An Interim Project Report on

Marketing Mix

OF

At

IDBI Federal Life Insurance Co Ltd- New Delhi

BY
PANKHURI SINGHAL
13BSP1630

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 A REPORT ON
MARKETING MIX OF IDBI Federal Life Insurance Co Ltd

A report submitted in partial fulfilment of the requirements of

PGPM Program of IBS Mumbai

Submitted To: Company Guide:

Faculty Guide: Mrs. Shanthi Yagyanath

Dr. PriteeSaxena Asst Branch Head
Associate Dean IDBI Federal Life
IBS Business School

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 CONTENTS

1. Authorization ………………………………………………. 4

2. Acknowledgements …………………………………………. 5

3. Abstract …………………………………………………….... 6

4. Introduction ………………………………………………….. . 7

5. Sponsors of IDBI …………………………………………... 8

6. Products Given to Interns …………………………………… 10

7. Project Description ……………………………………………14

8. Benefits from project ……………………………………..... . 15

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 Authorization

This report is submitted as partial fulfillment of the requirement of PGPM Program

of IBS Mumbai. The Summer Internship Program is a part of the curriculum and is
mandatory for each student to perform the internship and prepare a report. It is
evident for every student and is authorized by the institute to do so.

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 Acknowledgements

I take this opportunity to express my profound gratitude and deep regards to my

company guide Mrs. Shanthi Yagyanath for her guidance, monitoring and constant
encouragement throughout the course of this internship.

I would also like to express a deep sense of gratitude to Dr. Pritee Saxena, my
faculty guide from IBS Mumbai, for her cordial support, valuable information and
guidance, which helped me in completing this task through various stages.

I also thank the faculty and placement cell of IBS Mumbai to help me get an
opportunity to work in this wonderful organization.

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 ABSTARCT

The internship project is concerned with working under IDBI Federal Life
Insurance Co. Ltd which is a joint venture of IDBI Bank offering Life Insurance
Plans, Life Insurance Policy, NAV, Insurance Plans and premium.
My work as a sales and marketing team was to do the same. I was introduced
with 4 Products of IDBI Life Insurance Co. Ltd i.e. Life Insurance Policy, Child
Insurance Policy, Wealth and Incomesurance Policy. This project helped me
in learning how a Insurance company works and prices for policy are set as
well as sales and marketing of Financial products are done.

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 INTRODUCTION

About the Company:

IDBI Federal Life Insurance Co. Ltd is a joint venture of IDBI Bank, India’s
premier Development and commercial bank, Federal Bank, one of India’s leading
private sector Banks and Ageas, a multinational giant based out of Europe. In this
venture IDBI Owns 48% equity while Federal Bank and Ageas own 26% equity
each. Having started in March 2008, in just five months of inception, IDBI Federal
became one of the fastest growing new insurance companies by garnering Rs. 100
Cr in premiums. Through a continuous process of innovation in product and
service delivery IDBI Federal aims to deliver world class wealth management,
protection and retirement solutions that provide value and convenience to the
Indian customer. The company offers its services through a vast nationwide
network 2,308 partner bank branches of IDBI Bank and Federal Bank in addition
to a sizeable network of advisors and partners.

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 About The Sponsors of IDBI Federal Life Insurance Co Ltd

 IDBI Bank Ltd. is a Universal Bank with its operations driven by a Cutting edge
core Banking IT platform. The Bank offers personalized banking and financial
solutions to its clients in the retail and corporate banking arena through its large
network of Branches and ATMs, spread across length and breadth of India. They
have also set up an overseas branch at Dubai and have plans to open representative
offices in various other parts of Globe.

IDBI Bank is the youngest, new generation, public sector universal bank that rides
on a cutting edge core banking Information technology platform. This enables the
Bank to offer personalized banking and financial solutions to its clients.
The Bank had an aggregate balance sheet size of Rs. 3, 22,769 crore and total
business of Rs 4, 23,423 crore as on March 31, 2013. IDBI Bank's operations
during the financial year ended March 31, 2013 resulted in a net profit of Rs. 1882
crore continues to be, since its inception, India's premier industrial development
bank. It came into being as on July 01, 1964 to support India's industrial backbone.
Today, it is amongst India's foremost Commercial banks, with a wide range of
innovative products and services, serving retail and corporate customers in all
corners of the country from 1201 branches and 2156 ATMs.
The Bank offers its customers an extensive range of diversified services including
project finance, term lending, working capital facilities, lease finance, venture
capital, loan syndication, corporate advisory services and legal and technical
advisory services to its corporate clients as well as mortgages and personal loans to
its retail clients. As part of its development activities, IDBI Bank has been
instrumental in sponsoring the development of key institutions involved in India's
financial sector - National Stock Exchange of India Limited (NSE) and National
Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd),
CARE (Credit Analysis and Research Ltd).

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 Federal Bank is one of India's leading private sector banks, with a dominant
presence in the state of Kerala. The history of Federal bank dates back to the pre-
independence era. Though initially it was known as the Travancore Federal Bank,
it gradually transformed into a fully fledged bank under the able leadership of its
founder, Mr. KP Hormis. It has a strong network of over 1,142 branches and 1,312
ATMs spread across India. The bank provides over four million retail customers
with a wide variety of financial products. Federal Bank is one of the first large
Indian banks to have an entirely automated and interconnected branch network. In
addition to interconnected branches and ATMs, the Bank has a wide range of
services like Internet Banking, Mobile Banking, Tele Banking, and Any Where
Banking, debit cards, online bill payment and call centre facilities to offer round
the clock banking convenience to its customers.

