Insurance Project in kotak old life insurance

8/14/2019 Insurance Project in kotak old life insurance

1/35

About the industry

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu

(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings

talk in terms of pooling of resources that could be re-distributed in times of calamities

such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day

insurance. Ancient Indian history has preserved the earliest traces of insurance in the

form of marine trade loans and carriers contracts. Insurance in India has evolved over

time heavily drawing from other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of the

Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In1829, the Madras Equitable had begun transacting life insurance business in the Madras

Presidency. 1870 saw the enactment of the British Insurance Act and in the last three

decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and

Empire of India (1897) were started in the Bombay Residency. This era, however, was

dominated by foreign insurance offices which did good business in India, namely Albert

Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian

offices were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies

in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure

to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to

enable the Government to collect statistical information about both life and non-life

business transacted in India by Indian and foreign insurers including provident insurance

societies. In 1938, with a view to protecting the interest of the Insurance public, the

earlier legislation was consolidated and amended by the Insurance Act, 1938 with

comprehensive provisions for effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there

were a large number of insurance companies and the level of competition was high.

1


2/35

There were also allegations of unfair trade practices. The Government of India, therefore,

decided to nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance

sector and Life Insurance Corporation came into existence in the same year. The LIC

absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian

and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance

sector was reopened to the private sector.

The history of general insurance dates back to the Industrial Revolution in the west

and the consequent growth of sea-faring trade and commerce in the 17th century. It came

to India as a legacy of British occupation. General Insurance in India has its roots in the

establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the

British. In 1907, the Indian Mercantile Insurance Ltd was set up. This was the first

company to transact all classes of general insurance business.

1957 saw the formation of the General Insurance Council, a wing of the Insurance

Association of India. The General Insurance Council framed a code of conduct for

ensuring fair conduct and sound business practices.

In 1968, the Insurance Act was amended to regulate investments and set minimum

solvency margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalization) Act,

general insurance business was nationalized with effect from 1st January, 1973. 107

insurers were amalgamated and grouped into four companies, namely National Insurance

Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company

Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of

India was incorporated as a company in 1971 and it commence business on January 1sst

1973.

2


3/35

This millennium has seen insurance come a full circle in a journey extending to nearly

200 years. The process ofre-opening of the sector had begun in the early 1990s and the

last decade and more has seen it been opened up substantially. In 1993, the Government

set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to

propose recommendations for reforms in the insurance sector. The objective was to

complement the reforms initiated in the financial sector. The committee submitted its

report in 1994 wherein, among other things, it recommended that the private sector be

permitted to enter the insurance industry. They stated that foreign companies be allowed

to enter by floating Indian companies, preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the

Insurance Regulatory and Development Authority (IRDA) was constituted as an

autonomous body to regulate and develop the insurance industry. The IRDA was

incorporated as a statutory body in April, 2000. The key objectives of the IRDA include

promotion of competition so as to enhance customer satisfaction through increased

consumer choice and lower premiums, while ensuring the financial security of the

insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for

registrations. Foreign companies were allowed ownership of up to 26%. The Authority

has the power to frame regulations under Section 114A of the Insurance Act, 1938 and

has from 2000 onwards framed various regulations ranging from registration of

companies for carrying on insurance business to protection of policyholders interests.

In December, 2000, the subsidiaries of the General Insurance Corporation of India

were restructured as independent companies and at the same time GIC was converted into

a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in

July, 2002.

Today there are 14 general insurance companies including the ECGC and Agriculture

Insurance Corporation of India and 14 life insurance companies operating in the country.

3


4/35

The insurance sector is a colossal one and is growing at a speedy rate of 15-20%.

Together with banking services, insurance services add about 7% to the countrys GDP.

A well-developed and evolved insurance sector is a boon for economic development as it

provides long- term funds for infrastructure development at the same time strengthening

the risk taking ability of the country.

4


5/35


6/35

Kotak second innings plan

Kotak secure retirement plan

Kotak retirement income plan (unit linked)

Kotak long life secure plus Kotak long life wealth plus

Kotak retirement income plan

4. Child plan

Kotak head start plan

Kotak child advantage plan.

Child planKotak Life Insurances children plans are one of the best in its category. Kotak

Headstart Child Plan is a unique child plan which will help you financially secure the

future of your children by providing good returns as well as protecting him/her against

any unforeseen circumstances.

