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Study On

“Awareness of ING Vysya Life Insurance among


Potential Customers”

Internship Report

PGPM

2009-2011

Guide
d by: Submitted by: Ms.
Yashika Saxena Abhishek Bardhan
Cerebral Business School, Kota PGPM
Batch:
2009-2011
Student ID 101003110

CERTIFICATE

This is to certify that Internship Report entitled “Awareness of ING VYSYA Life
Insurance among Potential Customers” has been submitted by “Abhishek
Bardhan” under the guidance of “Ms. Yashika Saxena” as a partial fulfillment of
the Postgraduate Program in Management degree from Cerebral Business School.

Kafil Siddiqui
(Director)
Cerebral Business School,
Kota (Raj.)

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Student ID 101003110

3
PREFACE

Post Graduation program in Management (PGPM) is a certificate/diploma course in


professional studies, which includes both theoretical and practical knowledge as part
of 2-year curriculum.

Consumer behavior is a vast and complex thing in today’s world. Understanding


consumer behavior & knowing consumer are not that simple. It is almost impossible
to predict with one hundred percent accuracy.
The success or failure in this pursuit determines the difference between success &
failure of marketing efforts or even the business itself.

Consumers are moved by a complex set of deep of subtle emotions. Their behavior
springs from deeply held values & attitude their perception of the world & their place
in it from commonsense, impulse or whimsy. All this in the outcome of a large
number of external & internal influences.

Student ID 101003110
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FOREWORD

Training is an exercise by means of which student earn a lot of things which cannot
be taught in the class room. During training students come to know about the
principles and practices of management application in real working condition in the
organization.
The project undertaken by him in ING Life Insurance Company Ltd, Kota, Titled
“Awareness of ING Vysya Life Insurance among Potential Customers”

The project on evaluation fulfills all the stated criteria and the student’s
achievements and findings are her original work.
During the training period, I have found him to be hardworking, since and punctual.
He was also found to diligent, corporative and well disciplined.

Mr. Pranjal Mattha Abhishek Bardhan


Branch Manager
ING Life Insurance
Co. Ltd, Kota

Student ID 101003110
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ACKNOWLEDGEMENT

I acknowledge my deep sense of gratitude for giving me this opportunity to undergo my


project with ING VYSYA Life insurance .at this moment of successful completion of the
project, I would like to express my sincere thanks and indebtedness to all those who
extended their kind help by spending their precious time in explaining the various
intricacies of the subject and suggesting the correct approach to me.

I would like to thank not once but twice, Mr. Pawan Sharma (Area Manager) who had
been my project guide for their understanding, gracious and constructive advice which
played a major in completion of this project.

I would like to thank Mr.Amit Dalela (Sales Manager) endless cooperation he provided
me during the course of completion of the project.

At last but not least I would also thank Mr. Anil Khandelwal (Head, training & Placement
Cell) for providing insights about performing our work. This project has been a great
learning outcome for me and without his help it would not have possible for me to this
project.

Abhishek Bardhan
PGPM 1st Seem

Student ID 101003110
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ABSTRACT

In today’s corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and ING LIFE
INSURANCE has given me the opportunity to work and get experience in highly
competitive and enhancing sector.

Companies now are tapping a lot of ways to capture the market and hence adopting
different ways to hold the large portion of the market.

My training learning helped me a lot to complete my project in order to learn a lot


of things of the corporate. As a project trainee the first task given to me was to
understand the basic behavior of the consumer in order to manipulate the market
according to our target competition. For this I developed a questionnaire and I did
my survey in Kota city.

This job training also helped me a lot in understanding the process of building
effective marketing channels for life insurance products by establishing network of
life insurance advisors.

The success story of good market share of different market


organizations depends upon the availability of the product and services near to the
customer, which can be distributed through a distribution channel. In Insurance
Student ID 101003110
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sector, distribution channel includes only agents/advisors or agency holders of the
company. If a company like ING LIFE INSURANCE, LIC, ICICI PRUDENTIAL,

RELIANCE LIFE INSURANCE, TATA AIG, MAX etc. has adequate agents in the
market, they can capture big market as compared to the other companies.

I have pleasure in submitting this report on “Awareness of ING Vysya Life


Insurance among Potential Customers”.

