Shameer Lic Report

CHAPTER 1
INTRODUCTION
1.1 GENERAL INTRODUCTION OF INSURANCE:
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Insurance or Assurance,device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums. Payment for an individual loss, divided among many, does not fall heavily upon the actual loser. The essence of the contract of insurance, called a policy, is mutuality. The major operations of an insurance company are underwriting, the determination of which risks the insurer can take on; and rate making, the decisions regarding necessary prices for such risks. The underwriter is responsible for guarding against adverse selection, wherein there is excessive coverage of high risk candidates in proportion to the coverage of low risk candidates. In preventing adverse selection, the underwriter must consider physical, psychological, and moral hazards in relation to applicants. Physical hazards include those dangers which surround the individual or property, jeopardizing the well-being of the insured. The amount of the premium is determined by the operation of the law of averages as calculated by actuaries. By investing premium payments in a wide range of revenue-producing projects, insurance companies have become major suppliers of capital, and they rank among the nation's largest institutional investors.
HISTORY OF INSURANCE:
The roots of insurance might be traced to Babylonia, where traders were encouraged to assume the risks of the caravan trade through loans that were repaid (with interest) only after the goods had arrived safelya practice resembling bottomry and given legal force in the Code of Hammurabi (c.2100 B.C.). The Phoenicians and the Greeks applied a similar system to their seaborne commerce. The Romans used burial clubs as a form of life insurance, providing funeral expenses for members and later payments to the survivors. With the growth of towns and trade in Europe, the medieval guilds undertook to protect their members from loss by fire and shipwreck, to ransom them from captivity by pirates, and to provide decent burial and support in sickness and poverty. By the middle of the 14th cent., as evidenced by the earliest known insurance contract (Genoa, 1347), marine insurance was practically universal among the maritime nations of Europe. In London, Lloyd's Coffee House (1688) was a place where merchants, shipowners, and underwriters met to transact business. By the end of the 18th cent. Lloyd's had progressed into one of the first modern insurance companies. In
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1693 the astronomer Edmond Halley constructed the first mortality table, based on the statistical laws of mortality and compound interest. The table, corrected (1756) by Joseph Dodson, made it possible to scale the premium rate to age; previously the rate had been the same for all ages. aInsurance developed rapidly with the growth of British commerce in the 17th and 18th cent. Prior to the formation of corporations devoted solely to the business of writing insurance, policies were signed by a number of individuals, each of whom wrote his name and the amount of risk he was assuming underneath the insurance proposal, hence the term underwriter. The first stock companies to engage in insurance were chartered in England in 1720, and in 1735, the first insurance company in the American colonies was founded at Charleston, S.C. Fire insurance corporations were formed in New York City (1787) and in Philadelphia (1794). The Presbyterian Synod of Philadelphia sponsored (1759) the first life insurance corporation in America, for the benefit of Presbyterian ministers and their dependents. After 1840, with the decline of religious prejudice against the practice, life insurance entered a boom period. In the 1830s the practice of classifying risks was begun. The New York fire of 1835 called attention to the need for adequate reserves to meet unexpectedly large losses; Massachusetts was the first state to require companies by law (1837) to maintain such reserves. The great Chicago fire (1871) emphasized the costly nature of fires in structurally dense modern cities. Reinsurance, whereby losses are distributed among many companies, was devised to meet such situations and is now common in other lines of insurance. The Workmen's Compensation Act of 1897 in Britain required employers to insure their employees against industrial accidents. Public liability insurance, fostered by legislation, made its appearance in the 1880s; it attained major importance with the advent of the automobile. In the 19th cent. many friendly or benefit societies were founded to insure the life and health of their members, and many fraternal orders were created to provide low-cost, members-only insurance. Fraternal orders continue to provide insurance coverage, as do most labor organizations. Many employers sponsor group insurance policies for their employees; such policies generally include not only life insurance, but sickness and accident benefits and old-age pensions, and the employees usually contribute a certain percentage of the premium. Since the late 19th cent. there has been a growing tendency for the state to enter the field of insurance, especially with respect to safeguarding workers against sickness and disability, either temporary or permanent, destitute old age, and unemployment (see social security). The U.S. government has also experimented with various types of crop insurance, a landmark in this field being the Federal Crop Insurance Act of
1938. In World War II the government provided life insurance for members of the armed forces; since then it has provided other forms of insurance such as pensions for veterans and for government employees. After 1944 the supervision and regulation of insurance companies, previously an exclusive responsibility of the states, became subject to regulation by Congress under the interstate commerce clause of the U.S. Constitution. Until the 1950s, most insurance companies in the United States were restricted to providing only one type of insurance, but then legislation was passed to permit fire and casualty companies to underwrite several classes of insurance. Many firms have since expanded, many mergers have occurred, and multiple-line companies now dominate the field. In 1999, Congress repealed banking laws that had prohibited commercial banks from being in the insurance business; this measure was expected to result in expansion by major banks into the insurance arena. In recent years insurance premiums (particularly for liability policies) have increased rapidly, leaving unprecedented numbers of Americans uninsured. Many blame the insurance conglomerates, contending that U.S. citizens are paying for bad risks made by the companies. Insurance companies place the burden of guilt on law firms and their clients, who they say have brought unreasonably large civil suits to court, a trend that has become so common in the United States that legislation has been proposed to limit lawsuit awards. Catastrophic earthquakes, hurricanes, and wildfires in late 1980s and the 90s have also strained many insurance company's reserves.
1.2 INDUSTRY PROFILE:This industry profile helps to gain an insight into the evolution of the industry and competitive dynamics prevalent in the market. It discusses the significant developments in the industry and analyzes the key trends and issues. The profile provides inputs in strategic business planning of industry professionals. This profile is of immense help to management consultants, analysts, market research organizations and corporate advisors. The objective and scope of various sections of our industry profile has been discussed below. Industry Snapshot This section gives a holistic overview of the industry. It starts with defining the market and goes on to give historical and current market size figures. It also clearly illustrates the major segments of the market which would be discussed later on in the report. Industry Analysis
