A SUMMER TRAINING PROJECT REPORT On

A comparative study of the distribution channels of other Life Insurance companies and ING Life Insurance Co. Ltd. in the competitive market
Submitted In Partial Fulfillment Of the Requirements for the Award of the Degree Of Bachelor of Business Administration (BBA) To Guru Gobind Singh Indraprastha University, Delhi

Submitted To:
Ms. Suman Shokeen

Submitted by
Jayant Rana 09314201711

JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL VASANT KUNJ Batch 2011 - 2014

CERTIFICATE This is to certify that the Project Report (BBA -311) titled A comparative study of the distribution channels of other life insurance companies and ING Life in the competitive market done by Jayant Rana, Roll No.09314201711, is completed under my guidance.

Ms Suman Shokeen

(Project Guide) Date:

ACKNOWLEDGEMENT

I owe my deepest gratitude to all the people associated with this project and helped me in successfully completing this work. I wish to extend my sincere thanks to Mr. Ashish Awasthi Cluster Manager at ING Life Insurance for giving me an opportunity to work for the organization. encouraged and inspired me to deliver nothing less than the best. I would also like to express my gratitude to all the staff members at ING Life Insurance for their support and co-operation during the period. Lastly I would like to thank all the members of the ING Life for helping and supporting me throughout this project. He has constantly

(JAYANT RANA)

CONTENTS

S.NO.
3 4

PARTICULARS
Chapter1- Introduction Chapter2- Research Methodology

Page No.

5 6 7 8

CHAPTER3- Company Profile CHAPTER4 Findings CHAPTER5- Conclusion Bibliography/References

EXECUTIVE SUMMARY

Life is full of surprises, some pleasant and some not so pleasant. Our families and we have to live with these uncertainties. Preparing for uncertainties of life is what insurance is all about. Why waste precious moments contemplating tomorrow, when we have to live today? Insurance is a tool, a solution for delegating the worries concerning tomorrow onto a trustworthy institution so that you start living today.

In other words, Insurance is a legal contract that protects us from the financial costs that results from loss of life, loss of health, lawsuits or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life. People purchase contracts of insurance, called policies, from a variety of insurance organizations. Almost everyone living in modern, industrialized countries buys insurance, for instance, laws in most states require people who own a car to buy insurance before driving it on public roads.

The primary purpose of life insurance is therefore protection of the family in the event of death. Today, insurance is also seen as a tool to plan effectively for the future years, retirement and for childrens needs. Today, the market offers insurance plan that not just cover the life but at the same time grow wealth too. When we insure our life, in effect what we are doing is insuring our earning capacity. This guarantees that our dependants will be able to continue living without financial hardships even in case of our demise.

ING LIFE INSURANCE CO. distributes its products through two channels i.e. Tied agency and Alternate channels. The Tied agency comprises over 30,000 ING Life Advisors spread across the country. The Alternate channel is a fast growing distribution channel and includes banc assurance partner (ING VYSYA BANK), Cooperative Banks, Corporate Agents and Brokers.

In this summer intern project, I studied the distribution channels of ING Life and its competitorsHDFC Life, ICICI Prudential, SBI Life, Birla Sun Life, Max Life, Aviva, etc. in the competitive market, which helped me in knowing their channel partner distribution and their facts and figures and AUM (Asst Under Management). Hence, my topic of study is Study on Distribution Channels of Life Insurance Companies on the competitive market.

CHAPTER 1 INTRODUCTION

INSURANCE HISTORICAL BACKGROUND In 1818, a British company called Oriental Life Insurance setup the first insurance firm in India followed by the Bombay Assurance Company in 1823 and the Madras Equitable Life Insurance Society in 1829. Though all this companies were operating in India but insuring the life of European living in India only. Later some of the companies started providing insurance to Indians with approximately 20% higher premium than Europeans as Indians were treated as substandard. Substandard in insurance parlance refers to lives with physical disability. Bombay Mutual Life Assurance Society was the first company established in 1871 which started selling policies to Indians with fair value. Insurance business was subjected to Indian company act1866, without any specific regulation. In 1905, the slogan Be Indian-Buy Indian declared by Swadeshi Movement gave birth to dozens of indigenous life insurance and provident fund companies. In 1937, the Government of India setup a consultative committee and finally first comprehensive insurance act was passed in 1938. The insurance Amendment Act of 1950 abolished principal agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th January, 1965 nationalizing the life insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indians, 16 non-Indian insurers as also 75 provident societies- 245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the insurance sector was reopened to the private sector. In 1968, the insurance act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also setup then. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government setup a committee under the chairmanship of RN MALHOTRA, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the

financial sector. The committee submitted its reports in 1994 wherein, among other things. It recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating companies, preferably a joint venture with Indian partners. Following the recommendations of the RN MALHOTRA Committee report. In 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of IRDA include promotion of competition so as to enhance customer satisfaction through consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August, 2000 with the invitation for applications for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to policyholders interests. Today there are 24 general insurance companies including the ECGC and Agricultural Insurance Corporation of India and 23 life insurance companies operating in the country. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the countrys GDP. A well developed and evolved insurance sector is a boon for economic development as it provides long term funds for infrastructure development at the same time strengthening the risk taking ability of the country.

Indian Insurance Market ($ bn):2010-2011

In oct.2000, IRDA (Insurance Regulatory and Development Authority) issued license paper to three companies, one public sector are successfully operating in India. The growth of the sector can easily be judged through figure-1. According to a study by McKinsey total life insurance market premiums in India is likely to more than double from the current US$ 40 billion to US$ 80-US$100 billion by 2012.