Student ID 101003110

8
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DECLARATION

I hereby declare that the present report entitled “Awareness of ING Vysya Life
Insurance among Potential Customers” is based on my original work /
publication has been duly acknowledged at relevant places.

Submitted by
Abhishek Bardhan
PGPM 1stsem

Student ID 101003110

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CONTENTS

CERTIFICATES
PREFACE
FOREWARD
ACKNOWLEDGEMENT
ABSTRACT
DECLARATION
Page no.
CHAPTER I - INTRODUCTION OF INSURANCE 10-15

CHAPTER II - INTRODUCTION OF COMPANY 16-34

CHAPTTER III - SWOT ANALYSIS 35-37

CHAPTER IV - RESEARCH METHODOLOGY 38-39

CHAPTER V - DATA ANALYSIS AND INTERPRETATION 40-48

CHAPTER VI - CONCLUSION 49-50

CHAPTER VII - SUGGESTIONS 51-52

APPENDICES
BIBLOGRA
11
INTRODUCTION OF INSURANCE

(1) What is insurance ?

Insurance is a financial service of collecting the savings of the public and


providing them with risk coverage. The risk may be certain events like death, retirement,
pension, education, marriage, etc. or uncertain events, like theft, accident, fire, ill-health
etc. Marine insurance is one category which covers risk of sea voyage, of shopping, cargo,
etc. Motorcar, scooter and two wheeler and three wheelers are also providing with
insurance, called vehicle insurance. Building insurance, from thefts, etc. and crop
insurance are the other categories of risk coverage, introduction by GIC.

(2) Why Insurance ?

They help provide protection to investors from some certain or uncertain risks.
These are contractual savings, which the investors are forced to provide for. This will
constitute voluntary involvement in savings, but turn into compulsory or forced savings
through contractual obligation. These are generally medium and long term savings and the
investments of this type provide a low return but the needed risk coverage of life, accident
fire etc.

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(3) Categories of Insurance

The following major categories are important :

Life Health General

Medical

Endowment Whole Life

Mutual Fun
Returned and

Pension/Annuity Contracts
Risk coverage
With profit or without profit
Partially
For fixed amounts on maturity

LIC GIC

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HISTORY OF LIFE INSURANCE

LIC has a Monopoly of life insurance .life insurance was their in India since 1818
carried by private and foreign insurance. In 1956, life insurance was nationalized and LIC
was set up by taking over the business of about 245 large and medium companies doing
business of life insurance .The P&T dept. conducts some business of life insurance for its
own employees, and UTI provides ULIP scheme with life insurance coverage from the
LIC.

How life policies are valued ?

The life fund is build out of the excess premiums and investment income over the
payments due to maturing claims and expenses on revenue and capital accounts. The
method of valuation is discounting future income and expenditure back to present. The
rate of discount used in this respect is the same as the rate of interest, which the assets of
the fund are expected to earn on an average.

The life fund so calculated is to be compared to the present value of future


liabilities. The surplus in the value of life fund minus the present value of future liabilities
due to maturing claims of endowment, life pension etc.

This surplus is available for distribution to policy holders and for ploughing back
into reserves of life insurance holders with only is eligible for bonus or sharing of surplus.

14
This surplus may be on revenue account, namely, excess of future income over
future out going and/or on the capital a/c which arises when the value of the fund is
balanced by the values of the various assets of the life fund as reflected in the Balance
sheet.

It is clear that with the increase in business, its investments also increased and the
funds its disposal mostly of long-term nature are meant to be used for the used for the
Govt. infrastructure and social sectors of the economy. Over the years coverage to urban,
semi urban and rural population. The percentage share of new business from the rural
areas is around 40% of the total number of policies, but in term of the assured, it may
work out to around 30-35%.

Term insurance, whole life insurance, Endowment policies, annuity contracts,


individual insurance, group insurance, pension plan & ULIP are a few type of insurance
policies marketed by the life insurance companies.