It involves a comprehensive analysis of the industry and its market segments. This section discusses the key developments that have taken place in the industry. It also identifies and analyzes the driving factors and challenges of the industry. A description of the regulatory structure tells us about the major regulatory bodies, laws and government policies. Country Analysis This section presents the key facts & figures of the country. It also discusses the political environment and the macroeconomic indicators. It analyzes government stability and economic growth of the country. Competitor Assessment This section compares the major competitors in the industry. The Competitors At-aGlance is aimed at giving an overview of the competitive landscape in the industry. Company Profiles The major companies are profiled in this section. For each company, business description is given followed by financial highlights and recent developments. Industry Outlook This section presents the outlook of the industry. The analyst opinion and projections help us in evaluating the future of the industry. It gives an insight into the investment opportunities present in the sector.
TYPES OF INSURANCE: Different types of insurance are used to cover different properties and assets such as vehicles, home, health care etc. Basically, an insurance policy can also be known as a protection net which secures you from any financial losses in future.
Health Care Insurance With such high medical and health care costs these days, its hard to even think about visiting a doctor. But what about an unexpected mishap or an unforeseen disability or attack, where the potential medical bills could shoot up to a sky? Where would you get so much money from?
These are exactly the situations where you feel you had a security, something which could come to your rescue and save you from such financial crisis. While some companies do provide its employees with health insurance, for others, this is a must. Especially for the aging couples, who have a comparatively more chances of needing emergency bill money. The health insurance does it all, so that they do not have to worry for the huge payments at the last minute. A health insurance can cover all from a routine immunization to a major illness.
Life Insurance
Loss of a family member is a catastrophe which glooms a familys life. But even more tragic is the death of a sole bread earner for the family, who then has to go through the pain of losing their loved one, as well as the financial loss putting their survival in jeopardy.
This financial hardship due to a sudden death of a family member or a disability resulting to a loss of job or inability to work can be avoided to a great extent by taking up a life insurance policy. A Life insurance or disability insurance covers such losses and pays a family, compensation to restore the earnings lost by them due to a sudden death or disability.
The monthly premiums for a life insurance are generally based upon the age, health, and occupation information of the applicant, in addition to the total benefits to be paid to him for his policy.
Home Insurance Real estate property and hard assets are subject to accidental risks like theft, destruction due to natural disasters or fire accidents etc. with such huge investments
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gone into buying a real estate property like your home or office, the risk involved is a loss of large amount of money.
Home and property insurance helps you in managing and protecting against these risks. The cost of a real estate property and its insurance is mostly based upon the worth of the already insured hard assets and also the location in which the assets are situated.
Travel Insurance
This is intended to cover any of the financial or any other losses which were incurred by the insured while traveling, be it nationally or internationally, such as mountain trekkers, cruise travelers etc.
Auto Insurance
Any vehicle on road, no matter how safe its driver is, is bound to meet with an accident or two, which may leave it with just a few scratches, or crash it up totally. Most countries today require you to have an auto insurance while on road in your vehicles.
If you have an accidental car crash, a total repair could cost you a fortune. On the other hand, a little scratch on your Land Cruiser might also soar up your bills to a high. Whether or not you need an auto insurance mostly depends on the type of car you own.
If you have an expensive car and a little repair could wipe you out financially, you should very well go in for a buying an all-inclusive and crash insurance which could protect you against any and every harm done to your vehicle.
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A) ORIGIN AND DEVELOPMENT OF THE OF THE INDUSTRY:-
1912: The Indian Life Assurance Companies Act came into force for regulating the life insurance business. 1928: The Indian Insurance Companies Act was enacted for enabling the government to collect statistical information on both life and non-life insurance businesses. 1938: The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of India.
The history of general insurance business in India can be traced back to Triton Insurance Company Ltd. (the first general insurance company) which was formed in the year 1850 in Kolkata by the British. Important milestones in the Indian general insurance business:y y
y y
1907: The Indian Mercantile Insurance Ltd. was set up which was the first company of its type to transact all general insurance business. 1957: General Insurance Council, an arm of the Insurance Association of India, framed a code of conduct for guaranteeing fair conduct and sound business patterns. 1968: The Insurance Act improved for regulating investments and set minimal solvency levels and the Tariff Advisory Committee was set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India. It was with effect from 1st January 1973.
107 insurers integrated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC was incorporated as a company.
Insurance companies in India:-
IRDA has till now provided registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are considered then there are presently 13 insurance companies in the life side and 13 companies functioning in general insurance business. General Insurance Corporation has been sanctioned as the "Indian reinsurer" for underwriting only reinsurance business. List of Insurance companies in India LIFE INSURERS Public Sector Life Insurance Corporation of India Private Sector Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co. Limited ICICI Prudential Life Insurance Co. Limited ING Vysya Life Insurance Company Limited Max New York Life Insurance Co. Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Pvt. Limited GENERAL INSURERS
Websites
www.licindia.com
www.allianzbajaj.co.in www.birlasunlife.com www.hdfcinsurance.com www.iciciprulife.com www.ingvysayalife.com www.maxnewyorklife.com www.metlife.com www.omkotakmahnidra.com www.sbilife.co.in www.tata-aig.com www.ampsanmar.com www.avivaindia.com
Public Sector National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited United India Insurance Company Limited Private Sector Bajaj Allianz General Insurance Co. Limited ICICI Lombard General Insurance Co. Ltd. IFFCO-Tokio General Insurance Co. Ltd. Reliance General Insurance Co. Limited Royal Sundaram Alliance Insurance Co. Ltd. TATA AIG General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co. Ltd. REINSURER General Insurance Corporation of India www.gicindia.com www.bajajallianz.co.in www.icicilombard.com www.itgi.co.in www.ril.com www.royalsun.com www.tata-aig.com www.cholainsurance.com www.ecgcindia.com www.nationalinsuranceindia.com www.niacl.com www.orientalinsurance.nic.in www.uiic.co.in
B) GROWTH AND PRESENT STATUS OF THE INDUSTRY:-