CHANGING COMPETITIVE ENVIRONMENT: With the opening of insurance sector in India, the share of private insurer was very less. As shown in table-1, total share of private insurer was just 2% in 2001-02. It was because of any reason which includes credibility on private players:TABLE-1:
Insurance Sector Public(LIC) Private 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 98 94 87 78 73.66 65.28 59.25 2 6 13 22 26.34 34.72 40.35

MARKET SHARE OF PUBLIC AND PRIVATE INSURANCE COMPANIES

Figure 2

Years

20072008 20062007 20052006 20042005 20032004 20022003 20012002 0 50 100 150

Private Public(LIC)

Market Shares

Source: Compiled from Insurance annual reports

But soon because of innovative & customized products, novel distribution channels, aggressive marketing etc.private players gave a tough competition to public sector company (LIC). Gradually, the market share of private insurer went up and till financial year 2007-08, total share of private insurer reached as high as 40.35%. The market share of LIC decreases after the entry of private insurer but it doesnt mean that the growth of LIC got down. LIC continue its growth even after a cut throat completion from the private players.

Distribution channels in insurance An insurance cover is an intangible product evidenced by a written contract known as thepolicy. Insurers market various insurance covers either directly or through various distribution channelsindividual agents, corporate agents (including Banc assurance) and Brokers. The marketer in the distribution network is in direct interface with the prospect and the customer. Life insurance products are sold through individual agents and many of them have this as their only career occupation. General insurance products are sold through individual agents, corporate agents and brokers. Distribution channels such as agents are licensed by the IRDA. To get an agency licence, one has to have certain minimum qualifications; practical training in insurance subjects and pass an examination conducted by the Insurance Institute of India. IRDA regulations on licensing of agents/brokers lay down the code of conduct for individual agents, corporate agents and brokers. A separate note on the code of conduct is appended to this note. Thus it is seen that the dos and donts for these intermediaries are given clearly at the point of sale as well as in the event of a claim. Service does not end with the customer receiving his document; it in fact only begins here. After sales service is as important or even more important like when a refund has to be made or when a claim has to be made. One of the issues that are of great concern affecting professionalism in insurance activities is resorting rebating by intermediaries. Rebating is prohibited as per Section 41 of the Insurance Act, 1938 and the public are advised not to deal with intermediaries offering rebate of any kind. Rebating means a share of commission receivable by the agent/broker is given to the prospect/client. This is done to attract the client in the purchase of insurance contract by offering cash. Competition among agents/brokers is so cut-throat, some agents indulge in such unethical practices. Public are advised not to ask for any prohibited rebates in premium since commission payment to an agent is the only income for some to take care of their families. Similarly, agents are also advised not to indulge in such practices which could cause them loss of agency income.

Code of Conduct for Intermediaries I. INSURANCE AGENT Every insurance agent shall, -- Identify himself and the insurance company of whom he is an insurance agent; Disclose his licence to the prospect on demand; Disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan; Disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect; Indicate the premium to be charged by the insurer for the insurance product offered for sale; Explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract; bring to the notice of the insurer any adverse habits or income inconsistency of the prospect, in the form of a report (called Insurance Agents Confidential Report) along with every proposal submitted to the insurer, and any material fact that may adversely affect the underwriting decision of the insurer as regards acceptance of the proposal, by making all reasonable enquiries about the prospect; Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer; Obtain the requisite documents at the time of filing the proposal form with the insurer; and other documents subsequently asked for by the insurer for completion of the proposal; Render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer;

Advise every individual policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, wherever necessary;

No insurance agent shall, --- Solicit or procure insurance business without holding a valid licence; Induce the prospect to omit any material information in the proposal form; Induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for acceptance of the proposal;

Behave in a discourteous manner with the prospect; Interfere with any proposal introduced by any other insurance agent; Offer different rates, advantages, terms and conditions other than those offered by his insurer; Demand or receive a share of proceeds from the beneficiary under an insurance contract; Force a policyholder to terminate the existing policy and to effect a new proposal from him within three years from the date of such termination; Apply for fresh licence to act as an insurance agent, if his licence was earlier cancelled by the designated person, and a period of five years has not elapsed from the date of such cancellation;

Become or remain a director of any insurance company; Every insurance agent shall, with a view to conserve the insurance business already procured through him, make every attempt to ensure remittance of the premiums by the policyholders within the stipulated time, by giving notice to the policyholder orally and in writing; II. CORPORATE AGENT Every Licensed Corporate Agent shall abide by the code of conduct specified below:Every corporate agent shall:

a) Be responsible for all acts of omission and commission of its corporate insurance executive and every specified person; b) Ensure that the corporate insurance executive and all specified persons are properly trained, skilled and knowledgeable in the insurance products they market; c) Ensure that the corporate insurance executive and the specified person do not make to the prospect any misrepresentation on policy benefits and returns available under the policy; d) Ensure that no prospect is forced to buy an insurance product; e) Give adequate pre-sales and post-sales advice to the insured in respect of the insurance product; f) Extend all possible help and cooperation to an insured in completion of all formalities and documentation in the event of a claim; g) Give due publicity to the fact that the corporate agent does not underwrite the risk or act as an insurer;

h) Enter into service level agreements with the insurer in which the duties and responsibilities of both are defined. Every corporate agent or a corporate insurance executive or a specified person shall also follow the code of conduct specified below: (i) Every corporate agent/ corporate insurance executive/ specified person shall, --(a) Identify himself and the insurance company of whom he is a representative; (b) Disclose his licence/ certificate to the prospect on demand; (c) Disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan;

(d) Disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect; (e) Indicate the premium to be charged by the insurer for the insurance product offered for sale; (f) Explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract; (g) bring to the notice of the insurer any adverse habits or income inconsistency of the prospect, in the form of a report (called Insurance Agents Confidential Report) along with every proposal submitted to the insurer, and any material fact that may adversely affect the underwriting decision of the insurer as regards acceptance of the proposal, by making all reasonable enquiries about the prospect; (h) Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer; (i) Obtain the requisite documents at the time of filing the proposal form with the insurer; and other documents subsequently asked for by the insurer for completion of the proposal; (j) Render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer; (k) Advise every individual policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, wherever necessary;

