roGro(t&
MaKimiIe! S Ne( Money *ac# lan and Sinle remium &ole o% i%e n$urance
lan.
!ealth Plan6 Sli&tly di%%erent %rom &ealt& in$urance! &ealt& "lan "roide$ coer
%or $urery co$t$! critical illne$$. A lum" $um i$ "aid irre$"ectie o% actual &o$"ital bill. Critical Care lan and SuriCare lan are -DFC &ealt& "lan.
&istribution Net0orD6
-DFC &a$ (ide di$tribution net(or# (it& =6@ branc&e$ and &a$ oer 200000
Financial Con$ultant$. -DFC Standard i%e al$o &a$ ban a$$urance "artner$/ -DFC
*an#! Sara $(at *an# and ndian *an#. -DFC "roduct$ li#e -DFC S Cre$t!
-DFC S 7oun$ter Su"er ! -DFC S roGro(t& Su"er ! -DFC S 7oun$ter
Su"er remium and -DFC S roGro(t& MaKimiIe are al$o aailable online.
Finan'ial 7nformation6
)&e total "remium earned %or t&e &al% year ended Se"tember 30! 2010 (a$ $
3=!?0? million. )&e "ro%it a%ter taK %or t&e $ame "eriod i$ $ 646 million. )&ere
&ae been 1!2?@ deat& claim$ durin t&e "eriod out o% (&ic& 1!04= claim$ (ere
$ettled and 4= claim$ (ere re'ected.
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name to ma#e it -DFC i%e. -DFC i%e al$o c&aned t&eir loo de"ictin more
enery! eKuberance! ibrancy! de"endability in t&eir brand. -DFC i%e al$o "u$&ed
t&eir taline $ar ut&a #e 'iyoH (it& telei$ion commercial! radio ad$! "rint and ot&er
communication medium$. )&e taline "re$ent$ t&e idea o% liin li%e (it& dinity
(&ic& can be ac&ieed t&rou& bein $el% de"endent and in$urance i$ "art and "arcel
o% t&e $ame.
&istin'tions:
• -DFC Standard i%e &a$ been ad'uded one o% t&e *e$t Com"anie$ to or#
%or in ndia in 2010. )&e com"any "artici"ated in t&e Great lace$ to or#Y
$tudy %or t&e %ir$t time and ran#ed %ir$t in t&e in$urance cateory.
• -DFC Standard i%eJ$ 7ounStar Su"er &a$ been oted Vroduct o% t&e 7ear
2010J in t&e n$urance cateory by more t&an 30!000 con$umer$ nation(ide
acro$$ 36 mar#et$. )&e con$umer $tudy on "roduct innoation in ndia (a$conducted by A C Niel$en! t&e leadin lobal re$earc& %irm.
• -DFC Standard i%e &a$ receied t&e C+ V)&e neniou$ 100 / 200? A(ard!J
%or A)AS ,Aency )rainin icen$in and Sericin Sy$tem. Additionally!
t&e com"any &a$ receied t&e C+ 100 VSecurity A(ard 200?J %or "ioneerin
ANDe$# Manaement and Security Suite $ecurity im"lementation and
ta#in it$ $ecurity to a &i&er leel o% tec&noloical eKcellence.
• -DFC Standard i%e &a$ receied t&e Diamond EDGE A(ard 200? %or it$
mobile (or#%orce "ortal / Con$ultant Corner. EDGE / Enter"ri$e$ Driin
Gro(t& and EKcellence ,u$in ) i$ an initiatie by t&e !Net(or# Com"utin
maaIine to identi%y! reconiIe! and &onor end/u$er com"anie$ in ndia t&at
&ae demon$trated t&e be$t u$e o% tec&noloy to $ole a bu$ine$$ "roblem!
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im"roe bu$ine$$ com"etitiene$$! and delier 8uanti%iable + to
$ta#e&older$.
3.5.ASSOCIATE COMPANIES:
1. -DFC imited
2. -DFC *an#
3. -DFC A$$et Manaement Co. imited
4. -DFC Securitie$ imited
=. -DFC Standard i%e n$urance Com"any
6. ntel net Global
B. C* Credit n%ormation *ureau ne$tiation td
@. -DFC C&ubb General n$urance
OT!ER CO
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)&ey are:
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Endo(ment A$$urance lan! you can $tart buildin your $ain$ today and en$ure
t&at your %amily remain$ %inancially inde"endent! een (&en you are not around.