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THE IRDA BILL

On July 14, 2000, the chairman of the IRDA, Mr. N. Rangachari set forth a set of
regulations in an extra ordinary issue of the Indian gazette those details of the
regulation.
Insurance regulatory and development authority is constituted by the government of
India, which governs all the companies that are operating in the insurance sector in
India. As per the section 4 of IRDA act 1999, insurance regulatory and development
authority (IRDA) specifies the composition of authority.
The authority is a 10member team consisting of
1. Chairman
2. Five whole team members
3. Four part time member
All appointed by the govt. of India.

Mission of IRDA
To protect the interest of the policy holders, to regulate, to promote and ensure
orderly growth of the insurance industry and for matters connected with or incidental
there to.

Duties, powers and functions of IRDA


Section 14 of IRDA act 2000 lays down the duties, powers and functions of
IRDA. The authority shall have the duty to regulate, promote and ensure orderly growth
of insurance and re-insurance business.

 Issue to the applicant a certificate of registration, renew, modify, withdraw,


suspend or cancel such registration.
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 Protection of the interest of the policy holder in matters of concerning
assignment of policy, nomination by policy holder, insurable interest,
settlement of insurance claim, surrender value of policy and other terms and
condition of contract.
 Specifying requisite qualification, code of conduct and practical training for
intermediary or insurance intermediaries and agents.
 Specifying the code of conduct for surveyors and loss assessors.
 Promoting efficiency in the conduct of insurance business.
 Promoting and regulating professional organizations connected with
insurance and re-insurance business.
 Levying fees and other charges for carrying out the purpose of this act.

 Calling for information from, undertaking inspection of, conducting enquiries


and investigation including audit of the insurers, intermediaries and other
organization connected with the insurance business.
 Control and regulation of the rates, advantages, terms and conditions that may
be offered by the insurers in respect of general insurance business not
controlled by the TARIFF ADVISORY COMMITTEE under section 64 U of
the insurance act 1938.
 Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other
insurance intermediaries.
Regulating investment of funds by insurance companies

17
INTRODUCTION OF COMPANY

THE ING GROUP

The world’s second largest life insurance company. The world’s fourth largest
financial services company.

The world’s ninth largest leading public company. Ranked seventeenth in the fourth
global 500.

Assets of Rs 52, 97,000 crores which is 35% of India’s GDP.

ING VYSYA BANK


History:

• Started in 1930
• Largest private sector bank-1985
• ING holds 44% stake in vysya bank by investing 340 crores-october-2002.

Year-2004:

Operating profit-261 crores


• 523 outlets
• 2 million customers
• Net worth ING 6000 crores.

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ING VYSYA LIFE-2001

• Commenced operations in September 2001 with 2 branches; investment: Rs .


110cr.
• Headquartered in Bangalore
• Initial shareholders were – ING, Vysya bank and the GMR group
• Launched 3 innovating insurance plan.

ING VYSYA LIFE-2005

• Invested 440 cr. In capital


• Operated in 246 cities and towns across 500 branches
• More than 10000 trained life insurance advisors
• Current shareholders are – ING, Exide, Gujarat Ambuja Cement and Enam
group
• Launched 13 innovative plans
• Has over 2.5 lakh customers

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COMPANY PROFILE

ING Vysya Life Insurance Company Private Limited (the Company) entered the
private life insurance industry in India in September 2001, and in a short span of 3 years
has established itself as a distinctive life insurance brand with an innovative, attractive
and customer friendly product portfolio and a professional advisor force. It also
distributes products in close cooperation with the ING Vysya Bank network. Currently, it
has over 10,000 active advisors working from 46 branches (in 30 cities) across the
country and 1200 employees.

The Company with a customer base of over 1,50,000, is head quartered at


Bangalore and has established a national presence in the following cities: Ahmedabad,
Ajmer, Bangalore, Baroda, Belgaum, Bhopal, Calicut, Chandigarh, Chennai, Cochin,
Coimbatore, Delhi, Goa, Guntur, Gurgaon, Hubli, Hyderabad, Indore, Jaipur, Jodhpur,
Kota, Kolkata, Ludhiana, Mangalore, Mumbai, Mysore, Nagpure, Pune, Secunderabad,
Surat, Trivandrum, Vadodara, Vijaywada, Vizag.