(ii) No corporate agent/ corporate insurance executive/ specified person shall, ---(a) Solicit or procure insurance business without holding a valid licence/ certificate; (b) Induce the prospect to omit any material information in the proposal form;

(c) Induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for acceptance of the proposal; (d) Behave in a discourteous manner with the prospect; (e) Interfere with any proposal introduced by any other specified person or any insurance intermediary; (f) Offer different rates, advantages, terms and conditions other than those offered by his insurer; (g) Demand or receive a share of proceeds from the beneficiary under an insurance contract; (h) Force a policyholder to terminate the existing policy and to effect a new proposal from him within three years from the date of such termination; (i) No corporate agent shall have a portfolio of insurance business from one person or one organization or one group of organizations under which the premium is in excess of fifty percent of total premium procured in any year; (j) Apply for fresh licence to act as an insurance agent, if his licence was earlier cancelled by the designated person, and a period of five years has not elapsed from the date of such cancellation; (k) Become or remain a director of any insurance company; (iii) Every corporate agent shall, with a view to conserve the insurance business already procured through him, make every attempt to ensure remittance of the premiums by the policyholders within the stipulated time, by giving notice to the policyholder orally and in writing. (iv) No director of a company or a partner of a firm or the chief executive or a corporate insurance executive or a specified person shall hold similar position with another corporate agent of any other insurance company.

III. INSURANCE BROKER

Every Insurance Broker shall follow recognised standards of professional conduct and discharge his functions in the interest of the policyholders. Conduct in matters relating to clients relationship every insurance broker shall: Conduct its dealings with clients with utmost good faith and integrity at all times;

Act with care and diligence; Ensure that the client understands his relationship with the broker and on whose behalf the broker is acting; Treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer(s) to which the business is being offered;

Take appropriate steps to maintain the security of confidential documents in their possession; Hold specific authority of client to develop terms; Understand the type of client it is dealing with and the extent of the clients awareness of risk and insurance; Avoid conflict of interest. Conduct in matters relating to Sales practices Every insurance Broker shall: (a) Confirm that it is a member of the Insurance Brokers Association of India or such a body of brokers as approved by the Authority which has a memorandum of understanding with the Authority; (b) Confirm that he does not employ agents or canvassers to bring in business; (c) Identify itself and explain as soon as possible the degree of choice in the products that are on offer; (d) Ensure that the client understands the type of service it can offer; (e) Ensure that the policy proposed is suitable to the needs of the prospective client;

Conduct in matters relating receipt of remuneration every insurance broker shall: (a) Disclose whether in addition to the remuneration prescribed under these regulations, he proposes to charge the client, and if so in what manner; (b) Advice the client in writing of the insurance premium and any fees or charges separately and the purpose of any related services; (c) If requested by a client, disclose the amount of remuneration or other remuneration it receives as a result of effecting insurance for that client. This will include any payment received as a result of securing on behalf of the client any service additional to the arrangement of the contract of insurance; and (d) Advise its clients, prior to affecting the insurance, of their intention to make any deductions from the amount of claim collected for a client, where this is a recognised practice for the type of insurance concerned. Conduct in relation to matters relating to training every insurance broker shall: (a) That its staff are aware of and adhere to the standards expected of them by this code; (b) Ensure that staff is competent, suitable and have been given adequate training; (c) Ensure that there is a system in place to monitor the quality of advice given by its staff; (d) Ensure that members of staff are aware of legal requirements including the law of agency affecting their activities; and only handle classes of business in which they are competent; (e) Draw the attention of the client to Section 41 of the Act, which prohibits rebating and sharing of commission. Every insurance broker shall display in every office where it is carrying on business and to which the public have access a notice to the effect that a copy of the code of conduct is available upon request and that if a member of the public wishes to make a complaint or requires the assistance of the Authority in resolving a dispute, he may write to the Authority.

An insurance broker as defined in these regulations shall not act as an insurance agent of any insurer under section 42 of the Act. Every insurance broker shall abide by the provisions of the Insurance Act, 1938 (4 of 1938), Insurance Regulatory and Development Authority Act 1999(41 of 1999), rules and regulations made there under which may be applicable and relevant to the activities carried on by them as insurance brokers.

E-sales
E-sales or online sales or we can call it as selling of policy through internet medium .E-sales is an example of direct method. Online sales advertisement by insurer, employees selling policies to customers directly. Though, its a new concept in the insurance sector, but insurers starting adopting e-sales for its sales growth as e-sales reduces the intermediary costs like commission of advisors, brokers, etc.

STATISTICS The graph below shows the relative split of distribution channels in new business premium collections for individual and group segments, based on public disclosures issued by life insurers for the first three quarters of FY2012-13.

Source: Company quarterly disclosures

Individual agents accounted for approximately 96 per cent of the individual new business premium collections of the LIC while direct business contributed 97 per cent of its unweighted group new business premium collections in the period April to December 2012. During the same period, with 44 per cent contribution, banc assurance was the leading distribution channel for private life insurers for individual products, followed closely by individual agents contributing 39 per cent. For unweighted group new business premium, direct business was the largest contributor in the nine month period ending December 2012. OTHERS The IRDA Board has authorised the National Securities Depository Limited (NSDL), Central Depository Services Limited, Stock Holding Corporation of India, Karvy group and Computer Age Management (CAMS) Repository Services to act as repositories for insurance policies. The initiative will allow policyholders to maintain policies electronically and make modifications to them. The services will be provided to policyholders without any charges as the repositories will receive compensation directly from the insurance companies.