)&i$ it& ro%it$ "lan i$ de$ined to $ecure your %amily$ %uture by iin your
%amily a uaranteed lum" $um on maturity or in ca$e o% your un%ortunate demi$e!
early into t&e "olicy term.
$d/antages6
• deal (ay to $ecure your lon/term %inancial oal$ and your %amily$ %inancial
inde"endence by iin a lum" $um "ayment ,ba$ic Sum A$$ured "lu$ any
*onu$ Addition$ on $urial u" to Maturity date
• roide$ inaluable "rotection to your %amily by (ay o% lum" $um "ayment
in ca$e o% un%ortunate demi$e (it&in "olicy term
• Gie$ you t&e %leKibility to cu$tomi$e your "olicy accordin to your need$ by
addin any one o% t&e 3bene%it o"tion$ aailable
• 7ou can c&oo$e to "ay your "remium a$ eit&er Annually! -al%/7early or
uarterly de"endin on your conenience. 7ou al$o &ae a rane o%
conenient auto "remium "ayment o"tion$
• )aK bene%it$ under $ection$ @0C! @0D and 10,10D o% ncome )aK Act! 1?61
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!&FC 5ife Smart ;oman Plan6
-DFC i%e Smart oman lan! a uni8ue in$urance cum ine$tment "lan de$ined
$"eci%ically %or (omen. )&i$ "lan en$ure$ t&at your $ain$ continue! (&ile you
ad'u$t to t&e ne( $tae$ o% your li%e! and you remain con%ident to lie li%e your (ay.
)&e "lan come$ (it& com"re&en$ie coerae o"tion$ (&ere (e (ill coer you
aain$t "renancy com"lication$ and conenital condition$ or %or malinant %emale/
$"eci%ic cancer$. Durin t&e$e critical moment$! (e a$$ure you t&e "eace o% mind by
(aiin and %undin your "remium$ $o t&at a$ you oercome and ad'u$t to your li%e
your ine$tment$ continue to ro(.
FE$T8RES6
$d/antages6
• C&oo$e "lan o"tion$ a$ "er your need$ i.e. Cla$$ic or remier or Elite
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• 5ninterru"ted $ain$ (it& aier X %undin o% "remium$ %or neKt 3 year$
on t&e %ollo(in eent$
o
renancy com"lication$ or birt& o% c&ild (it& conenital di$order
o Diano$i$ o% malinant cancer o% %emale oran$
o Deat& o% $"ou$e ,+nly (it& Elite o"tion
• Additional "eriodic ca$& "ayout$ under remier X Elite +"tion$
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[email protected]#$N7$T7ON STR8CT8RE6
CO
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=.*.RESE$RC!
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in$urance com"any in ndia! t&eir ie($ and comment$ about Com"anyJ$ $tructure.
conducted un$tructured interie($ ,$am"le $iIe o% 100 "er$on$ o% di%%erent ae
rou" in time duration o% t&ree day$. All t&e data enerated (a$ "rimary data t&at
(a$ enerated %rom di%%erent "eo"le$ o% ae rou" under NC reion.
Primar1 data6
ndiidual re$"ondent$! C&artered
Accountant$!)aKCon$ultant$! n$urance Aent$! Auto loan "roider$ (ere "er$onall
y i$ited andinterie(ed. )&ey (ere t&e main $ource o% rimary data. )&e met&od
o% collection o% "rimary data (a$ direct "er$onal interie( t&rou& a $tructured8ue$tionnaire.
Se'ondar1 &ata6
t (a$ collected %rom internal $ource$. )&e $econdary data (a$ collected on t&e ba$i$
o% oraniIational %ile! o%%icial record$! ne($"a"er$! maaIine$! manaement boo#$!
"re$ered in%ormation in t&e com"anyJ$ databa$e and (eb$ite o% t&e com"any.
