JAI HIND COLLEGE

TYBBI SEM VI

PROJECT REPORT ON MARKETING STRATEGY OF

TATA AIG INSURANCE COMPANYBACHELOR OF COMMERCEBANKING & INSURANCESEMESTER VIACEDEMIC YEAR 2015-16SUBMITTEDIN PARTIAL FULFILLMENT OF THEREQUIREMENTS FOR THE AWARD OF DEGREEOF BACHELOR OF COMMERCE BANKING & INSURANCEBYMS. MITANGI MEHTAUNDER THE GUIDANCE OF : DR.AMIT PRAJAPATISEAT No.JAI HIND COLLEGEA ROAD, CHURCHGATE, MUMBAI 400 020DECLARATION

I, MS.MITANGI MEHTA, student of B. Com. BANKING & INSURANCE Semester VI (2015-16) hereby declare that I have completed the Project on A PROJECT REPORT ON MARKETING STRATEGIES OF TATA AIG.The information submitted is true & original to the best of my knowledge.SignatureMS.MITANGI MEHTA.SEAT NO. JAI HIND COLLEGEA ROAD, CHURCHGATE, MUMBAI - 400 020.CERTIFICATEThis is to certify that MITANGI MEHTA of B.Com. BANKING & INSURANCE Semester VI(2015-16) has successfully completed the project on A REPORT ON MARKETING STRATEGY OF TATA AIG under the guidance of DR.AMIT PRAJAPATI.Course CoordinatorPrincipalInternal Examiner External Examiner

College SealACKNOWLEDGEMENT

Interdependence

Interdependence is something, which is very essential in todays world for competition of any task. This is also being completed by the joint effort of so many people, so I wish to pay my gratitude to all those people who have directly or indirectly contributed towards the completion of this project. First of all, I owe my gratitude to all might GOD and my parents because of whom I am able to complete this project successfully. I am deeply indebted and grateful to Miss. Savita (Business Associate) who granted the permission to do this project, this project has successfully taken place.

TABLE OF CONTENTSContentsPages

Preface8

Executive Summary10

Chapter 1Introduction to Insurance11-19

1.1Introduction12

1.2Function of Insurance13

1.3Life Insurance14

1.4Role of Insurance14

1.5Important of insurance15

1.6Insurance Cycle17

Chapter 2Introduction to Indian Insurance Industry20-31

2.1Indian Insurance Industry21

2.2A brief history of insurance sector21

2.3Indian insurance market ( History)23

2.4How Big Insurance Market Is24

2.5Indian Scenario25

2.6Role of IRDA28

2.7Name of Different Insurance Companies29

2.8Market Share of Different Private Players30

2.9Growth of Private players31

Chapter 3Introduction to Tata AIG32-38

3.1Tata Group33

3.2Tata Group in Insurance33

3.3AIG34

3.4The Joint Venture35

3.5About Tata AIG35

3.6Organizational Structure of Tata AIG36

3.7Distribution Channel of Ttata AIG37

Chapter 4Introduction to the Research Study39-42

4.1Project Proposed40

4.2Objective of the Project40

4.3Methodology40

4.4Questionnaire Designing41

4.5Limitation of the Study42

Chapter 5Survey and Results43-61

5.1Findings From the Research Study44

5.2Reasons for Preferring Public and Private Sector57

5.3Market Potential Study of Tata AIG60

Chapter 6Recommendation and Benefits62-64

6.1Recommendation to the Company63

6.2Benefits to the Company and Us64

Chapter 7Conclusion and References65-67

7.1Conclusion66

7.2References67

Annexure IQuestionnaire68-70

PREFACEThe liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers where in the catch 22 situation wherein for one they wanted competition, development and growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had the fears that the insurance premium, which are substantial, would seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector.As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw the day of the light thanks to the maturing polity emerging consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance.Whether the insurer is old or new, private or public, expanding the market will present multitude of challenges and opportunities. But the key issues, possible trends, opportunities and challenges that insurance sector will have still remains under the realms of the possibilities and speculation. EXECUTIVE SUMMARYThis project has been a great learning experience for me; at the same time it gave me enough scope to implement my analytical ability.Tata Group is one of the India's largest and most respected business groups. Tata Group's name is synonymous with India's industrialization. Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the American International Group, Inc. (AIG) and Tata Group. They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world.Tata AIG Insurance Company is having different insurance policies. At the end of the project people will be knowledgeable about various insurance organizations and different products taking into considerations hundred sample sizes in Dehradun city. Project is on the market potential study of Tata AIG Insurance Company in Dehradun city. To get to know a questionnaire has been prepared which contains open ended and close ended questions. Firstly pilot study has been done through hundred questionnaires. For collecting the data field survey method, personal interview technique has been used. Secondary data has been collected from the company. The data collected are represented into suitable tabular forms for drawing inferences. Quantitative techniques like averages, percentages, range, two-way tables, chi- square tests analysis has been applied as per the requirement

CHP.1 INTRODUCTION TO INSURANCE

1.1. INTRODUCTION TO INSURANCE:"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. With the help of Insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. Insurance is a tool by which fatalities of a small number are compensated out of funds collected from plenteous. Gradually as competition increased benefits given by industry to its customers increased by leaps and bounds. Insurance is a basic form of risk management which provides protection against possible loss to life or physical assets. Person who seeks protection against such loss is termed as insured, and company that promises to honor claim, in case such loss is actually incurred by insured, is termed as Insurer. In order to get insurance, insured is required to pay to insurance company a certain amount called premium. Premium is collected by insurance companies which acts as trustee to pool created through contributions made by persons seeking to protect themselves from common risk. Any loss to the insured in case of happening of an uncertain event is paid out of this pool.Insurance business is divided into four classes:Life InsuranceFireMarineMiscellaneous Insurance.Insurance provides: Protection to Investor. Accumulation of savings.Channeling these savings into sectors needing huge long term investment.1.2. FUNCTION OF INSURANCE:Provide protection: The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.Collective bearing of risk: Insurance is an instrument to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.Assessment of risk: Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also.Provide certainty: Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.Small capital to cover larger risk: Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty.