According to statistics released by Life Insurance Council, the total number of branches of life insurers and employee headcount decreased by 608 and 10,000 respectively as at September 2012 as compared to September 2011. According to insurers, companies are reviewing existing networks as the use of technology has decreased the need for physical offices. The number of agents also reduced by over 200,000 during the same period. Edelweiss Tokio Life intends to recruit 3,000 personal financial advisers in southern India by 2015 and plans to start operations in eastern India in the current financial year. Future Generali Life will expand its advisor base by recruiting over 10,000 new advisors from different sectors of society. This is an initiative to reach out to a wider audience base and increase its market share. Future Generali Life has entered into an agreement with Zoom developers, a service center agency, through which the latter will distribute Generalis micro-insurance products in Himachal Pradesh. The company is looking at reaching out to 100,000 households in the region. The products will be distributed through over 1,000 Common Service Centers delivery outlets in Kangra, Una and Chamba districts of Himachal Pradesh. India First Life has recently opened a Financial Planning Centre in Jaipur to intensify its presence in the Tier-II and Tier-III cities. The set-up would offer services like processing applications for new business, training of advisors, filing of claims and collecting and managing customer records. India First Life announced a corporate agency agreement with a local arm of Calcutta Stock Exchange (CSE) CSE Capital Markets Ltd to distribute its products. According to reports, CSE Capital Markets have about 25 agents certified by the IRDA for selling insurance products. This initiative is reportedly an effort by the insurer to reduce its dependence on the banc assurance channel which accounts for 80 per cent of its sales. Shriram Life is planning to expand its business in north India by adding 50 more branches. During the expansion the company plans to concentrate on lowering operating expenses and on targeting Tier-II locations, in order to remain profitable.

CHAPTER-2 RESEARCH METHODOLOGY

Research Research is a scientific and systematic search for pertinent information on a specific topic. In fact research is an art of scientific investigation. Redman and Mory defines research, As a systematic effort to gain new knowledge. According to Clifford Woody research comprises defining and redefining problems, formulating hypothesis or suggested solution; collecting, organizing and evaluating data; making deduction and reaching conclusion and at last carefully testing the conclusion to determine whether they fit the formulating hypothesis. Research Methodology Research methodology is a way to systematically solve the research problems. It may be understood as a science of studying how research is done scientifically. Research methodology for this study: Research design Descriptive Research

 Secondary data collection tool Websites, News papers Secondary data: The secondary data was collected through the internal and external sources. The internal included companies brochures various journals. The external sources consist of peripherals, books and journals, newspapers, magazines and websites of the advertisement etc. Purpose of the study The study will help the organization in knowing how the Life insurance companies distribution channels are performing. Objective of the study To understand the concept of Distribution channels, working and mechanism. To know the Performance of Distribution channel partners of ING Life compared to the other companies. To evaluate performance of Life insurance companies channel partners.

Significance Risk and Insurance Global insurance Penetration of insurance sector at world level as well as in India Saving habits of Indian people Liberalization of Indian Insurance Sector Role of the Insurance Regulatory Authority of India Performance of private players in insurance sector A comparative studies on private and public sector of insurance companies Performance evaluation of non-life insurers (public and private Evaluation of General Insurance Sector in India Urban and Rural penetration of Insurance sector in India Role of Insurance Sector In terms of infrastructure development in India

CHAPTER-3 COMPANY PROFILE OF ING LIFE INSURANCE

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services.It's been a long journey since then and the Bank has grown in size and stature to encompass every area of present-day banking activity and has carved a distinct identity of being India's Premier Private Sector Bank. In 1980, the Bank completed fifty years of service to the nation and post 1985; the Bank made rapid strides to reach the coveted position of being the number one private sector bank. In 1990, the bank completed its Diamond Jubilee year. At the Diamond Jubilee Celebrations, the then Finance Minister Prof. MadhuDandavate, had termed the performance of the bank Stupendous. The 75th anniversary, the Platinum Jubilee of the bank was celebrated during 2005.

History of ING

ING was founded in 1991 by a merger between Nationale-Nederlanden and NMB Postbank Group. During the past years ING has become a multinational with diverse international activities. The roots of ING can be traced to the insurers De Nationale Levensverzekering Bank and De Nederlanden van 1845 and to the public bank services such as De Rijkspostspaarbank and De Postcheque- and Girodienst, as well as to the Nederlandsche Middenstands Bank. The oldest legal predecessor is the Kooger Doodenbos from Koog in the province of North Holland, founded in 1743. During that period many regional funds were created to insure people from certain communities, professions, widows and orphans against bad fortune. Many of these small organisations were taken over by larger nationwide operating companies such as De Nationale Levensverzekering Bank. The fire insurers were the first to undertake international activities, starting in the Dutch Indies, but later also in the rest of Asia and in America. This created the

foundation for the international company.The pillarisation of Dutch society that separated Protestants, Catholics and Socialist/Liberals is also visible in the ING history.

The founding of ING as one company was started in 1990 when the legal restrictions on mergers between insurers and banks were lifted in the Netherlands. This prompted insurance company Nationale-Nederlanden and banking company NMB Postbank Groep to enter into negotiations. The merger into Internationale Nederlanden Groep took place in 1991. The market soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Groep N.V. Since 1991, ING has developed from a Dutch company with some international business to a multinational with Dutch roots. This was achieved through a mixture of organic growth, such as the creation of ING Direct from scratch, as well as various large acquisitions.

The top of the company pedigree above shows the 'founding fathers' of ING; at the bottom you will find the companies that ING has acquired since its establishment

In addition, companies were bought that have in the meantime been sold again. The first large acquisition took place in 1995, when ING took over Barings Bank. This acquisition increased the brand recognition of ING around the world and strengthened its wholesale banking presence in the emerging markets. Some of Barings activities were integrated in ING's business units, while other parts were closed down or sold. In 1999, ING acquired the German BHF-Bank, but this Frankfurt-based merchant bank was divested in 2004. CenEbankiers also played an important role in ING's history. It had been part of NMB since 1966, but in 2004 ING decided to sell CenE. And then there was Life of Georgia. This insurance company was acquired by Nationale-Nederlanden in 1979, resulting in a considerable increase in activities in the US. Via Life of Georgia, the activities in Asia expanded considerably. However in 2004, ING as a group had become well-established in both regions and Life of Georgia was sold. In 1956 an ING predecessor (de Nationale) bought de Tiel-Utrecht. This significantly increased the size of the company. But it was sold again in 1999 to De Goudse.