=.(.RESE$RC! OBJECT7:ES6
Q )o #no( about t&e ty"e$ o% in$urance "olicy ta#en by con$umer
Q )o #no( about t&e total $um a$$ured o% li%e in$urance
Q )o #no( about t&e total $um a$$ured o% li%e in$urance %or t&e $"ou$e
Q )o #no( about t&e $&are o% "ublic in$urance in in$urance $ector
Q )o #no( about t&e $&are o% C in li%e in$urance in in$urance $ector
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Q )o #no( about t&e rea$on$ %or ine$tment in li%e in$urance
)&e main aim o% t&e re$earc& (a$ to eK"lore con$umer$J attitude$ to allo(in
in$urance com"anie$ to acce$$ re$ult$ o% enetic te$t$ %or t&e "ur"o$e o% ri$#
a$$e$$ment and "remium $ettin. More $"eci%ically! t&e ob'ectie$ o% t&e re$earc&
(ere:
Qro"er under$tandin and analy$i$ o% li%e in$urance indu$try.
Q)o #no( about brand a(arene$$ o% -DFC i%e n$urance and
cu$tomerJ$ "re%erence -DFC i%e n$urance.
QConduct mar#et $urey on a $am"le $elected %rom t&e entire "o"ulation and derie
o"inion on t&at re$earc&.
Q)o &el" com"any in e$tabli$&in a net(or# o% i%e n$urance Adi$or$ and
to "romote t&e bene%it$ t&o$e are "roided by -DFC i%e n$urance.
Q)o eK"lore con$umer$J under$tandin o% li%e in$urance com"anie$J u$e o% di%%erent
%actor$ in a$$e$$in ri$#.
Q)o under$tand con$umer$J attitude$ to li%e in$urance com"anie$J u$e o% di%%erent
%actor$ in a$$e$$in ri$#.
)&e$e %actor$ included $eK! ae! $mo#in $tatu$! current and "a$t &ealt& !%amily
&i$tory o% cancer or &eart di$ea$e! and enetic ma#e/u".
Q)o determine i% t&e u$e o% enetic te$t re$ult$ by li%e in$urance com"anie$ (ould
deter con$umer$ %rom &ain $uc& te$t$.
Q)o eK"lore con$umer attitude$ to di$clo$ure o% in%ormation to in$urance com"anie$.
Attitude$ to oluntary and inoluntary di$clo$ure.
Q)o ain an under$tandin o% (&y con$umer$ &old "articular attitude$.
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=.+.Resear'h design6
e$earc& (a$ initiated by eKaminin t&e $econdary data to ain in$i&t into t&e
"roblem .)&e "rimary data i$ ealuated on t&e ba$i$ o% t&e analy$i$ o% t&e $econdary
data.
&e/eloping the resear'h plan6
)&e data %or t&i$ re$earc& "ro'ect &a$ been collected t&rou& $el% admini$tration.
Due to time limitation and ot&er con$traint$ direct "er$onal interie( met&od i$
u$ed. A $tructured 8ue$tionnaire (a$ %ramed a$ it i$ le$$ time con$umin! enerate$
$"eci%ic and to t&e "oint in%ormation! ea$ier to tabulate and inter"ret. Moreoer
re$"ondent$ "re%er to ie direct an$(er$. n 8ue$tionnaire$ o"en ended and clo$ed
ended! bot& t&e ty"e$ o% 8ue$tion$ &a$ been u$ed.
Sampling plan
Since it i$ not "o$$ible to $tudy (&ole "o"ulation! it i$ nece$$ary to obtain
re"re$entatie $am"le$ %rom t&e "o"ulation to under$tand it$ c&aracteri$tic$.
Sampling 8nits6
ndiidual re$"ondent$ %or $tudyin Cu$tomer *uyin *e&aior and Mar#et
Sementation! $elected randomly %rom di%%erent area$ in NC! li#e ariou$ $&o""in
mall$ and mar#et$ !Goernment +%%ice$. C&artered Accountant$! )aK Con$ultant$!
a(yer$! *u$ine$$ Men! ro%e$$ional$ and -ou$e ie$ o% %or recruitment o% i%e
n$urance Adi$or$
QSample Te'hnique6
andom Sam"lin
QResear'h 7nstrument6
Structured ue$tionnaire
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Conta't
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!. Education "ua#ification $
An"0e
rCo+nt Percent
1.10t' or
e#ow1 1.00@
!. 1!t' $ $.00@
3.radua
teC C.00@
.