The Company’s portfolio offers products that cater to every financial requirement,
at any life stage. We believe in continuously developing customer-driven products and
services and value being accessible and responsive to the needs of our customers.
In fact, the company has developed the Life Maker, a simple method, which can
be used to choose a plan most suitable to a specific customer based on his needs,
requirements and current life stage. This tool helps you build a complete financial plan
for life, whether the requirements are protection, savings and investment, retirement.

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Organization Structure Of ING Vysya

I NG Vysya– Organisation Structure

CEO
CEO–– Frank
Frank Koster
Koster
COO
COO
KRS
KRS

Director--.Sales EV.P.
EV.P. Marketing Director AV.P..
AV.P.. Customer
Customer
Director .Sales Marketing Director–Employee
–Employee Services
Services
Appointed
Appointed Actuary
Actuary V.P.
V.P. IITT
Gautam Benefits
Benefits
Kshitij
Kshitij JJain
ain Gautam Sharma
Sharma Rahul Hema
Hema malini
malini Ravishankar
Ravishankar SS
David
David Hatton
Hatton Rahul Agarwal
Agarwal

AVP-
AVP- NPD
NPD
CFO
CFO VP
VP–– HR
HR
YY VV D
D VV Prasad
Prasad
David
David Briscombe
Briscombe Ramesh
Ramesh Dassary
Dassary

Sales Marketing Finance and Customer Human I nformation


accounts Service resources Tech.
• Tied Agency • Product
development • Finance • Underwriting • Recruitment • Production
• Corporate
agencies • Brand building • Accounts • Policy • Compensation • Net. Mgmnt
• Bancassurance • Market support processing • Reengineering
• Investments • Appraisal
• Public relations • Customer • Application
• Compliance • Employee
service dev.
satisfaction
Training • Administration
• Production
• Sales Training • Legal claims

• Customer
service
• Management
Development

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Leadership@ I VLI
M D & C E O
F r a n k K o s t e r

D i r e c t o r D i r e c t o r E V P C F O V P C O O A V P
S a l e s E B & P e nP sr i o o d n u s c t s & D Ma v a i r d k Be tr i i nH s gc u o m m ab n e R Ke s oR u S r uc be s Ar a p m p oa ni n i at e n d A c t u a r y
K s h i t i j J a i Dn a v i d H a Gt t ao un t a m S h a r m a R a m e s h D a s s a r y H e m a M a l i n i

H e a d V P A V P A V P A V P - C S D
A g e n c y A E c tm i v p i sl o a y t i e o e n B e P n r e o f d i t u s c t sC o r p o r a t e L e g a l R a h u l A g a r w a l
S a n j e e v AS l o k e C h a t t Y e rV j e D e V P C r oa sm a pd l i a n c e & R i s k
A r p i t a S e n

R e g i o n a l V P G M C h i e f I n v e s t m e n t O f f i c e r
S a l e s ( N o r t h & W e s tC) o r p o r a t e SS te u r va ri c t e B s a r r y S r M g r & H e a d - U W
R V i s h n u k u m a r S u b r a m a n i V a r d a r a j D r . N a v n e e t V y a s

S r M g r - C l a i m s
R e g i o n a l V P A V P R i t u T h a k u r
S a l e s ( S o u t h & E a s t ) F i n a n c e & A c c o u n t s
T K U t h a p p a M a n i s h K u m a r J a i n

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Area Structure

S ales O rg an isatio n S tru ctu re


H e a d - S a l e s
K s h i t i j J a in

A V P ( S o u A t Vh P & ( E W a e s st ) t & N o r t h )
T K U t h a Rp p V a i s h n u K u m a r

A r e a M a n a g e r s

B r a n c h M A a g n ea ng c e y r M a n a g e r

A g e n c y M T a r an ia n g i n e g r C Mu sa t n o a m g e e r r B S r e a r n v ci c h e C M o a - on ra d g i n e ar

S M G S M s

A d v iS s oM rA s d v Si s r o Sr s M s

A d v i s o r sS M s

A S M s

B D E

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I N G V y sy a-SLhife
a re h o ld
-2 in
0 0g5