Furthermore ING participates in a number of financial institutions, such as Pacific Antai Life Insurance and the China Merchants Fund Management. It has also established a partnership with the Bank of Beijing. This has strengthened ING's presence in the emerging markets of Asia, where ING has a longstanding presence. The Netherlands of 1845 had been active in China since 1886 and NMB Bank had joint ventures in 1974 (Inter-Alpha Asia). During its short existence, ING has grown into a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services.

ING COMPANY

ING In India

ING is present in all three fields of banking, insurance and asset management in the form of ING, ING Vysya Life Insurance and ING Investment Management respectively. The presence in all three fields signifies the importance that the group attaches to the Indian markets and the group's operations here, as well as its bullish future outlook on the country. ING and ING Vysya Life Insurance are headquartered in Bangalore, while the corporate office of ING Investment Management is situated in Mumbai. The synergies arising out of the three distinct but complimentary businesses are bound to be an asset to the group in the changing market dynamics of the future. The first such signs are already visible on the horizon with combined products being successfully launched by the different entities of the group in conjunction with each other.

The origin of ING Group On the other hand, ING group originated in 1990 from the merger between National Nederlanden NV the largest Dutch Insurance Company and NMB Post Bank Group NV. Combining roots and ambitions, the newly formed company called InternationalNederland Group. Market circles soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Group N.V..

Profile ING has gained recognition for its integrated approach of banking, insurance and asset management. Furthermore, the company differentiates itself from other financial service

providers by successfully establishing life insurance companies in countries with emerging economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialization is ING Direct, an Internet and direct marketing concept with which ING is rapidly winning retail market share in mature markets. Finally, ING distinguishes itself internationally as a provider of employee benefits, i.e. arrangements of nonwage benefits, such as pension plans for companies and their employees.

About ING Life ING Vysya Life Insurance Company Limited is an established life insurance company with over a decade of experience serving over I million customers in over 200 cities in India. Headquartered in Bangalore, ING Vysya Life Insurance Company Limited is 100% owned by Exide Industries Limited. The company distributes its products through key channels like Tied Agency, Banc assurance and Alliances. The Tied Agency channel comprises over 30,000 ING Vysya Life Insurance Advisors, spread across the country. The Banc assurance and Alliances business within ING Vysya Life Insurance is a fast growing distribution channel, and includes the Banc assurance partner (ING Vysya Bank), Referral Partners, Corporate Agents and Brokers. The word ING and the device are trademarks of ING Groep N.V. and are used under license.

Our Mission, Values & Personality

MISSION

At ING Life, our mission is To set the standard in helping our customers manage their financial future.

VALUES Our business is driven on our values of Optimism,

Knowledgeable, Trustworthy and Transparent. Optimism: We bear an approach of Optimism towards our company, towards each other, in our products and in our care for our customers interests. Knowledgeable: We cultivate the knowledgeable value through our robust way of working, sharing and actively communicating. Trustworthy: We deliver trustworthiness by doing the right things in right way, by delivering aneasier customer experience and by being a socially responsible corporate. Transparent: Our value of transparent drives our actions, reflects in our products and services. PERSONALITY ASPECTS Our values are personified by our people through a set ofPersonality aspects. These personality aspects are: Positive, Professional, Accountable and Transparent. Positive: ING Life India employees live its value of optimism by bearing a positive and can-do attitude to their work. Professional: At ING Life India, we expect the highest standard of professional behavior by providing professional advice to customers, by treating customers equitably, abide by companys culture and act with compliance. Accountable: ING Life India expects employees to be accountable for their actions, words and decisions such that it builds their personal integrity and fosters ING Life Indias value of trustworthiness.

Straightforward: ING Life India expects employees to be straightforward in their conduct and work while dealing with customers and colleagues.

The Brand Positioning The Brand Essence of ING Life is, Experience the joy of fulfilling your responsibility. This essence is captured in the unique brand positioningMeraFarz, developed in 2007. This positioning means, ING Life helps its customers fulfill their responsibilities as provider towards themselves and their families. ING Life provides its customers with the strength, reliability and the right balance between long-term savings, security & reasonable returns.

Product Portfolio ING Life follows a "customer centric approach" while designing its products. The Company's product portfolio offers products that cater to every financial requirement, at all life stages. ING Life has developed an exclusive tool - the Life Maker a simple tool which helps our customers choose a plan most suitable to them, based on their needs, requirements and current life stage. This tool helps build a complete financial plan for life at every life stage, whether the requirement is Protection, Savings, Retirement or Investment.

Management Board of Directors (as on March 21, 2013)

Mr. RajanRaheja: Chairman Mr. A. K. Mukherjee: Director Mr. Kshitij Jain: Managing Director & CEO Mr. N. N. Joshi: Director Mr. Rajesh Kapadia: Director Mr. Satish Raheja: Director

Executive Team (as on March 21, 2013)

Mr. Kshitij Jain: Managing Director & CEO Mr. Rahul Agarwal: Chief Distribution Officer Mr. B. Ashwin: Chief Operating Officer Mr. UcoVegter: Chief Financial Officer Mr. B N Rangarajan: Appointed Actuary & Chief Risk Officer

Leadership Profile

At ING, we pay significant attention to the way we manage our talent. This supports the Company wide effort to develop a Winning performance Culture- a pivotal component of ING's people strategy that allows us to attract, motivate, retain and develop the very best people for continued business growth. Talent management at ING enables the leadership team to look across all employees in the organization and make informed assessments based on three principle areas: past performance, growth potential and ambition. We look at what has been achieved against the pre-agreed individual objectives as well as how the performance is achieved. We use the ING Leadership star as the reference- to measure the "how" of delivering performance. All our Managers in leadership positions are expected to exhibit the five critical leadership behaviors, as per ING Leadership Star.