ost
radua
te
!D !D.00@
. Et'er $ $.00@
&ota# 100 100@
ean ,
1.112
on+dence Interva# F D@
, 31.455 6 1.789:
2tandard ,eviation , 2.89; 2tanda
rd "rror,
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2.281
7nterpretation6 From the anal1sis *G respondent are *)th pass and
-G are *(th pass and >@G graduate and (AG post graduate and -G
others
%. &our residence is
An"0e
rCo+nt Percent
1. Ewned 0 0.00@
!. 9ented 1 1.00@
3.
ompa
ny
provide
d
1D 1D.00@
&ota# 100 100@
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ean ,
4.8
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,
2.2;;
7nterpretation6 6 From the anal1sis >-G respondents are salar1 and +>G areself emplo1ed and AG are retired and )G are student and )G NR7
(. If sa#aried em'#oyed )it*
An"0er Co+nt Percent
1.rivate
#imited3! 3!.00@
!. artners'ip
33 33.00@
3.u#ic
#imited11 11.00@
.u#ic
sector10 10.00@
.overnme
nt1! 1!.00@
$.u#tinatio
na#
! !.00@
&ota# 100 100@
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ean ,
9.712
on+dence Interva# F D@
, 39.475 6 9.849:2tandard ,eviation , 4.718
2tanda
rd "rror
,
2.477
7nterpretation6 6 From the anal1sis +(G respondents are pri/ate limited and++G are partnership and **G are publi' limited and *G are publi' se'tor and
*(G are go/ernment and (G are multinational
5. +*at 'ercentage of you sa#ary do usua##y sa,e .
An"0
erCo+nt Percent
1.
/ess
t'an
1@
3D 3D.00@
!.1G
!0@C C.00@
3.!0G
!@D D.00@
. ore
t'an
.00@
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!@
&ota# 100 100@
ean ,
4.85
2
on+dence Interva# F D@ ,
34.;95 6 4.
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-. Are you assessed to ta$
An"0
erCo+nt Percent
1. es C C.00@
!.
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/. 0o you t*in1 insurance in im'ortant $
An"0
erCo+nt Percent
1. es D! D!.D3@
!.
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7nterpretation6 6 From the abo/e anal1sis A+G people sa1s insuran'e is
important and onl1 ?G people are sa1s to insuran'e is not important 2.
+*at sc*eme of insurance 'o#icy *a,e ta1en $
An"0er Co+nt Percent
1.
/ife
protecti
on p#ain
3D 3D.00@
!."ducatio
n p#ain1D 1D.00@
3.retirement p#ain
10 10.00@
.Hea#t'
p#ain!0 !0.00@
.
oney
growt'
p#ain
1! 1!.00@
&ota# 100 100@
ean , 9.782
on+dence Interva# F D@, 39.454 6 9.8=
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. 0o you *a,e insurance #ife 'o#icy $
An"0
erCo+nt Percent
1. es D D.00@
!.
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!4. )*at are t*e reason you *a,e o'ted to ta1e
insurance
An"0er Co+nt Percent
1. ro+t 3! 3!.00@
!.Investm
ent31 31.00@
3. &a*saving
C C.00@
.Insuranc
e cover! !.00@
.
Any
ot'er
p#ease
specify
.00@
&ota# 100 100@
ean ,
9.1
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!!. Ty'es of insurance
An"0er Co+nt Percent
1.
/ife
insuranc
e
$3 $3.00@
!.
Je'ic#e
insuranc
e
1 1.00@
3.
Hea#t'
insuranc
e
1C 1C.00@
.
Agricu#tu
re
insuranc
e
.00@
&ota# 100 100@
ean ,
4.;12
on+dence Interva# F D@
, 34.7=2 6 4.542:2tandard ,eviation , 2.
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!%. ate your o,era## satisfaction )it* insurance
'o#icy of 6&7 #ife insurance
An"0er Co+nt Percent
1. Hig'#ysatisfact
ory
!D !D.!D@
!.2atisfact
ory .@
3. Average !1 !1.!1@
.
,isG
satisfact
ory
3 3.03@
.
