Iccmrt Tarun Shukla Idbi Report

IDBI federal Life Insurance Co. Ltd.
2014

TARUN. K.SHUKLA Page 1
The study of life Insurance market and product
offered in the global market
(A summer training project report submitted in partial fulfillment of
the requirement of Master of Business Administration)
(Session 2013-2015)

Under the guidance of: Submitted By:
Mr. HARIMOHAN SINGH TARUN .K.SHUKLA
(DISTRIBUTION MANAGER) MBA
IDBI FEDERAL LIFE INSURANCE Roll No.-:1312470148
Co. LTD.

Institute of Co-operative and Corporate Management, Research &
Training, Lucknow
(Affiliated to Uttar Pradesh technical University, Lucknow)

IDBI federal Life Insurance Co. Ltd. 2014


CONTENTS
S.N. Topic Page
Declaration i
College Certificate ii
Company Certificate iii
Acknowledgement iv
Preface v
PART A
1. Introduction of Insurance
2. Introduction of life Insurance Business
History of Insurance
Scope of Insurance business in India
3 Market Segmentation
Resistance to Insurance
Managing Information
5. Introduction of IRDA
6. Overview of IDBI Federal Life Insurance
7. Product of IDBI Federal Life Insurance


PART B

8. Objective of Research Plan
9. Methodology used in Study
10. Life Insurance Product
11. Questionnaire Designing
12. SWOT Analysis
13. Suggestion and Recommendation
14. Limitation
15. Conclusion
16. Bibliography
17. Annexure
Questionnaire



DECLARATION

I, TARUN KUMAR SHUKLA, Student of ICCMRT,
LUCKNOW of 2
nd
Semester, hereby declare that the research project
report having the title The study of Life Insurance Market and
Products offered in the Global Market is the outcome of my own
work and effort and the same has not been submitted by any
university/College/Institution for Professional degree.

Date: 2
nd
September 2014 TARUN.K.SHUKLA
Place: Lucknow 2nd Sem. ICCMRT



Acknowledgement
Doing a project work of this nature is an arduous task in itself was
fortunate enough to get support from a large no. of person to whom I
shall always remain grateful.
My humble thanks are due to all my professor notable
Dr. Namrita Shrivastava (Associate Professor) for
teaching me practical, paramagnetic and possible approach.
Lastly I would like to pay my special regards to
Mr. Hari mohan Singh (Distribution Manager) and all member of
IDBI Federal Life Insurance Co. Ltd. Forming for their encouragement
and full support for completing this project work.

TARUN.K. SHUKLA
(M.B.A.2
nd
Sem.)
(Roll no. 1312470148)
(ICCMRT, LUCKNOW)



PREFACE

Life insurance business is booming in India. The business of life insurance is
related to the protection of the economic value of human life and this project is just
offered to draw the attention of individuals, who are interested in life insurance
business running by insurance regulatory Development Authority (IRDA).
Insurance industry has Ombudsmen in 12 cities. Each Ombudsman is
empowered to redress customer grievances in respect of insurance contracts on
personal lines where the insured amount is less than Rs. 20 lakh, in accordance
with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC
and other insurers.
This project likes just an extract of my rigorous work in Life Insurance
Companies, and I hope the beneficiaries decision regarding recruitment of advice;
or, all information and data. This responsibility really in hence my effective
communication and convincing power and such quality will help me in near future
for having decision making.



PART - A



Introduction of Insurance
Insurance is a contract between the insurance company (insurer) and the
policyholder (insured). In return for a consideration (the premium), the insurance
company promises to pay a specified amount to the insured on the happening of a
specified event.

As the first step in helping you to gain the knowledge you need to become a
professional and successful life insurance agent, we are going to first take an
overview of life insurance what it is and why it is needed.
In seeing how life insurance works we will need to make reference to the insurance
market as a whole insurance is available for many other things, not just for
human life but our focus will remain firmly on the life insurance part of it.


How does insurance work
We can move on to understanding how insurance works exactly.
Case study:-
Ajay is 35 years old and works for a multinational corporation (MNC). He has a 10
year old son, Vijay, whom he dreams will one day become a doctor. Ajays spouse
is a housewife, and his parents are retired and depend on him. Ajay has a home
loan and is making monthly investments for Vijays higher studies and marriage
and his own retirement. Ajay wants to ensure that Vijay gets the best of everything
and that he himself is not depend on Vijay during his retirement in the way that
Ajays parents are on him. So far everything is going well with Ajays plans. But
imagine what will happen in the following scenario.
One day while returning home from the office Ajay has an accident and dies. What
will happen? Who will take care of the family, Vijays education and marriage, the
home loan etc? What are options available to Ajay so that his family can be taken
care of in his absence?
Life insurance provides protection to a family on the untimely death of income
provider. If Ajay has adequate life insurance cover, then should he die, the money
received from the life insurance company can help to support his family. The
insurance money will help to take care of the familys living expenses, Vijays
education and marriage, and the cost of the home loan etc.
Let us continue with our case study of Ajay. The risk of premature death described
above is only one of the risks that Ajay faces. He faces any other risks that he
will need medical care at some point, that his home may burn down, for instance.
Ajay can handle these risks in different ways



Risk retention: One, not very wise way, of handling these risks is to retain
them, i.e. for Ajay to bear the risk that he will have to provide these situations
himself, and so do nothing about them. While times are good and none of these
events happen, Ajay need not be worried. But the moment any one of them does
happen, Ajay will be in trouble. So it is definitely not wise for Ajay retain, or
handle, these risks himself.

. Risk transfer: the other way of handling these risks is to transfer them to
someone who can handle them properly. In simple words, the process of
transferring risks from one person who does not have the capacity to bear them to
someone who does have the capacity for them, is known as insurance.
At this point, it may be useful to return to our definition of insurance:
Insurance is a contract between the insurance company (insurer) and the
policyholder (insured). In return for a consideration (the premium), the insurance
company promises to pay a specified amount to the insured on the happening of a
specified event.
So, from the above explanation we can see that insurance is:
The process of transferring the risk from the owner (insured person);
To another party (insurer) who can bear that risk;
In for a consideration (premium).

Role of financial services and insurance: we can see from all of this that a well
developed and evolved insurance sector benefits economic development and at the
same time strengthens the risk taking ability of the country.