The long journey of Eighty-three years has had several milestones 1930 Set up in Bangalore 1948 Scheduled Bank 1985 Largest Private Sector Bank

1987 The Vysya Bank Leasing Ltd.Commenced 1988 Pioneered the concept of co-branding of credit cards. 1990 Promoted Vysya Bank Housing Finance Ltd. 1992 Deposits cross Rs 1000 crores 1993 Number of Branches crossed 300 1996 Signs strategic alliance with BBL 1998 Cash Management Services, & commissioning of VSAT, Golden Peacock Award- for the Best HR Practices by Institute of Directors, Rated as Best Domestic Bank in India by Global Finance. 2000 State of the art Date Centre at ITPL, Bangalore. RBI clears setting up of ING VYSYA LIFE INSURANCE CO 2001 ING Commenced life insurers

2002 The Bank launched a range of products and services like the Vysya paper Plus, the range Of loan schemes for traders, ATM services, smartserv,personal assistant service, Save Secure , an account that provides accident hospitalization and insurance cover, Sambandh the International Debit card and the mi-b@nk net banking service. 2002 RBI clears the new name of the Bank as ING Vysya Bank Ltd,vide their letter of 10.12.02 2003 Introduced customer friendly products like Orange savings, Orange current and Protected Home loans. 2004 2005 2006 Introduced Protected Home Loans- a housing loan product Introduced Solo My Own Account for Youth and customer service linePhone Banking Service Bank has networked all the branches to facilitate AAA transaction.

2007 2008 2009 2009 2010 2010 2011

ING Life join hands with Bangalore One ING Life launches Golden Life ING Join hands with South India Bank. ING Life launches anew saving solution ING Prime Life ING partners with Hero Honda FIH World Cup 2010 as major sponsor ING launches new guaranteed NAV ULIP-ING Market Shield ING launches ING Ace (Pensions, & Life, Traditional plan with guaranteed additions up To 8.75%)

2011

ING records in Q 4( FY 2010-2011), aims to grow premium income to Rs 2000 crores In FY 2011-2012.

2011 2012 2013

ING partners with Bollywoods most awaited multi starrer Zindagi Na Milengi Dobara. ING appoints Law and Kenneth as its new advertising agency. ING launches a unique retirement solution- ING Golden Years Retirement Plan

Distribution channels of life insurance companies

ING Vysya Life has a diversified distribution platform. The company distributes it products through key channels like Tied agency, Banc assurance and alliances. The Tied agency channel comprises over 30,000 ING Life Insurance, advisors spread across the country. The Banc assurance and alliances business within ING is a fast growing distribution channel and includes the Banc assurance partners(ING VYSYA Bank), Referral partners, corporate agents and Brokers. ING Vysya Life has strengthened its position as the leader in the life insurance industry in cooperative banks tie ups. The company currently has tie ups with 130 cooperative banks across the country.

We at SBI Life are in the process of strengthening our distribution network. As a part of it we are now focusing on Corporate Agency & Broking as an alternate channel. If you are interested in joining SBI Life as a Corporate Agent or want to get empanelled as a Broker.

SBI Life has a unique multi-distribution model encompassing vibrant Banc assurance, Retail Agency, Institutional Alliance and Corporate Solutions distribution channels.

SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBIs access to over 100 million accounts across the country provides a vibrant base for insurance penetration

across every region and economic strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising of the most productive force of over 80,000 Insurance Advisors, offers door to door insurance solutions to customers.

HDFC Life Insurance HDFC isa joint venture between Housing Development Finance Corporation Ltd (HDFC) and Standard Life plc. , provider of financial services in U.K.It was established after private companies were allowed to enter the insurance industry in 2000. HDFC Life is planning to increase revenues through agency, direct selling and online channels. Currently banc assurance is the major distribution channel for the insurer, accounting for more than 70 per cent of its sales. The insurers sales through alternate channels have reportedly increased to more than 12 per cent in 2012 from about 5 per cent in 2011. The company has successfully launched an online point of sales (POS) system for its distribution channels recently. --->Banc assurance partners: -HDFC Bank -Saraswat Bank -Indian Bank -The Ratnakar Bank ->Corporate agents-: -HDFC Bank -Indian Bank -Ratnakar Bank

-HDFC Financial Services -HDFC Securities LTD -Saraswat Co-operative Bank -HDFC Sales Pvt. LTD

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance between ICICI bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the UK. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December, 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life Insurance Company comprises of two structures: Banc assurance and Alliances Tied agency Banc assurance and Alliances: - ICICI Prudential Life Insurance a pioneer in offering life insurance solutions through banks and alliances.Within a short span of years and with nearly a large number of partners. Banc assurance and Alliances has emerged as a vital component of the companys sales and distribution strategy, contributing to approximately 1/3rd of companys total business. The business philosophy is to leverage the distribution synergies with their

partners and add value to its customers as well as partners. Banc assurance includes-: ->Banks -ICICI -South Indian Bank -Lord Krishna Bank -Some co-operative banks ->Corporate Agents -Bajaj Capital -India Info line -Advanced Financial Services (Karvyy) -Investment Managers -Muthoot Insurance Group

Whereas Tide agency is the largest distribution channel of ICICI Prudential Life Insurance comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business with focus on sales and people development, tied agency has emerged as a robust, predictable and sustainable business model. The company has assets under management i.e. AUM Rs 74,000 crores as on March, 31, 2013. Generally , this advisors works under the leadership of unit manager , who motivate them in every step by providing training and guidance to them, usually each unit manager have 20 to 30 advisors under them: -Branch Sales Manager -Sales Manager -Asst. Sales Manager -Unit Manager -Advisors

AVIVA LIFE INSURANCE

Aviva is UK based-5th largest life insurance group. Aviva has joint venture with Dabur.40 million customer based company. The distribution channel of Aviva is Banc assurance which is the major distribution channel in India. Multi-distribution strategy which means, they sell products through intermediaries, corporate partners in the workplace and directly to customers. Banc assurance partnership include: ABN AMRO, American Express, Lakshmi Villas Bank, Centurion Bank of Punjab and Indusland Bank. Field force over 300000 financial planning advisors across the country.

