A Project Report on MARKETING TECHNIQUES OF ING VYSYA LIFE INSURANCE HYDERABAD

Project submitted in partial fulfillment for the award of the Degree of MASTER OF BUSINESS ADMINISTRATION

DECLARATION BY STUDENT
I here by declare that this project Report titled MARKE ING EC!NI"UES #F ING VYSYA LIFE INSURANCE s$b%itted by %e to the depart%e&t o' %a&a(e%e&t ) **** is a bo&a'ide +or, $&derta,e& by %e a&d it is &ot s$b%itted to a&y other $&i-ersity or i&stit$tio& 'or the a+ard to a&y de(ree .diplo%a.certi'icate or p$blished a&y ti%e be'ore/

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ACKNO

LEDGEMENT

he prese&tatio& o' the report i& the +ay re1$ired has bee& %ade possible by the +ay o' co&trib$tio& o' -ario$s people/ he co%pletio& o' this project report titled MARKE ING EC!NI"UES #F ING VYSYA LIFE INSURANCE 2bri&(s to e3press tha&,s to o&e a&d all o' those +ho helped alo&( the +ay/ I -ery tha&,s to ****) 'ac$lty 4 %ar,eti&() a&d %y colle(e project ($ide 'or ($idi&( %e to co&d$ct %y project report/

I +o$ld also li,e e3press %y (ratit$de to **** o' the colle(e 'or (i-i&( his s$pport a&d ($ida&ce thro$(ho$t this project/

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PRO!ECT REPORT ON MARKETING TECHINQUES OF ING "YSYA LIFE INSURANCE

MASTER OF BUSSINESS ADMINSTRATION

TABLE OF CONTENTS

PAGES

6/ IN R#7UC I#N 888888888888888//9 0/ MEANING AN7 7EFINI I#N8888888888/: 5/ MARKE ING ;RINCI;LES AN7 EC!NI"UES88//< =/ 7EFINI I#N AN7 ;RINCI;LES #F INSURANCE8///6= 9/ AGEN S INV#LVE7 8888888888888///6: >/ #?@EC IVES88888888888888888//6A

:/ RESEARC! ME !#7#L#GY88888888880B A/ SAM;LE SICE888888888888888880B </ LIMI A I#NS8888888888888888//50

6B/ A&alysis o' 1$estio&&aire888/88888856D5A EDATA ANALYSIS AND PRESENTATION AND IMPLEMENTATION)
66/ SUMMARY AN7 C#NCLUSI#NS8888888////=5 60/ SUGGES I#NS888888888888888///== 65/ ?I?L#GRA;!Y888888888888888//=9

INTRODUCTION
ING "#$#% Li'e I&s$ra&ce is a part o' the ING (ro$ps the +orldFs 'o$rth lar(est 'i&a&cial ser-ices co%pa&y a&d also the +orldFs seco&d lar(est li'e i&s$ra&ce pro-ider/ ING -ysya li'e i&s$ra&ce is here to pro-ide +ith the i&&o-ati-e a&d +ell desi(&ed prod$cts that e''ecti-ely %eet yo$r li'e i&s$ra&ce &eeds/ ING -ysya li'e i&s$ra&ce sta&ds 65 th i& the 'ort$&e 9BB list/ ING Vysya li'e i&s$ra&ce co%pa&y ltd e&tered the pri-ate li'e i&s$ra&ce i&d$stry i& I&dia i& Septe%ber 0BB6/ it has a dedicated a&d co%%itted ad-isor sales 'orce o' o-er 06BBB people) +or,i&( 'ro% 6=B bra&ches located i& := %ajor cities across the co$&try a&d o-er 5BBB e%ployees/ ItFs head1$arter is sit$ated at ?a&(alore/
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he co%pa&y port'olio o''ers prod$cts that later to e-ery 'i&a&cial re1$ire%e&t at a&y li'e sta(e/ It bri&(s to yo$ o-er 69B years o' e3perie&ce a&d the herita(e o' a &a%e tr$sted i& 9B co$&tries/ More tha& >B %illio& c$sto%ers aro$&d the +orld ha-e e&tr$sted it +ith o-er USG:BB billio& o' their +ealth/ ING -ysya li'e CE# a&d %a&a(i&( director) Mr/Fra&, Koster) said that a st$dy had 'o$&d that the li'e i&s$ra&ce b$si&ess had a (ood pote&tial i& r$ral I&dia beca$se people had a stro&( sa-i&(s habit a&d a hi(h le-el o' a+are&ess abo$t li'e i&s$ra&ce/ he b$l, o' the co%pa&yFs b$si&ess co%es 'ro% the traditio&al distrib$tio& ro$te o' i&s$ra&ce a(e&ts/ ING -ysya li'e i&s$ra&ce recorded a& i&co%e o' Rs 6B0 crore i& 0BB5DB=/ ING -ysya li'e o& Hed&esday j$&e 0BB: e&rolled Madras 'ertiliIers as corporate a(e&t to $se the latterFs i&'rastr$ct$re to pe&etrate the r$ral li'e i&s$ra&ce %ar,et i& so$th I&dia/ he co%pa&y has o-er >9BB dealers a&d 6BB 'ield sta'' +ho deal +ith o-er o&e la,h 'ar%ers/ he co%pa&y ai%s to %a,e c$sto%ers loo, at 'ire i&s$ra&ce a'resh) &ot j$st as a ta3 sa-i&( de-ice as a %ea&s to add protectio& to li'e/ he co%pa&y port'olio o''ers prod$cts that later to e-ery 'i&a&cial re1$ire%e&t) at a&y li'e sta(e

ORIGIN OF ING GROUP&

#& the other ha&d) ING (ro$p ori(i&ated i& 6<<B 'ro% the %er(er bet+ee& Natio&ale a&d Nederla&de& NV the lar(est 7$tch I&s$ra&ce Co%pa&y a&d NM? ;ost ?a&, Gro$p NV/ Co%bi&i&( roots a&d a%bitio&s) the &e+ly 'or%ed co%pa&y called I&ter&atio&ale Nederla&de& Gro$p/ Mar,et circles soo& abbre-iated the &a%e to IDNDG/ he co%pa&y 'ollo+ed s$it by cha&(i&( the stat$tory &a%e to ING

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Gro$p

N/V/

PROFILEJ
ING has (ai&ed reco(&itio& 'or its i&te(rated approach o' ba&,i&() i&s$ra&ce a&d asset %a&a(e%e&t/ F$rther%ore) the co%pa&y di''ere&tiates itsel' 'ro% other 'i&a&cial ser-ice pro-iders by s$ccess'$lly establishi&( li'e i&s$ra&ce co%pa&ies i& co$&tries +ith e%er(i&( eco&o%ies) s$ch as Korea) ai+a&) !$&(ary) ;ola&d) Me3ico a&d Chile/ A&other specialiIatio& is ING 7irect) a& I&ter&et a&d direct %ar,eti&( co&cept +ith +hich ING is rapidly +i&&i&( retail %ar,et share i& %at$re %ar,ets/ Fi&ally) ING disti&($ishes itsel' i&ter&atio&ally as a pro-ider o' e%ployee be&e'its) i/e/ arra&(e%e&ts o' &o& +a(e be&e'its) s$ch as pe&sio& pla&s 'or co%pa&ies a&d their e%ployees/