Means of savings and investment: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange: Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk free trade: Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.1.3. LIFE INSURANCE:Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium paid undertakes to pay a fixed sum of money on The death of the insured or on the expiry of a specified period of time Whichever is earlier. In case of life insurance, the payment for life insurance policy is certain. The Event insured against is sure to happen only the time of its happening is not known. So life insurance is known as Life Assurance. The subject matter of insurance is life of human being. Life insurance provides risk coverage to the life of a person. On death of the person insurance offers protection against loss of income and compensate the titleholders of the policy.1.4. ROLES OF THE LIFE INSURANCE: Life insurance as an investment: - Insurance products yield more than any other investment instruments and it also provides added incentives or bonus offered by insurance companies.1.5. IMPORTANCE OF THE LIFE INSURANCE:Protection against untimely death: - Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely death. The dependents or family members get a fixed sum of money in case of death of the assured.Saving for old age: - After retirement the earning capacity of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age.Promotion of savings: - Life insurance encourages people to save money compulsorily. When life policy is taken, the assured is to pay premiums regularly to keep the policy in force and he cannot get back the premiums, only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy.Initiates investments: - Life Insurance Corporation encourages and mobilizes the public savings and canalizes the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings.Credit worthiness: - Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business.Social Security: - Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future.1.6. INSURANCE CYCLE:

Fig 1: Insurance cycle source:www.rma.usda.govPolicy Renewal/Change Options/ApplicationThe Insurance Cycle begins each year with the insurance offer. Actuarial documents are published annually by the Risk Management Agency (RMA). The actuarial documents list the plan of insurance, crop, type, variety, and practice that may be insured in a state and county, and show the amounts of insurance, available insurance options, levels of coverage, price elections, applicable premium rates, and subsidy amounts. The Special Provisions of Insurance list program calendar dates, and general and special statements which may further define, limit, or modify coverage.Than the cancellation date specified in the crop policy. For a policyholder insured the previous crop year, any changes he or she wishes to make to the policy coverage must be made on or before the crop sales closing date. The policy will automatically renew for the subsequent crop year unless the policyholder cancels the policy in writing on or before the crop cancellation date.The insurance provider may terminate insurance coverage for the following crop year for nonpayment of outstanding debt by providing a written notice to the policyholder no later than the termination dates specified in the crop policy. The insurance provider may terminate coverage on a crop if no premium is earned for three consecutive years.AcceptanceUpon receipt of a properly completed and timely submitted insurance application, the insurance provider will accept and process the application, unless the applicant is determined to be ineligible under the contract or Federal statute or regulation. The insurance provider will issue a summary of coverage and the appropriate policy documents to the applicant. After the application is accepted, the policyholder may not cancel the policy for the initial crop year.Insurance Attaches

For annual crops, insurance attaches annually when planting begins on the insurance unit. The crop must be planted on or before the crop's published final planting date unless late or prevented planting provisions apply. If prevented planting provisions apply, and the crop cannot be timely planted due to the causes specified in the crop provisions, such acreage may be eligible for a prevented planting payment.Summary of CoverageThe insurance provider will process a properly completed and timely filed acreage report, and issue to the policyholder a summary of coverage that specifies the insured crop, the insured acres and amount of insurance or guarantee for each insurance unit. The policyholder may make changes to the filed acreage report, if permitted by the insurance provider.Premium BillingThe annual premium is earned and payable at the time insurance coverage begins. The insurance provider shall issue a premium billing based upon the information contained in the acreage report no earlier than the premium billing date specified in the crop actuarial documents. The premium billing will specify the amount of premium and any administrative fees that may be due. If the premium or administrative fees are not paid by the date specified in the actuarial documents or policy, the insurance provider may assess interest on the outstanding premium balance.Notice of Damage or LossA written notice of damage or loss for each unit is to be filed by the policyholder within 72 hours of the policyholder's initial discovery of damage or loss but not later than 15 days after the calendar date for the end of the insurance period unless otherwise stated in the individual crop policy. The policyholder should refer to the individual crop provisions for additional requirements in the event of damage or loss. These notifications provide the opportunity for the insurance provider to inspect the crop and determine the extent of damage or potential production before the crop is harvested or otherwise disposed of.The loss adjuster will gather the appropriate information, conduct an appraisal to establish the crop's remaining value and complete any forms needed. If the crop has been harvested or will not be harvested by the end of the insurance period, and the policyholder wishes to file a claim for indemnity, the loss adjuster will gather the appropriate information and assist the policyholder in filing the claim for indemnity. It is the policyholder's responsibility to establish the time, location, cause, and amount of any loss.Indemnity ClaimAfter the claim for indemnity is processed by the insurance provider, an indemnity check and a summary of indemnity payment will be issued showing any deductions to the amount of indemnity for outstanding premium, interest, or administrative fees.Contract Change DateChanges to the insurance program may be made by RMA from one year to the next. The insurance provider will notify the policyholder in writing of any changes to the policy, actuarial documents, or the Special Provisions of Insurance prior to the calendar date for contract changes specified in the crop policy. The policyholder will have the opportunity to review the changes and, if he/she desires, continue the insurance coverage for the following crop year, change the policy coverage, or cancel the insurance coverage. CHAPTER 2INTRODUCTION TO INDIAN INSURANCE INDUSTRY

2.1. INDIAN INSURANCE INDUSTRYThe Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per cent to the countrys GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many sea changes .The competition LIC started facing from these companies were threatening to the existence of LIC .since the liberalization of the industry the insurance industry has never looked back and today stand as the one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. 2.2. A BRIEF HISTORY OF THE INSURANCE SECTOR:The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are given in the following table.Some of the important milestones in the life insurance business in India are:YearMilestones in the life insurance business in India

1912The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business

1928The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses

1938Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956245 Indian and foreign insurers and provident societies taken over by the central

government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act, 1956, with a capital contribution of Rs. 5 crore from the Government of

India.