As parent you have always wanted the best for your children. Lack of financial resources

should not come in the way of your childs dreams, goals and aspirations. Children plans

are uniquely designed products to help you save in a systematic manner for a brighter

future for your beloved children

Head start plan

It is very important to plan your finances carefully so that your children can

benefit. If you invest in the right children plan, you will be able to provide the required

financial support to your child, whenever he or she needs it the most.

Children plans are all the more important when you start considering increasing

costs due to the effect of inflation. For instance, professional courses such as

management, medicine and engineering are already very expensive; these are likely to be

far more costly when your child grows up. So, you have to factor in inflation into all your

calculations. One of the smartest ways to beat inflation and create financial stability

irrespective of the career your children choose for themselves is to start investing as early

as possible in children plans.

6


7/35

Advantages:

Choice of 2 plan variants

Maximizes wealth while providing protection

Joint Life option

Save for 2 children with one plan

Additional bonus units

Flexible withdrawals

These are specially tailored, cost effective plans that aim to give your children the

financial means to pursue his or her dreams - and to live them

Investment

option

Objective Your risk -

return

profile

Equity Debt

(including

money

market

instruments)

Opportunitiesfund

Aims to maximizeopportunity for long term

capital growth by holdingsignificant portion in adiversified and flexiblemix of large/medium sizedstocks

Aggressive 75-100% 0-25%

Aggressivefund

Dynamicgrowth fund

Aims for high level ofcapital growth by holdinga significant portion inlarge sized companyequities

Aggressive 60-100%

40-80%

0%-40%

20-60%

Dynamic

balanced fund

Aims for moderate growth

by holding a diversifiedmix of equities and fixedinterest instruments

Moderate 30-60% 40-70%

Dynamic floorfund

Aims to provide stable,long-term inflation beatinggrowth over medium tolong term and defendcapital against short term

Cautious 0-75% 25-100%

7


8/35

capital shocks

Dynamic bondfund

Aims to preserve capitaland minimize downsiderisk with investment indebt and government

instruments

Conservative - 100%

Dynamicmoney marketfund #

Aims to protect yourcapital and not havedownside risks

Conservative - 100%

Note: investments in money market instruments will not exceed 40%, except for money market fund

# Available only in the last policy year.

In short, you can select over time which funds you would like to be in, based on your

time horizon and views on the market. Or you can let us manage the risk more actively on

your behalf, by investing in the dynamic floor fund.

1) Headstart assure wealth

Bring alive your childs dreams. Start preparing.

Every child is different. Each has tier own set of dreams and aspirations. As a parent.

You would like to provide your child with all the building blocks that could develop his

or her potential to the fullest. This could mean extra coaching or tuition for talented

children, special training or equipment for natural athletes or professional training for

born singers. Today nothing is certain and you have to be prepared.Introducing kotak headstart assure wealth- a specially tailored, cot effective plan that

aims to give your child the financial means to pursue his or her dreams- and to live them.

Benefits Details

Saving 2 children Hassle- free cost effective saving through a single plan for one

or two children.

Joint life option

available ^ (primary &

joint life insured)

Both parents can be covered where sum assured is paid on the

second death. Boost the accumulation amount at maturity for

your children, where you may already have insurance to coverthem along the way.

Survival units Enjoy additional unit allocation for long-term investment for

your child. Extra units of 1%, 1.5% and 2% of the fund will

be allocated at the end of policy year 10, 15 and 20

respectively, provided all premiums are paid up to date and

8


9/35

the policy has not yet reached maturity.

Top-up premiums Increase investments for your childs future if you have

surplus money. Invest up to 25% of the cumulative premiums

paid up to that date.

Partial withdrawals Available to meet the childs expenses along the way, fromyear 4 onwards. Early withdrawals charges fall away at the

end of year 6, allowing you flexible access to your money,

subject to a minimum fund balance of Rs. 25000. Withdrawals

must be made from the qualifying top up accounts first.

Withdrawals will be allowed only if the premiums for the first

three years have been paid in full.

Switching You may switch or change the fund options to maximize

returns from the market. Switching between main account and

top-up accounts is not allowed.

Automatic cover

maintenance

In case you miss your premium payment, this facility will

ensure that whilst you have adequate funds in the policy, your

insurance cover remains in force. This facility can be availed

after payment of premium for 3 completed policy years. All

rider benefits cease to apply. The policy will be terminated by

paying the applicable surrender value if it is not revived

within two years from the due date of first unpaid premium or

the policy holder does not express in writing to continue the

policy in ACM mode. If the fund value reaches a level equal

to one years premium after deduction of applicable policy

charges, the policy terminates and fund value will be payable.