MEANING AND DEFINITIONS MARKETING&

M%r'et(n) is a societal process +hich discer&s co&s$%ersK +a&ts) 'oc$si&( o& a prod$ct or ser-ice to '$l'ill those +a&ts) atte%pti&( to %old the co&s$%ers to+ard the prod$cts or ser-ices o''ered/ Mar,eti&( is '$&da%e&tal to a&y b$si&esses (ro+th/ he %ar,eti&( tea%s E%ar,etersL are tas,ed to create co&s$%er a+are&ess o' the prod$cts or ser-ices thro$(h %ar,eti&( tech&i1$es/ U&less it pays d$e atte&tio& to its prod$cts a&d ser-ices a&d co&s$%ersK de%o(raphics a&d desires) a b$si&ess +ill &ot $s$ally prosper o-er ti%e/

Mar,eti&( te&ds to be see& as a creati-e i&d$stry) +hich i&cl$des ad-ertisi&() distrib$tio& a&d selli&(/ It is also co&cer&ed +ith a&ticipati&( the c$sto%ersK '$t$re &eeds a&d +a&ts) +hich are o'te& disco-ered thro$(h %ar,et research/ Esse&tially) %ar,eti&( is the process o' creati&( or directi&( a& or(a&iIatio& to be s$ccess'$l i& selli&( a prod$ct or ser-ice that people &ot o&ly desire) b$t are +illi&( to b$y/ here'ore (ood %ar,eti&( %$st be able to create a Mpropositio&M or set o' be&e'its 'or the e&d c$sto%er that deli-ers -al$e thro$(h prod$cts or ser-ices/ A %ar,etD'oc$sed) or c$sto%erD'oc$sed) or(a&iIatio& 'irst deter%i&es +hat its pote&tial c$sto%erFs desire) a&d the& b$ilds the prod$ct or ser-ice/ Mar,eti&( theory a&d practice is j$sti'ied i& the belie' that c$sto%ers $se a prod$ct or ser-ice beca$se they ha-e a &eed) or beca$se it pro-ides a percei-ed be&e'it/ Two major factors of marketing are the recruitment of new customers ac!uisition" an# the retention an# e$%ansion of re&ationshi%s with e$isting customers 'ase management"() #&ce a %ar,eter has co&-erted the prospecti-e b$yer) base %a&a(e%e&t %ar,eti&( ta,es o-er/ he process 'or base %a&a(e%e&t shi'ts the %ar,eter to b$ildi&( a relatio&ship) &$rt$ri&( the li&,s) e&ha&ci&( the be&e'its that sold the b$yer i& the 'irst place) a&d i%pro-i&( the prod$ct.ser-ice co&ti&$o$sly to protect the b$si&ess 'ro% co%petiti-e e&croach%e&ts For a marketing %&an to 'e successfu&* the mi$ of the four +Ps+ must ref&ect the wants an# #esires of the consumer s or Sho%%ers in the target market)(
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ryi&( to co&-i&ce a %ar,et se(%e&t to b$y so%ethi&( they do&Kt +a&t is e3tre%ely e3pe&si-e a&d seldo% s$ccess'$l/ Mar,eters depe&d o& i&si(hts 'ro% %ar,eti&( research) both 'or%al a&d i&'or%al) to deter%i&e +hat co&s$%ers +a&t a&d +hat they are +illi&( to pay 'or it/ Mar,eters hope that this process +ill (i-e the% a s$stai&able co%petiti-e ad-a&ta(e/ Mar,eti&( %a&a(e%e&t is the practical applicatio& o' this process/ he o''er is also a& i%porta&t additio& to the =;Ks theory/ !E A%erica& Mar,eti&( Associatio& EAMAL states) ,arketing is the acti-it.* set of institutions* an# %rocesses for creating* communicating* #e&i-ering* an# e$changing offerings that ha-e -a&ue for customers* c&ients* %artners* an# societ. at &arge)+)

LE"ELS OF MARKETING
Strategic marketing atte%pts to deter%i&e ho+ a& or(a&iIatio& co%petes a(ai&st its co%petitors i& a %ar,et place/ I& partic$lar) it ai%s at (e&erati&( a co%petiti-e ad-a&ta(e relati-e to its co%petitors O%erationa& marketing e3ec$tes %ar,eti&( '$&ctio&s to attract a&d ,eep c$sto%ers a&d to %a3i%iIe the -al$e deri-ed 'or the%) as +ell as to satis'y the c$sto%er +ith pro%pt ser-ices a&d %eeti&( the c$sto%er e3pectatio&s/ #peratio&al Mar,eti&( i&cl$des the deter%i&atio& o' the %ar,eti&( %i3 E= ;sL

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PRINCIPLES AND TECHNIQUES OF MARKETING *+P,S- .P,S/ 01 +P,$ OF MARKETING&

Pro#uct/ he prod$ct aspects o' %ar,eti&( deal +ith the speci'icatio&s o' the act$al (oods or ser-ices) a&d ho+ it relates to the e&dD$serKs &eeds a&d +a&ts/ he scope o' a prod$ct (e&erally i&cl$des s$pporti&( ele%e&ts s$ch as +arra&ties) ($ara&tees) a&d s$pport/

Pricing/ his re'ers to the process o' setti&( a price 'or a prod$ct) i&cl$di&( disco$&ts/ he price &eed &ot be %o&etary D it ca& si%ply be +hat is e3cha&(ed 'or the prod$ct or ser-ices) e/(/ ti%e) e&er(y) psycholo(y or atte&tio& PromotionJ his i&cl$des ad-ertisi&() sales pro%otio&) p$blicity) a&d perso&al selli&() bra&di&( a&d re'ers to the -ario$s %ethods o' pro%oti&( the prod$ct) bra&d) or co%pa&y P&acement or #istri'ution"/ Re'ers to ho+ the prod$ct (ets to the c$sto%erN 'or e3a%ple) poi&t o' sale place%e&t or retaili&(/ his 'o$rth ; has also so%eti%es bee& called ;lace) re'erri&( to the cha&&el by +hich a prod$ct or ser-ices is sold Ee/(/ o&li&e -s/ retailL) +hich (eo(raphic re(io& or

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i&d$stry) to +hich se(%e&t Eyo$&( ad$lts) 'a%ilies) b$si&ess peopleL) etc hese 'o$r ele%e&ts are o'te& re'erred to as the %ar,eti&( %i3) +hich a %ar,eter ca& $se to cra't a %ar,eti&( pla&/ he 'o$r ;s %odel is %ost $se'$l +he& %ar,eti&( lo+ -al$e co&s$%er prod$cts/ I&d$strial prod$cts) ser-ices) hi(h -al$e co&s$%er prod$cts re1$ire adj$st%e&ts to this %odel/ Ser-ices %ar,eti&( %$st acco$&t 'or the $&i1$e &at$re o' ser-ices/ I&d$strial or ?0? %ar,eti&( %$st acco$&t 'or the lo&( ter% co&tract$al a(ree%e&ts that are typical i& s$pply chai& tra&sactio&s/ Relatio&ship %ar,eti&( atte%pts to do this by loo,i&( at %ar,eti&( 'ro% a lo&( ter% relatio&ship perspecti-e rather tha& i&di-id$al tra&sactio&/