Some of the benefits for the policyholder are shown below:
Investment option Insurance products are an excellent investment option
where the policyholder not only gets the advantage of
insurance cover, but also a return on their investments
based on their risk appetite.
Protection of financial
security
Insurance companies provide compensation in case
something happens to the assets or the individual insured,
as per the terms and conditions of the policy. Life
insurance protects the family against the loss of the
income provider, helping to provide for the familys
needs and the childrens education and marriage. Hence
the effect of loss is considerably reduced for and
individual.
Tax benefits Insurance offers considerable tax benefits under the
income tax act 1961. Premium paid up to Rs. 1,00,000
qualifies for education from taxable income under
section 80C of the Act, subject to certain terms and
conditions. The death benefit or the maturity benefit
received by the nominee or the policyholder is tax free
under section 10 (10D) of the Act, as per prevailing laws,
before premium paid up to Rs. 1,00,000.
Planning for life stage
needs
Today the insurance products that are being offered by
insurance companies are designed to suit the needs of
individuals in different age groups. This allows
individuals to invest in insurance policies to meet their
various and changing priorities.
Develops the habit of
saving
An individual learns to save a certain amount of money
from their income in order to pay their insurance
premium. This encourages the habit of saving among
individuals.
Loan against
insurance policy
Individuals can also take out a loan against their insurance
policies, subject to the conditions and privileges of the policy,
without affecting any policy benefits.
Releases capital and
management
When the management of a company knows that many of
the risks faced by the company are covered by insurance,
they no longer need to set funds aside to cover the impact
of those risks taking place. They are also free to
concentrate on developing and growing their business.
This makes the company more effective, which in turn
helps to improve the overall economy of the country.


Introduction of Life insurance Business
Life insurance companies risks that relate to human lives. They offer
different benefits under different types of products and cover the risk of early
death, as well as the risk of living into old age. Under traditional plans, like term
insurance plans, insurance companies provide death cover. If the insured person
dies within the term of policy then the nominee\beneficiary amount (also known as
sum assured).
The key objectives of the IRDA include the promotion of competition with a
view to increasing customer satisfaction through more consumer choice and lower
premiums, while insuring the financial security of the insurance market. The IRDA
has the power to make regulations under section 114A of the insurance Act 1938.
Since 2000 it has introduced various regulations ranging from the registration of
companies for carrying on insurance business to the protection of policyholders
interests.
The insurance Act 1938 and GIBNA were amended which removed the
exclusive privilege of GIC and its four subsidiaries to write general insurance in
Indi. As a result, general insurance business was opened up to the private sector.



Types of Insurance Organizations
Insurance organizations are divided into three main categories, as the
following figure shows. We will look briefly at the various products the different
types of insurance organizations offers in below sections:

Insurance
Life
Insurance
Non-Life
Insurance
Reinsurance


Life insurance companies
Life insurance companies cover risks that relate to human lives. A professional
market insures that the customer gets what they are looking for rather than what
the company wishes to sell them. This is called needed based selling. A
customer who is confident that they will only be sold a product that meets their
needs is more likely to buy again, and recommended insurance to others. The
insurance industrys regulator (the IRDA) has been proactively trying to address
concerns about miss-selling, which is where a customer has been sold a policy that
does not meet their needs in some way. When this happens the public becomes
wary and cynical about the value of insurance.
Non life insurance companies
Non life insurance companies generally cover risks other than those
relating to human lives. The exceptions to this are personal accident and health
insurance, which are provided by non life insurance companies. Any assets their
gives a monetary return (such as house given on rent), or offers convenience can be
insured. All assets are exposed to various risks: they can be damaged or destroyed
by fire, earthquake, riot, flooding, theft, cyclones etc. non life insurance
companies offer product that cover these risks and compensate the owner should
the assets be damaged by one of them. It is a product from this type of company
that an individual would buy to protect their assets.
Reinsurance companies
We saw in section A2 earlier that insurance is a risks transfer mechanism.
Risk is transferred from those who are unable to bear it to those who can.
However, insurance companies can only take on so much risk. Once that limit is
reached, the insurer itself is exposed to the risk of loss. When this happens insurer
look to transfer some of their risks to someone else to shield themselves from
overexposure. This is where reinsurance companies come into use. A reinsurance
company is an insurer for the insurance company. Reinsurance companies take on
a certain percentage of the risks on the insurance companys book, in return for the
payment of a consideration.


Constituents of the
insurance market
Agents
Corporate Agents
Intermediaries
Underwriters
Acturies
TPAs
Surveyrs/loss adjusters
The regulator
Training Institutes
NGOs - Protecting the
customers' right


History of insurance
The history of insurance in India is deep rooted. Since the earliest times
insurance has been carried out in some from or other. Insurance in India has
developed over time and has taken ideas from countries England particular.
The history of insurance in India can be divided into three phases as follows:

Phase I - Pre - liberalisation
Phase II - Liberalisation
Phase III - Post - liberalisation


Phase I Pre liberalization
1818-1829 First insurance company: in 1818 the oriental life insurance in
Kolkata (then Calcutta) was the first company to start a life
insurance business in India. However, the company failed in 1834.
In 1829 he Madras Equitable had begun transacting life insurance
business in Madras Presidency.
1870 Following the enactment of the British insurance Act 1870, the last
three decades of the 19
th
century saw the creation of the Bombay
mutual (1871), oriental (1874) and empire of India (1897) in the
Bombay residency.
1912 The Indian life assurance Companies act 1912 was the first statuary
measure to regulate life business.
1928 The Indian insurance companies Act 1928 give the government the
power to collect statistical information about both life and non life
business transacted in India by Indian and foreign insurers,
including provident insurance societies.

1938 To protect the interest of the insuring public, the earlier legislation
was consolidated and amended by the insurance Act 1938 which
gave the government effective control over the activities of insurers.
1950 In the 1950s, competition in the insurance business was very high
and there were allegation of unfair trade practices. The government
of India therefore decided to nationalize insurance business.
1957 Formation of the general insurance council (GIC): GIC presents the
collective interests of the non life insurance companies in India.
The council speaks out on issues of common interest participate in
discussion related to policy formation, and Acts as an Advocate for
high standards of customer service in the insurance industry.
1972 The general insurance business (nationalization) Act 1972 (GIBNA)
was passed. The general insurance corporation of Indian (GIC) was
formed in pursuance of section 9(1) of GIBNA. It was in corporate
on 22 nov. 1972 under companies Act. 1956as a private company
limited by shares.