The Bank has been a pioneer in providing innovative technological solutions to its
customers and the Bank has won several awards and recommendations.

 Ageas is an international insurance group with a heritage spanning more than 180
years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen
to concentrate its business activities in Europe and Asia, which together make up
the largest share of the global insurance market. These are grouped around four
segments: Belgium, United Kingdom, Continental Europe and Asia and served
through a combination of wholly owned subsidiaries and partnerships with strong
financial institutions and key distributors around the world. Ageas operates
successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey,
China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong
and UK.

Ageas is the market leader in Belgium for individual life and employee benefits, as
well as a leading non-life player through AG Insurance. In the UK, Ageas has a
strong presence as the fourth largest player in private car insurance and the over
50's market. Ageas employs more than 13,000 people and has annual inflows of
more than EUR 21 billion.

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 PRODUCTS THAT WERE INTRODUCED TO INTERNS

IDBI Federal Childsurance is a non-linked

participating endowment plan that ensures
child’s future financial needs are fulfilled. It is
designed to give customer guaranteed annual
payouts and aid the important milestones in
their child’s life.

HOW DOES THIS PLAN WORK

1. Customer needs to decide the amount of guaranteed annual payouts he would need which
will depend on plans for his child’s future.
2. Basis the amount of payouts, he would then choose the Maturity Sum Assured (MSA).
3. Next, he would choose when and for how long he would need the payouts – the difference
between child’s current age and the age at which the guaranteed annual payouts should end,
will be the policy term. This can help plan his child’s future better.

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 IDBI Federal Wealthsurance Suvidha
Growth Insurance Plan is a simple unit
linked plan that helps customer take their
first step towards wealth creation and that
too, with ease. What’s more, the life cover
with this plan provides financial protection
for loved ones.

Wealthsurance Plans guarantees following:

 Financial protection against uncertainty

 Partial withdrawals for emergency fund requirements
 Guaranteed loyalty additions to boost your wealth
 Flexible to switch funds and investment options
 Option to choose how long you want to stay invested
 Get 2 Tax benefit of 80 C and 10(10 D

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 IDBI Federal Incomesurance™ Guaranteed
Money Back Insurance Plan is a non-linked non-
participating money back plan which gives
customer guaranteed* returns on investment, so
that they stop worrying about the future.

With Incomesurance, customer can guarantee a

secure future for their family even when they are
not around

HOW DOES THIS PLAN WORK

Incomesurance is a simple plan with guaranteed benefits. On payment of premiums for 5 years
customer will receive guaranteed annual payouts at the end of every year for the next 5 years. At
the time of purchasing the policy, he will know exactly how much he will receive as guaranteed
annual payouts. The guaranteed annual payouts that will be received will depend on two factors -
the amount of annual premium that he will pay and age.

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 IDBI Federal Lifesurance savings insurance plan
is a fixed term non-linked participating plan that
provides twin benefits of long-term savings and
life cover.

With Lifesurance Savings, small savings will help

customer realize the big dreams that he has for
himself and his family. This plan also offers the
benefit of life cover that will provide financial
security to family in his absence.

BENEFITS OF THIS PLAN

 Financial protection against uncertainty

 Lump sum payout at maturity
 Guaranteed additions to safeguard as per your need
 Flexible to choose options as per your need
 Bonuses to boost your savings
 Get 2 Tax benefit of 80C and 10(10D)

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 Project Description

Duration (Date Wise) – 25th February to 25thMay

Duration – 3 Months

Location – Delhi

JOB ROLES

Mainly I was acting as an insurance agent for IDBI Federal Life Insurance Co Ltd.
My task for three months was dynamic and interactive. I was told to get down on
fields and interact with customers and tell them about the Insurance policies so as
mm

 Consumer Behavior
 Sales and marketing of financial product
 Better understanding of financial product
 Pitching offers

Work Progress

The work commenced for the interns from the 25 th of February 2014 at the IDBI
Federal Life Insurance Co Ltd, Pitampura branch, New Delhi. I was assigned to
work as marketing and sales agent where we were told to sell the products that we
were introduced to. At the initial stage we were told about the different products
IDBI Federal has and the glimpse of the working scenario and how different
projects and clients were handled.
Initially I was introduced to two most important company mentors and the
important role they play.

 Mr. Manas Das- Asst Branch Head

 Mr. Sachin Garg- Manager distribution (chief)

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 Now we would be having 5-6 hours of session everyday in different places of
Noida, New Delhi and Gurgaon in which we would be given a detailed description
about the company and its products and after that an exam would be conducted in
26th April 2013.

BENEFITS FROM THE PROJECT

 Getting associated with Insurance industry which is fastest growing insurance

company in India.

 Learning al the important points which affects the pricing and selling of company’s
product.

 The high level of customer interaction and understanding the different behavior
associated with the client.

 Learning each and every point related to work flow of Insurance sector industry.

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 REFERENCES

 http://www.idbifederal.com/Pages/home.aspx

 http://www.idbi.com/index.asp

 http://en.wikipedia.org/wiki/IDBI_Federal_Life_Insurance

 http://www.ageas.com/

 http://www.idbifederal.com/Products/Pages/default.aspx

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