The insurance sector was opened up for private participation four years ago. For years now, the private players are active in the liberalized environment. The insurance market have witnessed dynamic changes which includes presence of a fairly large number of insurers both life and non-life segment. Most of the private insurance companies have formed joint venture partnering well recognized foreign players across the globe. There are now 29 insurance companies operating in the Indian market 14 private life insurers, nine private non-life insurers and six public sector companies. With many more joint ventures in the offing, the insurance industry in India today stands at a crossroads as competition intensifies and companies prepare survival strategies in a detariffed scenario.
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There is pressure from both within the country and outside on the Government to increase the foreign direct investment (FDI) limit from the current 26% to 49%, which would help JV partners to bring in funds for expansion. There are opportunities in the pensions sector where regulations are being framed. Less than 10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first licence for a standalone health company in the country as many more players wait to enter. The health insurance sector has tremendous growth potential, and as it matures and new players enter, product innovation and enhancement will increase. The deepening of the health database over time will also allow players to develop and price products for larger segments of society. State Insurers Continue To Dominate There may be room for many more players in a large underinsured market like India with a population of over one billion. But the reality is that the intense competition in the last five years has made it difficult for new entrants to keep pace with the leaders and thereby failing to make any impact in the market. Also as the private sector controls over 26.18% of the life insurance market and over 26.53% of the non-life market, the public sector companies still call the shots. The countrys largest life insurer, Life Insurance Corporation of India (LIC), had a share of 74.82% in new business premium income in November 2005. Similarly, the four public-sector non-life insurers New India Assurance, National Insurance, Oriental Insurance and United India Insurance had a combined market share of 73.47% as of October 2005. ICICI Prudential Life Insurance Company continues to lead the private sector with a 7.26% market share in terms of fresh premium, whereas ICICI Lombard General Insurance Company is the leader among the private non-life players with a 8.11% market share. ICICI Lombard has focused on growing the market for general insurance products and increasing penetration within existing customers through product innovation and distribution. Reaching Out To Customers No doubt, the customer profile in the insurance industry is changing with the introduction of large number of divergent intermediaries such as brokers, corporate agents, and bancassurance. The industry now deals with customers who know what they want and when, and are more demanding in terms of better service and speedier responses. With the industry all set to move to a detariffed regime by 2007, there will be considerable improvement in customer service levels, product innovation and newer standards of underwriting. Intense Competition In a de-tariffed environment, competition will manifest itself in prices, products, underwriting criteria, innovative sales methods and creditworthiness.
Insurance companies will vie with each other to capture market share through better pricing and client segmentation. The battle has so far been fought in the big urban cities, but in the next few years, increased competition will drive insurers to rural and semi-urban markets. Global Standards While the world is eyeing India for growth and expansion, Indian companies are becoming increasingly world class. Take the case of LIC, which has set its sight on becoming a major global player following a Rs280-crore investment from the Indian government. The company now operates in Mauritius, Fiji, the UK, Sri Lanka, Nepal and will soon start operations in Saudi Arabia. It also plans to venture into the African and Asia-Pacific regions in 2006. The year 2005 was a testing phase for the general insurance industry with a series of catastrophes hitting the Indian sub-continent. However, with robust reinsurance programmes in place, insurers have successfully managed to tide over the crisis without any adverse impact on their balance sheets. With life insurance premiums being just 2.5% of GDP and general insurance premiums being 0.65% of GDP, the opportunities in the Indian market place is immense. The next five years will be challenging but those that can build scale and market share will survive and prosper.
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CHAPTER 2 PROFILE OF THE ORGANISATION
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2.1 ORIGIN OF THE ORGANISATION: Life Insurance Corporation of India (LIC) was formed in September, 1956, by an Act of Parliament, viz., Life Insurance Corporation Act, 1956, with capital contribution from the Government of India. The then Finance Minister, Shri C.D. Deshmukh, while piloting the bill, outlined the objectives of LIC thus to conduct the business with the utmost economy, and a spirit of trusteeship; to charge premium no higher than warranted by strict actuarial considerations; to invest the funds for obtaining maximum yield for the' policy holders consistent with safety of the capital; to render prompt and efficient service to policy holders, thereby making insurance widely popular. Since nationalization, LIC has built up a vast network of 2,048 branches, 100 divisions and 7 zonal offices spread over the country. The Life Insurance Corporation of India also' transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India ,Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur and Life Insurance Corporation (International) E.C. Bahrain. The Corporation has registered a joint venture company in 26th December, 2000 in Katmandu, Nepal by the name of Life Insurance Corporation (Nepal) Limited in collaboration with Vishal Group Limited, a local industrial Group. An off-shore company L.I.C. (Mauritius) Off-shore Limited has also been set up in 2001 to tap the African insurance market. OBJECTIVES OF LIC: Spread Life Insurance 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 a reasonable cost. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
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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.
MISSION AND VISSION: 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." VISSION: - A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
2.2 GROWTH AND DEVELOPMENT OF THE ORGANISATION:LIC has built up a vast network of 2,048 branches, 100 divisions and 7 zonal offices spread over the country. The Life Insurance Corporation of India also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur and Life Insurance Corporation (International) E.C. Bahrain. The Corporation has registered a joint venture company in 26th December, 2000 in Kathmandu, Nepal by the name of Life Insurance Corporation (Nepal) Limited in collaboration with Vishal Group Limited, a local industrial Group. An off-shore company L.I.C. (Mauritius) Off-shore Limited has also been set up in 2001 to tap the
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African insurance market.
The traditional life insurance business for the LIC has been a little more than a savings policy. Term life (where the insurance company pays a predetermined amount if the policyholder dies within a given time but it pays nothing if the policyholder does not die) has accounted for less than 2% of the insurance premium of the LIC (Mitra and Nayak, 2001). For the new life insurance companies, term life policies would be the main line of business. Name of the Player LIFE INSURANCE CORPORATION OF INDIA
Market share (%) 82.3