Phase II Liberalization
The international payment crisis of the 1990s forced the government to we think its
industrial policies and regulations. The government only had enough foreign
currency reserves to finance a few days of imports.
1993 Malhotra committee: In 1993 the government set up a committee
under the chairmanship of R.N.Malhotra, the former governor of
RBI, to make recommendations for the reform of the insurance
sector. In its report in 1994, the committee recommended, among
other things, that the private sector and foreign companies ( but
only through a joint venture with an Indian partner) be permitted to
enter the insurance industry
1999 Formation of IRDA: following the recommendations of the
Malhotra committee report, the insurance regulatory and
development authority (IRDA) was constituted as an Autonomous
body in 1999 to regulate and develop the insurance industry. The
IRDA was incorporated as a statuary body in April 2000

Phase III Post liberalization
As we have seen, following the recommendations of the Malhotra committees, the
insurance sector was opened to private companies. Foreign companies were also
allowed to participate in the Indian insurance market through joint ventures (JVs)
with Indian companies. Under current regulations the foreign partner cant hold
more than 26% stake in the joint venture.


Recent development in the Insurance Industry
By 2010 India was the fifth largest insurance market in the world and it is still
growing rapidly:
Growing importance of
IT
All insurance companies now use information
technology to benefit their business and to improve
convenience for their customers. Today, customers
can pay their premiums and check the status and
other details of their policies companys website.
Updates relating to the receipt of premiums or
changes to their policy or sent to the customer
through mobile SMS.
Bancassurance Many banks have joined with insurance companies to
cross sell insurance products to their customers.
Insurance companies benefit from the wide network
and loyal customers base of banks, and the
contribution that Bancassurance makes to insurance
sells has steadily grown over the last few years. The
banks benefit through being able to provide value
added products to their customers and from the fee
income they received in return from the insurance
companies. Many banks have started their own life
insurance subsidiaries.
Online sells Most of the insurance companies have now started
selling insurance products online. This eliminates
the needs for an intermediary and reduces costs. The
saving can be passed to customers in the firm of
reduced premium.


Micro insurance Micro insurance guidelines were issued by the IRDA
in 2005. Micro insurance products provide
insurance protection to people in lower income
groups, such as self help group (SHG)s members,
formers, rickshaw pullers and others against the risks
that they and their assets are exposed to. The
premiums for these products me be as low as Rs. 15
and are collected on a weekly basis. The minimum
life insurance cover specified by the regulator for this
category is rupees 5.000 and the maximum cover that
can be provided is rupees 50.000 people work in
agriculture and allied activities are exposed to the
Hazards of nature so they need protection against
risks like monsoon failure, floods etc. this is where
micro insurance can come to their rescue.

Grievance redressal Whenever any industry is experiencing fast growth
there are bound t be concerns, and the insurance
industry is no different. There has been an increase in
complaints from customers about the settlement their
claims and customer service in general. As we saw
earlier, the IRDA has taken steps to protect the
interest of the policyholders. It has asked insurance
companies to set up internal customer grievance
redressal sells/departments, and an insurance
ombudsman has been established.
The latest initiative from the IRDA is the setting up
of a call centre which an insured can contact to seek
the resolution of a grievance they have against their
insurer. The unhappy customer can either call a toll
free number (155255) or e mail:
complaints@irda.gov.in to register their complaints.



Market segmentation

Market Segmentation This document prepared and presented by
Business Resource Software, Inc. Market segmentation the purpose for
segmenting a market is to allow your marketing/sales program to focus on the
subset of prospects that are most likely to purchase your offering.
If done properly this will help to insure the highest return for your
marketing/sales expenditures. Depending on whether you are selling your
offering to individual consumers or business.
Insurance distribution:
Marketing of insurance products is done through two channels:



What is IRDA:
MISSION STATEMENT OF THE AUTHORITY:

To protect the interest of and secure fair treatment to policyholders;
To bring about speedy and orderly growth of the insurance industry
(including annuity and superannuation payments), for the benefit of
the common man, and to provide long term funds for accelerating
growth of the economy;
To set, promote, monitor and enforce high standards of integrity,
financial soundness, fair dealing and competence of those it
regulates;
To ensure speedy settlement of genuine claims, to prevent insurance
frauds and other malpractices and put in place effective grievance
redressal machinery;
To promote fairness, transparency and orderly conduct in financial
markets dealing with insurance and build a reliable management
information system to enforce high standards of financial soundness
amongst market players;
To take action where such standards are inadequate or ineffectively
enforced;
To bring about optimum amount of self-regulation in day-to-day
working of the industry consistent with the requirements of
prudential regulation.

IRDAs members:
1. A Chairman,
2. Five whole time members,
3. Four part time members.



Duties, powers and functions of IRDA

Section 14 of IRDA Act, 1999 lays down the duties, powers and
functions of IRDA.
Subject to the provisions of this Act and any other law for the time being in
force, the Authority shall have the duty to regulate, promote and ensure
orderly growth of the insurance business and re-insurance business.
1. Without prejudice to the generality of the provisions contained in sub-
section (1), the powers and functions of the Authority shall include, -

o issue to the applicant a certificate of registration, renew, modify,
withdraw, suspend or cancel such registration;
o protection of the interests of the policy holders in matters concerning
assigning of policy, nomination by policy holders, insurable interest,
settlement of insurance claim, surrender value of policy and other terms and
conditions of contracts of insurance;
o specifying requisite qualifications, code of conduct and practical training
for intermediary or insurance intermediaries and agents
o Specifying the code of conduct for surveyors and loss assessors;
o Promoting efficiency in the conduct of insurance business;
o promoting and regulating professional organizations connected with the
insurance and re-insurance business;
o Levying fees and other charges for carrying out the purposes of this Act;
o calling for information from, undertaking inspection of, conducting enquiries
and investigations including audit of the insurers, intermediaries, insurance
intermediaries and other organizations connected with the insurance
business;
o Control and regulation of the rates, advantages, terms and conditions that
may be offered by insurers in respect of general insurance business not so
controlled and regulated by the Tariff Advisory Committee under section
64U of the Insurance Act, 1938 (4 of 1938);
o

\



Over view of IDBI Federal Life insurance Co. Ltd.:
Company profile:

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Indias
premier development and commercial bank, Federal Bank, one of Indias leading
private sector banks and Ageas, a multinational insurance giant based out of
Purpose. In this venture, IDBI Bank owns 48% equity while Federal Bank and
Ageas own 26% equity each. . Having started in March 2008, in just five months
of inception, IDBI Federal became one of the fastest growing new insurance
companies to garner Rs 100 Cr in premiums. Through a continuous process of
innovation in product and service delivery IDBI Federal aims to deliver world-
class wealth management, protection and retirement solutions that provide value
and convenience to the Indian customer. The company offers its services through a
vast nationwide network of 2137 partner bank branches of IDBI Bank and Federal
Bank in addition to a sizeable network of advisors and partners. As on 28th
February 2013, the company has issued over 8.65 lakh policies with a sum assured
of over Rs. 26,591Cr.
IDBI Federal today is recognized as a customer-centric brand, with an array of
awards to their credit. They have been awarded the PMAA Awards (2009) for best
Dealer/Sales force Activity, EFFIE Award (2011) for effective advertising, and
conferred with the status of Master Brand 2012-13 by the CMO Council USA
and CMO Asia.