Table 1

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are given in the following table.

YearMilestones in the general insurance business in India

1907The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business

1957General Insurance Council, a wing of the Insurance Association of India, frames

a code of conduct for ensuring fair conduct and sound business practices

1968The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

1972The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National

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

Insurance Company Ltd. and the United India Insurance Company Ltd. GIC

incorporated as a company.

Table 2

1993 Setting up of Malhotra Committee

1994 Recommendations of Malhotra Committee

1995 Setting up of Mukherjee Committee

1996 Setting up of (interim) Insurance Regulatory Authority (IRA) Recommendations of the IRA.1997 Mukherjee Committee Report submitted but not made public1997 The Government gives greater autonomy to LIC, GIC and its subsidiaries with regard to the restructuring of boards and flexibility in investment norms aimed at channeling funds to the infrastructure sector.1998 The cabinet decides to allow 40% foreign equity in private insurance companies-26% to foreign companies and 14% to NRIs, OCBs and FIIs.1999 The Standing Committee headed by Murali Deora decides that foreign equity in private insurance should be limited to 26%. The IRA bill is renamed the Insurance Regulatory and Development Authority (IRDA) Bill.1999 Cabinet clears IRDA Bill.2000 President gives Assent to the IRDA Bill.2.3. INDIAN INSURANCE MARKET (HISTORY):Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850 when Triton Insurance company set up its base in Kolkata. History of Insurance in India can be broadly bifurcated into three eras: a) Pre Nationalization b) Nationalization and c) Post Nationalization. Life Insurance was the first to be nationalized in 1956. Life Insurance Corporation of India was formed by consolidating the operations of various insurance companies. General Insurance followed suit and was nationalized in 1973. General Insurance Corporation of India was set up as the controlling body with New India, United India, National and Oriental as its subsidiaries. The process of opening up the insurance sector was initiated against the background of Economic Reform process which commenced from 1991. For this purpose Malhotra Committee was formed during this year who submitted their report in 1994 and Insurance Regulatory Development Act (IRDA) was passed 1999. Resultantly Indian Insurance was opened for private companies and Private Insurance Company effectively started operations from 2001.2.4. HOW BIG IS THE INSURANCE MARKET?The insurance sector was opened up for private participation four years ago. For years now, the private players are active in the liberalized environment. The insurance market have witnessed dynamic changes which includes presence of a fairly large number of insurers both life and non-life segment. Most of the private insurance companies have formed joint venture partnering well recognized foreign players across the globe.There are now 29 insurance companies operating in the Indian market 14 private life insurers, nine private non-life insurers and six public sector companies. With many more joint ventures in the offing, the insurance industry in India today stands at a crossroads as competition intensifies and companies prepare survival strategies in a detariffed scenario.There is pressure from both within the country and outside on the Government to increase the foreign direct investment (FDI) limit from the current 26% to 49%, which would help JV partners to bring in funds for expansion.There are opportunities in the pensions sector where regulations are being framed. Less than 10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first license for a standalone health company in the country as many more players wait to enter. The health insurance sector has tremendous growth potential, and as it matures and new players enter, product innovation and enhancement will increase. The deepening of the health database over time will also allow players to develop and price products for larger segments of society.2.5. INDIAN SCENARIO:Indian economy is the 12th largest in the world, with a GDP of $1.25 trillion and 3rd largest in terms of purchasing power parity. With factors like a stable 8-9 per cent annual growth, rising foreign exchange reserves, a booming capital market and a rapidly expanding FDI inflows, it is on the hinge of an ever increasing growth curve. Indians have a tendency to invest in properties and gold followed by bank deposits. They selectively invest in shares also but the percentage is very small--4-5%. This in itself is an indicator that growth potential for the insurance sector is immense. Its a business growing at the rate of 15-20% per annum and presently is of the order of $47.9 billion.India is a vast market for life insurance that is directly proportional to the growth in premiums and an increase in life density. With the entry of private sector players backed by foreign expertise, Indian insurance market has become more vibrant. Competition in this market is increasing with companys continuous effort to lure the customers with new product offerings. However, the market share of private insurance companies remains very low -- in the 10-15% range. Even to this day, Life Insurance Corporation (LIC) of India dominates Indian insurance sector. The heavy hand of government still dominates the market, with price controls, limits on ownership, and other restraints.The upward growth trend started from 2000 was mainly due to economic policies adopted by the then Indian government. Macroeconomic factors like increase in literacy rate & per capita income, decrease in death rate and unemployment, better tax rebates, growing GDP etc., we estimate that the Indian insurance sector will grow by $28.65 billion and reach $76.54 billion by 2011 with a CAGR of 12.44% and a growth of 59.82%.The Indian life insurance market generated total revenues of $41.36 billion in 2007, thus representing a compound annual growth rate (CAGR) of 11.84% for the period spanning 2000-2007. Life insurance market had a growth of $22.46 billion within a period of 7 years with a growth rate of 118.24%. Estimated life premiums rose from INR1, 470,800 million ($36.77 billion) in 2006 to INR1, 301,540 million ($32.54billion) in 2005. We envisage that life premiums in 2011 will be $65.96 billion, a growth larger than they were in 2007. The performance of the market is forecast to accelerate, with an anticipated CAGR of 9.78% for the four-year period 2007-2011 expected to drive the market to a value of $65.96 billion by the end of 2011. There would be a growth of $24.6 billion i.e. 59.48% in the next 4 years.Non-life premiums in India were $6.53 billion in 2007. Gross written premium (GWP) in the Indian non-life insurance market reached a value of $5.75 billion in 2006, this representing an annual growth of 13.55% for the period spanning 2006-2007. Estimated non-life premiums rose from INR230 billion ($5.75 billion) in 2006 to INR261 billion ($6.53 billion) in 2007. We anticipate that non-life premiums will grow by a CAGR of 9.40% between 2007-2011. We are looking for non-life premiums to rise by $405 million over the five years to the end of 2011 with a growth rate of 62.02%.Fig 2Source: www.indiaprwire.comThe general insurance industry grew by 16% in 2006-07 as private insurers continued their robust performance, while public sector players like New India Assurance and Oriental Insurance improved their show. Despite continuous fall in business of government-owned National Insurance, the 12 non-life insurers collected Rs 20,378 crore in first year premium in the last fiscal compared to Rs 17,531 crore collected in 2005-06, according to data compiled by regulator IRDA.New India Assurance collected Rs 4,762 crore in premium and continued to lead the non-life sector by cornering 23.36% of the market. National Insurance was at the second spot by collecting Rs 3,524 crore in premium, a decline of 7%, but had a market pie of 17.29%. Oriental Insurance mopped up Rs 3,518 crore in premium income after logging 16.6% growth in business to corner a market share of 17.26%. Another PSU insurer United India grew by a modest 6.8% to collect Rs 3,147 crore in premium and had 15.44% of the market. The eight private players expanded their business by 52% to collect Rs 5,427 crore in premium income and increased their combined market share to 26.6% from 20.2% a year ago.2.6. ROLE OF INSURANCE REGULATORY AND DEVLOPMENTAUTHORITY (IRDA) ACT, 1999An act to provide for the establishment of an authority to protect the interests of policyholders, to regulate, to promote and ensure orderly growth of the insurance industry and for matters connected therewith for incidental thereto and further to amend, the Life Insurance Corporation Act, 1956 and the insurance Act, 1938 and General Insurance Business Act 1972.Spread Life Insurance much more widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in .the country and providing them adequate financial cover against death at a reasonable Cost.Maximize mobilization of people's savings by making insurance linked savings adequately attractive. Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the; community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. Conduct business with utmost economy and with the full realization that the moneys belong to: the policyholders. Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.2.7. NAME OF MAJOR INSURANCE COMPANIES:NAME OF INSURANCELOGONATURE OF