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ICICI PRUDENTIAL BIRLA SUN LIFE BAJAJ ALLIANZ SBI LIFE INSURANCE HDFC STANDARD TATA AIG MAX NEW YARK AVIVA OM KOTAK MAHINDRA ING VYSYA MET LIFE
5.63 2.56 2.03 1.80 1.36 1.29 0.90 0.79 0.51 0.37 0.21
LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95% (2002-03) to 81 %( 2004-05).
AWARDS:-
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CNBC Awaaz Consumer awards 2010
Reader Digest Trusted Brand Insurance category 2010
OUTLOOK MONEY -- NDTV PROFIT AWARD 2009 in World Brand Congress Award " BEST LIFE INSURER CATEGORY "
Golden Peacock Innovative Product / Service Award - 2009
ASIA PACIFIC HRM Congress, 2009 Award for INNOVATIVE HR PRACTICES
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Loyalty Award - 2009
NDTV Profit Business Leadership Award 2008
INDY's Silver Award for Best Corporate Film
NASCOM IT USER Award 2008
Business Superbrand India 2009
ASIA BRAND CONGRESS BRAND LEADERSHIP AWARD, 2008
2.3 PRESENT STATUS OF THE ORGANISATION:Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7 % of India's GDP in 2006. The Corporation, which started its business with around 300 offices, 5.6 million policies and a corpus of INR 459 million (US$ 92 million as per the 1959 exchange
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rat
roughl R
or a US $ , has grown to 25000 servi ing around 180 million
poli ies and a corpus of over 8 trillion (US$173.6 billion). The recent Economic Times Brand Equit Survey rated LIC as the No. 1 Service Brand of the Country.
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2.4 FUNCTIONAL DEPARTMENT OF THE ORGANISATION:BOARD OF DIRECTORS: Shri. T.S. Vijayan (Chairman) Shri. D.K. Mehrotra (Managing Director - LIC) Shri. Thomas Mathew T. (Managing Director - LIC) Shri. A.K. Dasgupta (Managing Director - LIC) Shri. Ashok Chawla (Finance Secretary, Ministry of Finance, Govt. of India) Shri. R. Gopalan (Secretary, Department of Financial Services, Ministry of Finance, Govt. of India.) Shri. Yogesh Lohiya (Chairman cum Managing Director, GIC of India) Shri S.Sridhar, Chairmain & Managing Director , Central Bank of India Dr. Sooranad Rajashekhran Shri. Monis R. Kidwai Lt. General Arvind Mahajan Shri Anup Prakash Garg Shri Sanjay Jain
PUBLIC RELATION DEPARTMENT:The Public Relation Department in LIC is divided into three major Categories Namely: 1. Communication Department 2. Crisis Management Department
3. Publicity Department CHIEF PUBLIC RELATION OFFICER:The Chief Public Relation Officer of LIC is Mr. M. V. Kulkarni. He heads their department. The above three committees are under the PRO. The PRO irresponsible for the overall functioning of the PR department. He has to monitor the smooth functioning of the three departments. RESPONSIBILITIES OF CHIEF PUBLIC RELATION OFFICER:1. PR represents whole organization. 2. Should know how to behave in a certain situation. 3. He is not a person, he is representative. 4. Should know how to create enthusiasm. 5. In crisis he has to give feedback as soon as possible. OBJECTIVES AND FUNCTIONS OF CHIEF PUBLIC RELATION OFFICER: The PRO is directly answerable to the Chairman Shri. T.S. Vijayan. The PRO looks after all the activities of the three departments all over India. Also he has to keep in close touch with the over-seas PR departments Of LIC. All the policies implemented in India are informed to other PROs of the Over-seas branches of LIC. The PRO monitors the norms and values of all the branches. The new rules and regulations in India are informed to the PROs of the Over-seas branches. The PRO also holds regular workshops for the top management employees to motivate them to lift the spirit of the work culture. The PRO also has to provide information about latest policies to the communication department and ask them to public or air it through various mediums.
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Since a major share of workload of LIC is in the public sector, the Prophase to look after social responsibility as well as maintaining the image of the company.
COMMUNICATION DEPARTMENT:The PRO of this Department is an external PR. He looks after: Arranging press conferences, press releases and is in constant contact with the media. He is also responsible for monitoring the overseas communications. The Communication Department PRO has to make arrangements for the guests and their overall honors. The conversations with the guests are directly done by the Communication department PRO. The PRO from this department should always keep a close eye on the latest happenings in the market. Any social issue at any area is news to be worked out for him. He reports directly to the Chief PRO of the company. The Press conference usually includes the CEO of the company, the Chief PRO and the Communication department PRO. If the case is of crisis, then only is the Crisis management Dept PRO Present for the Press conference. Since LIC is closely related with the Public Sector, the Communication Dept. PRO has to also be in a close contact with the government officials. He also has to motivate the employees in his department for constant progress in the strategies for communication. CRISIS MANAGEMENT DEPARTMENT:The PRO in this department is an internal one. From the overall history ofLIC, it is seen that the company has never been into any major crisis. This itselfis one of the best achievements. He is answerable to the Chief Public Relation Officer. The PRO from crisis management, though is here to handle crisis, he has been assigned many other internal responsibilities. Motivating the lower employees, sales executives and sales and marketing employees. Building up a smooth communication between the Blue Collar and the White Collar. Arranging small workshops for all the employees.
He also has to know the issues going within the other departments so that these issues are solved before they create crisis.
2.5 ORGANISATIONAL STRUCTURE AND ORGANIZE INSTITUTION FOR ANY RESEARCH:-