Hig'#y
dissatisfact
ory
1 1.01@
&ota# DD 100@
ean ,
9.242
on+dence Interva# F D@
, 34.579 6 9.485:2tandard ,eviation , 2.5=4
2tanda
rd "rror
,
2.25;
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7nterpretation6 From the result 0e find that *)) respondents I (AG are highl1
satisfa'tion and =>G are satisfa'tion and (*G are a/erage and +G dis,
satisfa'tion and *G are highl1 dis,satisfa'tion !3. eason for
in,esting in insurance '#ans of 6&7 #ife insurance
An"0er Co+nt Percent
1. 9eturns 3C 3C.00@
!.2c'emes
are good33 33.00@
3.
9ecommen
ded y
fami#y and
friends
1C 1C.00@
.
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>.*.S;OT $N$59S7S OF !&FC ST$N&$R& 57FE 7NS8R$NCE6
$nal1sis of the industr1s en/ironment6
-DFC and Standard i%e %ir$t came toet&er %or a "o$$ible 'oint enture! to enter t&e
li%e n$urance mar#et! in anuary 1??=. t (a$ clear %rom t&e out$et t&at bot&
com"anie$ $&ared $imilar alue$ and belie%$ and a $tron relation$&i" 8uic#ly
%ormed. n +ctober 1??=! t&e com"anie$ $ined a 3/year 'oint enture areement.
>.*.*.STREN#T!:
1. Dome$tic imae o% -DFC $u""orted by rudentialJ$ international imae i$
$trent& o% t&e com"any.
2. Stron and (ell $"read net(or# o% 8uali%ied intermediarie$ and $ale$ "er$on.
3. Stron ca"ital and re$ere ba$e.
4. )&e com"any "roide$ cu$tomer $erice o% t&e &i&e$t order.
=. -ue ba$#et o% "roduct rane (&ic& are $uitable to all ae and income rou"$.
6. are "ool o% tec&nically $#illed man"o(er (it& in de"t& #no(lede and
under$tandin o% t&e mar#et.
B. )&e com"any al$o "roide$ innoatie "roduct$ to cater to di%%erent need$ o%
di%%erent cu$tomer$.
>.*.(.;E$%NESS:
1. -eay manaement eK"en$e$ and admini$tratie co$t$.
2. o( cu$tomer con%idence on t&e "riate "layer$.
3. ertical &ierarc&ical re"ortin $tructure (it& many de$ination$ and cadre$
leadin to "o(er "olitic$ at all leel$ (it&out any eKce"tion.
4. oor retention "ercentae o% tied u" aent$.
>.*.+.OPPORT8N7T7ES:
1. n$urable "o"ulation Accordin to NG only 10 o% t&e "o"ulation i$ in$ured!
(&ic& re"re$ent$ around 30 o% t&e in$urable "o"ulation. )&i$ $ue$t$ more t&an
300m "eo"le! (it& t&e "otential to buy in$urance! remain unin$ured.
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2. )&ere (ill be in%lo( o% manaerial and %inancial eK"erti$e %rom t&e (orldJ$
leadin in$urance mar#et$. Furt&er t&e burden o% educatin con$umer$ (ill al$o be
$&ared amon many "layer$.
3. nternational com"anie$ (ill &el" in buildin (orld cla$$ eK"erti$e in local mar#et
by introducin t&e be$t lobal "ractice$.
4. n$urance liberaliIation in ndia i$ eK"ected to re$ult in a (ider c&oice o% ma'or
commercial in$urance coer$! $uc& a$ %ire! eK"ort credit.
>.*.=.T!RE$TS 6
1. ei$lation could im"act.
2. Great ri$# inoled
3. ery &i& com"etition "reailin in t&e indu$try.
4. ulnerable to reactie attac# by ma'or com"etitor$.
=. ac# o% in%ra$tructure in rural area$ could con$train ine$tment.
6. -i& olume9lo( co$t mar#et i$ inten$ely com"etitie.
RE$SONS FOR 7N:EST7N# 7N 57FE 7NS8R$NCE6
)&e %iure eK"lain$ about t&e rea$on %or ine$tin in li%e n$urance. About 3=.B0
re$"ondent$ &ae ine$ted in li%e in$urance due to &i&er ri$# coerae and 32.43
re$"ondent$ &ae ine$ted in li%e in$urance %or taK $ain.
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EK"lain$ about t&e rea$on$ %or ine$tin in li%e n$urance. About 3=.B0
re$"ondent$ &ae ine$ted in li%e in$urance due to &i&er ri$# coerae! 32.43
re$"ondent$ &ae ine$ted in li%e in$urance %or taK $ain and 1?.6= re$"ondent$
&ae ine$ted in li%e in$urance due to ea$y (ay to ine$t.