Convenient premium

payment modes

Pay your premiums annually, half yearly, quarterly or

monthly

Free look period Offers the option of returning your policy document within 15

days from the date of receipt of the policy if you are not

satisfied with the terms and conditions of the plan. The

amount refunded would be the premium paid after

adjustments for expenses for medical examination, stamp duty

and proportionate risk premium for the period of cover.

9


10/35

How to apply for this plan?

Step 1: decide the amount you will save regularly to secure your childs future, i.e. the

regular annual premium.

Step 2: decide the term of the policy depending on goals for your child (higher education,

marriage, etc.) that you have in mind.

Step 3: select your fund options.

Step 4: choose the optional benefits

Eligibility

Entry age of life insured: min - 18 years

Max 60 years

Entry age of beneficiary: Min 0 years (younger beneficiary)

Max 17 years (older beneficiary)

Term Min greater of [10 years or 18 less younger children

age (as on last birthday)]

Max 25 years

Limited premium payment term: 3 10 years

Maturity age : Min 28 years, Max 70 years, for the policyholder

Min 18 years (younger beneficiary)


Regular annual premium : Min Rs. 15,000

Limited premium payment : Min Rs.25, 000 p.a. for payment term of 4 10 years

Min Rs. 50,000 p.a. for payment term of 3 years

Premium allocation charge

There is an initial advice and distribution charge related to policy issue that is a

percentage of the premium received. The premium allocation charges are applicable as

per the following table:

Policy term less than 15 years

10


11/35

Annual

premium

(Rs.)

Below

25,000

25000 to

150000

Above 1,50,000

Year 1 32.00% 28.00% 19.50%

Year 2 14.00% 9.00% 7.00%year 3 7.00% 5.00% 4.00%

Year 4 10 1.00% 1.00% 1.00%

Policy term of 15 years & above

Annual

premium

(Rs.)

Below

25,000

25000 to

150000

Above 1,50,000

Year 1 36.00% 31.50% 21.00%

Year 2 14.00% 9.00% 7.00%

year 3 7.00% 5.00% 4.00%

Year 4 10 1.00% 1.00% 1.00%

2) Headstart future protect

Your children are your joy, your pride and your world. And you strive to give your little

one(s) the very best in life. You would like to provide your children with all theopportunities that could give them the extra edge over others. For this, you would require

an investment and protection package that is specially designed to help you plan wisely

for a financially secure and comfortable tomorrow, no matter what the uncertainty of life.

Introducing, kotak headstart future protect, a unit-linked dual benefit plan to help secure

your childrens future financial needs and ensure that plans do nt awry, given you may

not always be there to help.

Benefits

Benefits Details

Saving 2 children Hassle- free cost effective saving through a single plan for one

or two children.

Joint life option Both parents can be covered where sum assured is paid on the

11


12/35


13/35

payment modes monthly

Free look period Offers the option of returning your policy document within 15

days from the date of receipt of the policy if you are not

satisfied with the terms and conditions of the plan. The

amount refunded would be the premium paid after

adjustments for expenses for medical examination, stamp duty

and proportionate risk premium for the period of cover.

Eligibility

Entry age of life insured: min - 18 years

Max 60 years

Entry age of beneficiary: Min 0 years (younger beneficiary)


Term Min greater of [10 years or 18 less younger children

age (as on last birthday)]

Max 25 years

Limited premium payment term: 3 10 years

Maturity age : Min 28 years, Max 70 years, for the policyholder

Min 18 years (younger beneficiary)


Regular annual premium : Min Rs. 15,000

Limited premium payment : Min Rs.25, 000 p.a. for payment term of 4 10 years

Min Rs. 50,000 p.a. for payment term of 3 years

Premium allocation charge

There is an initial advice and distribution charge related to policy issue that is apercentage of the premium received. The premium allocation charges are applicable as

per the following table:

Policy term less than 15 years

Annual

premium

Below

25,000

25000 to

150000

Above 1,50,000

13


14/35

(Rs.)

Year 1 32.00% 28.00% 19.50%

Year 2 14.00% 9.00% 7.00%

year 3 7.00% 5.00% 4.00%

Year 4 10 1.00% 1.00% 1.00%

Policy term of 15 years & above

Annual

premium

(Rs.)