21 .P,$ OF MARKETING&

Peo%&e/ A&y perso& co%i&( i&to co&tact +ith c$sto%ers ca& ha-e a& i%pact o& o-erall satis'actio&/ Hhether as part o' a s$pporti&( ser-ice to a prod$ct or i&-ol-ed i& a total ser-ice) people are partic$larly i%porta&t beca$se) i& the c$sto%erKs eyes) they are (e&erally i&separable 'ro% the total ser-ice / As a res$lt o' this) they %$st be appropriately trai&ed) +ell %oti-ated a&d the ri(ht type o' perso&/ Fello+ c$sto%ers are also so%eti%es re'erred to

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$&der KpeopleK) as they too ca& a''ect the c$sto%erKs ser-ice e3perie&ce) Ee/(/) at a sporti&( e-e&t/L Process/ his is the processEesL i&-ol-ed i& pro-idi&( a ser-ice a&d the beha-ior o' people) +hich ca& be cr$cial to c$sto%er de%o&stratio&s Ph.sica& e-i#ence/ U&li,e a prod$ct) a ser-ice ca&&ot be e3perie&ced be'ore it is deli-ered) +hich %a,es it i&ta&(ible/ his) there'ore) %ea&s that pote&tial c$sto%ers co$ld percei-e (reater ris, +he& decidi&( +hether to $se a ser-ice/ o red$ce the 'eeli&( o' ris,) th$s i%pro-i&( the cha&ce 'or s$ccess) it is o'te& -ital to o''er pote&tial c$sto%ers the cha&ce to see +hat a ser-ice +o$ld be li,e/ his is do&e by pro-idi&( physical e-ide&ce) s$ch as case st$dies) testi%o&ial or de%o&stratio&s/

Persona&i0ation/ It is here re'ered c$sto%iIatio& o' prod$cts a&d ser-ices thro$(h the $se o' the I&ter&et/ Early e3a%ples i&cl$de 7ell o&Dli&e a&d A%aIo&/co%) b$t this co&cept is '$rther e3te&ded +ith e%er(i&( social %edia a&d ad-a&ced al(orith%s/ E%er(i&( tech&olo(ies +ill co&ti&$e to p$sh this idea 'or+ard Partici%ation/

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his is to allo+ c$sto%er to participate i& +hat the bra&d sho$ld sta&d 'orN +hat sho$ld be the prod$ct directio&s a&d e-e& +hich ads to r$&/ his co&cept is layi&( the 'o$&datio& 'or disr$pti-e cha&(e thro$(h de%ocratiIatio& o' i&'or%atio& Peer1to1Peer/ his re'ers to c$sto%er &et+or,s a&d co%%$&ities +here ad-ocacy happe&s/ he historical proble% +ith %ar,eti&( is that it is 2i&terr$pti-eO i& &at$re) tryi&( to i%pose a bra&d o& the c$sto%er/ his is %ost appare&t i& V ad-ertisi&(/ hese 2passi-e c$sto%er basesO +ill $lti%ately be replaced by the 2acti-e c$sto%er co%%$&itiesO/ ?ra&d e&(a(e%e&t happe&s +ithi& those co&-ersatio&s/ ;0; is &o+ bei&( re'erred as Social Co%p$ti&( a&d +ill li,ely to be the %ost disr$pti-e 'orce i& the '$t$re o' %ar,eti&(

Pre#icti-e mo#e&ing/ his re'ers to &e$ral &et+or, al(orith%s that are bei&( s$ccess'$lly applied i& %ar,eti&( proble%s Eboth a re(ressio& as +ell as a classi'icatio& proble%

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INSURANCE&
A co&tract EpolicyL i& +hich a& i&di-id$al or e&tity recei-es 'i&a&cial protectio& or rei%b$rse%e&t a(ai&st losses 'ro% a& i&s$ra&ce co%pa&y/ he co%pa&y pools clie&tsK ris,s to %a,e pay%e&ts %ore a''ordable 'or the i&s$red/

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he act) syste%) or b$si&ess o' i&s$ri&( property) li'e) o&eKs perso&) etc/) a(ai&st loss or har% arisi&( i& speci'ied co&ti&(e&cies) as 'ire) accide&t) death) disable%e&t) or the li,e) i& co&sideratio& o' a pay%e&t proportio&ate to the ris, i&-ol-ed/

DEFINITION OF INSURANCE&3 KEYMAN INSURANCE&

Key%a& i&s$ra&ce is a& i%porta&t 'or% o' b$si&ess i&s$ra&ce/ here is &o le(al de'i&itio& 'or Ke#4%n In$5r%nce/ I& (e&eral) it ca& be described as a& i&s$ra&ce policy ta,e& o$t by a b$si&ess to co%pe&sate that b$si&ess 'or 'i&a&cial losses that +o$ld arise 'ro% the death or e3te&ded i&capacity o' the %e%ber o' the b$si&ess speci'ied o& the policy/ he policyFs ter% does &ot e3te&d beyo&d the period o' the ,ey perso&Fs $se'$l&ess to the b$si&ess/ he ai% is to co%pe&sate the b$si&ess 'or losses a&d 'acilitate b$si&ess co&ti&$ity/ Key%a& I&s$ra&ce does &ot i&de%&i'y the act$al losses i&c$rred b$t co%pe&sates +ith a 'i3ed %o&etary s$% as speci'ied o& the i&s$ra&ce policy/

EXAMPLEJD
A si%ple e3a%ple +ill %a,e 4e%n(n) o6 (n$5r%nce easy to $&dersta&d/ A bi,er is al+ays s$bjected to the ris, o' head i&j$ry/ ?$t it is &ot certai& that the accide&t ca$si&( hi% the head i&j$ry +o$ld de'i&itely occ$r/ Still people ridi&( bi,es co-er their heads +ith a hel%et/ his hel%et i& s$ch cases act as i&s$ra&ce by protecti&( hi%.her 'ro% the co&ti&(e&t accide&t a&d the $lti%ate da&(er/

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ho$(h loss o' li'e or i&j$ries ca&&ot be %eas$red i& 'i&a&cial ter%s) still i& this %aterialistic +orld it is 1$a&ti'iable +hich tries to co%pe&sate the pote&tial '$t$re loss 'i&a&cially/ Me%n(n) o6 In$5r%nce ca& be de'i&ed as the process o' rei%b$rsi&( or protecti&( a perso& 'ro% co&ti&(e&t ris, o' losses thro$(h 'i&a&cial %ea&s/