COMPANIESHOLDING

Life Insurance CorporationPublic

Tata AIG InsurancePrivate

ICICI PrudentialPrivate

Max New York Life InsurancePrivate

HDFC Standard InsurancePrivate

Reliance Life InsurancePrivate

Kotak Life InsurancePrivate

Aviva Life InsurancePrivate

SBI Life InsurancePrivate

Bajaj AllianzPrivate

Table 329Above all the company they are having various types of insurance plans. All the plans are giving a good rate of return after a certain period of time. But all the plans dont get success in the market. Many of the companies they are having almost same type of plan but sometimes it happens one of them is successful and another is not. Always it doesnt depend on the plan of the insurance sometimes it depends on the marketing strategies, promotion of the product, reputation of the company, employees of the company etc.2.8. MARKET SHARE OF DIFFERENT PRIVATE PLAYERS:

Fig 3source: www freepress.inIf we see market share of different private players in the financial year 2009 then from the above chart we can understand ICICI Prudential is holding the maximum market share i.e. 21.6%. After that SBI Life and Bajaj Allianz is holding 14.8% and 13.2% respectively. 2.9. GROWTH OF PRIVATE PLAYERS:

Fig 4Source: www.blonnet.comIf we see the growth rate of private players in Indian economy then it will be seen that fastest growing insurance companies are Reliance Life and Birla Sun Life, growing rate is 335% and 152% respectively. Next fastest growing companies are SBI Life, Met Life, Kotak Old, ICICI Prudential, Bajaj Allianz and TATA AIG. Their growing rate is 138%, 125%, 121%, 116%, 105%, 100% respectively. Less growing companies are HDFC Standard, ING Vysya, Aviva and Max New York Life respectively.CHAPTER 3

introduction to tata-aigTATA AIG NSURANCE COMPANYTata Enterprises with 82 companies, spread over seven sectors and with an annual turnover exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over years that it is a value driven company and has pioneering contributions in various fields including insurance, aviation, iron and steel. In terms of capital market performance as many as 40 listed Tata companies account for nearly 5% of the total market capitalization of all listed companies. The Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance.3.2. TATA GROUP IN INSURANCE:Tata AIG General Insurance Company Ltd, and Tata AIG Life Insurance Company Ltd., (collectively "Tata AIG") are joint venture companies between the Tata group India's most trusted industrial house and American International Group, Inc. (AIG), the leading U. S. based international insurance and financial services organization.The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919. Government of India took over the management of this company as a part of nationalization of general insurance companies in 1972. Not deterred by the move, Tata group have ventured into risk management services having tied up with AIG group, back in 1977, with the incorporation of Tata AIG Risk Management Services Pvt. Ltd.The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2006-07 of $28.8 billion (Rs129,994)

3.3. AIG:American International Group, Inc. (AIG), is a major American insurance corporation based at the American International Building in New York City. The British headquarters are located on Fenchurch Street in London, continental Europe operations are based in La Dfense, Paris, and its Asian HQ is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest company in the world.Company Background: AIG's history dates back to 1919, when Cornelius Vander Starr established an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. In 1962, Starr gave management of the company's less than successful U.S. holdings to Maurice R. \"Hank\" Greenberg, who shifted the company's U.S. focus from personal insurance to high-margin corporate coverage. 343.4. THE JOINT VENTURE:Tata AIG Life Insurance Co. Ltd. is capitalized at Rs. 185 crores of which 74 per cent has been brought in by Tata Sons and the American partner brings in the balance 26 per cent. Mr. George Oommen has been named managing director of Tata AIG Life. Tata-AIG plans to provide broad array of life insurance plans to cover to both individuals and groups. The company headquartered in Mumbai, with branch operations in Delhi, Chennai, Hyderabad, Bangalore Calcutta, Pune and Chandigarh.3.5. ABOUT TATA-AIG:Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance.This pioneer company is a joint collaboration between the American International Group, Inc. (AIG) and Tata Group.They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world. Tata AIG Insurance provides facilities to both corporate and individuals. Starting its operations on April 1, 2001, it seeks to serve different categories of people. It acquired its license for carrying out operations in India on February 12, 2001.Tata AIG Insurance Solutions is one of the most prestigious organizations in the business world. It employs thousands of employees and offers various opportunities to people to build a prospective career. As a leading name in the financial world, it identifies the potential and experience of the individual.