IDBI Bank
IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge
core Banking IT platform. The Bank offers personalized banking and financial
solutions to its clients in the retail and corporate banking arena through its large
network of Branches and ATMs, spread across length and breadth of India. We
have also set up an overseas branch at Dubai and have plans to open representative
offices in various other parts of the Globe, for encasing emerging global
opportunities.
As on March 31, 2011, the Bank had a network of 816 Branches and 1372 ATMs.
The Bank's total business, during Fey 2010-11, reached Rs. 3,37,584 Crore,
Balance sheet reached Rs. 2,53,377 Crore while it earned a net profit of Rs. 1650
Crore (up by 60%).
IDBI Bank Ltd. is today one of India's largest commercial Banks. For over 40
years, IDBI Bank has essayed a key nation-building role, first as the apex
Development Financial Institution (DFI) (July 1, 1964 to September 30, 2004) in
the realm of industry and thereafter as a full-service commercial Bank (October 1,
2004 onwards). As a DFI, the erstwhile IDBI stretched its canvas beyond mere
project financing to cover an array of services that contributed towards balanced
geographical spread of industries, development of identified backward areas,
emergence of a new spirit of enterprise and evolution of a deep and vibrant capital
market. On October 1, 2004, the erstwhile IDBI Bank converted into a Banking
company (as Industrial Development Bank of India Limited) to undertake the
entire gamut of Banking activities while continuing to play its secular DFI role.
Post the mergers of the erstwhile IDBI Bank with its parent company (IDBI Ltd.)
on April 2, 2005 (appointed date: October 1, 2004) and the subsequent merger of
the erstwhile United Western Bank Ltd. with IDBI Bank on October 3, 2006, the
tech-savvy, new generation Bank with majority Government shareholding today
touches the lives of millions of Indians through an array of corporate, retail, SME
and Agri products and services.
Headquartered in Mumbai, IDBI Bank today rides on the back of a robust business
strategy, a highly competent and dedicated workforce and a state-of-the-art

information technology platform, to structure and deliver personalized and
innovative Banking services and customized financial solutions to its clients across
various delivery channels.
As on March 31, 2013 IDBI Bank has a balance sheet of Rs. 3,22,769 Crore and
business size (deposits plus advances) of Rs 4,23,423 Crore. As a Universal Bank,
IDBI Bank, besides its core banking and project finance domain, has an established
presence in associated financial sector businesses like Capital Market, Investment
Banking and Mutual Fund Business. Going forward, IDBI Bank is strongly
committed to work towards emerging as the 'Bank of choice' and 'the most valued
financial conglomerate', besides generating wealth and value to all its
stakeholders.

Industrial Development Bank of India

Industrial Development bank of India (IDBI) was constituted under Industrial
Development bank of India Act, 1964 as a Development Financial Institution and
came into being as on July 01, 1964 vide Go I notification dated June 22, 1964. It
was regarded as a Public Financial Institution in terms of the provisions of Section
4A of the Companies Act, 1956. It continued to serve as a DFI for 40 years till the
year 2004 when it was transformed into a Bank.



Federal Bank
Federal Bank Ltd is engaged in the banking business. The Bank operates in four
segments: treasury operations, wholesale banking, retail banking and other
banking operations. Treasury operations include investment and trading in
securities, shares and debentures. The Bank's products and services include
working capital, term finance, trade finance, specialized corporate finance
products, structured finance, foreign exchange, syndication services and
electronic banking requirements. Federal Bank Ltd was incorporated on April 28,
1931 with the name Travancore Federal Bank Ltd. The company was established
with an authorized capital of rupees five thousand at Nedumpuram, a place near
Tiruvalla in Central Travancore under the Travancore Company's Act. The Bank
was founded by K.P.Hormis. They started business of auction -chitty and other
banking transactions connected with agriculture and industry. In May 18, 1945,
the registered office of the Bank was shifted to Aluva. They opened their first
branch at Aluva and commenced operations. In the year 1946, they opened their
second branch at Angamally. In March 24, 1947, the name of the Bank was
changed to Federal Bank Ltd. In April 1947, they opened their third branch of the
Bank was at Perumbavoor. In July 11, 1959, the Bank was licensed under Sec.22
of the Banking Companies Act, 1949. The Bank floated several kuries one after
another. They also introduced several new deposit schemes during the same
period. In the year 1964, the Bank took over the assets and liabilities of the
Chalakudy Public Bank Ltd, The Cochin Union Bank Ltd and The Alleppey Bank
Ltd. In the year 1965, the St.George Union Bank Ltd was amalgamated merged
with the Bank. In the year 1968, The Marthandom Commercial Bank Ltd was
amalgamated with the Bank. In the year 1970, the Bank became a Scheduled
Commercial Bank. In the year 1973, the Bank became an Authorized Dealer in

