CRM

RESEARCH PROJECT REPORT
A COMPARATIVE STUDY OF VARIOUS INSURANCE

PRODUCTS OF DIFFERENT COMPANIES
SUBMITTED FOR THE PARTIAL FULFILLMENT OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
OF
Punjab Technical University
SUBMITTED BY
ANJU THAMMAN
ROLL NO. 7123223382
MBA IV SEMESTER
UNDER THE SUPERVISION OF
Ms. KAVITA CHADHA
(SENIOR LECTURER)
Chandigarh Business School, Landran, Mohali

(2007-09)
Certificate of Supervisor
This is to certify that Ms. ANJU THAMMAN Roll No.7123223382 has completed the
research project titled A COMPARATIVE STUDY OF INSURANCE PRODUCTS OF
VARIOUS COMPANIES under my supervision in partial fulfillment of the MASTER OF
BUSINESS ADMINISTRATION degree of Punjab Technical University
Supervisors signature:
-----------------------Miss.KAVITA CHADHA
(Senior Lecturer)
Date:
Place:
Forwarded for evaluation by the Dean:

(Deans Signature)
Seal of the Dean
Declaration
I, hereby declare that the research project report titled A COMPARATIVE STUDY OF
INSURANCE PRODUCTS OF VARIOUS COMPANIES is my own original research
work and this report has not been submitted to any University/Institute for the award of any
professional degree or diploma.
(ANJU THAMMAN)
M.B.A (IV Semester)
Chandigarh Business School
Date:
Place:
ACKNOWLEDGEMENT
If words are considered as symbol of approval and taken of appreciation then let the
words play the heralding role of expressing my sincerest gratitude and thanks
I take this opportunity to express my deep gratitude to all those who helped me in the
completion of this study. This work is the result of direct and indirect cooperation of
various persons to whom, I wish to express my appreciation and gratitude.
A Project usually falls short of its expectation unless guided by the right person at the
right time. Success of a project is an outcome of sincere efforts, channeled in the right
direction, efficient supervision and the most valuable professional guidance.
It is my proud prerogative to place on record my sincere thanks to
Mr.( GURPREET SINGH) (Branch Manager) who guided me through the training. I
would like to thank them for their guidance. My special thanks to mentor who gave
me full cooperation in completing the project to the best of their knowledge and on
time
My special thanks to the management of the company who not only allowed me to
have my training here in the company but also provided the necessary stimulus and
encouragement in accomplishing my task
Last but not the least I would like to thank GOD for bestowing me with enough
courage and determination to complete this project and my family members for all
support and motivation.
PREFACE
Management courses without practical training are incomplete. Theoretical studies in
the classrooms are not sufficient to understand various activities, problems, and
happenings in any industry. Practical training is therefore a process of learning, a
sequence of programmed behaviour, application of knowledge and awareness of the
rules and procedures.
Risks and uncertainties are part of lifes great adventure- accidents, illness, theft,
natural disaster they are all built into working of the universe waiting to happen. So far
that there is a solution - insurance.
To overcome these risks and uncertainties this project describes about various policies and
schemes of different insurance companies. How these companies provide different benefits
to policyholders. Insurance is a cooperative venture where risks and uncertainties are
shared by many. Now a day a lot is being done to create awareness among the insuring
public about the need and importance of the insurance in the field of a human being. In this
direction IRDA has planned to create awareness through electronic and print media.
A study of life insurance describes the meaning, various policies, comparison and their
analysis market prospective changing customer scenario.
Chapterisation
Index
Page No.
Certificate issued by Project Guide

/Supervisor
Declaration
Acknowledgements
Preface
1) Introductions :
Definition
Need for Life Insurance
Role of Government
Role of Life Insurance
Evaluation of Insurance Industry in India
Future Scenario
2) Opening of Insurance Sector in India

Objectives of Liberalisation of Insurance
3) Changing Expectations of Customers
4) Major Players in Life Insurance
HDFC STANDARD LIFE
Life Insurance of India (LIC)
ICICI Prudential
5) Comparison of the products of various companies

6) Research Methodology
Research Methodology
Objectives
Limitations
7) Data Analysis and Findings

8) Conclusion
Findings
Suggestions
9) Appendices
Question
Bibliography
Different objectives behind conducting this projecto Identifying Target Customer.

o Customer Orientation towards Features available in different insurance
products.
o Listing of the product preferences in various different insurance companies.
o Recommendation on Market potential for insurance.
Insurance is basically risk management device. The losses to assets resulting from natural
calamities like fire, flood, earthquake, accident etc. are met out of the contributed by large
number of persons who are exposed to similar risks. This contribution of many is used to
pay the losses suffered by unfortunate few. However the basic principle is that loss should
occur as a result of natural calamities or unexpected events, which are beyond the human
control. Secondly insured person should not make any gains out of insurance.
It is natural to think of insurance of physical assets such as motor car insurance or fire
insurance often be forget that creator all these assets is the human being whose effort have
gone along way in building up to assets. In that scene human life is a unique income
generating assets. Unlike physical assets, which decrease with the passage of time, the
individual become more experienced and mature as he advances in age. This raises his
earning capacity and the purpose of life insurance is to protect the income to individual and
provide financial security to his family, which is dependent on his income in the event of
his pre-mature death. The individual also himself also needs financial security for the old
age or on his becoming permanently disabled when his income will stop. Insurance also
has an element of saving in certain cases.
Insurance is rupees 400 billion business in India and yet its spread in the country is
relatively thin. Insurance as a concept has not being able to make headway in India.
Presently LIC enjoys a monopoly in Life Insurance business while GIC enjoys it in general
insurance business. There has been very little option before the customer to decide the
insurer. A successful passage of the IRA bill have clear the way of private sector operators
in collaboration with their overseas partners. It is likely to bring in a more professional and
focused approach. More over the foreign players would bring sophisticated actuarial
techniques with them, which would facilitate the insurer to effectively price the product. It
is very important that the trained marketing professionals who are able to communicate
specific features of the policy should sell the policy. In the next millennium all these
activities would play a crucial role in the overall development and maturity of the insurance
industry.
A. DEFINITION GENERAL DEFINITION:In the words of John Magee, Insurance is a plan by which large numbers of
people associate themselves and transfer to the shoulders
of all risks that attach to individuals
B.
FUNDAMENTAL DEFINITION:-
In the words of D S Hansel, Insurance may be defined as a social device providing

financial compensation for the effects of misfortune, the payments being made from the
accumulated contributions of all participating in the scheme.
C.
CONTRACTUAL DEFINITION :-
In the words of justice Tidal Insurance is a contract in which a sum of money is paid to the
assured as consideration of insurers incurring the risk of paying a large sum upon a given
contingency.
CHARACTERISTICS OF INSURANCE
Sharing of risk
Co-operative device
Evaluation of risk
Payment on happening of special event
The amount of payment depends on the nature of losses incurred
NEED OF THE LIFE INSURANCE:The original, basic intention of life insurance is to provide for ones family and perhaps
others in the event of death. Originally, polices were to provide for short periods of time,
covering temporary risk situations, such as sea voyages. As life insurance became more
established. It was realized what a useful tool it was in a number of situations, including:
1. Temporary needs/ threats :