Individual insuranceSmall business insuranceCorporate insuranceTata AIG Insurance offers flexible life insurance to the individuals, business organization and other association. For the corporate, there are various insurance products like group pensions, employee benefits, work place solutions and credit life.For the individuals, Tata AIG Insurance offers various products for adults, children and for retirement planning.3.6. ORGANIZATIONAL STRUCTURE OF TATA-AIG:

Fig 5source: CGAP working group o Micro insurance good and b3.7. DISTRIBUTION CHANNELS OF TATA AIG:The winds of liberalization initiated vast changes in the functioning of the industry today. Increasing number of multinational partnership with private insurers have paved the way for a radical shift in insurance selling- through a number of new distribution channels besides bringing about more awareness on the need for insurance and also stressing on the important role technology can play.In the developed markets, many insurers have a preferred mode of distribution. In India, many players are hedging their bets because the need for scale outweighs considerations of focus and because non-agency distribution, which is presently operational for the last two years, forms a basis for study.Tata AIG has a corporate agency channel, which handles its corporate agents and has tie-ups with 38 corporate houses. Insurers want to lower distribution costs by finding more efficient channels. The new private players are developing multiple channel models; many insurers use or plan to use several banks as distributors. Because most banks have strong regional bias, in this regards Tata AIG has agreement with HSBC (corporate agency distribution) through that it isdoing

Because most banks have a strong regional bias, Insurers can use several banks without creating large overlap. Many larger banks are sourcing products from several insurers acting as manufacturers.In the span of two to three years Tata AIG achieve much more business growth what it expectedat the time of entrance in Indian market. It happened because it has quality people, innovativemanagement, be able to employ technology effectively besides having right products witheffective and modern distribution channel.3.8. LIST OF PRODUCTS OFFERED BY TATA AIGThe life insurance plans are generally divided into two types: (a) Traditional plans(b) Unit linked insurance plans (ULIP). Traditional plans are basically insurance plus savings whereas ULIPs are insurance plus investment. Further they are classified into pure protection, savings, investments, pension and living benefits. The classifications are shown in the table below.Traditional PlanPure ProtectionSavingsInvestmentPensionLiving Benefits

Raksha1.Maha-1.Nirvana Plus1.Health

Life Gold2.Easy retireprotector

3.Riders2.Riders

Table 4Unit linked insurance plans (ULIPs)Pure protectionSavingsInvestmentsPension Livingbenefits

-1.Invest1.Invest1.Invest assure1.Health investor

Assure Goldassure plusFuture

2.Invest2.Invest

Assure IIassure flexi

Table 5

CHAPTER 4 INTRODUCTION TO RESEARCH STUDY

4.1. PROJECT PROPOSEDMarket Potential Study of TATA AIG life Insurance in Dehradun City4.2. OBJECTIVE OF THE PROJECT: - Main objective of the project is to find out the market potentialility of Tata AIG in Dehradun city. Project is about to find out the competitors Tata AIG Life Insurance company. Nowadays all the insurance companies in India are trying to establish themselves in the competitive market. They are introducing innovative marketing strategies to survive in the market. Many other private companies are looking to enter in the Indian insurance market.To find out the market potentiality of Tata AIG in Dehradun city.Main competitors of Tata AIG.Which type of policies is preferable?Most preferable plans in Dehradun city.Which sector is most preferable public or privateTargeting the right and potential customersDifferentiating from other companies4.3. METHODOLOGY:Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data has been collected by meeting with the people in Dehradun. Data collection has been done through by giving structured questioner. This study will be based on sampling. This is an exploratory type of research.The study was aimed at measuring the customers preference for life insurance companies and the comparison of various insurance policies of the various companies on basis of various parameters based on customers responcse in Dehradun region only. The survey was done on hundred general residents of the selected region.Methods adopted for surveys1. Field survey method

2. Personal interview technique

3. Secondary sources viz company database

The data collected are represented into suitable tabular forms for drawing inferences. Quantitative techniques like averages, percentages, range, two-way tables, chi- square tests analysis are applied as per the requirement. The level of preference, perception of the customers about the product and company were identified by means of a scoring scheme. For the representation of data various charts and graphs are used as per requirement.4.4. QUESTIONAIRE DESIGNINGThe project is on Market Potential Study of Tata AIG in Dehradun city. To know the market potentiality of Tata AIG a questionnaire has been prepared. The questionnaire is having both open ended and close ended questions. It is also having ranking, multiple choice and check list type of questions.First part of the questionnaire is the demographic part. Questionnaire has been prepared in such a way that we can understand insurance policies are dependable on the occupation of a person or income level of a person. Which type of investment do they prefer? For it cluster analysis will be used.Nowadays private players are giving a good rate of return rather than the public player. So in which sector (private or public) do they like to invest and what is the reason behind that? To get to know the reason Likert scale has been used.To get to know how much Tata AIG is preferable in Dehradun city a ranking scale has been used where name of different major Insurance Companies have been given and according to the ranking given by citizen we can get to know the potentiality of Tata AIG in Dehradun city. There is different type of insurance policies in the market. Which type of policies do they prefer canunderstand from the questionnaire. Which life insurance policies of Tata AIG are most preferable we can get from it. To know all of these cluster analysis will be used.Sample questionnaire has been attached with annexure I.4.5.LIMITATION OF THE STUDY:Time limitationResearch has been done only in Dehradun.Companies did not disclose their secrets data and strategies.Possibility of Error in data collection.Possibility of Error in analysis of data due to small sample size.Respondents errorLimited resourcesCHAPTER 5