Foreign Exchange and the International Banking Department of the bank was
started functioning from Mumbai.
In February 17, 1997, the bank inaugurated their first ATM at Ernakulum North.
In the year 2000, the Bank started their Any Where Banking (ABB) at Bangalore
connecting all branches located in the Bangalore metro. They launched
Depository Services in association with NSDL. Also, they commenced Internet
Banking under the name of 'Fed Net' with software support from Infosys
Technologies Ltd. They entered into marketing pacts with some commercial
agencies for their E-commerce business. In the year 2001, the bank made a tie up
with Escortel Communications to launch mobile banking services using SMS
technology. Also, they launched a new deposit scheme christened as 'Suraksha'
for senior citizens. The bank became a member of INFINET, the financial
network supported by RBI. In February 2002, they set up full-fledged systems for
the RBI's Negotiated Dealing Systems (NDS) at the Funds & Investment Branch
in Mumbai, enabling online trading in securities. In the year 2003, the Bank
unveiled the Anywhere Banking that provided the convenience of doing
transactions from 300-plus interconnected branches.
In the year 2004, the Bank obtained the level of 100% interconnectivity among
all their branches. Also, they launched an Equity Subscription Scheme, a new
retail product for financing the IPOs and public issue applications of their own
customers. The Bank joined hands with ICICI Prudential Life Insurance
Company Ltd for premium collection through their branches and introduced new
Fed e-Pay services. In the year 2005, JRG Securities Ltd forged an alliance with

the Bank for providing loans for subscribing to initial public offers (IPOs). The
bank emerged as the first bank in India to offer Real Time Gross Settlement
(RTGS) across all of their branches. In September 2, 2006, Ganesh Bank was
amalgamated with the Bank and the 32 branches of erstwhile Ganesh Bank of
Kurundwad Ltd were successfully integrated to bank's network. During the period
of 2006-07, the Bank entered into a joint venture agreement with IDBI Ltd &
Fortis Insurance International N V for incorporating a Life Insurance Company
under the name of IDBI Fortis Life Insurance Company Ltd. During the year

2007-08, the Bank opened their Representative office at Abu Dhabi, Capital of
UAE for the gateway of the bank to the whole of Middle East and also as an
interface between their existing customers of GCC countries and its Branches
/Offices in India. In March 2008, the Bank's joint venture life insurance company,
IDBI Fortis Life Insurance Company Ltd commenced their operation. During the
year 2009-10, the Bank opened 60 new branches and 115 new ATM centres.
During the year 2010-11, they opened 71 new branches and 73 new ATMs. As on
March 31, 2011, the total number of branches and ATMs of the Bank increased to
743 and 805 respectively, as against 672 and 732 in the last financial year. As of
March 31, 2011, the Bank had two A category branches and 78 branches
designated as B category for handling the foreign exchange business.



Ageas
Ageas is an international insurance group with a heritage spanning more than 180
years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen
to concentrate its business activities in Europe and Asia, which together make up
the largest share of the global insurance market.

These are grouped around four segments: Belgium, United Kingdom, Continental
Europe and Asia and served through a combination of wholly owned subsidiaries
and partnerships with strong financial institutions and key distributors around the
world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy,
Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in
France, Hong Kong and UK.

Ageas is the market leader in Belgium for individual life and employee benefits, as
well as a leading non-life player through AG Insurance. In the UK, Ageas has a
strong presence as the fourth largest player in private car insurance and the over
50s market. Ageas employs more than 13,000 people in the consolidated entities

and over 20,000 in the non-consolidated partnerships and has annual inflows of
more than EUR 21 billion.
Ageas is an international insurance group with a heritage spanning more than 180
years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen
to concentrate its business activities in Europe and Asia, which together make up
the largest share of the global insurance market.

Milestones In insurance industry-
March 2008
IDBI Federal starts operations with two products Homesurance
& Wealthsurance.
August 2008
IDBI Federal becomes one of the fastest growing new life insurers
to collect premiums worth Rs 100 crores.
October 2008
IDBI Federal launches Bondsurance
January 2009 IDBI Wealthsurance Cup 2009 India v/s Sri Lanka held in Sri
Lanka.
March 2009 collected premium of over 328 corers and 87,000 policies and a
Sum assured of Rs 2825 crores since inception
Launches Retirements & Termsurance Grameen Suraksha
November
2009
IDBI Federal launches Incomesurance
March 2010 Launches Incomesurance Endowment & Money Back Plan,
Termsurance Protection Plan & Termsurance Grameen Bachat
Yojana
September
2010
Launches Loansurance Group Life Plan & Healthsurance
Hospitalization and Surgical Plan
March 2011 Launches Retirements Guaranteed Pension plan
Launches TV Campaigns for Wealthsurance jinse bhi suna,
khaeed liya, Incomesurance guaranteed income ki
bhavishyavani and Retiresurance Monthly pension, zindgi bhar


Vision
To be the leading provider of wealth management, protection and retirement
solutions that meets the needs of our customers and adds value to their lives.

Mission
To continually strive to enhance customer experience through innovative product
offerings, dedicated relationship management and superior service delivery while
striving to interact with our customers in the most convenient and cost effective
manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission.

Values

Transparency: Crystal Clear communication to our partners and stakeholders
Value to Customers: A product and service offering in which customers perceive
value
Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims
Customer-friendly: Advice and support in working with customers and partners
Profit to Stakeholders: Balance the interests of customers, partners, employees,
shareholders and the community at large



Competitors of IDBI Federal Life Insurance Co. Ltd.:
1. AEGON Religare Life Insurance
2. Aviva India
3. Shriram Life Insurance
4. Bajaj Allianz Life Insurance
5. Bharti AXA Life Insurance Co Ltd
6. Birla Sun Life Insurance
7. Canara HSBC Oriental Bank of Commerce Life Insurance
8. Star Union Dai-ichi Life Insurance
9. DLF Pramerica Life Insurance
10. Edelweiss Tokio Life Insurance Co. Ltd
11. Future Generali Life Insurance Co Ltd
12. HDFC Standard Life Insurance Company Limited
13. ICICI Prudential
14. IDBI Federal Life Insurance
15. IndiaFirst Life Insurance Company
16. ING Vysya Life Insurance
17. Kotak Life Insurance
18. Max Life Insurance
19. PNB MetLife India Life Insurance

MARKETING MIX IN IDBI Federal Life Insurance Co Ltd
The term insurance marketing refers to the marketing of Insurance services
with the aim to create customer and generate profit through customer
satisfaction. The Insurance Marketing focuses on the formulation of an ideal
mix for Insurance business so that the Insurance organization survives and
thrives in the right perspective.
The marketing mix is the combination of marketing activities that an
organization engages in so as to best meet the needs of its targeted market.
The Insurance business deals in selling services and therefore due weight age
in the formation of marketing mix for the Insurance business is needed.
The marketing mix includes sub-mixes of the 7 Ps of marketing i.e. the
product, its price, place, promotion, people, process & physical attraction.
The above mentioned 7 Ps can be used for marketing of Insurance products,
in the following manner:


1) PRODUCT:
A product means what we produce. If we produce goods, it means tangible product
and when we produce or generate services, it means intangible service product. A
product is both what a seller has to sell and a buyer has to buy. Thus, an Insurance
company sells services and therefore services are their product. When a person or
an organization buys an Insurance policy from the insurance company, he not only
buys a policy, but along with it the assistance and advice of the agent, the prestige
of the insurance company and the facilities of claims and compensation. It is
natural that the users expect a reasonable return for their investment and the
insurance companies want to maximize their profitability. Hence, while deciding
the product portfolio or the product-mix, the services or the schemes should be
motivational. IDBI Federal provides many products which cater to the needs of
the Indian customers
2 ) PRICING:

In the insurance business the pricing decisions are concerned with:
i) The premium charged against the policies
ii) Interest charged for defaulting the payment of premium and credit facility, and
iii) Commission charged for underwriting and consultancy activities.
With a view of influencing the target market or prospects the formulation of
pricing strategy becomes significant. In a developing country like India where the
disposable income in the hands of prospects is low, the pricing decision also
governs the transformation of potential policyholders into actual
policyholders. The strategies may be high or low pricing keeping in view the level
or standard of customers or the policyholders. The pricing in insurance is in the
form of premium rates.
The three main factors used for determining the premium rates under a life
insurance plan are mortality, expense and interest. The premium rates are revised if
there are any significant changes in any of these factors.
the average rate of mortality is one of the main considerations. In a country like
South Africa the threat to life is very important as it is played by host of diseases.

Expenses: The cost of processing, commission to agents, reinsurance companies
as well as registration are all incorporated into the cost of instalments and premium
sum and forms the integral part of the pricing strategy.
one of the major factors which determine peoples
willingness to invest in insurance. People would not be willing to put their funds to
invest in insurance business if the interest rates provided by the banks or other
financial instruments are much greater than the perceived returns from the
insurance premiums.

3) PLACE:
This component of the marketing mix is related to two important facets
i) Managing the insurance personnel, and
ii) Locating a branch.

The management of agents and insurance personnel is found significant with the
viewpoint of maintaining the norms for offering the services. This is also
to process the services to the end user in such a way that a gap between the
services- promised and services offered is bridged over. In a majority of the service
generating organizations, such a gap is found existent which has been instrumental
in making worse the image problem. The transformation of potential policyholders
to the actual policyholders is a difficult task that depends upon the professional
excellence of the personnel.
The agents and the rural career agents acting as a link, lack professionalism. The
front-line staff and the branch managers also are found not assigning due weight
age to the degeneration process. The insurance personnel if not managed properly
would make all efforts insensitive. Even if the policy makers make provision for
the quality up gradation, the promised services hardly reach to the end users.
It is also essential that they have rural orientation and are well aware of the
lifestyles of the prospects or users. They are required to be given adequate
incentives to show their excellence. While recruiting agents, the branch managers
need to prefer local persons and provide them training and conduct seminars. In
addition to the agents, the front-line staff also needs an intensive training

programmed to focus mainly on behavioral management. Another important
dimension to the Place Mix is related to the location of the insurance branches.
While locating branches, the branch manager needs to consider a number
of factors, such as smooth accessibility, availability of infrastructural facilities and
the management of branch offices and premises. In addition it is also significant
to provide safety measures and also factors like office furnishing, civic amenities
and facilities, parking facilities and interior office decoration should be given
proper attention.
Thus the place management of insurance branch offices needs a new vision,
distinct approach and an innovative style. This is essential to make the work place
conducive, attractive and proactive for the generation of efficiency among
employees. The branch managers need professional excellence to make place
decisions productive. IDBI Federal has around thousands and thousands of
insurance agents all over India to manage their regional customers effectively.
Also, IDBI Federal has over 796 branches all over India which help in increasing
their customer base.
4) PEOPLE:
Understanding the customer better allows in designing appropriate products. Being
a service industry which involves a high level of people interaction, it is very
important to use this resource efficiently in order to satisfy customers. Training,
development and strong relationships with intermediaries are the key areas to be
kept under consideration. Training the employees, use of IT for efficiency, both
at the staff and agent level, is one of the important areas to look into. IDBI Federal
has created various financial products which have been tailored according to the
needs of the customers. They have over thousands of sales personnel who are
trained efficiently to bridge in the gap between the customers and the company.



5) PROCESS:
The process should be customer friendly in insurance industry. The speed and
accuracy of payment is of great importance. The processing method should be easy
and convenient to the customers. Instalment schemes should be streamlined to
cater to the ever grow.
6) Promotion
The insurance services depend on effective promotional measures. In a country
like India, the rate of illiteracy is very high and the rural economy has dominance
in the national economy. It is essential to have both personal and impersonal
promotion strategies.
In promoting insurance business, the agents and the rural career agents play an
important role. Due attention should be given in selecting the promotional tools for
agents and rural career agents and even for the branch managers and front line
staff. They also have to be given proper training in order to create impulse
buying. Advertising and Publicity, organization of conferences and seminars,
incentive to policyholders are impersonal communication. Arranging Kirtans,
exhibitions, participation in fairs and festivals, rural wall paintings and publicity
drive through the mobile publicity van units would be effective in creating the
impulse buying and the rural prospects would be easily transformed into actual
policyholders.
IDBI Federal has also adopted various promotional strategies like:
Commercial Ads
Print Ads
Events
Personnel selling
Word of mouth
.


Products of IDBI Federal Life Insurance Co. Ltd.:
IDBI Federal provides many products which cater to the needs of the Indian
customers. IDBI Federal products:-

WEALTHSURANCE
INCOMESURANCE
BONDSURANCE
TERMSURANCE
HEALTHSURANCE
RETIRESURANCE
GROUP MICROSURANCE
HOMESURANCE
LOANSURANCE
CHILDSURANCE



Wealthsurance:
The Wealthsurance Milestone Plan is a unique Insured Wealth Plan designed to
help cross different milestones in ones life. It enables customers to save and build
wealth under the protection of Insurance to meet their financial goals. The
Wealthsurance Milestone Plan offers a wide range of Investment options,
Insurance options and unmatched flexibility that allows customers to customize a
plan suited to their needs. Customers can plan for their milestones like completion
of school education for their child, a marriage, acquisition of a new house and so
on. This Plan comes with a wide range of 13 investment options and 7 insurance
benefits - all packaged with a low charge structure and unmatched flexibility.