The original purpose of Life Insurance remains an important element, namely
providing for replacement of income on death etc.
2. Regular Saving :
Providing ones family and oneself, as a medium to long term exercise (through a
series of regular payment of premiums). This has become more relevant in recent times
as people seek financial independence from their family.
3. Investment :
Put simply, the building up of saving while safeguarding it from ravages of
inflation. Unlike regular saving products are traditionally lump sum investments, where
the individual makes are one time payment.
4. Retirement :
Provision for ones on later years has become increasingly necessary, especially in
changing culture and social environment. One can buy a suitable insurance policy
which will provide periodical payments in ones old age.
BENEFITS:
1. It is superior to traditional saving machine
i. As well as providing a secure vehicle to build up saving etc. it
provides piece of mind to the policy holder. In the event ultimately
death, of say the main earner in the family, the policy will pay out
guaranteed sum assured, which is likely to be significantly more then
the total premiums paid. With more traditional saving vehicles, such
as fixed deposits, the only return would be the amount invested plus
any interested accrued.
2. It encourages saving and forces thrift:
i. Once an insurance contract has been entered into, the insured has an
obligation to continue paying premiums, until the end of the term of
policy, otherwise the policy will lapse. In other words, it becomes
compulsory for the insure to save regularly and spend wisely. In
contrast savings held in a deposit account can be accessed or stop
easily.
3. It provides easy settlement and protection against creditors
i. Once a person appointed for receiving the benefits or a transfer of
rights is made (assignment), a claim under the life insurance contract
can be settled easily. In addition, creditors have no right to any
monies by the insurer, where the policy is written under trust. Under
the married womans act the money available from the policy forms
a kind of trust which creditors can not claim on.
4. It can be encased and facilities borrowing:
i. Sum contracts may allow the policy can be surrendered for a cash
amount, if policy holder is not in a position to pay the premium. A
loan, against certain policy, can be taken for a temporary period to
tide over the difficulty. Presence of life insurance policy facilitates
credit for personal or commercial loans as it can be offered as
collateral security.
5. Tax relief :
a. The policy holder obtains income tax rebates by paying the insurance
premium. The specified form of saving which enjoys a tax rebate u/s 88 of
the income tax act. Include Life Insurance premiums and contribution to a
recognized PF etc.
GOVT. ROLE :
============
Govt. keen to reduce the dependency on the state via private pension provisions. They have
a choice between using compulsion and incentives. Most of the govt. choose the later
method. Tax relief is guaranteed in the pension plants and is extremely generous, reflecting
the value that the govt. and the society and large place on the provision of retirement
benefits. Tax treatments of the benefit varies by country and by benefits.
In India, the proceeds of gratuity and provident fund are tax free in the hand of the
members. In UK, a certain amount of the proceeds can be taken as tax lump sum and
reminder as taxable income. Benefits due on withdrawal from schemes are generally taxed
unless they are transferred to another scheme or approved pension plan.
ROLE OF LIFE INSURANCE
========================
Role 1 : Life Insurance as investment
Insurance is an attractive option for investment. While most people recognize the tax
hedging and tax saving potential of life insurance, many are not aware of its advantages as
an investment option as well as. Insurance products yield more compared to regular
investment option as this is besides the added incentives (read bonuses) offered by insurers.
You can not compare an insurance product with other investment schemes for simple
reason that it offers financial protection from risks, something that is the missing in noninsurance products.
Infect, the premium you pay for a investment against risk. Thus, before comparing with
other scheme, you must accept that a part of total amount invested in life insurance goes
towards providing for the risk cover, while the rest is used for savings.
In life insurance, unlike non-products, you get maturity benefits on survival at the end of
the term. In other words, if you take a life insurance policy for 20 years and survive the
term the amount investor as premium in the policy will come back to you with added
returns. In the unfortunate event of death within the tenure of the policy, the family of the
deceased will receive the sum assured.
Now, let us compare insurance as an investment options. If you invest Rs. 10000/- in PPF,
year money grows to Rs. 10950 at 9.5% interest over a year. But in this case, the access to
your funds will be limited. One can withdraw 50% of the initial deposit only after four
years.
The sane amount of Rs. 10000/- can give you an insurance cover of up to approximately
Rs. 5 to 12 lacs. (Depending upon the plan, age and medical condition of life insure etc. )
And this amount can become immediately available to the nominee of the policy holder on
death. Thus insurance is a unique investment avenue that delivers sound returns in addition
to protection.
Role 2 : Life Insurance as Risk Cover
First and foremost, insurance is about risk cover and protection financial protection, to be
more precise-to help out last once unpredictable losses. Designed to safe guard against
losses suffered on account of an unforeseen events. Insurance provide you with that
uniqueness sense of security that no other form of investment provides. By buying life
insurance, you buy peace of mind and are prepared to face any financial demand that would
hit the family incase of an untimely demise.
To provide such protection, insurance firms collect contributions for many people who face
the same risk. A loss claim is paid out of the total premium collected by the insurance
companies, who act as trustees to the monies.
Insurance also provides a safeguard in the case of accident or a drop in income after
retirement. An accident or disability can be devastating and an insurance policy can lend
timely support to the family in such time. It also comes as a great help when you retire, in
case untoward incident happens during the term in the policy.
With the entry of private sector player in insurance, you have a wide range of products and
services to choose from. Further, many of these can be further customized to fit
individual/group specific needs considering the amount you have to pay now, its worth
buying some extra sleep.
ROLE 3 : Life Insurance as Tax Planning

deductible from tax payable by a individual or Hindu undivided family. This rebate is can
be availed up to a maximum of Rs 12000/- on payment of yearly premium of Rs 60000/- a
year, you Insurance serves as an excellent tax saving mechanism too. The Govt. of India
has offered tax incentives to life insurance products in order to facilitate the flow of funds
into productive assets. U/S 88 of Income Tax Act 1961, an individual is entitled to rebate
20% on the annual premium payable on his/her life and life of his/her children or adult
children. The rebate is can buy anything upward of Rs 100000/- in sum assured. This
means that you get Rs 12000/- tax benefit. This rebate is deductible from the tax payable by
an individual or a Hindu undivided family.
THE EVALUATION OF INSURANCE INDUSTRY IN INDIA:
Life Insurance in its modern form is a western concept. The Indian insurance industry is as
old as it is in other part of the world. Although life insurance business has been taking
shape for the last 300 years, it came to India with the arrival of Europeans.
First Life Insurance Company was established in 1818 as Oriental Insurance Company,
mainly to provide for widows of Europeans. The companies that follow mainly catered to
European and charged extra premium on Indian Lives. The first insurance company
insuring Indian Lives at standard rates was BOMBAY MUTUAL LIFE INSURANCE
COMPANY which was formed in 1870. this was also the year when 1 st Insurance act was
passed by the British Parliament. The years subsequent to the Swedish movement saw the
emergence of several insurance companies. At the end of the year 1955 there were 245
insurance companies. All the insurance companies were nationalized in 1956 and brought
under one umbrella- LIFE INSURANCE CORPORATION OF INDIA (LIC) which
enjoyed a monopoly of the Life Insurance business until near the end of 2000. by enacting
the IRDA act 1999, the Govt of India effectively ended LICs monopoly and opened the
doors for private Insurance companies.
Collaboration of Indian Companies with Foreign Companies
Indian Company
Foreign Partner
Kotak Mahindra
Chubb
Tata Group
AIG
Sundram Finance
Winterthur
Spic
MetLife
ILFC
Cigna
Alpaca Finance
Allianz
20th Century
Canada Life
Vysa Bank
ING
Cholamandlam
Axa
SBI
Alliance Capital
HDFC
Standard Life
ICICI
Prudential
Hindustan Times
Commercial Union
IDBI
Principal
Max India
New York Life
NUMBER OF REGISTERED INSURERS IN INDIA

Type of business
Life Insurance
General Insurance
Re- insurance
Total
Public Sector
1
6
1
8
Private Sector
15
9
0
24
Total
16
15
01
32
NEW POLICIES ISSUED:LIFE INSURERS
Insurer
Private Sector
LIC
Total
ICICI Prudential
[Company s Profile]
2004-05
2233075
2005-06
3871410
(34.62)
23978123
(-11.09)
26211198
(73.37)
31590707
(31.75)
35462117
ICICI Prudential Life Insurance Company Pvt. Ltd. is a joint venture between ICICI Bank,
a premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. 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).
India's Number One private life insurer, ICICI Prudential Life Insurance Company is a
joint venture between ICICI Bank-one of India's foremost financial services companies-and
prudential plc- a leading international financial services group headquartered in the United
Kingdom. We began our operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team
comprises of over 680 offices, over 235,000 advisors; and 23 banc assurance partners.
ICICI Prudential was the first life insurer in India to receive a National Insurer Financial
Strength rating of AAA (And) from Fitch ratings. For three years in a row, ICICI Prudential
has been voted
FUTURE SCENARIO :Before looking in future prospectus of the insurance industry, we must take a look into its
past history. The independent India started with private sector Insurance companies. These
companies were nationalized by the union Govt. in 1956 to form a monopoly known as
Life Insurance Corporation of India has being under public sector for over four decades till
the govt. opened the insurance sector for private companies in 2000.
When the insurance Industry was nationalized, it was consider a land mark and a milestone
on the way to the socialistic pattern of society that India had chosen after independence.
Nationalization has lent the industry solidity and growth which is unparalleled. Forever,
along with these achievements there also grew feelings of insensitivity to the needs of the
market, traditions in adoption of modern practices to upgrades technical skills coupled with
a scene of lethargy which probably led to a feeling amongst that the insurance industry was
not fully responsive to customers needs.
The life insurance corporation of India has not succeeded in extending the insurance cover
to all the needy people of the country due to various reasons. LIC could not insure very fast
growth of insurance in India even in a long period extending over four decades. Hence the
penetration of insurance is very low in India. The following indicates as explained and
support this contention:
1. While per capita insurance premium in developed country is high, it is quite low
in India. For instance, per capital insurance premium in India in 1999 was only
$8 while it was $4800 for Japan $1000 for Republic of Korea, $887 for
Singapore, $823 for Hong-Kong and $144 for Malaysia.
2. Similarly the penetration of insurance is also assessed by the ratio of Insurance
premium to gross domestic products in a country. While insurance premium as a
percentage of GDP was 14 % in Japan, 13% for South-Africa, 12% for Korea,
9% for UK and France. It was only around 2% in India in 1999. Hence the
penetration of insurance is low here.
3. The penetration of Insurance is also assessed by a ratio of Insurance premium to
gross domestic savings (GDS). While insurance premium as a percentage of
GDS was 52% for UK, 35 % for other European and American countries, it was
only 9% in India in 1999. Hence even this index indicates low level of
penetration of insurance in India.
4. The share of India in the world market in terms of gross insurance premium is
again very small. For instance while Japan has 31%, European union 25%,
South Africa 2.3%, Canada 1.7% share of global insurance premium is to only
0.3% for India.
OPENING OF INSURANCE SECTOR IN INDIA