26 % 9 .1 3 %

50% 1 4 .8 7 %

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Other Partners

E x id e I n d u strie s

• E I L is th e m a rke t le ad e r in b o th
th e a u to m o tive a n d in d u strial
C a p it a l R s .7 1 c r o r e s
se g m e n ts. 'E X I D E ' a n d 'S F
( S ta n d a rd F u ru k a w a ) ', th e T u r n o v e r R s . 1 ,2 1 8 c ro re s in
flag sh ip bra n d s o f th e C o m p a n y, 2 0 0 -0
34
a re a lso th e le ad in g b attery
b ra n d s in th e co u n try. E m p lo y e eOs v e r 4 0 0 0

• M a rk e tin g N e tw o rk 3 3 %- in o v e r a ll A u to
– O ffices -26 B a tte r y M a r k e t
– E xide C are Cen-10ters0
– E xide P o w er Cen-2 5ters M a r k e t 9 0 % M a r k e t S h a r e in
– D e alers S h a re A u to m o tiv e O E
S L I-34 2 3
M C-246 9 5 0 %- In d u s tr ia l B a tte r y
M a rketin g S-29
taff1 M a rk e t

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ING Vysya Life - Mission
To have the best and most productive advisor force

ING Vysya Life - Goal


To be in the top % life insurance players

ING Vysya Core Values


 Professional
 Entrepreneurial
 Trustworthy
 Approachable
 Caring

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AIMS AND OBJECTIVE

Aims:

• Life insurance is more than just putting money aside for a rainy day.
• It helps you plan for the most important events of your life-like marriages,
retirement etc.
• No matter what age you are, ING VYSYA LIFE can help you plan your
future.
• Whether for your children’s higher education, your retirement, or even
just investing your money.
• We’ll make sure that you achieve all of your goals with our customize
solutions.

Need of the Individual :

Child:

With your insurance solutions, you can save for your child’s future and protect
him/her by providing for needs like education or any other eventualities that me occur.

Marriage:

Rejoice in the marriage of your offspring, without worrying putting a strain


on your finances. With our help, you can invest an amount that will cover the expenses
of the wedding, and even leave you with some extra to protect yourself.
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Education :

Save money for your own higher education and do it with easy, with our
help or start building a fund your child’s higher education right now, so that when the
time comes, you are more than prepared.

Old age:

At some point, you are going to stop working full time and take life easy. For
those leisure years, you need to start saving now. Over customize retirement solution
allow you to invest for the future and protect against eventualities at the same time.

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PRODUCTS OF THE COMPANY

CREATING LIFE
(Child protection plan)

Benefits
 Core benefits
 Maturity benefits
 Death benefits
 Rider benefits
 Free look
 Protection

Entry Age:-
Parents - 18-55 years

Premium:-
Minimum – 8000/year

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CREATING LIFE
(Child protection money back plan)

Benefits
 Survival benefits
 Maturity benefits
 Death benefits
 Paid up value
 Surrender value
 Protection + Financial Support
 Tax benefits

Entry Age:-
Minimum - 18 years
Maximum - 55 years

Premium:-
Minimum – 8000/year

SAFAL JEEVAN
(ENDOMENT PLAN)

Benefits
 Core benefits
 Maturity benefits
 Death benefits
 Protection
 Survival benefits

Available policy terms

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10 years, 15 years, 20 years

Entry Age:-
Minimum - 18 years
Maximum - 45 years

Premium:-
Minimum – 5000/year

SAFAL JEEVAN
(MONEYBACK PLAN)

Benefits
 Core benefits
 Maturity benefits
 Death benefits

 Protection + Financial Support


 Survival benefits

Available policy terms


16 years, 20 years

Entry Age:-
Minimum - 18 years
Maximum - 45 years

Premium:-
Minimum – 5000/year

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BEST YEARS
(RETIREMENT PLAN)

Benefits
 Flexibility
 Exit options
 Death benefits
 Attractive returns
 Investment guarantee on capital
 Tax advantage

Entry Age:-
Minimum - 18 years
Maximum - 70 years

Premium:-
Minimum – 5000/year, next time – 2000/year

NEW PRIME LIFE


(ULIP plan)

Benefits
 5 times risk cover
 Accidental death benefits
 Top up facility
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 Rider benefits
 Partials withdrawal