Channel partners

IndusInd Bank IndusInd Bank Ltd., is one of the leading new-generation private-sector banks in India. It commenced operations in 1994 and had a net worth of Rs.866 crore as of March 31, 2006. At present, the Bank has a network of 148 branches and 87 offsite ATMs spread over 118 geographical locations in 24 states and Union Territories. Personal Banking clients in India. Aviva's relationship with RBS commenced in June 2002 when the bank was known as ABN AMRO.The Bank introduces its customers to Aviva for insurance and provides access to its affluent customer base across the country through its operations in 31 branches at 22 locations.

DBS DBS Bank India is a branch of DBS Bank Ltd., one of the largest financial services groups in Asia. DBS opened its first branch in Mumbai in 1995. Since opening its second branch in New Delhi in 2005, DBS has rapidly expanded its network to 12 branches Visit the IndusInd Bank Ltd. website www.indusind.com

Royal Bank of Scotland Group In 300 years, The Royal Bank of Scotland Group has grown to become one of the largest financial services groups in the world. They operate around the globe to provide banking services for individuals, businesses and institutions. RBS offers a broad range of transaction banking, fixed income and foreign exchange products and services, including sales and trading, fixed income origination, derivatives, structured lending and commodity financing. Additionally, they provide a diverse range of product offerings including personal loans, credit cards, savings accounts, financial planning, investment and insurance services, to meet the everyday financial needs of over a million and 40 ATMs spread across the country in key locations. In the last 5 years, DBS India has grown its customer base by about 20 times, and increased its staff strength to over 800. Today, it is the first and the largest Asian bank in India and is committed to building a universal banking franchise in India with a significant presence across businesses, clients, products and services. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region and have earned it Global Finance's "Safest Bank in Asia" accolade for four consecutive years, since 2009. DBS was also acknowledged as Indias Best Foreign Bank by Financial Express Ernst & Young in 2010 and Dun & Bradstreet for its Asset Quality in 2011. DBS leverages its insights, deep understanding of Asia and appreciation of local cultures to provide innovative and comprehensive financial solutions. The bank offers a portfolio of corporate banking and financial services to companies, financial institutions and small and mid-

tier clients across industries and segments. These include capital markets, credit facilities, electronic banking services, securities and fiduciary services, treasury services, cash management, deposit accounts, international banking and trade finance. DBS also offers wealth management solutions through DBS Treasures, an exclusive wealth management service offered to the banks most valued clients including non-resident Indians (NRIs) with products tailored to suit the needs of customers working or living outside India, to help meet their banking and financial aspirations. For more information, please visit www.dbs.bank.in.

Cooperative and Regional Rural Banks Rajasthan Gramin Bank Vidharbha Kshetriya Gramin Bank Prime Cooperative Bank Sutlej Gramin Bank

MAX LIFE INSURANCE Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate,while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to thirty lakh customers. Distribution Channel It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.

BIRLA SUN LIFE INSURANCE CO

Birla Sun Life Insurance Co. LTD. Is a joint venture between Aditya Birla Group, a well-known Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services organizations from Canada. With an experience over a decade, BSLI has contributed to

the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. Distribution channel partner of BLSI ->Banc assuranceIn the initial phase BSLI has entered into a tie up with five cooperative banks in the different regions of the country. These banks will be the model setup for the region and the experience will be replicated with other cooperative banks in the region. BSLI has set up a dedicated team within the organization to drive this initiative. The company is evaluating possible tie-ups with several other cooperative banks in the country.Contributing nearly 45% of the total individual life sales. The company currently has tie-ups with Citi Bank, Deutsche Bank, IDBI Bank, Catholic Syrian Bank, KarurVysya Bank, Development Credit Bank,HBC Global, etc. There are close to 2000 urban cooperative banks in India with over 15 million customers and nearly Rs.110000 crores in deposits. These banks have a huge customer base from the middle class and very strong relationships with them, which is important in life insurance selling. BSLI is looking at leveraging the strong relationship banking strengths of the cooperative bank partners. The strategy will be to sell simple products from its suite initially and move up the value chain with increasing awareness levels amongst customers and the staff of the banks. The tie-ups are expected to increase BSLI's reach across the various regions in India. -In the north, BSLI has tied up with Indian Mercantile Cooperative Bank, Luck now, which has 11 branches across the state. This was the first cooperative bank to commence sales of BSLI's plans in the month of January 2006. -In Bhopal the company has entered into a tie-up with Krishna Mercantile Cooperative Bank which has a strong and loyal base of customers in the city of Bhopal. -In the west BSLI has entered into a tie-up with the 'Thane Bharat Sahakari Bank', Mumbai that has 12 branches and has received the license to operate 10 more branches in the state.

-To increase its reach in eastern India BSLI has tied with the Nagaland State Cooperative Bank, Dimapur, which has a network of 25 branches and the Jamshedpur Urban Cooperative Bank, Jamshedpur with two branches in the city of Jamshedpur. About the Aditya Birla Group The Aditya Birla Group has a turnover close to Rs. 33,000 crore (as on 31 March 2005) and is one of the largest business houses in India. It enjoys a leadership position in all the sectors in which it operates. With over 75 business units, spanning the South East Asian belt, Africa, Canada and the UK among others, it is reckoned as India's first multinational corporation. The group is anchored by 72,000 employees and has seven lakh shareholders, with a market capitalization of Rs.30, 500 crore.