The union government of India decided to open the insurance sector to make it more
dynamic and customer friendly.
OBJECTIVE OF LIBERALIZATION OF INSURANCE :The Main objective for the opening up the Insurance sector to the private insures as under: To provide better coverage to the India citizens.
To augment the flow of long term financial resources to finance the growth of
infrastructure.
Indian Insurance industry has ten new entrants in year 2000-2001 in Life Insurance sector.
S.No
Reg No
Date of Reg
Name of Company
101
23.10.2000
HDFC Standard Life Insurance CO. Ltd
104
15.11.2000
Max New York Life Insurance CO. Ltd
105
24.11.2000
ICICI Prudential Life Insurance CO. Ltd
107
10.01.2001
OM Kotak Mahindra Life Insurance CO Ltd
109
31.01.2001
Birla Sun Life Insurance CO. Ltd
110
12.02.2001
Tata AIG Life Insurance CO. Ltd
111
20.03.2001
SBI Life Insurance CO. Ltd
114
02.08.2001
ING Vyasa Life Insurance CO. Ltd
116
03.08.2001
Allianz Bajaj Life Insurance CO. Ltd
10
117
06.08.2001
MetLife India Life Insurance CO. Ltd
Insurance Industry in the year 2000 has one new entrant in Life Insurance Business name :S.No
Reg No
Date of Reg.
Name of Company
121
03.01.2002
AMPSANMAR Assurance Co. ltd
CHANGING CUSTOMER EXPECTATIONS IN INSURANCE SECTOR PRE TO

POST LIBERALISATION
RESEARCH OBJECTIVE AND METHODOLOGY

OBJECTIVE :To provide insight into customers experiences prior to recent liberalization, mapping
changes in expectations after liberalization and perceived performance of insurance players
vis a vis expectations.
1. To know about the requirement habit of the people in the region of Patiala.
2. To know about the views of people regarding various Insurance Companies.
3. Position of the Insurance companies in the mind of the consumer
4. To know about the competition regarding various Insurance Companies.
5. To find out the position of Insurance Companies in the market.
LIMITATIONS:1. Most of the people are not interested to give the right data.
2. Some people dont know about the private Companies.
3. A span of 6 weeks training was too short for survey.
RESEARCH APPROACH :In depth qualitative study to capture indicative trends which can be strictly validated, if
required :
Geographical coverage : Delhi, Mumbai, kolkata, Hyderabad and Bangalore
RESEARCH DESIGN :RESPONDENT SEGMENT

Life Policy Holders:
Old Customers: Taken Insurance prior to liberalization only.
Evolved Customer: Taken insurance both in per and post liberalization.
New customers: Taken Insurance in post liberalization only.
Non Policy holders (Life)
RESEARCH DESIGN
Respondent
Old Customer
Evolved
New Customer
Total
Life Policy
47
30
23
126
Sources of information on Insurance and Product Awareness
Friend, colleagues, relatives and agent
Low awareness of several Insurance
mailers, customer meets
Products due to poor communication
Internet and media.
Additionally from direct
in spite of availability.
Rising
level
of
awareness
of new product of both LIC and

private Company
CHOICE OF FIRST POLICY
Money Back
60%
Money Back
42%
Endowment
40%
Endowment
48%
Whole Life
0%
Whole Life
10%
Approach of the Agent and Consumers Experience

Approach of the agentinformal
Approach more professional
And through referral
something aggregative private co..
Long term family type of
Proactive in contacting
Relationship
prospectus directly often has to start

from selling concept of insurance
rather than product
Often selling insurance as
conducts financial health check
Commodity
up and then offers suitable products/

solution.
Better communication and presenter

Handless Larger number of queries.
AWARENESS AND CONSIDERATION OF PRIVATE PLAYERS

Private companies
Overall
Awareness
73%
SEC A
93%
SEC B
83%
SEC C
50%
Consideration
35 %
65%
30%
10%
AWARENESS OF NEW PRODUCTS-LIFE
Only some customers have mentioned new products.
Products with multiply riders medical, accident, waiver of premium rider
Through most SEC A and SEC B customers have generally heard of liberalization
but unable to provide any details.
Flexi premium plans-products with singly premium and shot out time premium
option
PURCHASE PROCESS : LIFE

Pre Liberalization
Post Liberalization
Role of Agent and Customers Experience
Medical examination: in several cases Medical examination : Both LIC and

details filled by medical agent medical private company
examination very perfunctory some Customers examination arranged by agent.
time no formula examination.
Purchase experience with agent reasonably Experience regular contact

satisfactory, but often agent not in touch Post purchase
later.
Product Offering
Limited Products choices and less flexible Product
with
multiple
waiver
of
riders-medical,
products
accident,
premium
rider
Choice often determined by agent push
Pension/retirement benefit plans flexible

premium, saving and security plans.
Discount offering practices

No. of customers getting discount : 50%
Customers getting discount 33% (Delhi)
Rate of discount: 25%-50% of first year Rate of discount : More less plans
premium
Policy Delivery
Mode
Mode
Registered posts for LIC hand
Registered for LIC
delivered by agent 23% case
Courier for private companies.

In both cases, policy comes in attractive.
Protective plastic jacket
Time taken
Time taken
LIC
Private Co
Upto week 0%
Up to week
5%
85%
One month 65%
One month
77%
15%
> 1 month 35%
>1 month
18%
0%
CLAIMS SETTLEMENT EXPERIENCE-LIFE (LIC ONLY SO FAR)

FINAL MATURITY CLAIM :
Involvement of agent very low (35%)
Payment mostly within 15 days, but 1 to 3 month in some situations such as change
of survivors address etc.
Most customers are satisfied with the overall process.
DEATH CLAIM :
Involvement of agent low though considered critical by nominee
Payment takes 3 to 6 months in normal cases, in disputed cases 9 to 12 months
Process very cumbersome and people faced much difficulty.
CHANGING CUSTOMER EXPECTATIONS LIFE

TIME EXPECTATIONS:
First premium receipt (FPR ) delivery to customers in two days.
Policy document should be delivered within 7 days from FPR.
Premium notice should arrive 30 days before due date.
Final maturity payment should reach within 10 days of maturity date.
Death claim should be settled in 39 days.
EXPECTATIONS FROM AGENT:==========================
Should give information on all products and not push high commission products
only.
Should maintain regular contact wiyh client to give information on new products.
Premium payment reminder should come from agent also.
Should collect payment, deposit and handover receipt.
Should be actively involved in Death claims settlement and Lapsed Policy Revival.
CHANGING CUSTOMER EXPECTATIONS LIFE

EXPECTATIONS FROM THE COMPANY:
Premium notice should be settled regularly.
Premium payment reminder should be sent through SMS and E-Mail.
Cheque payment at bank, internet and special collection centre ( Om Kotak in

Mumbai )
Payment through credit cards.
Facility of purchasing policy through more channels.
Flexible/wider range of products.
Focus on customer education.
Fine/prints in detail, correct disclosures.
Transparent and fair dealings.
Information on new products/services through call centers, internet, mailers, new

agent customer meets. Set up toll free help line.
Where customer is cancelled is deposited should be entitled to be the commission

thereof.
ROLE OF IRDA:
Educate public on regulatory safeguards, investments guidelines and plough back of

profits (several people have expressed concern about security of their money,
credibility of private insurance company investment of funds in foreign markets.
Inform public on social and rural obligation of private players ( several people
believe that only LIC was responsible for insuring the poor.
POST PURCHASE PROCESS : LIFE

Pre Liberalization
Post Liberalization
Premium Notice Intimation from company/reminder from agent

* Cash 43%
* Cheque
* Cash
57%
41%
* Cheque
49%
* Credit Card 10%

* No case of payment through internet
was observed, due to low awareness
and security apprehensions.
* Includes deposits at private company
Collection centers.
WHO DEPOSITS PREMIUM?

* Self
44%
* Self
37%
* Agent
49%
* Agent
49%
* Salary saving Scheme

includes relatives & friends
7%
* Salary saving Scheme

includes relatives & friends
14%
CORRESPONDENCE (Other than premium notice) FROM COMPANY/AGENT

Generally no correspondence from either
Mailers from both private companies and
company or agent except for late
LIC on product and services, greetings
premium
cards on birthdays, anniversary and new
payment
reminder
from
company
product.
Agent maintained informal contact with
Phone calls from private company call
close customers
centers.
Agent in regular contact for offer new
product.
DELAY IN PREMIUM PAYMENT

Incidence of delay high 30%
Incidence of delay high 30%
( due to irregular receipt of premium notice
( due to irregular receipt of premium notice
from company/reminder from agent )
from company/reminder from agent )
CHANGING TRENDS IN SAVINGS PATTERN