435.1 Findings From The Research Study A study has been conducted till date. From the study through hundred questionnaires we got different data according to the questionnaire. The pilot study has been conducted in the Dehradun city by meeting the people personally. From the study we have got as below-Occupation of respondents:OccupationNumbers of respondents

Service60

Business20

Professional18

Others2

Table: 6Proportion of Different OccupationNumber of respondents according to the income level:Income/annumNumber of person

50000-10000029

100000-30000040

300000-50000026

500000-10000005

>10000000

Table: 744Income LevelFig 7: Proportion of respondent according to the income levelNumber of family members of the respondents:Number of family membersNumber of Respondents

a)1-472

b)4-816

c)8-122

d)12-160

e)>160

Table: 8Number of dependent family members of the respondents:Number of dependant family membersNumber of respondents

a)None23

b)1-254

c)2-419

d)4-63

e)6-81

Different Sectors people like to invest their money:Name of different sectorNumbers of respondents

Fixed deposit55

Post office deposit18

Mutual Fund25

Share buying10

Insurance63

Table: 10 Investment in different sectorFig10: Different sector people like Invest their moneyRatio of Insured and Uninsured person In Dehradun city:Number of insured person93

Number of Uninsured person7

insured personuninsured person

7%

93%

Fig 11: Ratio of Insured and Uninsured person in Dehradun cityPreferred sector in Dedradun city:Name of sectorPreferred Number

Public Sector63

Private Sector37

Table: 11

Preferred Sectorprivate sector 37%

public sector 63%

Fig 12: Preferred Sector in Dehradun cityInvestment in different Insurance Company in Dehradun City:Name of the companiesNumber of respondents

LIC80

Tata AIG15

Birla Sun Life5

ICICI Prudential18

Max New York Life8

Others10

Table: 12Investment in different InsuranceCompanyFig 13: Investment in different insurance company in Dehradun cityPreferred Insurance Plan in Dehradun cityName of Insurance PlanNumber of respondents

Life Insurance68

Vehicle Insurance13

Pension Plan28

Medi Claim18

Others10

Table: 13Preferred Insurance PlanFig 14: Preferred Insurance Plan in Dehradun cityComparison between number of dependent family members and Insured personNumber ofRespondentsInsuredUninsuredTotal

dependents

a)None2321246

b)1-254513108

c)2-41917238

d)4-63306

e)6-81102

Total100937200

Table: 14Ho:=There is no significant relationship between number of dependent members and insured personsH1:= There is a significant relationship between number of dependent members and insured persons.Dependent(fo)(fe)(fo-fe)2(fo-fe)2/fe

None

No of232300

Respondents

Insured2121.390.15210.007

Uninsured21.610.15210.094

Dependent 1-2No of545400

Respondents

Insured5150.220.60840.012

Uninsured33.780.60840.16

Dependent 2-4No of191900

Respondents

Insured1717.670.44890.025

Uninsured21.330.44890.337

Dependent 4-6No of3300

Respondents

Insured32.790.4410.158

Uninsured0---

Dependent 6-8No of1100

Respondents

Insured1.930.00490.005

Uninsured0---

Table: 15The value of CHI-SQUARE is (fo-fe)2/fe= 0.798

Degree of freedom is (no of row-1)*(no of column-1) = (5-1)*(3-1) = 8

At the significance level 0.01 and the df is 8 the value of CHI-SQUARE is 1.646. Null hypothesis is accepted

Fig 17: Comparison between number of dependent family members and Insured personComparison between occupation and preferred sector:OccupationNo ofVote for PublicVote for PrivateTotal

RespondentsSectorSector

Service604317120

Business2012840

Professional1881036

Others2024

Total1006337200

Table: 17Ho: = There is no significant relationship between occupation and preferred sector.

H1:= There is significant relationship between occupation and preferred sector.Occupation(fo)(fe)(fo-fe)2(fo-fe)2/fe

ServiceNo of606000

respondents

Public4337.827.040.718

Private1722.227.041.218

BusinessNo of202000

respondents

Public1212.60.360.03

Private87.40.360.048

ProfessionalNo of181800

respondents

Public811.3411.150.983

Private106.6611.151.674

OthersNo of2200

respondents

Public0---

Private20.741.582.13

Table: 18The value of CHI-SQUARE is (fo-fe)2/fe= 6.801

Degree of freedom is (no of row-1)*(no of column-1) = (4-1)*(3-1) = 6

At the significance level 0.01 and the df is 6 then from the CHI-SQUARE distribution table we can get the value 0.872.

Null hypothesis is rejected and alternative hypothesis is accepted.

There is a significant relationship between occupation and preferred sector.

Fig 19: Comparison between income level, insured person and preferred sectorComparison between level of Income and preferred sector:Level of IncomeNo ofVote for PublicVote for PrivateTotal

RespondentsSectorSector

50000-10000029171258

100000-30000040251580

300000-50000026161052

500000-100000055010

Total1006337200

Table: 19

Ho:= There is no significant relationship between level of income and preferred sector H1:= There is a significant relationship between level of income and preferred sector.