RES85TS F7N&7N#S
&ae "re$ented belo( t&e "ro'ect %indin$ and analy$i$! addre$$ed to t&e
re$"ondent$ to aue t&e attitude! "erce"tion and con$umer be&aior o% t&e "eo"le
to(ard li%e in$urance
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From t&e analy$i$ t&i$ $urey 3? "eo"le are $aed t&e $alary are le$$ t&an
1= and 4@ "eo"le are 1=/20 $aed and ? are $aed 20/2= and
4 $aed 2= or more .
@= "eo"le are under coer t&e a$$e$$ed and only 1= "eo"le are not coer . ?3 "eo"le are $ay$ t&e in$urance $ im"ortant and B "eo"le are a$#ed
in$urance i$ not im"ortant . )&i$ $urey i$ cleared by ?= "eo"le are ta#en t&e in$urance "olicy ,li%e
in$urance !e&icle$ in$urance ! %ire in$urance ! t&e%t in$urance and &ealt&
in$urance etc and only = "eo"le are a$#ed no.
Conclu$ion
All t&e in$urance com"any mu$t aderti$e more in t&e mar#et becau$e not all
"eo"le #no( more about li%e n$urance "olicy.
Mo$t number o% "eo"le (ant$ Guaranteed eturn$ $o com"any mu$t %ocu$ on
t&i$ %or t&e cu$tomer ine$tment.
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Ma#e in$urance "olicy (&ic& can buy any one $o (e can in$ured t&em
t&rou& t&i$ ty"e o% li%e in$urance "olicy.
BIB%IO&RAP!Y
BOO$S,
1 +)-A C..! e$earc& Met&odoloy tool$ and tec&ni8ue$, Ne( Aenternationalubli$&er$! 2nd Edition! 2016 2 n%ormation Memorandum
;EBS7TES6
000.li'.in
000.hdf'.in
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000.0iDipidia.'om
$nneHure
Dear Sir9MadamR
Name: ZZZZZZZZZZZZ..
Gender: M F
Contact No9Email id RZZZZZZZZZZZ
am t&e $tudent o% ,Galotia$ 5nier$ity de"artment o% %inance o% commerce $tudie$! ,Anoo"
#umar "re$ently doin a "ro'ect on NS5ANCE ND5S)7 N NDA re8ue$t you to
#indly %ill t&e 8ue$tionnaire belo( and a$$ure you t&at t&e data enerated be #e"t con%idential .
1. Educational 8uali%ication
10t& 12)- Graduate
o$t raduate +t&er$
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2. 7our re$idence i$
+(ned ented Com"any "roided
3. 7our occu"ation
Salary Sel% em"loyed etired
Student N
4. % $alaried em"loyed (it&
riate limited artner$&i" ublic limited
ublic $ector Goernment Multinational
=. &at "ercentae o% you $alary do you u$ually $ae L
e$$ t&an 1= 1=/20 20/2=
More t&an 2=
6. Are you a$$e$$ed to taKL
7e$ No
B. D+ you t&in# in$urance i$ im"ortant L
7e$ No
@. &at $c&eme o% in$urance "olicy &ae you ta#enL
i%e "rotection "lan Education "lan etirement "lan
-ealt& "lan Money ro(t& "lan
Any ot&er $"eci%y;;;;;;;;;;;;;;;;;;;;;;;;;;
?. Do you &ae in$urance li%e "olicyL
7e$ No
10. &at are t&e rea$on you &ae o"ted to ta#e in$urance L
ro%it ne$tment )aK $ain
n$urance coer Any ot&er "lea$e $"eci%y
11. )y"e$ o% in$urance
i%e in$urance e&icle in$urance -ealt& in$urance
Ariculture in$urance
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12. ate your oerall $ati$%action (it& in$urance "olicy o% >7 li%e in$urance .
-i&ly $ati$%actory Sati$%actory Aerae
Di$$ati$%actory -i&ly di$$ati$%actory
13. ea$on %or ine$tin in in$urance "lan$ o% >7 li%e in$urance .
eturn$ Sc&eme$ are ood ecommended by %amily and %riend$
Need$ to $ae taK