Pre Liberalization
Saving Instrument % of Respondents
Insurance
23%
Post Liberalization
Saving Instrument % of Respondents
Insurance
33%
Bank Deposit
28%
Bank Deposit
44%
PPF
19%
PPF
8%
NSC
12%
NSC
Share
7%
Share
3%
Post Office
7%
Post Office
3%
Bonds
Bonds
9%
Gold
Total
4%
100
Gold
Total
0%
100
When the respondents were asked where they would invest their extra income, if any,
the top respondents were recorded as above.
COMPANY PROFILE
HDFC
HOUSING DEVELOPMENT FINANCE CORPORATION LTD.
==========================================================
Founded in 1977, HDFC is today the market leader in housing finance in India and has
extended financial assistance to more than 15 lacs homes. HDFC has more than 110 offices
in India presently. It has also one international office in Dubai and 3 more services
associate in Kuwait, Qatar and sultanate of OMAN. HDFCs assets base amount to over
15,000 crore. Its financial strength is reflected in highest safety rating of FAAA and
MAAA awarded by CRISIL and ICRA two of Indias leading credit rating agency
respectively, for the last 6 year consecutively.
It has a depositor base of over 11 lacs customer and a deposit agents force of over 46,000
of the total deposit, 73% are sourced from individual and trust depositors, which
demonstrates the tremendous confidence that retail investors have in the company.
HDFC- promoted companies have emerged to meet the investors and customers needs.
HDFC bank for commercial banking, HDFC Mutual Fund for mutual fund products, to be
followed very shortly by HDFC Standard Life Insurance Company for the life insurance
and pension products.
Being an institution that is strongly committed to the highest standards of quality and
excellence, HDFC has won several accolades in the past few years. One such award is the
Ramakrishna Bajaj National Quality Award for the year 1999. this award was instituted to
award recognition to Indian companies for business excellence and quality achievement.
HDFC is the only company so far to receive this award in the service category.
STANDARD LIFE ASSURANCE COMPANY ( SLAC ) :
Founded in 1952, Standard Life has been at the for front of the UK Insurance industry for
176 years by combining sound financial judgment with integrity and reliability. The
kingdom, Ireland, Spain, Germany and some more with representative office in HongKong and China.
One of the most recent successes was the launch of standard Life Bank on 1 st January 1998.
in less than 20 months, the bank collected Rs. 28,000 crore in deposit. The introduction of
its innovative mortgage product in Jan. 1999, had an immediate impact on the UK market,
accounting for 11% of all new lending within the first operational tear. The current loans
outstanding amount to Rs. 43,300 crore.
Standard Life has total assets of Rs. 55,000 crore and new premium income last year
33,000 crore. Its UK investment portfolio account for approximately 2% of all shares listed
in the London Stock Exchange. Its one of the new Insurance companies in the world to
receive AAA rating from two of the leading international credit rating agencies. Moodys
and Standards And Poors. The latter described Standard Lifes ability to meet its claim
obligations as overwhelming under a variety of economic conditions.
Not surprisingly, Standard Life is rated as one of the few strongest companies in the world,
in financial terms. The quality and value standard Life brings to this venture are immense.
The companys reputation in UK market remains unrivalled. Besides being voted
Company of the ears for overall service, for the third consecutive year. Standard Life was
recently voted Company f the decade by independent brokers.
THE PARTNERSHIPS :HDFC and Standard Life first commenced discussions about possible joint venture, to enter
the life Insurance market, in Jan. 1995. it was clear from the outset that both companies
shared similar values and beliefs and a strong relationship quickly formed. In oct. 1995 the
companies signed a 3 year joint venture agreement.
Around this time standard Life purchased a 5% stake in HDFC, further strengthening the
relationship.
A small project team was set up in UK and India and set about preparatory work. Among
other things, the team conducted market research, looked at possible information
technology, documented high level business process maps and set about preparing the first
project plan.
The next three years were filled uncertainty, due to change in Govt. and both ongoing
delays in getting the insurance bill passed in parliament. Despite this both companies
remained firmly committed to venture.
In Oct. 1998, the joint venture agreement was renewed and additional resources made
available. Around this time Standard Life purchased 2% of Infrastructure Development
Finance Company Ltd. (IDFC ) Standard Life also started to use the services of the HDFC
Treasury department to advise them upon their investments in India.
One of many success stories over the last few tears has been the actuarial student program.
The program was designed to identify high caliber individuals who would be sponsored by
Standard Life to study for their actuarial qualification in the UK.
The new company has 1 Indian actuary and 5 actuarial students in the team, with a further
2 students undergoing training in the UK. Both parents companies strongly believe the
program will benefit the new company in the years to come and are firmly committed to it.
Towards the end of 1999, the opening of the market looked very promising and both
companies agreed the time was right to move the operation to the next level. Therefore, in
Jan. 2000 and expect team from the UK joined a hand picked team from HDFC to form the
core project team, based in Mumbai.
Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in
HDFC bank.In further development standard Life to participate in the Assets Management
Company promoted by HDFC to enter the mutual fund market.
The Mutual Fund market was launched on 20 th July 2000 and one on the 10 th Nov. 2000
assets under the management reached Rs. 1,063 crores. The company was incorporated on
14th Aug 2000 under the name of HDFC Standard Life Insurance Company Limited.
The ambition of the company from as far back as Oct. 1995 was to be first private company
to reenter the Life Insurance market in India. On 23 rd of Oct. 2000 . this ambition was
realized when HDFC standard Life Insurance Company Limited were only Life company
to be grated a certificate of registration.
HDFC are main shareholders in HDFC standard Life Insurance Company Limited with
81.4% while standard Life own 18.6 given Standard Lifes existing investment in the
HDFC Group, this is max. Investment allowed under current regulations.
MISSION AND VALUES OF HDFC STANDARD LIFE :MISSION :HDFC Standard Life have clearly on several occasions that they aim to be the top new Life
Insurance company un the market.
This does not just mean being the largest or the moist productive company in the market,
rather it is a combination of several things. :
Professionalism
Value of money
Customer services
Innovative product
Use of technology
Market share
As mentioned earlier the aim is to be the yardstick against which all other life insurance
companies are measured.
VALUES :The core value of the company are Security , trust and Innovation .
SECURITY :HDFC Standard Life will invest their policy holders money prudently in order to achieve
the aim of long term stable growth.
TRUST :HDFC Standard Lifes are committed to development products for the specific needs of the
Indian customer. The company will also use the latest technology to ensure they develop
the highest quality service to both their customers and their consultants.
PRODUCTS
1. TERM ASSURANCE PLAN
2. ENDOWMENT ASSURANCE PLAN
3. MONEY BACK PLAN
4. CHILDRENS PLAN
5. PERSONAL PENSION PLAN
6. SINGLE PREMIUM WHOLE OF LIFE INSURANCE PLAN
7. UNIT LINKED PENSION PLAN
8. UNIT LINKED ENDOWMENT PLAN
Protection against uncertainties of life
TERM ASSURANCE PLAN :=====================

Under this plan, a sum assures is payable in case of death of the life assure during the tem
of the contract. One can choose the lump sum that would replace the income lost to ones
family in the unfortunate event of ones death. Since this non participating (without profits)
plan is a pure risk cover plan, no benefits are payable on the survival to the end of the term
of the policy.
Minimum age 18 years.
Maximum age 60 years.
TERMS TO AVAIL PLAN :
20,25 and 30 years that plan can cover till 65 years.
Advantage of this plan :=================

On maturity, you would receive the sum assure plus the bonuses addition. Bonuses addition
is the amount in the accumulation account. In access of the sum assure
Cover you for a term (years) of your choice.
At the same time does not burden you with the liability to pay premiums for that entire
term.
Entitled you to bonus addition for the entire term of the plant.
Premium to be paid for the full term of the plan.
You have the choice of paying you premium either in yearly , half yearly and quarterly
modes or of paying a single one time premium, depending on your conveniences.
ENDOWMENT PLAN :=================
It is participating ( with profits ) insurance plan that offers the following features.
Provides financial support to the family by way of a lump sum payment in case of the
unfortunate death of the life assured within a term of policy.
Provides a lump sum payments to the life assured on the survival up to maturity.
The lump sum mentioned is the basic sum assured plus any bonus additions.
TERM TO AVAIL LOAN :====================
Minimum term 10 years.
Maximum term 30 years.
Maximum age that plan can cover till 75 years.
ADVANTAGE OF THIS PLAN :========================

On maturity, you would receive the sum assures plus the bonuses addition. Bonuses
addition is the amount in the accumulation account. In access of the sum assure
Cover you for a term (years) of your choice.
At the same time does not burden you with the liability to pay premiums for that entire
term.
Entitled you to bonus addition for the entire term of the plant.
You have the choice of paying you premium either in yearly, half yearly and quarterly
modes or of paying a single one time premium, depending on your conveniences.
Endowment assurance plan offers the tax benefits u/s 88, section 80D and section 10 ( 10
D ) of the income tax act are applicable. Applicable to premium paid for CI and WOP.
MONEY BACK PLAN :=================
It is participating (with profits) plan. That offers the following features : Payment of cash lump sum, each of which is a proportionate of the basic sum as
assured, at five years intervals during the term of policy.
On survivals up to maturity, a payment equal to the basic sum assured plus any bonus
addition less the cash lump sum paid earlier is provided.
In case of the unfortunate death of the life assure within the term policy , the basic sum
assure plus any bonus addition is provided.
This is over and above the earlier payouts.
Term policy No. of years from policy date
5
10
15
term
10
40%
20
15
30%
30%
20
25%
25%
25%
25
20%
20%
20%
20%
30
15%
15%
15%
15%
25
15%

TERM TO AVAIL PLAN :===================
Minimum term 10 tears
Maximum age 30 tears
Maximum age that plan can cover till 75 years.
Advantages of this plan :==================

The plan not only covers your life but provides you with a survive benefit payout
every five years.
In the fortunate event of the death of life insure, the beneficiary would receive the
death benefit.
On maturity, you would receive the sum of survival benefits, bonus addition and
guaranteed addition.
You have the choice of paying your premium either in yearly, half yearly or quarterly
modes, depending upon your conveniences.
Money back plan offers the tax benefits u/s 88, sec 80D and sec 10 ( 10D ) of the
income tax act are applicable. Applicable to premium paid for CI and WOP.
CHILDEREN PLAN :================
Childrens flag is designed to provide a lump sum to the child at maturity it also provides
financial security to the child in the future , even in the case of insured parents unfortunate
death during the policy term. Children plan will receive simple reversionary bonuses,
which are usually added annually. This is a flexible plan with three option for you to
choose from, depending on your requirements.. the details of these options are explained in
the next section.
Option
On the death of the insured On maturity
Maturity benefit
person during the policy term