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2.6 PRODUCT AND SERVICE PROFILE OF THE ORGANISATIONAL COMPETITORS:The new private insurer focused on providing customized product -product that contain innovative feature- to the customers for this the company conducted extensive market research to figure out what types of products would appeal to consumers . MAX NEWYORK LIFE INRODUCTION:Max New York Life Insurance Company is a joint venture between New York Life International Inc. And Max India Limited. New York Life, a Fortune 100 Company, is one of the worlds experts in life insurance with over 156 years of experience in the business and over US$ 165 billion (Rs. 775,000 Cores) in assets under management. Max India Limited is multi-business corporate, focused on the knowledge, people, and service-oriented business of life insurance. Max New York as a part of its innovation added life insurance to credit risk insurance, whereby individuals could get their housing/ vehicle loan insured. Max New York Life also introduces new endowment policies/ children endowment at the age of 18, 24 &16.The two new riders were also added to these policies- the payer benefit rider and 5 year term renewable and convertible rider. ICICI Prudential Life offered compound interest. It also offered accident benefit and disability benefit riders with a marginally higher premium of Rs. 270 p.a. it also launched a pension plan ICICI Pru Forever which would provide the policy holder fixed income after ascertain period of time with additional riders such as critical illness benefit, major surgical benefit, accident and disability benefit. Tata AIG came up with whole life policy known as MahaLife, which would provide life cover for 100 years, with guaranteed annual payment of 5% of the sun assured each year from the 13th year for the rest of the life. Policy holder needs to pay premium only for the first 12 years of the policy or until death whichever came earlier.
Aviva launched 3 products in early 2002- life long, a whole life flexible protection plan, life saver, premium endowment savings plan, and life bond, a single premium investment bond. Aviva also offered unitize with profit products (like unit linked product, under unitize with profit, the premium was split into many units. A part of the investment return was held that by the insurance co. to offset market fluctuation during the term of the policy, and the surplus was distributed as terminal benefit). Birla Sun Life also launched products meant for the rural population in order to capture a larger market share. It launched the Birla Sun Life Kavach Yojna, a threeyear single premium insurance cover available in denomination of Rs. 50, 100, and200, which offered 100 times the amount of premium paid in the event of death of customer. HDFC STANDARD LIFE INSURANCE HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC, Indias largest housing finance institution and Standard Life Assurance Company, Europes largest mutual life company. HDFC manages Rs. 21,450 Corers in assets and Standard Life manages over US $100 billion in assets. Both the promoters are well known for their ethical dealings, their financial strength and their commitment to be a long-term player in the life Insurance industry. The HDFC Standard Life offered its customers a choice between the base products (the co. offered two products- the endowment policy and the money back policy) each of which would be accompanied by four riders (critical illness, accidental death benefit, waiver of premium and double sum assured),acc. to the requirement of the customer. HDFC tender life offered 14 prepackaged products from which customer could choose the one that best suited their need. Also, the customers were allowed to mix and match the benefit in order to create the most suitable product. The co. also planned to introduce unit linked product and individual pension product after the required amendment were made to the insurance.
COPMPETITORS:1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India 7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd. 19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Comp. Ltd.
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2.7 MARKET PROFILE OF THE ORGANISATION:-
The policies of LIC covers the age group 0-70 can avail the services of LIC. It means LIC has very vast market segment, children, youngster, working, married, old people. INSURANCE PLANS:As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LICs Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
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PENSION PLANS:Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life. UNIT PLANS:Unit plans are investment plans for those who realize the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income. SPECIAL PLANS:LICs Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a Lifetime of happiness! GROUP SCHEME:Group Insurance Scheme is life insurance protection to groups of people. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really low costs. PRODUCTS: INSURANCE PLAN:As individuals it is inherent to differ. Each individual s insurance needs and requirements are different from that of the others. LIC s Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
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Endowment Plus
Jeevan Anurag CDA Endowment Vesting At 21 CDA Endowment Vesting At 18 Jeevan Kishore Child Career Plan Child Fortune Plus
Komal Jeevan Marriage Endowment Or Educational Annuity Plan Jeevan Chhaya Child Future Plan
Jeevan Aadhar Jeevan Vishwas
The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra (Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan
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Jeevan Amrit
Jeevan Shree-I Jeevan Pramukh
The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years Bima Bachat
Jeevan Bharati - I
The Whole Life Policy The Whole Life Policy- Limited Payment
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The Whole Life Policy- Single Premium Jeevan Anand Jeevan Tarang
Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan-I
Jeevan Saathi Plus Jeevan Saathi
PENSION PLANS:Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
Pension Plus Jeevan Nidhi
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Jeevan Akshay-VI New Jeevan Dhara-I New Jeevan Suraksha-I
UNIT PLANS:Unit plans are investment plans for those who realise the worth of hard -earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.
Pension Plus
SPECIAL PLAN:LICs Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!
New Bima Gold
Health Protection Plus
Bima Nivesh 2005 Jeevan Saral
Jeevan Madhur Jeevan Mangal
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GROUP SCHEME:Group Insurance Scheme is life insurance protection to groups of people. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really low costs.
Group Term Insurance Schemes Group Insurance Scheme in Lieu Of EDLI Group Gr-atuity Scheme Group Super Annuation Scheme Group Savings Linked Insurance Scheme Group Leave Encashment Scheme Group Mortgage Redemption Assurance Scheme Group Critical Illness Rider
JanaShree Bima Yojana (JBY) Shiksha Sahayog Yojana Aam Admi Bima Yojana
3.1 STUDENTS WORK PROFILE (ROLE AND RESPONSIBILITIES), TOOLS AND TECHNIQUE USED:-