PRINCIPLES OF INSURANCE&3
0 A 7%r)e n548er o6 9o4o)eneo5$ e:po$5re 5n(t$J he -ast %ajority o' i&s$ra&ce policies are pro-ided 'or i&di-id$al %e%bers o' -ery lar(e classes/ A$to%obile i&s$ra&ce) 'or e3a%ple) co-ered abo$t 6:9 %illio& a$to%obiles i& the U&ited States i& 0BB=/ he e3iste&ce o' a lar(e &$%ber o' ho%o(e&eo$s e3pos$re $&its allo+s i&s$rers to be&e'it 'ro% the soDcalled 2la+ o' lar(e &$%bersO +hich i& e''ect states that as the &$%ber o' e3pos$re $&its i&creases) the act$al res$lts are i&creasi&(ly li,ely to beco%e close to e3pected res$lts/ here are e3ceptio&s to this criterio&/ LloydKs o' Lo&do& is 'a%o$s 'or i&s$ri&( the li'e or health o' actors) actresses a&d sports 'i($res/ Satellite La$&ch i&s$ra&ce co-ers e-e&ts that are i&'re1$e&t/ Lar(e co%%ercial property policies %ay i&s$re e3ceptio&al properties 'or +hich there are &o Pho%o(e&eo$sF e3pos$re $&its/ 7espite 'aili&( o& this criterio&) %a&y e3pos$res li,e these are (e&erally co&sidered to be i&s$rable/
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2 De6(n(te Lo$$J he e-e&t that (i-es rise to the loss that is s$bject to i&s$ra&ce sho$ld) at least i& pri&ciple) ta,e place at a ,&o+& ti%e) i& a ,&o+& place) a&d 'ro% a ,&o+& ca$se/ he classic e3a%ple

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is death o' a& i&s$red o& a li'e i&s$ra&ce policy/ Fire) a$to%obile accide&ts) a&d +or,er i&j$ries %ay all easily %eet this criterio&/ #ther types o' losses %ay o&ly be de'i&ite i& theory/ #cc$patio&al disease) 'or i&sta&ce) %ay i&-ol-e prolo&(ed e3pos$re to i&j$rio$s co&ditio&s +here &o speci'ic ti%e) place or ca$se is ide&ti'iable/ Ideally) the ti%e) place a&d ca$se o' a loss sho$ld be clear e&o$(h that a reaso&able perso&) +ith s$''icie&t i&'or%atio&) co$ld objecti-ely -eri'y all three ele%e&ts/
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< Acc(=ent%7 Lo$$J he e-e&t that co&stit$tes the tri((er o' a clai% sho$ld be 'ort$ito$s) or at least o$tside the co&trol o' the be&e'iciary o' the i&s$ra&ce/ he loss sho$ld be Pp$re)F i& the se&se that it res$lts 'ro% a& e-e&t 'or +hich there is o&ly the opport$&ity 'or cost/ E-e&ts that co&tai& spec$lati-e ele%e&ts) s$ch as ordi&ary b$si&ess ris,s) are (e&erally &ot co&sidered i&s$rable/

+ L%r)e Lo$$& he siIe o' the loss %$st be %ea&i&('$l 'ro% the perspecti-e o' the i&s$red/ I&s$ra&ce pre%i$%s &eed to co-er both the e3pected cost o' losses) pl$s the cost o' iss$i&( a&d ad%i&isteri&( the policy) adj$sti&( losses) a&d s$pplyi&( the capital &eeded to reaso&ably ass$re that the i&s$rer +ill be able to pay clai%s/ For s%all losses these latter costs %ay be se-eral ti%es the siIe o' the e3pected cost o' losses/ here is little poi&t i& payi&( s$ch costs $&less the protectio& o''ered has real -al$e to a b$yer/

6:

> A66or=%87e Pre4(54& I' the li,elihood o' a& i&s$red e-e&t is so hi(h) or the cost o' the e-e&t so lar(e) that the res$lti&( pre%i$% is lar(e relati-e to the a%o$&t o' protectio& o''ered) it is &ot li,ely that a&yo&e +ill b$y i&s$ra&ce) e-e& i' o& o''er/ F$rther) as the acco$&ti&( pro'essio& 'or%ally reco(&iIes i& 'i&a&cial acco$&ti&( sta&dards) the pre%i$% ca&&ot be so lar(e that there is &ot a reaso&able cha&ce o' a si(&i'ica&t loss to the i&s$rer/ I' there is &o s$ch cha&ce o' loss) the tra&sactio& %ay ha-e the 'or% o' i&s$ra&ce) b$t &ot the s$bsta&ce/ ? C%7c57%87e Lo$$J here are t+o ele%e&ts that %$st be at least esti%able) i' &ot 'or%ally calc$lableJ the probability o' loss) a&d the atte&da&t cost/ ;robability o' loss is (e&erally a& e%pirical e3ercise) +hile cost has %ore to do +ith the ability o' a reaso&able perso& i& possessio& o' a copy o' the i&s$ra&ce policy a&d a proo' o' loss associated +ith a clai% prese&ted $&der that policy to %a,e a reaso&ably de'i&ite a&d objecti-e e-al$atio& o' the a%o$&t o' the loss reco-erable as a res$lt o' the clai%/

. L(4(te= r($' o6 c%t%$trop9(c%77# 7%r)e 7o$$e$J he esse&tial ris, is o'te& a((re(atio&/ I' the sa%e e-e&t ca& ca$se losses to &$%ero$s policyholders o' the sa%e i&s$rer) the ability o' that i&s$rer to iss$e policies beco%es co&strai&ed) &ot by 'actors s$rro$&di&( the i&di-id$al characteristics o' a (i-e&

6A

policyholder) b$t by the 'actors s$rro$&di&( the s$% o' all policyholders so e3posed/ ypically) i&s$rers pre'er to li%it their e3pos$re to a loss 'ro% a si&(le e-e&t to so%e s%all portio& o' their capital base) o& the order o' 9 perce&t/ Hhere the loss ca& be a((re(ated) or a& i&di-id$al policy co$ld prod$ce e3ceptio&ally lar(e clai%s) the capital co&strai&t +ill restrict a& i&s$rerFs appetite 'or additio&al policyholders/ he classic e3a%ple is earth1$a,e i&s$ra&ce) +here the ability o' a& $&der+riter to iss$e a &e+ policy depe&ds o& the &$%ber a&d siIe o' the policies that it has already $&der+ritte&/ AGENTS IN"OL"ED IN MARKETING& Commission agents +or, 'or a&yo&e +ho &eeds their ser-ices/ hey do &ot ac1$ire o+&ership o' (oods b$t recei-e del credere co%%issio& Bu.ing agents b$y (oods o& behal' o' prod$cers a&d retailers/ hey ha-e a& e3pert ,&o+led(e o' the p$rchasi&( '$&ctio&s Se&&ing agents act o& a& e3te&ded co&tract$al basis) selli&( all o' the prod$cts o' the %a&$'act$rer/ hey ha-e '$ll a$thority re(ardi&( price a&d ter%s o' sale Brokers specialiIe i& the sale o' o&e speci'ic prod$ct/ hey recei-e a bro,era(e