Level of(fo)(fe)(fo-fe)2(fo-fe)2/fe

Income

50000-100000No of292900

respondents

Public1718.271.61290.09

Private1210.731.61290.15

100000-No of404000

300000respondents

Public2525.20.040.001

Private1514.80.040.002

300000-No of262600

500000respondents

Public1616.380.1140.006

Private109.620.1140.012

500000-No of5500

1000000respondents

Public53.153.42251.08

Private0---

The value of CHI-SQUARE is (fo-fe)2/fe= 1.341Table:20Degree of freedom is (no of row-1)*(no of column-1) = (4-1)*(3-1) = 6

At the significance level 0.01 and the df is 6 then from the CHI-SQUARE distribution table we can get the value 0.872.

Null hypothesis is rejected and alternative hypothesis is accepted.

There is a significant relationship between occupation and preferred sector.

From the secondary data which has been got from the company we can understand how much proportion of people is using Tata AIG insurance product and other insurance companys products.Fig 21: Proportion of using insurance of different insurance companiesSo in Dehradun city Tata AIG is having 15% market share among the private players.So most preferred plan of Tata AIG in Dehradun city is Tata Maha life gold and Invest Assure Optima. Life Invest Assure is less preferred plan in Dehraun city.5.2. REASONS FOR PREFERRING PUBLIC AND PRIVATE SECTOR:To know the reasons why public sector or private sector is preferable we have given eight reasons and used Likert scale. According to the preference respondents gave their ranking. To find out the most preferable reason we have added all the values; they are given below.SectorGuaranteeGovt.MaximuServicAge ofSharLoanSecurit

d rate ofUndertakinm rate ofetheefacilitiey

returngreturncompans

y

Public365381283288322293277409

Sector

Private217172310334215213183214

Sector

Table: 21

Fig 25: Comparison between public sector and private sector of different factorsInterpretation:From the bar diagram it can be interpreted that Public sector is most preferable than the private sector. From the bar diagram we can see that public sector gets more points than private sector in every factors except service and maximum rate of return.a) Most of the people preferred Public sector because of security which public sector provide more than private sector.

b) A loan facility is not a vital for choosing public sector. Because it is seen from the graph difference between private and public is not more.

c) Market share is not also playing the vital role for choosing the public sector.

d) Age of the company has a small impact for choosing the public sector.

e) According to the customer view service of the private sector is more preferable.

f) According to the customers view maximum rate of return is offered by private sector.

g) Government undertaking is a vital factor for choosing public sector. Most of the people believe on Government. So public sector is preferable.

h) Guaranteed rate of return is also playing a vital role for choosing the public sector. Most of the people believe that there is no hidden cost in public sector so they can get a

guaranteed rate of return.Axis Title

5.3. MARKET POTENTIAL STUDY OF TATA AIG:100 sample sizes have been taken to know the market potentiality of Tata AIG. Out of 100 samples 15 sample sizes have been rejected due to insufficient information. So we have taken sample size of 85. To find out the market potentiality of Tata AIG we have taken the ranking of ten major insurance companies and sum of the ranking of those particular companies are following below.Name ofLICSBIICICIRelianceBajajTATAHDFCMaxKotakING

theLifeAIGNewLifeVysya

CompaniesYorkInsurance

Sum of the95313348395484490579609676686

ranking(r)

Final12345678910

Rank

Average1.113.684.094.645.695.766.817.167.958.07

(r/sample

size)

Marks9.897.326.916.365.315.244.193.843.052.93

Table: 22Marks= Number of factor + 1- Average, i.e. Marks= 11- Average

In the ranking scale 1 is most preferred and 10 are least preferred. Out 4675 points LIC has got 95 points and SBI Life Insurance, ICICI Prudential, Reliance life Insurance, Bajaj Life Insurance, ,Tata AIG, HDFC Life Insurance, Max New York Life Insurance, Kotak Life Insurance, ING Vysya, got 313 pts, 348 pts, 395 pts, 484 pts, 490 pts, 579 pts, 609 pts, 676 pts, and 586 pts respectively.

Name ofSBIICICIRelianceBajajTATAHDFCMaxKotakING

theLifeAIGNewLifeVysya

CompaniesYorkInsurance

Marks7.326.916.365.315.244.193.843.052.93

Obtained

% of16.2%15.3%14.0%11.7%11.6%9.3%8.5%6.7%6.5%

Marks

Out of65.65.184.324.33.43.142.52.4

37%

marks

obtained

* Marketpotentialityof Tata-AIG in Dehradun city is 4.3%Table: 23

CHAPTER 6 Recommendations and benefits

6.1. RECOMMENDATIONS TO THE COMPANY:Being the best product player in the private sector, but still survey TATA AIG needs to improvement regarding its premium charges and advertisement to its target customers.a) Premium chargesOwing to its high premium charges (Tata AIG Apex Plan, Premium RS. 90000/-) customers perception about the companys product has become that its only for the upper middle class people. Whereas TATA AIG do has some policy with low premium but the charges of allocation are too high. So we would like to suggest slowing down its premium charges to some extend by reducing administration charges and other charges.b) Advertisement:During survey we have found that due to lack of advertisements about the products and agents selling the products in which they get high commissions customers are somewhere mislead and they know about very few products though TATA AIG has wide range of variety of the products. So we would recommend TATA AIG to invest more in advertisement in form of TV commercials, pamphlets and hoardings.c) Wrong perception:AIG is on the edge of filing bankruptcy. So Tata AIG is also going to on the brink of filling bankruptcy. But insurance in India is a highly regulated industry. Any company that wants to set up an insurance business has to follow very stringent norms given by the Insurance Regulatory & Development Authority (IRDA). So company should take positive measure to remove this wrong perception from the people.6.2. BENEFITS TO THE COMPANY AND US: During the survey time sales have been done. It is a win-win Situation for both company and me.The benefits of this summer internship program are discussed below.1. Benefit to the company: a) This survey has been done in Dehradun region on comparison of TATAAIGs product and its

competitor can give an idea of this position in the market. As TATA AIG leads in most of theparameters so it should continue to serve in the same manner.b) The survey also shows the customers perception about TATA AIGs life Insurance product with which it can improve its impression better than now.

c) The recommendation has given in this report will help TATA AIG to position its product properly to the target customers

d) Moreover the sales has been done during this internship have done a good business for the company

2. Benefit to us: a) Doing internship in TATA AIG have given me immense experience in the insurance industry for these fourteen weeks.

b) Interaction with the customers for survey and sales has developed our marketing skills.

c) Working in the office premises has given exposure to corporate world and an experience in working in corporate pressure.