Future premiums waived and Sum assured + bonuses
the
Accelerated benefit plan
policy
continued
till
maturity
Sum assured + bonus paid On the survivals of the
and the policy stops
insurance.
Parent
of
the
maturity date
Double benefit plan
Sum assured + bonus paid

Sum assured paid, future Sum assured + bonuses paid
premium waived and the
continue
Minimum age 18 years

Maximum age 60 years
TERM TO AVAIL PLAN :Minimum term 10 years
Maximum term 25 years
Maximum age that plan can cover till 75 years
ADVANTAGE OF THIS PLAN :========================
On maturity you would receive the sum assured plus the bonuses addition.
The automatic cover maintenance facility ensures the policy remains enforces even if you
miss premium payments. This facility is available after the first three years of the term.
You can take a loan against this plan; after policy has been enforce at least 3 years.
You can have the option of paying premiums quarterly, half yearly or yearly.
Money back plan offers the tax benefits u/s 88, sec 88D and section
10 ( 10 D ) of the income tax act are applicable . Applicable to premium paid for CI and
WOP.
PERSONAL PENSION PLAN :=======================
This participating (with profits) plan is basically a saving contract, which is designed to
provide and income for life fro retirement. It does this by accumulating in national lump
sum on retirement, comprising of sum assured plus any attaching bonus. Subject to the
prevailing regulations, part of these lump sum can be taken in form of cash and the rest
converted to an annuity at the rate offered by HDFC Standard Life. Alternatively if it
permitted by the prevailing regulations notional lump sum can be used to by and annuity
with any other insurance company who will accept such business.
On earlier death after the first year, for regular premium policies all premium paid to date
will return with compounded interest rate calculated @ 8% per annum, subject to a
maximum of the sum assured plus bonuses declare to date. For single premiums, it is sum
assured plus bonuses declare to date. Normally we will declare a reversionary bonus once a
year , once added , it can not be reduced reversionary will take the form of a single addition
to your policy benefits. In addition, on maturity a terminal bonus might be payable. On
death an interim business, reflecting the period since the last addition of reversionary bonus
might also be payable term
Term
30
35
40
10
n/a
n/a
9577
15
n/a
6098
6177
20
4309
4327
4357
Minimum age 18 years

TERM TO AVAIL PLAN :===================

In case of death the family will receive the sum assured plus bonuses.
You can surrender the policy at any time. If premium have been paid continuously for at
least 3 years, surrender value will be subjected to be guaranteed minimum.
You have the choice of paying your premium either in yearly, half yearly or quarterly
modes, depending upon your conveniences.
Money back plan offers the tax benefits u/s 88, sec 88D and section
10 ( 10 D ) of the income tax act are applicable . Applicable to premium paid for CI and
WOP.
SINGLE PREMIUM WHOLE OF LIFE INSURANCE :Single premium whole of life insurance plan is well suited to meet your long term
investment needs. This is participating (with profit) plan. Your money will be invested in
your with profit fund. The fund aims to provide secure and stable long term growth.
Normally, you will declare a compound reversionary bonus for your policy every year and
add it to your policy on its anniversary. In addition, on death, surrender or on the
guaranteed dates, a terminal bonus is payable. You pay us single premium and the policy
will pay you a lump sum.
You can buy the product on a single life basis
Minimum sum assured
25000
Maximum sum assured
500000
Premium : Rs 950 per thousand of sum assured
Advantages of this plan :==================

Flexibility of this term :Even after choosing your policy, you can decide on the policy. For 4 weeks after any one of
the 10th, 15th, 20th and subsequence 5 year anniversaries 5 year anniversaries you can choose
to receive the sum assured plus any attaching, in full. Once the money has been received,
your policy will cease.
Surrender Policy :You can terminate the policy any time, after it has been force at least 6 month, and receive
a surrender value
In case of unfortunate death :Your nominee gets the sum assured squared by your premium, plus any attaching bonus.
No medical requirements :We do not require you to undergo any medical test for this plan.
GENERAL BENEFITS :PREMIUM WAIVER BENEFIT :For a policy taken on the life of a child (children policies jeewan Kishore, Jeewan
sukanya, Jeewan balya and children money back policy) the premium is paid by the
proposer. Under these polices the proposers life is not covered. It means if proposer dies
before maturity of the policy, no money becomes payable to the family. On death of the
proposer, the family will loose the income of the proposer. In addition to this problem the
family has to continue the payment of premium. To avoid this problem, the premium
waiver benefit can be opted for, by the proposer. Under this benefit, if the proposer dies
before maturity of the policy, future premium are waived future premium not to be paid by
the other family members. The premium waiver benefit may be obtained by paying some
extra premium depending upon the age of the policy holder. This extra premium is
calculated per 100 rupee of basic premium per thousand.
. Tax Benefits
INCOME
SECTION
TAX GROSS
ANNUAL
SALARY
HOW MUCH TAX HDFC STANDARD

CAN YOU SAVE?
PLANS
LIFE
Sec. 80C
Upto Rs. 33,990 saved on

Across
All
investment
of
All the life insurance plans.
income Slabs.
Rs. 1,00,000.
Sec. 80 CCC
Upto Rs. 33,990 saved on

Across
all
Investment
of All the pension plans.
income slabs.
Rs.1,00,000.
Sec. 80 D*
Upto Rs. 3,399 saved on All the health insurance riders

Across
all
Investment
of
available with the conventional
income slabs.
Rs. 10,000.
plans.
Rs.
37,389
TOTAL SAVINGS Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under Sec. 80
POSSIBLE **
D, calculated for a male with gross annual income
exceeding Rs. 10,00,000.
Sec. 10 (10)D
Under Sec. 10(10D), the benefits you receive are completely tax-free,
subject to the conditions laid down therein.
* Applicable to premiums paid for Critical Illness Benefit, Accelerated Sum Assured and Waiver
of
Premium
Benefit.
** These calculations are illustrative and based on our understanding of current tax legislations,
which
are
subject
to
change.
Please contact your tax consultant for exact calculation of your tax liabilities.
Pie Chart of market share of private life insurance companies
PROFILE
OBJECTIVES :Spread Life Insurance much more widely and in particular to the rural areas and to the
socially and economically backward classes with a view to reaching all insurable persons in
the country and providing them adequate financial cover against death at responsible cost.
Maximum mobilization of peoples savings by making insurance-linked savings adequately
attractive.
Bear in mind, in the investment of funds, the primary obligation to its policy holders,
whose money it holds in trust, without losing sight of the interest of the community as
whole, keeping in view national priorities and obligation of attractive return.
Conduct business with almost and with the full realization that the money belongs to the
policy holders.Act as trustees of the insured public in their individual and collective
capacities.
Involve all people working in the corporation to the best of their capability in furthering the
interests of the insured public by providing efficient service with courtesy.
Promote amongst all agents and employees of the corporation a sense of participation,
pride and job satisfaction through discharge of their duties with dedication towards
achievement of corporate objective.
VISION:
A Tran-nationally competitive financial conglomerate of Significance to society &
Pride of India
MISSION :Explore and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns,
and by rendering resources for economic development
PRODUCTS :1. Term Insurance Plan
2. Endowment Plan
3. Money Back Plan
4. Jeevan Mitra Plan
5. Jeevan Sathi Plan
6. Jeevan Surbhi Plan
7. Children Plan
a. Bal Vidya
b. Jeevan Chhaya
c. Children Money Back
TERM INSURANCE PLAN :Term insurance plan is a pure risk product that aims to cover your life at a nominal cost.
You may want to take this plan to cover your outstanding debts like a mortgage, Home
Loan etc. Since this is a pure risk cover product, there is no maturity benefits payable on
survival. This is non participating plan.
Availability of Plan :Minimum Age of 12 Years
Maximum Age of 60 Years
Term to Avail Plan :Minimum Term 5 years
Maximum Term 55 years
Maximum Age that plan cover 70 years
Advantages of this Plan :
It is low cost insurance plan
You can choose between a regular premium payment option or a single

premium payment option.
In case you forget to pay your premium by due date, you are entitled to a grace
period of 30 days from the date of unpaid premiums.
In case of financial emergency, you have the option to surrender the policy
provided you have taken the single premium payment option.
ENDOWMENT PLAN
=================
Endowment plan is a protection plan that covers your life and at the sane time ensures that
your money does not lie idle. It invests a portion of your premium is financial instruments
and ensures a considerable growth in saving. This is a participating plan (With Profits).
This is most popular plan which helps fulfilling many long terms and short term financial
needs.
Availability of the plan :
==================
Term to Avail plan :

Minimum term 5 years.
Maximum term 55 years.
Maximum age that the plan cover 75 year.
Advantage of this plan :==================
On maturity, you would receive the sum assure plus the bonuses addition. Bonuses addition
is the amount in the accumulation account, in access of the sum assure.
Cover for a term (years ) of your choice.
At the same time does not burden you with the liability to pay premiums for that
term.
Entitled you to bonus addition for the entire term of the plan.
For age at entry 61 to 65 years, minimum sum assured is Rs. 250000/- and
proposal has to be refereed to divisional officer.
Premium to be paid for the full policy term or policy holders death, which ever is
earlier.
MONEY BACK PLAN:=================

The money back plan not only covers your life, it also assure you a certain percent
of the sum assure as cash payment at regular intervals of every five years. It is a saving
plan with the added advantage of life cover and regular cash inflow. This plan is ideal for
planning special movement like a wedding, your child education or purchase of an asset
etc. this is a participating plan (with profits).
How old does the child have to be to avail this plan?
Term to Avail Plan :

20,25 and 30 years for regular premium.
Maximum age that plan will cover till 70 years.
Advantage of this plan :
=================
The plan not only cover your life but also provides you with a survives benefit
payout every five years.
In case of death before the policy the policy term ends, full sum assure plus
accumulated bonuses is given to the nominee. The survival benefit already paid, if
any, is not deducted in case of death claim.
On maturity, you would receive the sum of the survivals benefit, bonus addition and
guarantee addition.
Benefits on maturity :On maturity, you would receive the sum of the survivals benefit, bonus addition and
guaranteed addition. The table below in illustrates the survival benefit for Rs. 1000/- of
sum assure.
Survival benefits payout for every Rs. 1000/- sum assured.