CHAPTER-4 FINDINGS

1. Market Share (in {percentage} %)

LIC ICICI Prudential HDFC LIFE INSURANCE SBI LIFE MAX LIFE INSURANCE ING VYSYA LIFE INSURANCE AVIVA BIRLA SUN LIFE INSURANCE BAJAJ ALLIANZ OTHERS

54.29 7.32

5.89 6.05

3.42

1.26 1.16

3.45 2.09 15.07

1.26 1.16 2.09 3.45 15.07

LIC ICICI Prudential HDFC LIFE INSURANCE SBI LIFE MAX LIFE INSURANCE ING VYSYA LIFE INSURANCE AVIVA BIRLA SUN LIFE INSURANCE

6.05

54.29

5.89 3.42

7.32

2. Business Premium for individuals

( in lakhs) LIC HDFC LIFE ICICI Prudential SBI LIFE MAX LIFE ING AVIVA BIRLA SUN LIFE BAJAJ ALLIANZ 3.14 0.48 1.07 2.08 1.62 1.3 1.13 0.58 0.66

BAJAJ ALLIANZ BIRLA SUN LIFE AVIVA ING MAX LIFE SBI LIFE ICICI Prudential HDFC LIFE LIC 0

0.66 0.58 1.13 1.3 1.62 2.08 1.07 0.48 3.14 1 2 3 4

3. Business Premium for corporate agents ( in lakhs) AVIVA BIRLA SUN LIFE HDFC LIFE ICICI PRU ING MAX LIFE SBI LIFE BAJAJ ALLIANZ LIC 2260.4 251.58 25717.5 8884.11 37.9 2348.71 1769.24 198.33 444.9

LIC BAJAJ ALLIANZ SBI LIFE MAX LIFE ING ICICI PRU HDFC LIFE BIRLA SUN LIFE AVIVA 0

444.9 198.33 1769.24 2348.71 37.9 8884.11 25717.58 251.58 2260.4 5000 10000 15000 20000 25000 30000

4. Individual performance of life insurers-channel wise

( premium in crores)
INSURER Individual Agents Corporate Agents Brokers Direct Selling Total individual New Business 527.71 196.92 1249.57 2903.31 636.21 1707.64 3343.3 3049.33 42738.36 15.36 2.44 Referrals-New Business 0.12

AVIVA BAJAJ ALLIANZ BIRLA SUN LIFE HDFC LIFE ING LIFE MAX LIFE SBI LIFE ICICI PRU LIC TOTAL
45000 40000 35000 30000 25000 20000 15000 10000 5000 0

239.4 1192.86 795.27 582.4 418.17 639.51 1729.97 1374.85 41266.72

248.21 182.1 230.24 1869.57 188.75 689.81 1484.62 1131.73 1097.89

11.08 9.57 101.77 134.25 6.39 25.54 81.35 168.37 17.39

28.58 72.85 33.03 129.26 15.36 126.59 1.58 217.92 264.13

1.92

Individual Agents Corporate Agents Brokers Direct Selling Total individual New Business Referrals-New Business

CONCLUSION
Insurance is a subject matter of solicitation. It is basically done on the request of the customer, but countries like India, where population in majority is not aware of insurance product benefits and the illiteracy of the majority population contributes to this fact. Recently, the opening of the markets for the foreign companies and inflow of foreign currency and foreign partners in insurance business is contributing for the growth of this industry at a greater speed. The growth rate of this sector is higher than the other sectors of the market. The contribution of the public sector companies at the initial stage cannot be ignored and being taken lightly. Most of the insurers whether life or general insurance, were covered by these public sector companies only. The private sector companies at large have set the pace and are developing new methods in channels to approach the masses by making new channels and policies for life.

The Banc assurance is the latest development and now IRDA has even allowed the broker licences to banks, giving them the multiple choices of different insurers to insure their customers for the mutual benefits i.e. customer as well as bank itself. Though, insurers, one or the other has to get the business. The development of new private companies like ING, AVIVA, BAJAJ ALLIANZ, ICICI, etc. has aggressively started marketing and are increasing their market shares by adopting the latest marketing strategies and training the person specialized for specific products and in particular market segments in insurance itself. Though, even today, public sector is having the major portion of the businesslike LIC, SBI, etc. but they are not as aggressive in adopting the latest marketing trends and patterns. Though, gradually they have started realizing the

need of the hours and are placing their executives and a recruiting officer from the institution setup, specifically for training and education by IRDA and other institutions contributing in developing the insurance sector for the masses. E-sales is a direct method of insurance marketing and we used to call it as a online sales . Nowadays, e-sales become most beneficial method in insurance marketing. Private insurance companies prefer e-sales as it reduces the intermediary costs like commission or agents and brokers, etc. With the help of e-sales, customer could opt for any product which fulfills the customer requirements as per their needs and the customer could also go through the terms and conditions of company and would be aware of the products of the life insurers. Its a mutual beneficiary method for both i.e. customers as well as for the company.

Limitations of the study

The data collection was strictly confined to secondary data. No primary data is associated with the project. Collecting Net Added Value is very difficult. Timing was very limited. Data for insurance channel partners was not available easily. Selection of distribution channel partners of life insurance companies for study the topic is very difficult because of variances in channels.

BIBLIOGRAPHY

Websites

www.Irda.gov.in www.Nsdl.in www.Ing.co.in www.Lic.co.in www.Sbi life www.Aviva.co.in www.Bajaj Allianz.co.in www.HDFC Life.co.in www.ICICI Pru.co.in www.Birla sun.co.in www.Bima.com Journals IRDA Annual Reports IRDA History Reports IRDA Annual Disclosure Reports