Below

25,000

25000 to

150000

Above 1,50,000

Year 1 36.00% 31.50% 21.00%

Year 2 14.00% 9.00% 7.00%year 3 7.00% 5.00% 4.00%

Year 4 10 1.00% 1.00% 1.00%

3) child advantage plan

Child advantage plan provides an effective investment avenue for planning your

childrens future and ensuring that financial concerns do not mar the process of realizing

their dreams.

It is a systematic investment plan wherein you invest fixed amounts each year/ half

year/quarter or month. The unique design of plan allows you to structure it as per your

needs. The optional riders that offer waiver of premiums help secure your childs if

something unfortunate were to happen to you.

Why should you invest in this plan?

This plan is ideal for you as it encourages you to save systematically and create a

sufficiently large corpus for your childs dreams, be it higher education, setting up a

business or a wedding.

14


15/35

Key features

bonus

The premium paid by you net of charges are credited in the accumulation account and

invested as per IRDA norms. Being a participating plan, the bonuses declared are

credited to this account. Our team of prudent investment managers will ensure that

your money continues to work hard and get you compounding returns, year after year.

Waiver of premium

To ensure that the policy remains in force in case of any unforeseen event, two

optional riders: Kotak Life Guardian Benefit (LGB) and Kotak Accidental Disability

Guardian Benefit (AGDB) may be attached. The premium for the policy will be

waived in case of death of the proposer (premium payer) or in case of his permanent

disability, if the respective riders are attached to the base plan.

Thus, attaching the riders gives you the added comfort that even if something were to

happen to you, your childs future is secured.

Maturity benefit

The higher of the basic sum assured or the accumulation account will be paid on

maturity, if all premiums have been paid on time and as scheduled.

Death of life insured

If the policy has been in force for five years or if the life insured is at least

18 old, the beneficiary will receive either the sum assured or accumulation

account whichever is higher, as on the date of death.

If the death occurs within five years from commencement of the policy

and if the insured is less than 18 years old, the death benefit would beeither the total of all premiums paid (excluding rider premiums) so far or

the surrender value at that time, whichever is higher.

Other features

The riders offered under this are:

15


16/35

Kotak Life Guardian Benefit (LGB): remaining premiums paid on your

behalf in case of death

Kotak Accidental Disability Guardian Benefit (ADGB): remaining

premiums paid on your behalf in case of disability

You can avail of a loan facility from Kotak life insurance against your

policy after the policy has been in force for at least 3 policy years.

Advantages

Efficient, long term investment for your child

Earn bonuses on your investments

Waiver of premium option to give you added peace of mind

Tax benefit

Section 80C, 10(10D) of income tax act, 1961 would apply. Tax benefits are subject to

change in tax laws.

Eligibility

Entry age for the life to be insured Min 0 years, Max 17 years

Term Min 10 years, Max 30 years

Premium Min Rs. 4000 annually

Sum assured Max Rs.25,00,000

Premium payment mode Yearly, half-yearly, quarterly & monthly

Terms and conditions

Grace period: there is a grace period of 30 days from due date for payment of premium

for the yearly and half-yearly mode, and 15 days for the monthly mode.

Lapses: where the premiums for the first three policy years are not paid within the grace

period the policy together with the rider benefits, shall lapse from the due date of the

unpaid premium by making payment of the premiums in arrears along with interest on

such terms and conditions as fixed by company.

Paid-up policy: on receipt of at least 3 years premiums and after completion of 3 full

policy years, you can elect to stop paying future premiums and make the policy paid up

by intimating the company in writing. The rider benefits will cease. The sum assured will

be reduced in proportion to the number of premiums paid to the number of premiums

payable.

16


17/35

Automatic cover maintenance (ACM): in case you miss some premium payment, the

ACM facility ensures the policy remains in force. This facility is available provided

premiums for first three policy years have been paid in full. All the rider benefits cease.

Surrender: on completion of three policy years, the policy acquires a guaranteed

surrender value provided all due premiums have been paid on time. The guaranteed

surrender value will be 30% of all premiums paid to date, excluding the first years

premium and extra premiums and rider premiums, if any. The value of bonus interest will

also be included in the surrender value. The company may consider paying a special

surrender value, which will not be less than the guaranteed surrender value as stated

above.

Free look period: the policy holder is offered 15 days free look period, from the date of

receipt of the policy wherein the policy holder may choose to return the policy within 15

days of receipt if he is not agreeable with any of the terms and conditions of the plan.