77CHAPTER 7

CONCLUSION AND REFRENCE

7.1 CONCLUSION Indian insurance sector is likely to register unprecedented growth of 200% and attain a size of Rs. 2000 billion ($51.2 billion) by 2009-10, in which a private sector insurance business will achieve a growth rate of 140% as a result of aggressive marketing technique being adopted by them against 35-40% growth rate of state owned insurance companies. The rural market offers tremendous growth opportunities for insurance companies and insurers should develop viable and cost-effective distribution channels; build consumer awareness and confidence.The state owned insurance companies such as LIC and GIC have limited number of policies to offer to their subscribers while in case of private insurance companies, their policy numbers are many more and the premium amount as well as the maturity period is much competitive as against those of government insurance companies. The private sector insurance players have started exploring the rural markets in which until recently, the state owned companies had the monopoly.Here it can be concluded that the summer internship program, done for partial fulfillment of the MBA course in ICFAI University, in TATA AIG Life Insurance Co. Ltd. has been completed successfully.Following are the achievements done during the summer internship from 24th February 2009 to 23rd May 2009.a) Survey done with interest of TATA AIG has been conducted successfully and results are discussed above.

b) Sales done during the time have done great business to the company.

c) The experience gained during the internship has sharpen my skills and given a corporate

7.2. REFRENCEFor the references different books, journals, and newspapers have been used and different websites have been used.Name of websites:www.tata-aig.com/life insurance, access on 8thApril2009 www.tata-aiggeneral.com , access on 8th April 2009 www.tata-aig-life.com, access on 8th April 2009 www.mouthshut.com/product-reviews/Tata_AIG_General_Insurance access on 10th April 2009www.irdaindia.org/duties/htm access on 15 April 2009 www.mydigitalfc.com/tata-aig-eyes-10-growth-motor-insurance-556.htm, access on 16th April 2009 www.economy watch.com/insurance-overview access on 12 May 2009 www.managementparadise.com/29381-distribution-channels-tata-aig.html, access on 12 May 2009 www.andhra.net/27-Tata-AIG-General-60949.asp.htm access on 14th May 2009 www.marketresearch.com/product/disply.asp?productidive=1475505 access on 15th May 2009 www.allcoferences com/Insurance . Sector Reforms in India Challenge and Opportunities.htm, access on 15th May 2009 www.livemint.com/LIC-holds-its-groundLIC-holds-its-ground-private.html-private.html access on 16th May 2009 Name of book and journal:Insurance Industry (ICFAI Publication) Business Research Method (ICFAI publication) Tata AIG Life Insurance Company Ltd, India, CGAP Working Group on Micro insurance Good and Bad Practices, Case Study No 14, James Roth and Vijay Athreye- September 2005 Privatization of the Insurance Market in India: From the British Raj to Monopoly Raj to Swaraj, Tapen Sinha, CRIS Discussion Paper Series 2002.X Annexure IQUESTIONNAIREMarket Potential study of Tata AIG in Dehradun CityDear Sir/Madam,We are conducting a survey on Market potential study of Tata AIG in Dehradun city by Insurance organizations.We hope for your kind coordination.Name: Age: Sex: Male [ ] Female [ ]Name and address of the organization: .Contact Number: ...E-mail address: ..1.Family Members: (Please tick)

a) 1-4[ ]b) 4-8[ ]c) 8-12[ ]

d)12-16[ ]e) 16>[]

2.Number of dependent family members: (Please Tick)

a) 1-2[ ]b) 2-4[ ]c) 4-6[ ]

d)6-8[ ]e) More:

3.Occupation: (Please Tick)

a)Service[ ]b) Business[ ]c)Professional[ ]

d) Any other: ...

4. Annual Income: (Please Tick)

a)50000-100000[]b) 100000-300000[] c) 300000-500000[ ]

d)500000-1000000[]e) 1000000[]

5. In which would you like to invest? (Please Tick)

a)Fixed deposit[]b) Post office[] c) Mutual fund[ ]

d)Share buying[]e) Insurance policy[]

6. Do you have any insurance policy? (Please Tick)a)Yes[ ]

b)No[ ]

7. Which sector do you prefer? (Please Tick)

a)Public Sector[]

b)Private Players[]

8. Why do you prefer public or private sector?

ReasonPublic PlayerPrivate Players

RatingRating

Least...MostLeastMost

1234512345

Guaranteed Rate of

Return

Government undertaking

Maximum Rate of Return

within a time limit

Service

Age of the Company

Market Share

Loan Facilities

Security

9. Do you have any Insurance policy in the Following companies? (Please Tick)a)LIC[]b) Tata AIG[ ]c) Birla Sun life[ ]

c)ICICI[]e) Max New York[ ]f) Any Other: .

10. Rank different company according to your opinion.

Most preferred rank is 1 and least preferred is 10 (Rank from 1 to 10)

LIC

ICICI Prudential

Tata AIG Life Insurance Max new York Life HDFC standard Life Reliance Life Insurance ING Vysya

Kotak Life Insurance Bajaj Allianz

SBI life Insurance

11. Which type of policy do you prefer? (Please Tick)a) Life Insurance[ ]b) Vehicle Insurance [ ] c) Pension plan[ ]

d) Medi claim[ ]e) Any Other:

Any Comments: .Thank you, for your kind co-operation.Signature: ..Date: ..PAGE 1