Incomesurance:
IDBI Federal Incomesurance Endowment and Money Back Plan is loaded with lots
of benefits which ensure that you get Guaranteed Annual Payout along with
insurance protection which will help you to reach you goals with full confidence.
Incomesurance Plan is very flexible and allows you to customise your Plan as per
your individual and familys future requirements. Moreover it also allows you to
choose Premium Payment Period, Payout Period, Payout Options and more.
designed with a host of benefits & options aimed at satisfying your every need. It
not only allows you to customise your plan as per your individual and familys
needs, it also comes with a host of benefits like convenient insurance cover
options, flexible premium payment terms, choice of policy term and lots more
flexible options.


Retiresurance:
A retirement plan designed to accumulate money to aid a comfortable retirement.
The plan provides a guaranteed return on your investment and grows steadily over
the years to ensure that you have a corpus on your retirement date, guarantee

Whether your child wants to be a doctor, an engineer, an MBA, a sportsman, a
performing artist, or dreams of being an entrepreneur, the IDBI Federal
Childsurance Dream builder Insurance Plan will keep you future-ready against
both, changing dreams and lifes twists. It allows you to create build and manage
wealth by providing several choices and great flexibility so that your plan meets
your specific needs. However, what makes Childsurance a must-have for any
parent who is looking to make their childs future shock-proof is its powerful
insurance benefits. Childsurance allows you to protect your child plan with triple
insurance benefits so that your wealth-building efforts remain unaffected by
unforeseen events and your childs future goals can be achieved without any
hindrance.
Despite all these tailored products there is still scope for improvement in this field.
The Group Insurance scheme is required to be promoted, the Crop Insurance is
required to be expanded and the new schemes and policies for the villagers or the
rural population are to be included. . The introduction of Rural Career Agents
Scheme has been found instrumental in inducing the rural prospects but the process
is at infant stage and requires more professional excellence. So there is lot of
potential in insurance sector which is waiting to be uncorked hence revealing to the
economy the benefits of insurance industry. The policymakers are required to
activate the efforts.


PART B


Objectives of research plan:
The research plan is the main part of a grant application describing a principal
investigator's proposed research, stating its importance and how it will be
conducted. This page describes the essentials of a research plan.
The research plan is the main part of a grant application describing a principal
investigator's proposed research, stating its importance and how it will be
conducted. A typical research plan has four main sections:
A. Specific Aims
B. Background and Significance
C. Preliminary Studies and Progress Report
D. Research Design and Methods
The research plan should be written to address the following questions:
What do you intend to do?
Why is the work important?
What has already been done?
How are you going to do the work?
Specific Aims:
The specific aim is a formal statement of the objectives and milestones of a
research project in a grant application. The purpose of this section is to clearly and
concisely describe what the proposed research is intended to accomplish.
Should include specific research objectives.
Should be hypothesis-based.
Objectives should be obtainable within the proposed timeframe.
Study aims should fit together in an overall framework.
Study should be well-focused rather than broad and diffuse.


Background and Significance
The background and significance section states the research problem including the
proposed rationale, current state of knowledge and potential contributions and
significance of the research to the field.
Critically evaluate existing knowledge, including background literature and
relevant data.
References should reflect an updated knowledge of the field.
Specify existing gaps that the project is intended to fill.
Discussion should convey the importance and relevance of the research aims.
Highlight potential policy or practice impacts.
Highlight why research findings are important beyond the confines of the specific
research project (e.g., significance; how research results can be applied).
Preliminary Studies and Progress Reports:
The preliminary results section describes prior work by the investigators relevant
to the proposed project. In a new application, the preliminary results are important
to establish the experience and competence of the applicant to pursue the proposed
research project and to provide support for the study hypotheses and research
design.
In a competing renewal application, this section becomes a progress report,
describing studies performed during the last grant period. The progress report
should include a summary of the previous application's specific aims and
importance of the findings. Discuss how previous work leads to the current
proposal.
Emphasize how the previous work demonstrates feasibility of proposed methods.
If you do not have the required expertise for a specific methodology, enlist a
collaborator or consultant (include a letter of support or agreementSection J of
the Research Plan).
Accuracy and overall presentation are important in figures, tables and graphs.

Research Design and Methods:
The purpose of the research design and methods section is to describe how the
research will be carried out. This section is critical for demonstrating that the
applicant has developed a clear, organized and thoughtful study design.
Should provide an overview of the proposed design and conceptual framework.
Study goals should relate to proposed study hypotheses.
Include details related to specific methodology; explain why the proposed methods
are the best to accomplish study goals.
Describe any novel concepts, approaches, tools or techniques.
Include details of how data will be collected and results analyzed.
Consider required statistical techniques.
Include proposed work plan and timeline.
Consider and discuss potential limitations and alternative approaches to achieve
study aims.
Methodology used in study:
Sample size:-
The sample size of a survey most typically refers to the number of units that
were chosen from which data were gathered. However, sample size can be defined
in various ways. There is the designated sample size, which is the number of
sample units selected for contact or data collection. There is also the final sample
size, which is the number of completed interviews or units for which data are
actually collected. The final sample size may be much smaller than the designated
sample size if there is considerable non-response, ineligibility, or both. Not all the
units in the designated sample may need to be processed if productivity in
completing interviews is much higher than anticipated to achieve the final sample
size. However, this assumes that units have been activated from the designated
sample in a random fashion. Survey researchers may also be interested in the
sample size.
- Gary M. Shapiro

Effective sample size:-
Complex sample surveys rarely result in a set of independent and identically
distributed observations, because of sample
design features such as stratification,
clustering, and unequal weighting that are
necessary for efficient data collection. Such
features affect the resulting variance of survey
estimates.
It is immediately obvious that there is not a
single effective sample size for any one study,
since the variance for n.

Defining sample and collecting data:-

The Scientific Method is an Essential Tool in Research
This image lists the various stages of the scientific method.

The scientific
method is a body of
techniques for -
investigating
phenomena,
acquiring new
knowledge, or
correcting and
integrating previous
knowledge.


QUESTIONNAIRE
1- Are you aware about insurance?
(a) Yes (b) No

Finding-
Everyone knows About Insurance

0
10
20
30
40
50
60
70
80
90
100
Yes No
Yes
No


2- If yes, then life insurance or general insurance?
(a) Life Insurance (b) General Insurance

Finding-
90% Prefer Life Insurance and only 10% Prefer General Insurance.

0
10
20
30
40
50
60
70
80
90
Life Insurance
Life Insurance
General Insurance


3- Where you want your Investment in Bank or in Insurance
Company?
(a) Bank (b) Insurance Company

Finding-

85% People want their Investment in Bank and 15% People want their
Investment in Insurance Company.