OB!ECTI"E OF THE STUDY&3

6/ o search 'or the (ro+th opport$&ities a-ailable by st$dyi&( the o-erall %ethods 'ollo+ed by the ING li'e i&s$ra&ce/
6<

D his st$dy %ai&ly deals +ith the -ario$s %ethods 'ollo+ed by ING Vysya li'e i&s$ra&ce co%pa&y/ 0/ o st$dy i&cli&atio& o' -ario$s c$sto%ers to+ards Dbe&e'its li,e death be&e'it) %at$rity be&e'it) %$t$al '$&d be&e'it) i&-est%e&t (ro+th be&e'it/ 5/ o st$dy the -ario$s policies a-ailable to cater the &eeds o' di''ere&r ,i&ds o' c$sto%ers by the ING li'e i&s$ra&ce/ Dthe -ario$s pla&s li,e sa'al jee-a& pla&) hi(h li'e pla&) child protectio& pla& etc/) = o st$dy also the di''ere&t strate(ies %ethods 'ollo+ed by Dthe -ario$s tech&i1$es 'ollo+ed by ING to attract the &e+ type o' c$sto%ers/

e-e&t$alities a&d the be&e'its recei-ed by the policy holders/

the li'e i&s$ra&ce co%pa&y/

RESEARCH METHODOLOGY&3
6/ ;ri%ary 7ata 0/ Seco&dary 7ata

0B

01 Pr(4%r# D%t%&
he pri%ary data collected 'ro% %a,i&( pho&e calls a&d thro$(h 'i3i&( appoi&t%e&ts +ith the c$sto%ers/

21 Secon=%r# D%t%&
he seco&dary data is collected 'ro% broch$res) b$si&ess +orld %a(aIi&es) ad-ertise%e&ts i& tele-isio&/

S%4p7e $(@e& D
he sa%ple siIe o' %y project is aro$&d 6BB perso&s/

R%n=o4 $%4p7(n)J
Ra&do% sa%pli&( is a sa%pli&( tech&i1$e +here +e select a (ro$p o' s$bjects Ea sa%pleL 'or st$dy 'ro% a lar(er (ro$p Ea pop$latio&L/ Each i&di-id$al is chose& e&tirely by cha&ce a&d each %e%ber o' the pop$latio& has a ,&o+&) b$t possibly &o&De1$al) cha&ce o' bei&( i&cl$ded i& the sa%ple/

TYPES OF PLANS IN ING "YSYA&3

06

here are di''ere&t types o' pla&s +here the li'e %a,er clari'ies the basic reaso&s 'or b$yi&( li'e i&s$ra&ce a&d helps yo$ to b$ild a co%plete 'i&a&cial pla& 'or li'e/ 6/ F$l'illi&( li'e pla& 0/ Ma3i%iIi&( li'e pla& 5/ Sa'al @ee-a& Ee&do+%e&t pla&L =/ !i(h li'e pl$s pla& 9/ Li'e pl$s pla& >/ Creati&( li'e Echild protectio& pla&L :/ #&e li'e pla& A/ ING positi-e li'e

6/ FULFILLING LIFE

*ANTICIPATED

HOLE OF LIFE PLAN/J

F$l'illi&( li'e is a pla& 'ro% ING Vysya Li'e I&s$ra&ce) +hich is a co%bi&atio& o' t+o -ery $se'$l pla&s/ Firstly it is a %o&ey bac, policy a&d seco&dly a +hole li'e pla&s $p to the a(e o' A9 years/ he be&e'its are occ$rred both i& case o' death a&d s$r-i-al occ$rri&( either +ithi& the ter% or a %at$rity/

S%7(ent 6e%t5re$
;eriodic s$r-i-al be&e'its at speci'ied i&ter-als) as a perce&ta(e o' s$%s ass$red/ #& s$r-i-al a'ter co%pletio& o' a(e A9) '$ll s$% ass$red payable as per 'irst policy a&&i-ersary/ ;ay%e&t o' '$ll s$% ass$red i& case o' li'e ass$red be'ore the co%pletio& o' a(e A9/

00

0/ MAXIMISING LIFE *MONEY BACK PLAN/& his pla& o''ers asset b$ildi&( opport$&ity by ret$r&i&( l$%p s$% be&e'its at periodic i&ter-als) alo&( +ith pro-idi&( li'e ris, co-er d$ri&( the ter% o' the policy +itho$t ded$cti&( a&y a%o$&t 'ro% the s$% ass$red/

S%7(ent Fe%t5re$
Cash bo&$s) +hich ca& be $tiliIed both to acc$%$late a&d (ai& o& i&terest) or ta,e it a&d spe&d) or $tiliIe the acc$%$lated a%o$&t to pay bac, pre%i$%s/ Loa& 'acility/ G$ara&teed s$rre&der -al$e/ 5/ SAFAL !EE"AN *ENDO

MENT PLAN/&

he $&i1$e 'eat$re o' the sa'al jee-a& e&do+%e&t pla& is that it pro-ides a& opport$&ity to decide o& the co-er o' yo$r policy/ It (i-es yo$ the optio& to choose 'ro% a co&-e&ie&t ra&(e o' 'i3ed ter%s a&d pre%i$%s/ propositio&/ he pla& e&s$res a& easy a&d hassle 'ree process) yet o''eri&( yo$ a co%prehe&si-e protectio& a&d sa-i&(s h$s %a,e it the si%plest li'e i&s$ra&ce pla&/ Apart 'ro% that it e&s$res/ 7eath be&e'itJ s$% ass$red +ith &o&D($ara&teed bo&$ses) i' a&y payable o& death o' the li'e ass$red/ I&Db$ilt accide&t co-erJ I& case o' death d$e to accide&t) a& additio&al be&e'it e1$al to the basic s$% ass$red is payable/ Mat$rity be&e'itJ s$% ass$red +ith &o&D($ara&teed bo&$ses) i' a&y) payable o& %at$rity/
05

 Mr/ Koster said a rece&t prod$ct sa'al jee-a& had bee& desi(&ed speci'ically 'or the r$ral %ar,ets/

S%7(ent Fe%t5re$
S$rre&der -al$e S$rre&der -al$e is a-ailable a'ter at least 5 '$ll years pre%i$%s are to be paid/ Red$ced paid $p -al$e A'ter 5 '$ll years pre%i$%s are paid) a&d i' policy lapses d$e to &o&Dpay%e&t o' pre%i$%) the policy beco%es paidD$p/ Loa& 'acility Yo$ ca& a-ail loa& o' $p to <BR o' the s$rre&der -al$e/

AA%(7%87e pre4(54 opt(on$&3

Yearly Rs/0)BBB Rs/0)9BB Rs/5)BBB Rs/5)9BB Rs/=BBB Rs/9)BBB !al' yearly Rs/6)BBB Rs/6)09B Rs/6)9BB Rs/6:9B Rs/0)BBB Rs/0)9BB "$arterly Rs/9BB Rs/>09 Rs/:9B Rs/A:9 Rs/6)BBB Rs/6)09B