 Protection
 Switches fund
 Death benefits
 Maturity benefits
Entry Age:-
Parents - 18-55 years
Premium:-
Minimum – 12000/year

NEW CREATING STAR


(ULIP plan)

Benefits
 5 times risk cover
 Top up facility
 Protection
 Switches fund
 Death benefits
 Maturity benefits
 Revival benefits

Entry Age:-
Parents - 18-55 years child – 0-10year

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Premium:-
Minimum – 12000/year

FLEXILIFE PLUS
(INVESTMENT SOLUTION)

Benefits

 Flexibility to increase/decrease the regular premium


 Enhanced accidental protection benefits
 Death benefits
 Maturity benefits
 Cover continuation option
 Settlement benefits
 Switching of fund
 Riders
 Policy loan
 Top-up premiums
 Surrender benefits

 6.25-25 times risk cover


 Tax benefits
 Partial withdrawal
 4 types fund available

Entry Age:-
Minimum - 0 years
Maximum - 60 years,
34
Maturity age-70years

Premium:-
Minimum – 48000/year

MARKET SHARE

Mkt Share
Aviva
Om Kotak ING 1%
Alli bajaj 3% 2% Oths
TATA AIG 6%
6% 1% ICICI Pru
37%
SBI Life
7%

MAX New
8%

HDFC Birla Sun


14% 15%

ICICI Pru Birla Sun HDFC MAX New SBI Life TATA AIG
Alli bajaj Om Kotak ING Aviva Oths

35
36
SWOT ANALYSIS

(1) SWOT Analysis :-


SWOT Analysis is the environmental Scanning technique
in which the environment of the organization is analyzed through the analysis of
strength, weakness, opportunity and thread of organization.

Strength:-

• ING VYSYA LIFE is the brand name, which is very well known for
the aware peoples.

• ING VYSYA being a large group is able to invest money for its Life
Insurance business in promotional activities.

• ING VYSYA has very good public relations.

• Systematic system of approaching customer through advisors.

Weakness:-
• Bad image formation of company because rural people are getting
fake or incomplete information about the company’s term & conditions.

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• Public perception about private insurance company is inferior,
they can’t trust on new brand.

• Late entrance in Life Insurance market.

Opportunity:-
• Opportunity to cover market as ING VYSYA LIFE has different schemes,
which are more beneficial segments of people.

• Opportunity to attract customer through its many services for very low
prices.

• Opportunity to provide more non-financial incentives to advisors and


employees as performance appraisal so that unsatisfied advisors, employees
and customers can be captured.

• People, who are interested in taking insurance policies for rebates in income
tax, are definitely big business oriented sector.

Threat:-

• LIC is becoming the main competitor having advantage of government


organization and being oldest player in the market.

• More Life Insurance companies are coming in the market with more
powerful ad campaigns.

• There is threat from the competitors like ING, Tata Aig, Oriental Insurance
co., ICICI, Aviva, Birla Sun Life etc.

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• In competitive era companies are trying provide best return on the customer’s
investment with value satisfaction.

39
RESEARCH METHODOLOGY

Research Instruments:-

• Questionnaire research is used as source of evidence


and various observations done on that basis.

• The questionnaire contents close ended questions.

Research Approach:

• Responses were taken from bank, colleges, main market place


of city.

• The stratified data sampling method was unused in getting the


response from the public.

• Evidence was collected by survey approach.

Sampling Plan:

Sampling Units : - General Mass

Sample Size :- 50 + 100 = 150

Sampling Method: - Stratified data sampling

Method of Data Analysis:-

• Analysis of the data have been done with statically and mathematical
tool.

40
Mainly primary data used in the research.

Limitation:

1. In rural area people were unable to understand English language.

2. Some of them have not take interest in the matter.

3. The conclusion based on single variable contents errors.

4. Some times error committed by misinterpretation of the questions of


questionnaire.

5. The entire study is only for particular cities i.e. Kota.

6. The study covers only analytical part.

Objectives of research:-

Research objectives are to be finding out followings:-

1. Awareness about life insurance in general mass.

2. Requirements of life insurance.

3. Perception about saving and investment with life insurance.

41
DATA ANALYSIS AND INTERPRETATION

The area where research was done is Kota as mentioned earlier. Results also
can be represented in aggregate form. So here is representing in all forms in
following points:-

Awareness:-
Awareness about company’s existence in market was measured in Kota,
the results found as follows.