Payout (in rupees) .
5th years, 10th years, 15th years, 20th years, 25th years
15 years plan
Survivals benefit 250, 250, 500
Guaranteed addition 200
20 years plan
Survivals benefits 200, 200, 200, 400
Guaranteed addition 300
JIVAN MITRA POLICY :====================

Jivan Mitra plan is a protection plan that covers your life and at the same time assures that
your money does not lie idle. It is most popular plan of LIC. This plan is best suited for
people who are insurance oriented and also want to provide a big sum insurance protection
to their family, in case of their unfortunate death. This plan is most preferred by traveling
persons like sales representatives, marketing executives, medical representatives.
Availability of the Plan :=================

Minimum Age 18 years
Maximum Age 50 years
Term to Avail plan :Minimum Term 15 years

Maximum age 30Years
Maximum Age that Plan cover is 70 years.
Advantages of this Plan:-
==================
On maturity, basic sum assured plus bonus is given.
In case of death three times of sum assured plus bonus is given.
In case of accidental death, four times of sum assured plus bonus is given, provided
policy was covered for accident benefit.
The returns of the policy will totally tax free U/s 88.
JIWAN SATHI
============
Jiwan Sathi plan is most suitable for newly married couple. It covers the life risk of both
under the single policy. This policy is very economical and affordable. It is wise to take one
Jiwan Sathi, instead of investing in two different policies individually. This policy is issued
only to working couple or wife should be an income tax assessed. For sum assured 50000
and less, wife need not to be earning person. Age taken as mean of both.
Availability of the Plan :Minimum Age 20 years
Maximum age 30Years
Advantages of this Plan :==================
In case of survival till maturity you would receive sum assure plus full bonuses.
If the survivor dies before maturity, sum assure plus bonus till that time, is pay to
the nominee.
If both husband and wife are alive upto maturity, sum assure plus bonus is given.
On death of either husband or wife, the survivor gets sum assured immediately and
future premium are waived.
CHILDREN PLAN:===============
The children plan is an investment plan designed to meet your childs future financial
needs. Its a plan that gives your child to realize his dreams. This plan divide into two parts :
1. CHILD AS A POLICY HOLDER
2. PARENTS AS A POLICY HOLDER & CHILD AS BENIFICIARY
Child as a policy Holder : Jeewan Sukanya
Jeewan Kishore
Jeewan Sukanya :This policy given on the life of female child is the best gift. Policy takes care of the need of
the girl for the entire life. Female childs age should between 1 to 12 years. Father can
propose, mother can propose, if she has her own income. Age at entry is calculated as age
last birthday and not as age nearer birthday. Life risk cover starts from seventh year of the
girl child.

Maximum age 49Years
On maturity girl surviving till she reaches 50 years of age, bonuses up to the age is
paid.
After the marriage of girl, husband life is also covered for the amount equal to sum
assure. No additional premium to be paid.
In case of death of the girl after commencement of risk but before the maturity date,
full sum assure with bonuses is paid.
CHILDREN MONEY BACK POLICY :In this policy parents are policy holders and child is beneficiary this is the best policy for
making provisions in advance for childrens higher education. Policy is an ideal gift for the
child male/female. Mother/Father can propose. Life risk starts from 7 th year of child.
Parents insurance need not be sister on insurance up to Rs 100000/-

Term to Avail plan :-
Minimum Term 16 years

Maximum age 26Years
In this 18 & 20 years of child, 20% of the sum assure is given respectively. After 22 & 24
of the child 30% each of the sum assure is given respectively. After 26 year of the child,
bonus upto that period is given. In addition, guaranteed addition plus loyalty addition, if
any is given also.
If the policy holder dies after the commencement of the risk but before maturity full sum
assure together with guaranteed addition is given to the nominees without deducting earlier
installments paid.
If policy holder (child) dies before the policy risk commerce, premium paid till them is
refunded.
GENERAL BENEFITS :PREMIUM WAIVER BENEFITS :For a policy taken on the life of a child (children policies-jeewan kishore, jeewan sukanya,
jeewan balya & children money back policy) the premium is paid by the proposer. Under
these policies the proposers life is not covered. It means if proposer dies before maturity of
the policy, no money becomes payable to the family. On the death of the proposer, the
family will loose the income of the proposer. In addition to this problem, the other family
members have to continue the payment of premium. To avoid this problem, the premium
waiver benefit can be opted for, by the proposer. Under this benefit, if the proposer dies
before maturity of the policy, future premium are waived future premium not be paid by the
other family members. The premium waiver benefit may be obtained by paying some extra
premium depending upon the age of the policy holder. This extra premium is calculated
100 rupee of basic premium per thousand.
TERM RIDER BENEFIT :Under children money back policy, the life risk covered is that of the child. If the proposer
dies pre maturely, no money becomes payable to the family. To avoid this problem the term
rider can be added to the childrens money back policy. Under this benefit if proposer dies
before 18 years of the child a sum equal to 20% of the sum assure becomes payable to the
family. Other benefits to the child
TAX BENEFIT :The premiums paid under the plan qualify for rebate U/s 88 of the Income Tax Act, 1961
and the returns are fully exempted under sec 10(10D).
OPTIONAL BENEFITS :Critical Illness, Double Sum Assured Benefits, Accidental Death Benefit etc.
INTRODUCTION
ICICI Prudential Life Insurance Corporation Ltd. was incorporated on 20.7.2002. this
company is a joint venture of ICICI(74%) and Prudential plc UK(26%).
The company was granted certificate of registration for carrying out Life Insurance
Business, by the Insurance Register and Development authority on Nov 24.2000. it
commenced commercial operations on Dec 19.2000, becoming one of the few private
sector players to enter the liberalized arena.
DETAILS OF ICICI :This is Indian participate company of this insurance Co.. ICICI Ltd was established in 1955
by world bank, the Govt. of India and the Indian Industry, to promote industrial
development of India by providing project and corporate finance to Indian Industry.
Since inception, ICICI has grown from a development bank to a financial conglomerate
and has become one of the largest public financial institutions in India. ICICI has thus far
financed all the major sectors of the economy, covering 6848 companies and 16851
projects.
DETAILS OF PRUDENTIAL PLC :Prudential Plc was founded in 1848. since then it has grown to become one of the largest
providers of a wide range of savings products for the individuals including life insurance,
pensions, annuities, unit trust and personal banking. It has presence in 15 countries, and
caters to the financial needs of over 10 million customers.
Prudential is the largest life insurance company in the United Kingdom. Asia has always
been a region for prudential and it has had a presence in Asia for 75 Years. In fact
Prudential first Overseas operation was in India, way back in 1923 to establish Life and
General Branch agencies.
This is the only company who market maximum product with goof feature in competition
with LIC. In my opinion these companiess stand seconds in merits. It has introduced the
following Insurance product:-
1. Save n Protect
2. Cash Back
3. Smart Kid
4. ICICI PRU Life Guard
5. Life Time Pension.
1.
SAVE N PROTECT :-
It is a fix term policy that combines saving with life cover in this plan, you pay premium
regularly during the term. On death of the life assure up to age 7 years the basic premium
paid will be return without interest. On the death of the life assured after 7 years, the
beneficiary will get the sum assured, guaranteed additions 3.5% compounded interest
annually for the first 4 years and the vested bonuses was the policy matured at the end of
the term, you can get the full sum assure and guaranteed addition, 3.5% compounded
annually for the 1st 4 years as well as the vested bonuses.
Minimum Age 0 years
Term to Avail the plan :
Minimum term 10 years, maximum term 30 years
The maximum cover ceasing age is 70 years.
Advantages of this plan :
The plan not only covers your life but also provides you with a survives benefit payout
every five years.
In the unfortunate event of death of life insure, the beneficiary would receive the death
benefit.
On the maturity, you would receive the sum of the survivals benefit, bonus addition
and guaranteed addition.
You have the choice of paying your premium either in yearly, half yearly modes,
depending upon your conveniences.
Money back plan offers the tax benefit U/s 88, Sec 80D and Sec 10(10D)
of the Income Tax Act, 1961 are applicable.
You can take a loan against this plan.
2.
CASH BANK :-
A fixed term policy of 15 to 20 years in which premiums are paid through out the term of
the policy. Survival benefit payment at regular intervals are paid to provide you with the
liquidity full sum assured, along with the guaranteed addition 3.5% compounded annually
for the 1st four years at the vested bonuses would be payable on death, irrespective of the
survival benefit paid. On death of the life assured, the beneficiary will get the full sum
assure, the guaranteed bonuses and the vested bonuses, irrespective of the survival benefit
already paid. The survival benefit payable is as per the table:
Policy Term
15 Years
At end of year
Survival pay. a % basic At the end of year

sum assured
Policy Term
sum assured
20 Years
Survival pay a % bas
10%
10%
15%
15%
20%
12
20%
12
25%
16
25%
15 (Maturity)
50% add. bonus
20 (Maturity)
50% add. bonus
Minimum Age 16 Years