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I am SHAMEER.K.M. Working as an Agent in LIC of India. To meet this objective as well as fulfill the companys seriousness and importance to the process, my responsibilities would include: ROLE: Policy Advisor Sales Executives Tele caller RESPONSIBILITIES: Collecting the information from various sources Explain about insurance policy Collecting customers documents I have to sell insurance policy Motivating and convincing them to take insurance policy We have to clearing doubt of customers Motivating to them for take policy Inform the customers about the fluctuations in Ulip policy Report the customer feedback the senior level manager Giving the information of premium & claim of policy I want to participate company meeting I want to generate lead and customer Coordinating with Manager for sending any e-mails to customer
Contributions to organization: I bring three new customers into the company I could explain company profile to customers
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Challenges Faced: To meet travelling expenses To convince the customer as some of them didnt have knowledge about share market. It was difficult to handle both studies and work Achieve the target
3.2 KEY LEARNINGS:Learning Experience From Job: I learned about the insurance industry and I gained some knowledge about the Indian economic sector I got some knowledge about Ulip policy & mutual fund I could understand about the customer behavior I got some knowledge about marketing
4.1 STATEMENT OF RESEARCH PROBLEM:Research is conducted for realizing the trends in insurance sector. Through the below mentioned questionnaire we are able to understand the customer feedback of Lic. 4.2 STATEMENT OF THE RESEARCOBJECTIVES:The report gives the brief background of the sector and proceeds to highlight the short comings of the existing setup and players. The benefits of liberalized sector are enumerated. The report also tries to identify the market potential for insurance products and the
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strategy that can we employed to exploit the same. The stress is also given on knowing the awareness level of general public. 4.3 RESEARCH DESIGN AND METHODOLOGY:RESEARCH DESIGN:Basically there are 3 types of approaches used during the any research: 1. Exploratory 2. Descriptive 3. Experimental. During this research Descriptive and Exploratory approach is taken into consideration because of the availability of relevant information to describe the relationships between the marketing problem and the available information.
RESEARCH METHODOLOGY:-
To conduct the market research first of all it is necessary to create a research design. A research design is basically a blue print of how a research is to be conducted, it may include; 1. Choosing the approach 2. Determining the types of data needed. 3. Locating the source of data. 4. Choosing a method of data. TYPES OF DATA USED: Both primary and secondary data is used in the research. Data Collection Methods To conduct the market research the data is collected by two sources. SECONDARY DATA: Secondary data is one which already exists and is collected from the published sources. The sources from which secondary data was collected are:
Newspapers and Magazines like Economic Times, Insurance Times, and Insurance Post. Internet PRIMARY DATA:The primary sources of data refer to the first hand information Primary data is collected during the survey with the help of Questionnaires.
5.1 ANALYSIS OF THE DATA:QUESTIONNAIRE ANALYSIS:Respondents Respondents Responded =80 =60
Response Rate =75% Respondents are taken from private, government and business sectors. 1. According to you, which have played a major role in the field of life insurance companies? Insurance LIC HDFC ICICI OTHERS Pvt.Employees 10 5 3 2 Govt.Employees 13 3 3 1 Business Man 10 5 4 1
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6
5
4
Pvt.Employees
3
2
Gvt.emply Business man
1
0
LIC
HDFC
ICICI
OTHER
After analyzing this data it is found that from the given three respective level of Pvt.Govt. and Business 10 out of 20 (30%), 13 out of 20 (39%) and 10 out of 20 (30%)are in favour of LIC, while 5 out of 20 (15%), 3 out of 20 (9%) and 5 out of 20 (6%),1 out of 20 (30%) and 1 out of 20 (30%) are in favour of other Pvt. Companies. 2. Which insurance companies have been successful to make strong public base by advertisement? INSURANCE Pvt.EMPLOYEE LIC 12 HDFC 3 ICICI 4 OTHER 1 Gvt.Employee 14 2 3 1 Business man 12 4 3 1
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6
5
4
3 Pvt Employee Gvt.Employee
2 1 0
LIC HDFC ICICI OTHER
Business man
3. Which insurance company has gained massive public support in the current fiscal year? INSURANCE LIC HDFC ICICI OTHER
6
Pvt.EMPLOYEE 12 3 3 2
Gvt.Employee 14 2 2 2
Business man 10 5 4 1
5
4
3
2
PVT.EMPY Gvt.Emply Businessman
1 0 LIC HDFC ICICI OTHER
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4. Do you think insurance policy is in the direction of public welfare? Yes No Pvt sector 13 7 Gvt sector 16 4 Business man 12 8
18 16 14 12 10 8 6 4
2 0
yes No
The above table shows that from private sector 13 out of 20 (30%) agree and 7 out of20 (21%) disagree, from govt. sector 16 out of 20 (48%) think it right but 4 out of 20(12%) dont thick it so and from business man 12 out of 20 (36%) are in favor of the above statement but 8 out of 20 (24%) dont favor it. 5. Is retirement bond or pension policy launched by the number of private Player as well as public sector Company in the direction of secured old age?
Pvt.sector Yes No 15 5
Gvt.sector 18 2
Pvt sector
Gvt sector
si ess ma
Business man 13 7
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20
18
16 14 12 10
8
Yes o
6
4
2
0
It is obvious from the above table that 15 out of 20 (45%), 18 out of 20 (54%) and 13 out of 20 (39%) from the given three think retirement bend or pension policy a legitimate step in the direction of secure old age but 5 out 20 (15%), 2 out of 20 (6%) and 7 out 20 (21%) dont agree with the opinion of the majority class. 6. Do you think that risk coverage factor included in Insurance policy attracts general public towards the policy?
Pvt.sec Yes No 12 8
Gvt.sec 16 4
Pvt.sector
Gvt.sector
si ess ma
Business man 11 9
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18 16 14 12 10 8
6 4 2 0
Yes o
From the above table it is found that 12 out of 20 (36%) from Private sector 16 out of 20 (48%). From Govt. sector and 11 out of 20 (33%) thinks risk coverage factor attractive but rest 8 out of 20 (24%), 4 out of 20 (12%) and 9 out 20 (27%) from the above them sector dont think it so encouraging towards saving trend whereas 3 out of 20 (9%), 2 out of 20 (6%) and 4 out of 20 (12%) dont think it so. 7.What according to you, the term plan that only covers risk and doesnt cover maturity benefit on survival at the end of the term provides security cover over policy holders or a smart way of accumulative money from policy holders? Security cover Accumulative money Pvt.sec 11 9 Govt.sec 11 5 Business man 12 8
Pvt.sec
Govt.sec
si ess ma
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14
12
10
8
Sec rity cover 6