Should he chooses to return the policy, he/she shall be entitled to refund of the premium

paid after adjustment for expenses on medical examination, stamp duty and proportionate

risk premium for the period of cover.

General exclusion: in the event of the life insured committing suicide within one year of

the date of issue of the policy, the policy shall be void and no benefits shall be payable.

Objectives of the study

1. To study about the child plan of Kotak life insurance company

2. To know about brand awareness of Kotak life insurance customers preference

about Kotak life insurance.

Limitations:

The sample size is small and no accurate results can be produced.

The customers answer may not be reliable at times.

17


18/35

Research methodology

Research design:

The research design used is descriptive type.

Primary data:

The data collected from customer, agents and non agents using questionnaire and

interview method and details collected from the company.

Secondary data:

The data from magazine, book and brochures etc.,

Sample size:

18


19/35

The sample size used in my project is 25. That is 15 from customers, 5 from agents and

5 from non agents

Sample design:

The sampling design used is convenient samplingTools used:

The tools used in the project are

Percentage table

Cross tabs

Chi square

ANOVA

correlation

Table 1

Table showing children age wise classification of the respondents

19


20/35

Inference:

The above table shows that majority 46.7 % of respondents are taken child plan

at age of 4 to 8 yrs.

Chart 1

Chart showing the respondents children age at the time of taking the child plan

Frequency percent

9 months to 3

yrs

4 26.7

4 yrs to 8 yrs 7 46.7

9 to 15 yrs 1 6.7

Above 15 yrs 3 20.0

Total 15 100.0

20


21/35

0

1

2

3

4

5

6

7

9 months to

3 yrs

4 yrs to 8 yrs 9 to 15 yrs Above 15 yrs

Frequency

Table 2

Table showing policy wise classification of respondents

21


22/35

Frequencies percent

Headstart plan 8 53.3

Child advantage

plan

7 46.7

Total 15 100

Inference:

The above table shows that majority 53.3% of the respondents are chosen the

Headstart plan.

Chart 2

Chart showing the policy wise classification of the respondents

22


23/35

Chart 2

Frequencies

8

7

6.46.6

6.8

7

7.2

7.4

7.6

7.8

8

8.2

policy

members

Headstart plan Child advantage plan

Table 3

Table showing the comparison between the no. of childrens of the respondents and

the policy chosen

23


24/35

Childs at

which policy

taken/length of

policy

Less than

15 yrs

Percent Greater than

15 yrs

Percent

Total

9 months to 3

yrs

1 25 3 27.27 4

4 to 8 yrs 3 75 4 36.36 7

9 to 15 yrs 0 0 1 9.09 1

Above 15 yrs 0 0 3 27.27 3

Total 4 100 11 100 15

Inference:

The table shows that majority 75% of the respondents whose childs age is 4 to 8

yrs have chosen their policy term less than 15 yrs. And majority 36.36% of the

respondents whose childs age is 4 to 8 yrs have chosen their policy term greater than 15

yrs.

Chart 3

Chart showing comparison between the no. of childrens of the respondents and the

policy chosen

24


25/35

0

0.5

1

1.5

2

2.5

33.5

4

4.5

9 months

to 3 yrs

4 to 8 yrs 9 to 15 yrs Above 15

yrs

length of the policy

children'sage

Less than 15 yrs Greater than 15 yrs

Table 4

Table showing association between education qualification and reference to Kotak

Null hypothesis:

There is no significant association between the education qualification and

reference to Kotak.

25


26/35

Test Statistics

Level of significance 0.05

Inference:

The calculated chi square value is (.155) is greater than the level of significance

(0.05). So the null hypothesis is rejected. Hence there is association between education

qualifications and reference to Kotak.

Table 5

Table showing association between occupation and period of payment of premium

Null hypothesis:

There is no significant association between the occupation and period ofpayment of premium.

Test Statistics

education

qualification

come to know

about Kotak

Chi-

Square(a,b) 5.000 6.667

Df3 4

Asymp. Sig..172 .155

26


27/35


Inference:


(0.05). So the null hypothesis is rejected. Hence there is association between occupation

and period of payment of the premium amount.

Table 6

Table showing the difference between the reference to Kotak and their satisfaction

level

occupation

Period of

payment of

the premium

amount

Chi-Square(a)6.600 2.333

Df3 3

Asymp. Sig..086 .506

27


28/35

Null hypothesis:

There is no significant difference between reference to Kotak and their satisfaction

level

ANOVA

Sum of

Squares df Mean Square F Sig.