Term to Avail Plan:
Maximum Term 20 Years
The maximum maturity age is 70 years
Advantages of this Plan : The plan not only covers your life but also provide you with survivals benefit payout
every five years.
In the unfortunate event of death of the life insure, the beneficiary would receive the
death benefit.
On maturity, you would receive the sum of the survivals benefit, bonus addition and
guaranteed addition.
You have the choice of paying your premium either in yearly, half yearly modes,
depending on your conveniences.
Money back plan offers the tax benefits U/s 88, Sec 80D and Sec 10(10D) of the
Income tax Act, 1961 are applicable.
3.
SMART KID:-
===========
Smart kid is so designed that it provides you the flexibility to structure the benefit in
accordance to your needs. You get the security of assured payments under your plan
depending upon the benefit structure chosen by you. Whats more, you can decide the term
of the plan, so that the benefit are paid when you need it. You can also choose the policy to
mature between 22-25 years of the childs age. In case of survivals during the term of the
policy you can get the payouts after some intervals.
At the end of
Childs age
Payouts
10 yr of the policy
15 years
20% of the sum assured
12 yr of the policy
17 years
15 yr of the policy
20 years
17 yr of the policy
22 years
+ GA + VB
Minimum Age 0 Years
Parents of Minimum age 20 years and Maximum age 60 years
Term to Avail Plan:
Advantages of this plan : On maturity you would receive the sum assured plus the bonus addition
The automatic cover maintenance facility ensures the policy remains inforce for at
least 3 years.
You have the option of paying premium half yearly or yearly.
Money back plan offers the tax benefit U/s 88, Sec 80D and Sec 10(10D) of the
Income tax Act,1961 are applicable.
4.
LIFE TIME PLAN:-
ICICI Prudential Life time Pension Plan combine the best of investment and insurance. The
solution gives the power of maintaining your life style needs for as long as you live. It is a
regular premium plan it gives you the freedom to choose the amount, the premium, and
invest your money in the market-linked funds, to generate potentially higher returns. A part
of the premium paid is used to pay for the death benefit (if any) opted for by you and the
rest be invested in the plan of your choice. On the retirement date the accumulated value of
the units will be used to purchase and annuity-to provide you with regular income for life.
Term to Avail Plan:
Advantages of this Plan : Power to choose the retirement age between 52-70 years.
You can increase your investment during the deferred period.
You can increase or decrease the protection level.
You can invest in a plan based on your priorities.
Your policy acquires a paid up and surrender value after 3 years premiums are paid in
life time pension plan.
5.
LIFE GUARD :-
Under this plan, a sum assures is payable in case of death of the life assure during the term
of contract. One can choose the lump sum that would replace the income lost to ones
family in the unfortunate event of the ones death. Since this non-participating (without
profits) plan is a pure, risk cover plan, no benefits are payable on survival to the end of the
term of the policy.
Term to Avail Plan:
Maximum age that plan covers are 65 years
Minimum premium payable is 2400 per annum
Advantages of this Plan : On maturity, you would receive the sum assure plus the bonuses addition. Bonuses
addition is the amount in the accumulation account. In cases of the sum assure.
Cover you for a term (years) of your choice
At the same time does not burden you with the liability to pay premiums for the entire
life
Entitled you to a bonus addition for the entire term of the plan.
Premium to be paid for the Full policy term or policy holders death, whichever is
earlier.
You have the choice of paying premium either in yearly, half yearly and quarterly
modes or of paying a single one time premium
Level term Assurance life guard plan will have the option with returns of premium. In
case of death you will receive the sum assure plus bonuses. On survival till maturity,
the entire premium paid, will be returned without interest. The minimum premium
payable is Rs 2400/- per annum
GENERAL BENEFITS
Accident Death Benefit:This benefit provides an additional amount (Over and above basic sum assured) to the
beneficiary in the death of the accidental death of the assured. The maximum cover
available under this benefit is equal to the basic sum assured (subject to a maximum of Rs
10 lac). If accident death occurs while traveling as a passenger in mass transport system
like train or bus amount payable would be double of the sum assure.
Critical Illness Benefit:The benefit can be taken with the basic life insurance policy to provide financial support in
the event of medical emergencies. On the first occurrence of critical illness during the term
of the policy, you would receive a portion of the sum assured to reduce your financial
burden in this emergency.
Permanent Disability Benefit:This benefit provides financial support in case of your permanent disability due to an
accident. The amount payable is over and above the basic sum assured and would be paid
out as an annuity. The maximum permanent disability benefit that permanent disability is
defined as a permanent and immediate inability to work, the permanent loss of two limbs or
a total and permanent loss of a sight
Major Surgical Rider:This is a cover available against the major surgical procedures. Depending upon the
surgery, 50%, 30% or 20% of the sum assured under the rider is paid. This provides the
cover of the sum, subject to maximum of 65 years. Claims for this rider are not admitted
for the first 6 months of the policy.
Sales figure/ Market share
Sales figure of ICICI Prudential in last 3 financial years

(In crore Rs.)
Years
First year
Renewal
premium
premium
Single Premium
Total Premium
2004-05
55.77
3.05
57.56
116.38
2005-06
209.88
53.52
154.22
417.62
2006-07
629.12
238.43
121.73
989.28
As it is difficult to compare all the policies of all the companies because they vary in their
benefits etc. So in this project I am comparing only four policies of three Companies i.e.
HDFC Standard Life, LIC, ICICI Prudential.
Policies are named as:
TERM ASSURANCE PLAN
ENDOWMENT ASSURANCE PLAN
MONEY BACK PLAN
CHILD ADVANTAGE PLAN
Min to Max Age
Premium Base Comparison
18-60 years
Min to Max. term
Term Plan
Name of the HDFC SLIC
10-30 years
LIC
ICICI PRO
OM KOTAK
company
Age
of
the 30 years
30 years
30 years
30 years
of
the 10 years
10 years
10 years
10 years
person
Term
policy
Sum assured
1,00,000
Basic premium 10,300

(without
1,00,000
1,00,000
1,00,000
9,324
11,809
11,237
any
premium)
Returns
(on S.A. + Bonus
death)
S.A.
+ S.A. + Bonus
S.A. + Bonus
Bonus
Returns
(on NI2
NI2
NI2
NI2
(WOP),
(ADBR),(ABR)
(CI),(ADB)(PDB)
maturity)
other benefits
(CI),(ADB),(ASA)
(ADB)
Min to Max Age
12-60 years
Name
Min to Max. term
Endowment Plan
of HDFC SLIC
10-30 years
LIC
ICICI PRO
OM KOTAK
30 years
30 years
30 years
20 years
20 years
20 years
1,00,000
1,00,000
1,00,000
1,00,000
5,100
4,895
5,216
5,321
the
company
Age of the 30 years
person
Term of the 20 years

policy
Sum
assured
Basic
premium
(without
any
premium)
Returns (on S.A. + Bonus
S.A.
death)
Accumulated
Bonus
+ S.A. + Bonus
S.A. + Bonus
S.A. + Bonus
maturity)
S.A. + Bonus+ S.A. + Bonus

GA
Other
(CI),(ADB),(DSA),
(WOP),
(ADB),(ABR),
(CI),(ADB)(DSA),
benefits
(WOP)
(ADB)
(CI),(MSR)
(2GD), (TB)
Min to Max Age
Min to Max. term
12-60 years
Money Back Policy
Name of the HDFC SLAIC
LIC
ICICI PRO
company
Age of the 30 years
30 years
30 years
30 years
person
20 years
20 years
25 years
policy
Sum assured
Basic
1,00,000
6,380
1,00,000
7,019
1,00,000
6,040
S.A. + Bonus
S.A. + Bonus
S.A. + Bonus
1,00,000
7,585
10-30 years
OM KOTAK
premium
(without any
premium)
death)
Returns
maturity)
(on Return
after
5-5 Return after 5-5 In 20 years Return
years
For
Policy
years
20
20%- gap.
Policy
and 20% alte 5-5 20% and 20% 1st year-10%

years gap+ Bonus
5-5
Policy returns years
Years For 20 Years after 4-4 years For

20%-20% Policy
after
alte 5-5 years 2nd year-15%

gap+ Bonus
20
Years
20%-20%
and 20% alte 5-5

years gap+ Bonus
3rd year-20%
4th year-25%
On
Other
(CI),(ADB),(DSA),
benefits
(WOP)
(WOP), (ADB)
maturity-
50%+ Bonus
(ADB),
(DAB),
(MSR)
(CI),(ADB),(PDB),
(CI), (2GD)
Min to Max Age of Child 0-17 Premium Base Comparison Min to Max. term
Min to Max Age of Policy Holder
Children Policy
10-30 years
12-60 years
Name of
the HDFC SLIC
LIC
ICICI PRO
OM KOTAK
company
Age of the Child 6 years
6 years
15 years
6 years
15 years
6 years
15 years
policy
Sum assured
1,00,000
Basic premium 7,500
1,00,000
6,380
1,00,000
7,991
1,00,000
7,620
(without
any
premium)
Returns
(on Future premium Future
death)
waived
and premium
Policy continue waived

till maturity
Returns
(on Sum
maturity)
Future premium Future premium waived

waived and sum and Policy continue till
and assured
Policy continue immediately
till maturity
after the death
assured+ Return after 2-2 Return after 2-2 Sum assured+ Bonus
Bonus
years
years gap on
gap 20 % - maturity
20%-30%
-30%
Other benefits
maturity
(ADB,(WOP)
S.A.+
Bonus
and
Bonus
(PWP), (TRB)
(ADB),(IBR),
(LGB),(ADB),(WOP)
(ABR),(WOP)
OTHER BENEFITS:1. Tax Benefit