0
10
20
30
40
50
60
70
80
90
Bank
Bank
Insurance Company


4- Do you have any Insurance Policy?
(a) Yes (b) No

Finding-
90% People Have Insurance Policy & 10% People do not have
Insurance Policy.

0
10
20
30
40
50
60
70
80
90
Yes No
Yes
No

5- Do you know about the following Life Insurance Company?
(a) LIC (b) HDFC (c) IDBI FEDERAL
(d) ICICI (e) Others

Finding-
100% People know about LIC, 60% Know about HDFC 75% know
about IDBI FEDERAL & 80% know about ICICI & 30% know about
others.

0
10
20
30
40
50
60
70
80
90
100
LIC
HDFC
IDBI FEDERAL
ICICI
OTHERS


6- To which Company do you prefer for Insurance?
(a) LIC (b) HDFC
(c) ICICI (d) IDBI FEDERAL
(e) Other

Finding-
65% People Prefer LIC, 2% Prefer HDFC ,20% Prefer IDBI Federal &
10% Prefer ICICI & 3% Other Insurance Company.

0
10
20
30
40
50
60
70
LIC HDFC IDBI FORTIS ICICI Others
LIC
HDFC
IDBI
ICICI

7- If LIC then, are you satisfied with whatever services provided
by LIC Life Insurance Company?
(a) Yes (b) No

Finding-

90% People satisfied with services Provided by IDBI Fortis & 10% are
not satisfied.

0
10
20
30
40
50
60
70
80
90
Yes No
Yes
No

0
10
20
30
40
50
60
70
80
90
100
Low Cost Brand Guaranteed Returns Others
Low Cost
Brand
Guaranteed Returns
Others
8- If yes, then why you prefer HDFC products cause of,
(a) Low Cost (b) Brand
(c) Guaranteed Returns (d) Others

Finding-

100% People Prefer IDBI Product because of Low Cost, Brand,
Guaranteed Returns & 50% by others Services.


9- Which type of scheme is provided by your Insurance
Company?
(a) Children Plan (b) Investment Plan
(c) Pension Plan (d) Others

Finding-
10% Scheme for Children Plan 85% Scheme for Investment Plan 5% for
Pension Plan

0
10
20
30
40
50
60
70
80
90
Children Plan Investment Plan Pansion Plan Others
Children Plan
Investment Plan
Pansion Plan
Others


10- According to you, which companys charge is minimum?
(a) LIC (b) HDFC (c) IDBI Federal

Finding-

65% People think that Charge of LIC is Minimum while 1% People for
HDFC 20% People for IDBI 10% for ICICI ,4% People think that
charge of others Insurance company are minimum.

0
10
20
30
40
50
60
70
LIC
HDFC
ICDBI
FEDERAL
ICICI
Others


12- Which product of IDBI Federal Life Insurance Company is
most profitable?

(a) Income insurance (b) Lifesurance

Findings-

Incomesurance is more profitable than lifesurance .

0
10
20
30
40
50
Income Insurance
Lifesurance

SUGGESTIONS
To Give Suggestions are very easy; but Implementation is very difficult.
1. The companys advertisement should be more in Local TV channel and
News Paper.
2. The company should be open more branches in, zonal areas.
3. The policies amount should be taken by the company, is small
installment, so that more and more investors can take the policies of the
company.
4. The company should be developed more attractive product plan or
policies.
5. Attractive gift packages should be given by, company to customer, on the
basis of lottery system in every year.
6. Attractive package of salary should be given by, company to the
employee so, that they can motivate hard work.
7. Attractive training facility should be developed for financial adviser.
8. Transparency should be their if an insurance company want to create
good image in the eyes of policy holder.
9. Insurance company should be adopt modern method in place of
traditional method, which create maximum satisfaction to policy holder.


LIMITATION
I have permission to survey only in LUCKNOW city.
1. I was select the only 100 number of sample size, by which my survey
report analysis is not more fluctuate.
2. Lack time respondents.
3. Some respondent due to unawareness about new tern they cant be
respondent well manner.
4. Change of business of research.
5. Lack of resources.
6. Lack of time.
7. Change of sampling error



Questionnaire
Personal information:-
1. Name:

2. Address:

3. E mail I.D.:

4. Phone No.: 91________________

5 Gender: M ( ) / F ( )
6 Marital status: Married( ) / Singal ( )

7 Educational qualification:
Matriculate ( ) Intermediate ( )
Graduate ( ) Post graduate ( )
Any Other ( )

8 Occupation:
Govt. service ( ) Private service ( )
Self employed ( )
9 Income per month:
<7500/- ( ) 7501/- 12500/- ( )
12501/- 17500/- ( ) >17500/- ( )


Family size (if married):

a) Spouse: Working ( ) / House wife ( )

If working, where? ___________________________________

b) No. of children and their ages:

Any other dependence



Questionnaire:
1- Are you aware about insurance?
(a) Yes (b) No
2- If yes, then life insurance or general insurance?
(a) Life Insurance (b) General Insurance
3- Where you want your Investment in Bank or in Insurance Company?
(a) Bank (b) Insurance Company
4- Do you have any Insurance Policy?
(a) Yes (b) No
5- Do you know about the following Life Insurance Company?
(a) LIC (b) HDFC (c) IDBI FORTIS
(d) ICICI (e) Bharti AXA (f) Others
6- To which Company do you prefer for Insurance?
(a) LIC (b) HDFC
(c) ICICI (d) Bharti AXA (e) Others

7- If LIC then, are you satisfied with whatever services provided by LIC Life
Insurance Company?
(a) Yes (b) No
8- If yes, then why you prefer HDFC products cause of,
(a) Low Cost (b) Brand
(c) Guaranteed Returns (d) Others
9- Which type of scheme is provided by your Insurance Company?
(a) Children Plan (b) Investment Plan
(c) Pension Plan (d) Others
10- According to you, which companys charge is minimum?
(a) LIC (b) IDBI Federal (c) ICICI
(d) HDFC (e) Others
11- In your opinion which companys distribution channel is best?
(a) LIC (b) IDBI Federal (c) HDFC
12- Which product of IDBI Federal Life Insurance Company is most profitable?
(a) Income assurance (b) Child assurance



Weblography:
www.google.com
www.wikipedia.org
www.yahoo.com/question-answer/
www.idbifederal.com
www.ageas.com
www.federal.com
www.irda.org

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