Between Groups.719 4 .180 .812 .546

Within Groups2.214 10 .221

Total2.933 14


Inference:The calculated F ratio of one way ANOVA between groups and within groups is

0.812 and the calculated significance value is (0.546) greater than the level of

significance (0.05). Hence the null hypothesis is rejected, so there is difference between

the reference to Kotak and their satisfaction level.

Table 7

Table showing the difference between the Kotak compared to other companies and

Kotak satisfaction level towards other companies

28


29/35

Null hypothesis:

There is no difference between the Kotak compared to other companies and Kotak

satisfaction level towards other companies

ANOVA

Sum of

Squares df Mean Square F Sig.

Between Groups .967 3 .322 1.802 .205Within Groups 1.967 11 .179

Total 2.933 14


Inference:

The calculated F ratio of one way ANOVA between groups and within groups

is 1.802 and the calculated significance value is (0.205) greater than the level of

significance (0.05). Hence the null hypothesis is rejected, so there is difference between

the Kotak compared to other companies and Kotak satisfaction level towards other

companies

Table 8

Table showing relationship between income and period of payment of the premium

amount

29


30/35

Correlation

income

Period of

payment of

the

premium

amount

income Pearson Correlation 1 -.335

Sig. (2-tailed) .222

N 15 15

pay the premium amount Pearson Correlation -.335 1

Sig. (2-tailed) .222

N 15 15

Inference:

It is concluded that there is negative correlation between the income level and period

of payment of premium amount.

Findings

Frequencies:

Majority 46.7 % of respondents are taken child plan at age of 4 to 8 yrs.

30


31/35

Majority 53.3% of the respondents are chosen the Headstart plan.

Cross tabs:

Majority 75% of the respondents whose childs age is 4 to 8 yrs have chosen their

policy term less than 15 yrs. And majority 36.36% of the respondents whosechilds age is 4 to 8 yrs have chosen their policy term greater than 15 yrs.

Chi-square:


(0.05). So the null hypothesis is rejected. Hence there is association between

education qualifications and reference to Kotak.


(0.05). So the null hypothesis is rejected. Hence there is association between

occupation and period of payment of the premium amount.

ANOVA:

The calculated F ratio of one way ANOVA between groups and within groups is


significance (0.05). Hence the null hypothesis is rejected, so there is difference

between the reference to Kotak and their satisfaction level.

The calculated F ratio of one way ANOVA between groups and within groups is


significance (0.05). Hence the null hypothesis is rejected, so there is difference

between the Kotak compared to other companies and Kotak satisfaction level

towards other companies

Correlation:

There is negative correlation between the income level and period of

payment of premium amount.

Agents:

They can make their sales and achieve their targets.

Their customers are satisfied.

31


32/35

Premium payment from the customers is regular.

Mode of payment is also easier to handle.

The agents feel pressure is less when compared to other companies.

Non agents: They feel comfortable with their company products.

Commission is not so high as compared to their company.

The service given to the Kotak customers is less when compared to their

company. So customers feel unsatisfied and not able to achieve targets.

They didnt have much knowledge on Kotak products. So they didnt

shift from their company to Kotak.

Suggestions

Based on the findings the important suggestions given to Kotak life insurance:

Most of their customers take child plan only at 4 to 8 yrs of their child, so

they should motivate their customers to take child plan from 9 months

onwards in order to benefit their child and it is also profitable to the company.

32


33/35

The company is limited to their products in child plan when compared to

other companies though their customers are satisfied, they can increase the

numbers of products to attract more customers.

There is lack of knowledge about the company, so they can give more

advertisements to improve the knowledge among the public.

The non agents feel service is not good, so the service provided to employees

should be improved.

The non agents feel commission is not as good as their company that must be

made attractive.

Conclusion

The insurance is an important in order to reduce the future risk. The child plan helps

to protect their children future. They can save amount for their future studies and their

career development. It helps parents in reducing burden at their further studies. This

33


34/35

policy helps them to make future best. It not only helps in future studies but also as life

guardian at the time parent death and also as accidental disability benefit.

Bibliography

Books

Principles of risk management and insurance

- George E. Rejda

34


35/35

Journals

Kotak life insurance child plan brochures

Website

www.kotaklifeinsurance.com
http://www.kotak/http://www.kotak/

Insurance Project in kotak old life insurance

Documents

Transcript of Insurance Project in kotak old life insurance