2. Loan Facility
3. The policy holder can pay the premium yearly, half yearly and quarterly
4. If policy holder avail any additional, he will paid more premium
5. The best of most popular plan of:

HDFC
CHILDREN PLAN
ICICI
LIFE TIME
LIC
JEEVAN MITRA
OM KOTAK
CAPITAL MULTIPLE
6. When the age of the person grow old. The premium also increased
7. Premium rate increased in case of person taking intoxicants in comparison to
healthy person.
1) Questionnaire method was used by me, with most of the questions as the closed
ended questions.
2) Sample Size
- 126
3) Age Group - above 22
DATA ANALYSIS AND FINDINGS :QUES 1: Awareness of the Various companies:

S.No.
Particulars
%age
ICICI
80%
HDFC
75%
OM Kotak Mohindra
5%
MAX New York Life Insurance
15%
SBI Life Insurance
10%
80%
70%
60%
50%
40%
30%
20%
10%
0%
%age
ICICI
HDFC
OM Kotak Mohindra
MAX New York Life Insurance
SBI Life Insurance
Respondent response about the awareness of the insurance Companies
QUES 2 : How the people know about the companies
S.No.
Particulars
%age
A
B
C
D
Newspaper
TV Ads
Banners/Posters
Friends
75%
60%
2%
90%
QUES 3: What the people think about the Insurance
S.No.
Particulars
%age
Necessity for protection Security
89%
Imposition of an extra burden of 5%
expenses
A compulsory tool for tax saving
78%
QUES 4: Main considerations that a customer looks at while purchasing an

Insurance Policy
S.No.
A
B
C
D
E
Particulars
TAX
SAVING
PROTECTION
PENSION
INVESTMENT
%age
90%
75%
80%
25%
35%
QUES 5 : What a respondents see while purchasing a Insurance from the
Company.
S.No.
A
B
C
D
E
Particulars
Standing and Goodwill of the company
Product Range of the company
Advertisement being released by the company
Services being given by the company
Communications and knowledge of the
%age
90%
10%
5%
80%
10%
Representatives
Returns of Bonus declared by the company
QUES 6 : Excising Policy
85%
S.No.
A
B
Particulars
Yes
No
%age
80%
20%
QUES 7 : From where a respondent purchase the previous Insurance

Policy
S.No.
A
B
C
D
Particulars
Directly from the company
Any unknown agent
Any known agent
Others
%age
10%
10%
90%
5%
QUES 9 : Other Investment and Saving Tools where respondent Invest
S.No.
A
B
C
D
E
F
Particulars
NSC
Bank Deposits
KVP
Tax Saving Bonds
PPF and Post Office
Others
ANALYSIS AND INTERPRETATION
% age
90%
40%
5%
55%
92%
5%
FINDINGS
The Monopoly of LIC has been broken because private Insurance companies came into the
market.
1. 90% respondents are aware of privatization of Insurance Industry and 10%
respondents do not know about private companies.
2. 80% people know about ICICI Insurance Company. 75% people know about HDFC
Insurance Company and 15% people know about other companies.
3. Some people preferred to the private companies because of their better services.
4. Some people believe only or preferred only Public Insurance companies like LIC.
5. As majority of the population of belongs to the service class so they consider tax
saving rather than purchasing a Life insurance.
6. The Financial growth of Private companies is much more than Life Insurance
companies
7. The private companies always keep in touch with their customers with the latest
information.
8. Most of the respondent said that private companies should not be trustworthy
9. Most of the people go for Children benefit because of Triple benefit.
10. Now, a days people preferred to invest the money in Insurance policy rather than in
Banks because of better benefits of Insurance polices growth money with life cover.
11. The respondents are above 45 they believe in Public Insurance companies and those
respondents who are less than 45 believe in Private Insurance companies
12. HDFC has made its presence felt in the market in a short span of time.
CONCLUSION
ICICI Prudential Life Insurance Company is the number one private life insurance
company in India with a market share of 32%. Bajaj Alliance stands second in private life
insurance companies with a market share of 15%. Looking in private sector ICICI
Prudential has been the dominant player because the amount of gap between the market
shares is huge.
But if we analyze in all sectors of life insurance then LIC has been the most dominant
player since 1956. The impact of LIC has been so much in both rural and urban areas that
people use the term LIC instead of life insurance.
ICICI prudential faces a big challenge in front of them to stay in the race with Life
insurance corporation (LIC) because with the entrance of other companies like Max New
York, Tata-AIG & Aviva the competition has become more tough.
But insurance is also growing day by day, India has a population of 1.2 billion and only
33.3% population is insured. This means insurance is an upcoming industry but ICICI
prudential has to work a lot on their strategies to overcome LIC.
SUGGESTIONS AND RECOMMENDATIONS :

1. Advertisement should be done on Television and especially Posters and Banners.
This will greatly help in raising awareness level.
2. Insurance company should show more commitment with the customer.
3. Private companies give better services to the customers comparatively to Public
companies.
4. The private company should create good relation and communication.
5. Private companies should work together to spread awareness regarding the benefit
given by the Private Companies.
6. Private Insurance Companies give some discount to attract the customer
7. A public relation officer should be appointed in the company who deals with
customers and their needs.
8. Cross training should introduce in Private Companies.
9. Private Companies needs to the market their product better and should create
greater awareness about their product and services. They need extensive marketing
advertising about the additional benefit provided by them in comparison to the
policies offered by LIC.
10. Agents have got maximum influence on a customer. They are the one who
introduce the prospect to different policies. So agents should be given full-fledged
training and the training should be strict.
11. Special emphasizes should be on known cover policies because these type of
policies have more potential in the market.
BIBLIOIGRAPHY
Study Material of HDFC STANDARD LIFE INSURANCE
Study Material of LIC
Study Material of ICICI PRUDENTIAL
WEBSITES
www.hdfcstandadlife.com
www.bimaonline.com
www.iciciprulife.com
www.irdaindia.org
www.metlife.co.in
www.bajajallianz.com
www.birlasunlife.com
www.economictimes.indiatimes.com

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RESEARCH PROJECT REPORT

A COMPARATIVE STUDY OF VARIOUS INSURANCE

Chandigarh Business School, Landran, Mohali

Forwarded for evaluation by the Dean:

Certificate issued by Project Guide

Need for Life Insurance

Role of Life Insurance

Evaluation of Insurance Industry in India

2) Opening of Insurance Sector in India

HDFC STANDARD LIFE

Life Insurance of India (LIC)

5) Comparison of the products of various companies

7) Data Analysis and Findings

Different objectives behind conducting this projecto Identifying Target Customer.

In the words of D S Hansel, Insurance may be defined as a social device providing

Payment on happening of special event

The amount of payment depends on the nature of losses incurred

1. Temporary needs/ threats :

ROLE 3 : Life Insurance as Tax Planning

New York Life

NUMBER OF REGISTERED INSURERS IN INDIA

NEW POLICIES ISSUED:LIFE INSURERS

OPENING OF INSURANCE SECTOR IN INDIA

HDFC Standard Life Insurance CO. Ltd

Max New York Life Insurance CO. Ltd

ICICI Prudential Life Insurance CO. Ltd

OM Kotak Mahindra Life Insurance CO Ltd

Birla Sun Life Insurance CO. Ltd

Tata AIG Life Insurance CO. Ltd

SBI Life Insurance CO. Ltd

ING Vyasa Life Insurance CO. Ltd

Allianz Bajaj Life Insurance CO. Ltd

MetLife India Life Insurance CO. Ltd

AMPSANMAR Assurance Co. ltd

CHANGING CUSTOMER EXPECTATIONS IN INSURANCE SECTOR PRE TO

RESEARCH OBJECTIVE AND METHODOLOGY

RESEARCH DESIGN :RESPONDENT SEGMENT

Old Customers: Taken Insurance prior to liberalization only.

Evolved Customer: Taken insurance both in per and post liberalization.

New customers: Taken Insurance in post liberalization only.

Non Policy holders (Life)

Sources of information on Insurance and Product Awareness

Friend, colleagues, relatives and agent

Low awareness of several Insurance

mailers, customer meets

Products due to poor communication

Internet and media.

Additionally from direct

of new product of both LIC and

Approach of the Agent and Consumers Experience

Approach more professional

And through referral

something aggregative private co..

Long term family type of

prospectus directly often has to start

Often selling insurance as

conducts financial health check

up and then offers suitable products/

Better communication and presenter

AWARENESS AND CONSIDERATION OF PRIVATE PLAYERS

AWARENESS OF NEW PRODUCTS-LIFE

Only some customers have mentioned new products.

Products with multiply riders medical, accident, waiver of premium rider