=/ CREATING LIFE *CHILD PROTECTION PLANLJ G$ara&teed Mat$rity ?e&e'it E;ay%e&t I& Case #' 7eath A&d At Mat$rityL Fle3ible Mat$rity ?e&e'it #ptio&s ?$iltDI& Hai-er #' ;re%i$% ?e&e'it

0=

I' yo$ ha-e childre&) yo$ %$st ha-e a creati&( li'e child protectio& pla&/ his pla& e&s$res that yo$r childFs '$t$re i& sec$re i& case o' yo$r $&ti%ely death/ Creati&( li'e also created a 'i&a&cial asset 'or yo$r child/

S%7(ent Fe%t5re$ Rider be&e'itJ

er% rider) accide&tal death rider) accide&tal death) disability a&d dis%e%ber%e&t a&d +ai-er o' pre%i$%s rider/

Loa& be&e'itJ
A'ter payi&( a pre%i$% 'or three years) yo$ +ill be eli(ible 'or a loa&/

Mat$rity be&e'itJ
Yo$r child ca& either recei-e a l$%p s$% or recei-e the a%o$&t i& 5 to = e1$al i&stall%e&ts a'ter the %at$rity date/

a3 be&e'itsJ
a3 be&e'its $&der sectio& AA a&d sectio& 6B are a-ailable o& all o$r li'e i&s$ra&ce pla&s a&d riders/

PRODUCT FEATURES&3
01 ELIGIBILITY Mi&i%$% e&try a(eD6Ayears Ma3i%$% e&try a(eD99years

09

 Ma3i%$% Mat$rity a(eD>9years

PREMIUM PAYMENT TERM

?ased Upo& Yo$r C$rre&t A(e A&d he Li'e Co-er ;eriod) Yo$ Ca& Choose o ;ay ;re%i$% ?et+ee& 6BD09years/

PREMIUM PAYMENT OPTIONS&

A&&$al !al' yearly "$arterly Mo&thly

MINIMUM PREMIUM PAYABLE&

A&&$al !al'Dyearly "$arterly Mo&thly D Rs/>)BBB.D D Rs/5)BBB.D D Rs/6)9BB.D D Rs/:9B

9/ HIGH LIFE PLUS *UNIT LINKED REGULAR

PREMIUM/&3
It pro-ides yo$ +ith a li'e co-er o' yo$r choice a&d also e&ha&ces yo$r i&-est%e&t opport$&ities to ear& ret$r&s i& li&e +ith

0>

the %ar,et/ I& this policy the i&-est%e&t ris, i& i&-est%e&t port'olio is bor&e by the policy holder/

M%(n 6e%t5re$&3
M%t5r(t# Bene6(t& his pla& %at$res o& co%pletio& o' the chose& policy ter%/ De%t9 8ene6(t& #& death be'ore the policy %at$rity date) the s$% ass$red pl$s policy holders '$&d -al$e +ill be payable/ P%rt(%7 B(t9=r%B%7 8ene6(tJ his pla& o''ers yo$ the additio&al 'le3ibility o' opti&( 'or partial +ithdra+als a&y &$%ber o' ti%es a'ter co%pletio& o' three policy years) pro-ided the policy holders '$&d -al$es a'ter s$ch +ithdra+al is e1$al to at least o&e a&d hal' years re($lar pre%i$%s/ ;artial +ithdra+als +o$ld &ot be allo+ed i& case the li'e ass$red is a %i&or till the attai&%e&t o' a(e o' %at$rity/ S5rren=er 8ene6(t& Yo$ ca& s$rre&der yo$r policy a&yti%e a'ter co%pletio& o' the third policy year/ Yo$ +ill recei-e the policy holders '$&d -al$e less the applicable s$rre&der char(es as stated belo+/ SB(tc9 #o5r 65n=& Yo$ ha-e the 'le3ibility to re-ie+ the per'or%a&ce o' yo$r $&it li&,ed '$&ds periodically a&d s+itch i&-est%e&ts 'ro% o&e $&it li&,ed '$&d to a&other/ +o s+itches per policy year are o''ered 'ree o' s+itchi&( char(es/ Sett7e4ent$ opt(on$J Yo$ ca& opt to recei-e yo$r %at$rity be&e'it i& a si&(le l$%p/

ELIGIBILITY&

0:

 Mi&i%$% e&try a(e Ma3i%$% e&try a(e Ma3i%$% %at$rity a(e Mi&i%$% policy ter% Ma3i%$% policy ter%

JB year Ea(e last birthdayL J:Byears J:9years J9years J09years

MINIMUM PREMIUM&
Yearly !al'Dyearly "$arterly Mo&thly Rs/9B)BBB.D Rs/09)BBB.D Rs/69)BBB.D Rs/>)BBB.D

>1 LIFEPLUS PLAN *A SA"ING SOLUTION/&3 his pla& si%pli'ies the process o' ta,i&( $&it li&,ed i&s$ra&ce/ Yo$ ca& choose a co&-e&ie&t policy ter% o' 6B) 69 or 0B years/ It allo+s yo$ to i&-est a&d %a&a(e yo$r i&-est%e&ts at yo$r o+& pace as per yo$r ris, pro'ile/

MAIN FEATURES&3
6/ Mat$rity be&e'itJ the policy %at$res o& the co%pletio& o' the policy ter% chose& by the policy holder/ 0/ 7eath be&e'itJ o& death be'ore the policy %at$rity date) the pre-aili&( at that ti%e or the '$&d -al$e/ 5/ ;artial +ithdra+al be&e'itJ the pla& o''ers yo$ the additio&al 'le3ilibility o' opti&( 'or a partial +ithdra+al o& co%pletio& o' 9 th policy year/

0A

=/ S$rre&der be&e'itJ yo$ ca& s$rre&der yo$r policy a&y ti%e a'ter the third policy year/ Yo$ +ill recei-e the '$&d -al$e less the applicable s$rre&der char(es/ 9/ a3 be&e'itsJ $&der the sectio& ABc o' the i&co%e ta3 act 6<>6 the pro-isio&s are applicable to the policy holders/

Ot9er 6e%t5re$& E7()(8(7(t#&

Mi&i%$% e&try a(e Ma3i%$% e&try a(e Ma3i%$% %at$rity a(e ;re%i$% pay%e&t ter%s ;olicy ter% J J J J J 6Byears =9years >9years 6B) 69 a&d 0Byears/ 6B) 69 a&d 0Byears

T9e c9%r)e$&
he pla& o''ers co%plete tra&spare&cy +ith respect to e3pe&ses char(ed to yo$/ he char(es are as 'ollo+sJ aL ;olicy ad%i&istratio& char(es bL ;re%i$% allocatio& char(es cL F$&d %a&a(e%e&t char(es dL S+itchi&( char(es eL S$rre&der char(es 'L Mortality char(es (L Miscella&eo$s char(es

.1 ONELIFE *UNIT LINKED SINGLE PREMIUM/&3

0<

It is a pla& that is %$ch %ore tha& j$st i&s$ra&ce/ A s$perlati-e i&-est%e&t pla& that (i-es yo$ the $&i1$e optio& o' %a,i&( o&e si&(le l$%p s$% pay%e&t a&d additio&al topD$ps as per yo$r co&-e&ie&ce/