4
2
0
It is obvious from the above data that 11 out of 20 (33%), from the Pvt. Sector, 15 out of 20 (45%) from Govt. sector and 12 out of 20 (36%) think term plan as a security cover but 9 out of 20 (27%), 5 out of 20 (15%) and 8 out of 20 (24%) from the three respective group think it as a way of accumulating money insurance company. 8. Do you think that the arrival of so many private companies in this Insurance sector envisage a lot of choice to policy holder? Pvt.sec 16 4 Govt.sec 18 2 Business man 16 4
Yes No

Pvt.sec
Govt.sec
si ess ma

Acc m lative

o ey
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20
18
16 14 12 10
8
Yes o
6
4
2
0
From analyzing the above data it is found that 16 out of 20 (48%) from Pvt. Sector, 18out of 20 (54%) from Govt. sector and 16 out of 20 (48%) think that the arrival of private players envisage a lot of choice to policy holder. But 4 out of 20 (12%), 2 out of 20 (6%) and 4 out of 20 (12%) dont think it so. 9. Do you agree that customer-centricity and transparency are the Buzz words for success in this evolving industry?
Pvt.sec Yes 18
Govt.sec 20
No 2 1 From this above data, it is found the 18 out of 20 (54%) from Pvt. Sector and 20 out of 20 (60%) from Govt. Sector 19 out of 20 (57%) from Business men agree with this statement whereas only 2 out of 20 (6%) from Pvt. Sector and 1 out of 20 (3%) from Business men do not agree with this statement.
5.2 SUMMERY OF FINDINGS:Private insurers are in expansion mode and are increasing their size but are still much behind LIC. Total premium deposits inflict is much higher than the private insurance companies. Total premium of LIC iffy 07-08 was 149789 cores which three times more than that of private insurance companies.