• On other hand 45% of Kota city population was aware of the company
and 55% have not heard about the same.

Awareness level in Kota

60%
50% 45%
55%
Response in%

40%
30%
20%
10%
0%
Aware Not aware

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• People are aware about ING VYSYA LIFE Insurance company
private limited, but 55% public doesn’t know about this company’s existence
in the market.

(2)Requirements :-
The requirements of life insurance in general mass were measured as
follows.
• The requirement of Kota population is found 11% and 89% of them
does not shows the requirement in the sense they have not contact any life
insurance company for life insurance purpose.

Required of Life Insurance in Kota

100%
89%
80%
Response in %

60%
40%
20% 11%
0%
Required Not required

• On an average 17.33% of population generally contact the life


insurance companies and rest 82.66% population do not show their
requirement in sense of contacting the life insurance companies on their
own.
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(3) Perception :-
The perception about saving and investment in general mass is
measured in Kota. The result can be showed in following points:

• Parents say yes when they asked about their interest in savings and
investment in form of life insurance but 62% answers of this perpetual was no
in Kota.

Perception about the matter in Kota

70% 62%
60%
Response in %

50%
38%
40%
30%
20%
10%
0%
Yes No

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• 50% people was interested in savings as investment and rest 50% of
population do not take interest in saving and investment as life ins

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Awareness:-

Awareness about insurance is not in a batter condition. Very few people are
aware that Ing Vysya Life insurance company private limited is in the market. People are
more educated in urban areas but awareness found about the fact is relatively less. The
people who are in student life and teaching line were found aware about Ing Vysya Life
is existing in the market. Mostly businessman, shopkeepers and servicemen are not
aware of Ing Vysya Life.

Over all awareness level

70%
59%
60%
Response in %

50%
41%
40%
30%
20%
10%
0%
Aware Not
Aware

The launch of Ing Vysya Life insurance company private limited is held only few
months before in Kota, so people don’t know about the company. But now people
becoming aware and recognizing the benefits on their investments and savings.
Awareness level is increasing slowly in general mass.

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(ii) Requirements:-
Requirements of insurance in society are very important. The insurance
policies give economical support to a family when they unfortunately lost a valuable life,
it works as compensation of loss occurs by a death. So life insurance is required in
people but still they are not as much aware to take insurance on their own. Although it is
a useful thing to having insurance policy in the sense of savings and investments but
people generally avoid it.

Over all Requirement of Life insurance Showed

100%
83%
80%
Response in %

60%
40%
17%
20%
0%
Required Not
required

Percentage of people who have contact any insurance company on their own for
insuring their life was found very less, that shows that requirements are still there but
awareness is not appropriate in the mass. But now days in competitor market of life
insurance, insurance companies are making their customer aware and trying to prove the

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importance of life insurance. Over all it is observed there is rapid growth in market of the
life insurance.

(iii) Perception:-
Perception about insurance companies found in general mass is very narrow;
the people mentality mostly in rural sector is to believe only on government
organizations. The life insurance corporation is the only government life insurance
company in the market so people generally prefer only LIC for insuring their life.

Over all Perception about the


matter

60%
50% 50%
50%
Response in %

40%
30%
20%
10%
0%
Yes No

People think that private companies are not reliable, they can wipe out from the market
any time and their investments may falls in risk. Perception about savings and

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investment found in people is improving the status. People like to invest their money for
saving money and also for rebates in income taxes.

Business scope:-
The business scope in the sense doing business by insuring life of people is
finding as follows.

Interested People to do business


with Ing Vysya LIFE
% value of Response

60%
58%
58%

56%
54%
54%

52%
In Kota Ovarall

• On other hand in Kota 58% respondents found uninsured.

• On an average approximate 54% people are still not insured their life, their
life insurance can be a big business to the company so company have to
contact them before their competitors.

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Prevailing Market Requirements
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
<50k 50k 1lac- 2lac- >4lac

Kota Over all

Market requirement: -

The business scope for the company was found 54% as an aggregate of both
market on other hand I have analyze amount of insurance policies mostly preferred by
peoples in both places it can give idea about market requirement.