Po7(c# ter4&
he ter% o' the policy is bet+ee& 9 to 09 years/

M%(n 6e%t5re$&3
0 M%t5r(t# 8ene6(tJ this pla& %at$res o& the co%pletio& o' the chose& policy ter%/ Yo$ +ill recei-e the bala&ce a%o$&t a-ailable i& yo$r i&di-id$al policyholders acco$&t o& the policy %at$rity date/ 2 De%t9 8ene6(tJ the a%o$&t o' death be&e'it depe&ds $po& the li'e co-er optio& chose& by yo$/ < P%rt(%7 $5rren=er 8ene6(tJ this pla& yo$ the additio&al 'le3ibility o' opti&( 'or partial s$rre&der a&y &$%ber o' ti%es a'ter co%pletio& o' 9 policy years) pro-ided the bala&ce i& the i&di-id$al policyholders acco$&t a'ter s$ch s$rre&der is at least Rs/09)BBB/ + S5rren=er 8ene6(t& yo$ ca& s$rre&der yo$r policy a&y ti%e a'ter the 'irst policy year/ Yo$ +ill recei-e the bala&ce a%o$&t a-ailable i& yo$r i&di-id$al policyholderFs acco$&t less applicable s$rre&der char(es/ > SB(tc9 #o5r 65n=J yo$ ha-e the 'le3ibility to re-ie+ the per'or%a&ce o' yo$r i&-est%e&t pla& periodically a&d s+itch i&-est%e&ts 'ro% o&e pla& to a&other/

5B

T%: 8ene6(t$&
A%o$&ts paid by yo$ are eli(ible 'or ta3 be&e'its as applicable $&der i&co%e ta3 act 6<>6/

Ot9er 6e%t5re$&3
E7()(8(7(t#&
Mi&i%$% E&try A(e Ma3i%$% E&try A(e J J B years Ea(e last birthdayL :B years :9 years 9 years 09 years

Ma3i%$% Mat$rity A(e J Mi&i%$% ;olicy er% J

Ma3i%$% ;olicy er% J

C1 ING POSITI"E LIFE&

)

he policy hi(hli(hts are 'le3ible pre%i$% payi&( optio&s) &o %edical $&der+riti&() 'le3ible i&-est%e&t optio&s) syste%atic i&-est%e&t be&e'it a&d partial +ithdra+al process i& the li'e i&s$ra&ce/ ING ;ositi-e is tar(eted at the re($lar sa-i&(s se(%e&t/ he pla& is 'le3ible so that it s$its the pro'ile o' a& i&di-id$al c$sto%er 'ro% the a(es B to 9B years/ It allo+s the c$sto%er to e&ter the pla& 'or as lo+ o' Rs/ A5= per %o&th/ he co&-e&ie&t policy ter%s o' 6B) 69 or 0B years allo+s o&e to %atch li'e (oals to the policy ter%s/ here is 'le3ibility o' pre%i$% payi&( ter% 'ro% a %i&i%$% o' three years to the policy ter%/

56

he pre%i$%s ca& be i&-ested i& a choice o' 'i-e '$&d optio&s 7ebt) Sec$re) ?ala&ced) Gro+th or E1$ity) based o& a& i&di-id$als ris, appetite/ 7$ri&( the policy ter%) the c$sto%er has a& optio& to s+itch bet+ee& these '$&ds) or redirect '$t$re pre%i$%s i&to the a-ailable optio&/ he pla& also o''ers li1$idity +he& &eeded by allo+i&( o&e partial +ithdra+al each year a'ter the 'i'th policy year/ #& %at$rity the '$&d bala&ce a-ailable is paid/ he %at$rity proceeds ca& also be distrib$ted o-er a 'i-e year period/

LIMITATIONS&

50

 he scope o' the project is related +ith o&ly p$&ja($tta bra&ch a&d &ot +ith other/ he project is related to lo+ i&co%e a&d %iddle i&co%e people/ here is &ot %$ch s$''icie&t ti%e to e3plai& abo$t the -ario$s pla&s/

ANALYSIS OF THE QUESTIONNAIRE

55

01 Are #o5 B(77(n) to t%'e % po7(c# B(t9 INGD

CATEGORY

YES NO Interpret%t(on& As %ost o' the% ha-e their o+& choice o' ta,i&( policy i& the real +orld o' co%petitio& i& the %ar,et +here ING also plays a role o' i&s$ra&ce sector) i& %y project s$r-ey +here %ost o' the% ha-e a (ood opi&io& o' abo$t >9R +ith ING a&d the rest 59R are +ith &e(ati-e opi&io&/
Respondents

Re$pon=ent$ ?> <>

NO, 35 YES, 65

YES NO

5=

0 Do #o5 9%Ae %n# po7(c#D LIC ICICI +C <E Interpret%t(on& HDFC 02 TATA 0E

Most o' %y 'i&di&(s o$t o' 6BB ha-e a (ood relatio& i& the LIC +ith =AR) 5BR are 'or ICICI) 60R are 'or !7FC) 6BR ha-e a policy +ith A A li'e i&s$ra&ce/

60

50

48

40 30

30

20 12 10 10

0 LIC ICICI HDFC TATA

59

<1

9%t t#pe o6 8ene6(t Bo57= #o5 7('e to preA%(7D MATURITY PARTIAL 2? 02 SURRENDER 0E

DEATH >2

Interpret%t(on& #$t o' total 6BB policyholders) +here %ost o' the% ha-e li,e their be&e'its i& -ario$s cate(ories) 90R are i&terested i& death process) 0>R are i&terested i& %at$rity process) 60R are 'or partial) a&d 6BR are 'or s$rre&der process/
60 50 40 30 20 10 0
IT Y TI AL EA T !R "A R RE N DE R H

52

26 12 10

Se#$es1

AT

S! R

5>

9%t t#pe o6 8ene6(t #o5 7('e (n ot9er (n$5r%nce GRO TH 0F GOLD 2

co4p%n(e$D HEALTH EARLY >0 2C Interpret%t(on&

#$t o' total 6BB) %ost o' the% ha-e their o+& disli,e a&d li,i&( abo$t other i&s$ra&ce co%pa&ies) +here 96R are i&terested i&to health pla&s) 0AR are i&terested i&to early protectio& pla&s) 6<R are i&terested i& easy (ro+th pla&s) a&d 0R are o&ly i&terested i& (old pla&s o' the i&s$ra&ce co%pa&ies/
60 51 50 40 28 1%

30

20 10

2 0 HEALTH EARLY &RO'TH &OLD

5:

>1 Do #o5 B%nt to 'noB t9e p7%n$ o6 ING "#$#% 7(6e (n$5r%nceD YES NO Interpr%t%t(on& +0 >F

I&to %y total stre&(th o' 6BB +here =6R has a(reed 'or ING pla&s a&d rest 9<R o' the% ha-e N# i&terest abo$t ING/