Pvt.sec
Govt.sec
si essma
Business man 19
Income from investments of LIC was 48244.14 cores which were nearly equal to the total income of the all private insurance companies. By this we can imagine how big the LIC is. Balance sheet of LIC is seven times bigger than that of private insurance companies. We find that there is a huge gap between them. No doubt that LIC is a well established player in the field of insurance and many private companies have just started their business. Hence it is obvious that LIC is having large number of policyholders. Companies have started getting a number of customers. They are growing rapidly. Though LIC is also increasing its customer base but private insurance Acompanies are moving at a fast pace. LIC but then also the pace with which they are increasing their income is tremendous. Private insurance companies are expanding their business and will certainly going to give a tough competition to LIC in the coming days. Share of 73.9 % which was 87.3% five years earlier. We see that private insurance Companies are penetrating in the customer base of LIC. Overall we can see that private insurance companies are giving a tough competition to the LIC and will certainly create a good business for themselves in the coming days. Companies who have reported loss in this and previous years. This is the main reason why private insurance companies lag behind LIC in case of business per branch. There is a big difference between them. Customer base of LIC is very strong. In issuing new policies per branch also, they are ahead of private insurance companies though not by very large margin.
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Customer base of LIC is very strong and still business per branch, profit per branch or premium per branch, they are leading much ahead of private insurance companies. Private insurance companies are far ahead in this matter. LIC has just resolved 25%cases in the last five years while private insurance companies have resolved nearly70% cases. This is a matter from where customer shift starts. We have seen the rapid increase in customer base of private insurance companies which can be very much affected by this factor. Overall we have seen that still LIC is very famous but private insurance companies are growing at exceptionally fast pace. Private companies show due concern in grievance management and brings innovative schemes to attract the customers. Right now they are giving good competition to LIC and very soon they will give very tough competition to Life Corporation of India.
6.1 Summery of learning experience:-
I am SHAMEER.K.M, MBA student of Gauhati University (20092011 batch). As a MBA student I have learnt that, without practical knowledge the
course is incomplete. From this innovative industry training program me one can obtain industry experience. For me, on job training provides the exposure of present corporate world scenario. One gets aware of the strategies that are involved in the smooth functioning of the industry. If I have practical knowledge, then we will get some extra value when we complete our MBA course. So, practical knowledge is very important as well as theoretical knowledge.
From this job I got to learn a lot:1. I came to know how to interact with the customers. 2. I got a taste of the real market & came to know how things work in todays business world. 3. My communication skills got strengthen. 4. I learned how to put the theory into practice. 5. I gained knowledge about the various MNCs 6. I develop the Leadership skills i.e., Talk to the people & convincing the people. 6.2CONCLUSION AND RECOMMENDATION:-
In the modernized well advanced hi-tech approach to the customer every possible facilities and effort to build up the confidence of the rising policy holders towards. Insurance companies, to complete one another nothing is left to recommend. But some recommendations that are intensely felt and highly required for insures to sustain in the market. These are as follows: A) More and more transparency should be ascertained between insurers and Policy holders.
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b) Particularly, in the emerging boom in the insurance company, every insurance company should be customer centered, and well versed in the handling of problem and grievances of the policy holders. c) Each and Every product launched by the Insurance Company should be in favor of increasing need of policy holders. IRDA should be more and more responsible to the insurance sector by determining some standard. It should be mandatory to every insurer to make more and more responsible and responsive to the policy holders so that comprehensive understanding may be developed among policy holders. It may be beneficial on both sides.
APPENDIX:BROCHURES:
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BIBILOGRAPHY:BROCHURES / INFORMATION BOOKLETS:Product List L.I.C. L.I.C. Annual Report, 2006

ICICI Annual Report, 2006 HDFC Annual Report, 2006 Malhotra Committee Report on Reforms in the Insurance Sector, 1993. The Insurance Regulatory and Development Authority Bill, 1999. NEWSPAPERS / MAGAZINES:The Economic Times The Insurance Times Insurance Post Dr. Gupta S.P& Dr. Gupta M.P., Business Statistics by Addition 2004, New Delhi. BOOKS:Dr. Gupta S.P& Dr. Gupta M.P., Business Statistics by Addition 2004, New Delhi WEBSITES:www.licindia.com www.irda.org www.indiainfoline.com www.icici.com www.bdfc.com
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CHAPTER 1

1.1 GENERAL INTRODUCTION OF INSURANCE:

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A) ORIGIN AND DEVELOPMENT OF THE OF THE INDUSTRY:-

Insurance companies in India:-

B) GROWTH AND PRESENT STATUS OF THE INDUSTRY:-

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CHAPTER 2 PROFILE OF THE ORGANISATION

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African insurance market.

Market share (%) 82.3

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CNBC Awaaz Consumer awards 2010

Reader Digest Trusted Brand Insurance category 2010

Golden Peacock Innovative Product / Service Award - 2009

ASIA PACIFIC HRM Congress, 2009 Award for INNOVATIVE HR PRACTICES

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Loyalty Award - 2009

NDTV Profit Business Leadership Award 2008

INDY's Silver Award for Best Corporate Film

NASCOM IT USER Award 2008

Business Superbrand India 2009

ASIA BRAND CONGRESS BRAND LEADERSHIP AWARD, 2008

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or a US $ , has grown to 25000 servi ing around 180 million

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2.5 ORGANISATIONAL STRUCTURE AND ORGANIZE INSTITUTION FOR ANY RESEARCH:-

IZEE BUSINESS SCHOOL

IZEE BUSINESS SCHOOL

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2.7 MARKET PROFILE OF THE ORGANISATION:-

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Jeevan Aadhar Jeevan Vishwas

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Jeevan Shree-I Jeevan Pramukh

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Jeevan Saathi Plus Jeevan Saathi

Pension Plus Jeevan Nidhi

IZEE BUSINESS SCHOOL

Jeevan Akshay-VI New Jeevan Dhara-I New Jeevan Suraksha-I

New Bima Gold

Health Protection Plus

Bima Nivesh 2005 Jeevan Saral

Jeevan Madhur Jeevan Mangal

IZEE BUSINESS SCHOOL

IZEE BUSINESS SCHOOL

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5.1 ANALYSIS OF THE DATA:QUESTIONNAIRE ANALYSIS:Respondents Respondents Responded =80 =60

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Gvt.emply Business man

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PVT.EMPY Gvt.Emply Businessman

1 0 LIC HDFC ICICI OTHER

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