When I asked to the respondents about the amount of insurance policy they have.
I found results as follows.

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• In Kota total response was 100 and 42 of them found having life insurance,

out of them 19.04% people were found with insurance of Rs50000 below
amount, 40.47% of insurance having respondents were having insurance of
Rs50000 – 1 lac, 21.42% of them were having insurance of Rs1 lac – 2lac,
insurance of amount Rs2 lac – 4 lac were preferred by 7.24% of them and only
5.8% people prefers policies of more than Rs4 lac.

• On an aggregate 29.16% people prefer to take insurance policy of less then


Rs50000, 35.04% people prefer to have insurance policy of Rs50000 – 1 lac,
23.67% people are having insurance policy of Rs1 lac – 2 lac, policy of Rs2 lac
– 4 lac generally taken by 5.47% of the population and only 2.9% of population
can maintain policies of more then Rs 4 lac.

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CONCLUSIONS

During the data collected, it has been found that people have great awareness about
various companies but a lot more has to be done, especially by companies like ING
Life Insurance to establish their market presence.

People are beginning to look beyond LIC for their insurance needs and are willing
to trust private players with their hard earned money.

People in general have been influenced by the marketing activities of insurance


companies. A high penetration of print, radio and TV ad campaigns over the years is
beginning to have its impact now.

Another important trend was in terms of people viewing insurance as a tax saving
and investment instrument as much as protective one.

The general satisfaction levels among public with regards to policy and agents still
requires improvement. Here lies the opportunity for a relatively new comer like
ING Life Insurance. LIC has never been known for prompt service or customer
oriented methods but ING Life Insurance can build its reputation based on these
factors.

37% out of 75% people those who are aware about ING Life Insurance have
investment plans of it.

73

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25% people not aware about ING Life Insurance, hence they invested in other Life
Insurance Company.

37% people those who have ING Life Insurance investment plans are very satisfied
with these plans because of good services, returns, guarantee, brand image,
premium, etc.

83% people are satisfied with the plans of ING Life due to Effective services,
Guarantee, good brand image,nice features,attractive plans,etc.

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SUGGESTIONS

1. The company (ING VYSYA) should need to do the more & more publicity of
their company and products through the mass media (TV, Ad.), pamphlets etc.

2. In their pension plan, the company given the limit up to 70years.It should be
needed that the company increases their age limit at least 80years.

3. After 30 June 2006, the company one of the best plan .i.e., Freedom plan is
restricted for selling into the market because of the IRDA instruction. The

4. Company should be needed to launching other plans like Freedom plan which is
the beneficial for the customer.

5. The company should need to recruit the fresher’s (Youth) in their company
because they are having good capability and they are hard working because of it
they are easily convincing the customers.

6. The company must be trying to improve their position in the market by


maintaining good relationship with the customers and promising them that this is
only the place (ING VYSYA LIFE) where you fulfilling your all desires like
Children education, Marriage, Saving, Protection, Pension etc.

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7. The company (ING VYSYA LIFE) rapidly doing a changes in their plan which
is creating a problem for the customers, because the customer are confused that
which plan they are taking because of these changes not only the customers are
facing these problems, the advisors or the employee of the company are also
facing these problems that which plan they are selling in the market and how.

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Appendices

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Questionnaire
1. Personal details:-

Name:

DOB:

Age:

Gender:

Address:

Contacts:

2. How do you know about ING Vysya?


A. Media B. Advisor

C. Family Member D. Add

3. Do you already have a life insurance advisor?


A. Yes B. No

A. If yes, then which company?


A. ING B. Other

B. Amount of life insurance you have


A. <5000 B. 50000-1Lac C. 1Lac-2Lac

D. 2LAC-4LAC E. >4LAC
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4. Are you satisfied with their services?
A. Yes B. NO

5. How much amount of life insurance you have?

6. Are you interested in saving as investment also?

A. Yes B. No

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BIBLIOGRAPHY

1. Training Kit provided by ING Vysya Life Insurance Co. Pvt. Ltd
2. www.wikipmidea.com
3. www.rediff.com
4. www.irda.com
5. www.ingvysyalife.com

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