41 YES NO 5%

5A

9%t t#pe o6 p7%n$ =o #o5 B($9 to t%'e B(t9 INGD c9(7=protect(on Free=o4 2E 0E

S%6%7 jeeA%n ret(re4ent +E <E Interpret%t(on&

o5t o6 tot%7 0EE (n t9e project 4o$t o6 t9e peop7e B9o B($9 to )o 6or t9e p7%n$ o6 ING %re; +EG %re opte= 6or $%6%7 jeeA%n; <EG opte= 6or ret(re4ent p7%n; 2EG 6or c9(7= protect(on p7%n; 0EG 6or 6ree=o4 p7%n1

45 40 35 30 25 20 15 10 5 0 s()(* +ee,(n #et$#e-ent ./$*d p#ote.t$on )#eedo10 20 30 40

5<

.1

9%t t#pe o6 p7%n$ =o #o5 7('e B(t9 ot9er (n$5r%nce e=5c%t(on 00 M%rr(%)e 0E

co4p%n(e$D Be%7t9 (nAe$t4ent +< <? Interpret%t(on&

O5t o6 tot%7 0EE po7(c#9o7=er$; +<G %re 6or Be%7t9 p7%n$; <?G %re %pp7(e= 6or (nAe$t4ent; 00G %re 6or e=5c%t(on; %n= 0EG %re %pp7(e= 6or 4%rr(%)e1

50 45 40 35 30 25 20 15 10 5 0 0e(*t/ (nd /e(*t/ $n,est-ent ed1.(t$on -(##$(2e 11 10 43 36

=B

9%t %re p7%n$ #o5 %re 7oo'(n) to t%'e (n ING "#$#% 7(6e Cre%t(n) 7(6e M%:(4($(n) p7%n 0C C9(7= protect(on 0+

(n$5r%nceD Ret(re4ent p7%n p7%n +F 0F Interpret%t(on&

o5t o6 0EE per$on$; +FG %re B(77(n) to )o 6or ret(re4ent$; 0FG %re 6or cre%t(n) 7(6e; 0CG %re 6or 4%:(4($(n) %n= 0+G %re %pp7(e= 6or c9(7= protect(on1

50 40 30 20 10 0

4%

Ret$#e-ent p*(n C#e(t$n2 *$)e p*(n

1%

18

14

(3$-$s$n2 p*(n C/$*d p#ote.t$on

=6

STUDY OF PEOPLE AT HYDERABAD IN KUSHAIGUDA AREA N%4e& Se:& 01Do #o5 9%Ae %n# po7(c#D A1 I6 #e$ * / / B1 I6 no B1 I6 no * * / / 21 Are #o5 B(77(n) to t%'e % po7(c# B(t9 INGD A1 I6 #e$ * <1 A 1De%t9 C1 P%rt(%7 +1 co4p%n(e$D A1 9e%7t9 8ene6(t C1 )roBt9 8ene6(t (n$5r%nceD A1 Ye$ ?1 A1 $%6%7 jeeA%n C1 c9(7= protect(on p7%n .1 co4p%n(e$D A1 Be%7t9 %n= 9e%7t9 p7%n C1 e=5c%t(on p7%n B1 (nAe$t4ent p7%n D1 4%rr(%)e p7%n
=0

A)e& D1O1B&

9%t t#pe o6 8ene6(t Bo57= #o5 7('e to preA%(7D B1 M%t5r(t# D1 S5rren=er

9%t t#pe o6 8ene6(t #o5 7('e (n ot9er (n$5r%nce B1 e%r7# %)e 8ene6(t D1 )o7= 8ene6(t

>1 Do #o5 B%nt to 'noB t9e p7%n$ o6 ING "#$#% 7(6e B1 No B1 ret(re4ent 8ene6(t D1 6ree=o4 p7%n

9%t t#pe o6 p7%n$ =o #o5 B($9 to t%'e B(t9 INGD

9%t t#pe o6 p7%n$ =o #o5 7('e B(t9 ot9er (n$5r%nce

C1

9%t %re p7%n$ #o5 %re 7oo'(n) to t%'e (n ING "#$#% 7(6e

(n$5r%nceD A1 ret(re4ent 8ene6(t p7%n B1 cre%t(n) 7(6e C1 4%:(4(@(n) p7%n D1 c9(7= protect(on

=5

SUMMARY AND CONCLUSIONS& D the st$dy o' %y o-erall data relates +ith the di''ere&t
tech&i1$es)%ethods)pla&s +hich are %ai&ly be&e'it to the policy holders/ As %y o-erall st$dy (i-es a brie' e3pla&atio& o' the -ario$s pla&s 'ollo+ed by the ING -ysya li'e i&s$ra&ce/ My st$dy %ai&ly s$%%ariIes abo$t the -ario$s %ar,eti&( tech&i1$es $sed by the ING -ysya li'e i&s$ra&ce to attarct the &e+ type o' c$sto%ers +here the co%petitio& pre-ails i& the %ar,et/ At last I brie'ly co&cl$de that ING has -ery %$ch pote&tial abilities to pre-ail i& the %ar,et/

==

SUGGESTIONS
6/ As %ore people are i&cli&ed to+ards ta,i&( i&( -ysya policy) the %ar,et share sho$ld be capt$red by o''eri&( the% %ore -al$e i&itially/ 0/ C$sto%ers are %ore i&terested i& posth$%o$s be&e'its the proced$res a&d settle%e&ts i& cases o' e-e&t$alities sho$ld be as si%ple as possible) e-e& door deli-ery o' the settle%e&t che1$es ca& be tho$(ht o' i' -iable/ 5/ !ealth a&d phar%a sectors has (ot %a3i%$% opport$&ities so tie $p +ith corporate hospitals ca& be thro$(ht o'/ =/ !o%e+or, is to be do&e i& 2'reedo% pla&O a&d it sho$ld be %ade %ore attracti-e/ 9/ ING Vysya sho$ld co%e $p +ith &e+ 2Health ;la&sO i& li&e +ith copetitors as it (ot %ore ta,ers i& the %ar,et/ >/ Child protectio& pla& is &ot $pto the %ar, so the policy is to be i%pro-ed a&d sho$ld be %ade %ore attracti-e/

=9

BIBILOGRAPHY&

REFERED MARKETING BOOKS&

01 ?y ;hilip Kotler 0/ ?y G/C/?eri

INTERNET SITES&
6/ httpJ..e&/+i,ipedia/or(.+i,i.Mar,eti&(SI&trod$ctio& 0/ httpJ..+++/theti%es6BB/co/$,.theory.theoryDD%ar,eti&(D tech&i1$esDD6A>/php 5/ httpJ..+++/er'$rt%ar,eti&(/co/$,. =/ httpJ..+++/(n)A#$#%li'e/co%

REFFERED !OURNALS&
6/ ?roch$res #' ING VYSYA li'e i&s$ra&ce/ 0/ ?$si&ess Horld 5/ Eco&o%ic

i%es Ebra&d e1$ityL

=/ =ps Mar,eti&(

=>