A Project Report On

COMPARATIVE ANALYSIS OF INSURANCE

PRODUCTS

(With special reference to KARVY)

1
 UNIVERSITY OF MUMBAI

A PROJECT REPORT ON

COMPARATIVE ANALYSIS ON DIFFERENT INSURANCE

PRODUCTS

A PROJECT REPORT SUMITTED IN PARTIAL,

FULLFILLMENT OF REQUIREMENT FOR THE AWARD OF

DEGREE OF BACHELOR OF COMMERCE (BANKING AND
INSURANCE)

SUBMITTED BY:

SHAIKH TASLEEM BANU

TY B.Com (BANKING & INSURANCE)

SEMESTER VI

2013-2014

UNDER THE GUIDENCE OF:

PROF: UMA DURGUDE

SANPADA COLLEGE OF COMMERCE & TECHNOLOGY

PLOT NO: 3, 4 & 5, SECTOR -2, SANPADA (EAST)

2
 A PROJECT REPORT ON

COMPARATIVE ANALYSIS ON DIFFERENT INSURANCE

PRODUCTS

Submitted by:

Shaikh Tasleem Banu

T.Y.B.Com
(Banking and Insurance)

Semester VI

(2013-2014)

PROJECT GUIDE

(PROF. UMA DURGUDE)

SANPADA COLLEGE OF COMMERCE & TECHNOLOGY PLOT NO

3, 4, 5, SECTOR: 2 SANPADA, NAVI MUMBAI

3
 PREFACE

The successful completion of this project was a unique experience for me

because by visiting many websites and various interesting blogs I achieved a better
knowledge about “Comparative Analysis on Different Insurance Products”. The
experience which I gained by doing this project was essential at this turning point of
my career this project is being submitted which contains detailed analysis of the
research undertaken by me.

SHAIKH TASLEEM

T.Y. BBI

4
 ACKNOWLEDGEMENT

At the outset, I am thankful to my institute Sanpada College of Commerce and

Technology, and the authorities, for providing me an opportunity to undertake my
Bachelor Degree in Banking & Insurance, and for sponsoring me to undertake the
project. I am thankful to the management for giving me an opportunity to undertake
my project (Frauds In Insurance) under the guidance of Prof. Uma Durgude as my
mentor.

I would like to thank our faculty guide MANAGEMENT AN PRINCIPAL (of.

Sanpada College of Commerce & Technology), for providing valuable suggestions
and guidance during this project. Her perspective has encouraged me to incorporate
different dimensions to the project.

I am grateful to my college for being wonderful support a through at the same

time I am thankful to all my friends of this college for being with me at different
junctions of need.

I also acknowledge great sense of gratitude to all those who have enriched and
improved my thinking , though their conversations, thoughts, experience and guided
me to complete this report.

SHAIKH TASLEEM

TY BBI

5
 DECLARATION

I, SHAIKH TASLEEM , student of the Sanpada College of Commerce

and Technology hereby declare that I have completed this project report on
“Comparative Analysis on Different Insurance Productsr” during academic year 2012-
13. the information submitted is true and original to the best of my knowledge.

SHAIKH TASLEEM

TY BBI

6
 CERTIFICATE
This is to certify that Ms. SHAIKH TASLEEM BANU
of sanpada college of commerce and technology has
undertaken and completed the project work titled
Comparative ANALYSIS OF DIFFERENT INSURANCE
PRODUCTS _ during the academic year 2013-2014 under
the guidance of Prof. UMA DURGUDE submitted on
______________ to this college in fulfillment of the
curriculum of t.y.B.COM (Bachelor of BANKING AND
INSURANCE), University of Mumbai.

This is a bonafide project work and the information presented is true and

original to the best of our knowledge and belief.

PROJECT GUIDE External Examiner

PRINCIPAL

(PROF. UMA DURGUDE) (DR.F.A.SHAIKH)

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 INDEX

Serial No. Particulars Page

No.
1. Introduction 09-10

2. Review of Literature 11-30

3. Company Profile 31-34

4. Birla Sun Life Insurance 35

5. Life Insurance Corporation Of India 36

6. National Insurance Company Limited 37-38

7. Tata AIG Life Insurance 39

8. Reliance General Insurance 40

9. Research Methodology 41-42

10. Comparative Analysis 43-49

11. Data Analysis 50-57

12. Findings 58

13. Suggestions and Recommendations 59

14. Conclusion 60

15. Limitations 61

16. Questionnaires 62-63

17. References 64

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 INTRODUCTION

 About the project

The project deals with comparative analysis of different insurance products offered by
insurance companies.

 Purpose of the project

The main purpose of the project is to do comparative analysis of different insurance
products, check the awareness level and perception of insurance by the individuals.
The project would also help in understanding preference of people regarding private
and public insurance companies. The main objective of the research is

 Making comparative analysis between:-

i) Birla sun life insurance with life insurance Corporation of India.

ii) Birla sun life insurance with Tata AIG life insurance.

iii) National Health Plan with Reliance Health Wise Policy.

 Finding out the features and benefits of these plans

 To find out the awareness level of insurance in Kolkata

 To determine customer preference towards private insurance companies and

public insurance companies.

 Marketing of different insurance products.

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  Scope of the project

The entry of foreign MNC’s and the conductive business environment fostered by the
government, it is no wonder that the re-entry of private insurance has marked a
second coming for the sector. In just five years, the sector has undergone a makeover,
offering more choice, better services, quicker settlement, tighter regulation and greater
awareness ‘s the environment become more and more competitive and services and
products become alike, creating a differentiation is becoming extremely tough. Thus,
the main objective of my project was to find out the preference of people regarding
insurance companies, which would help karvy employees to market their product. The
study then goes on to evaluate and analyze the findings so as to present a clear picture
of recent trends in the Insurance sector.

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 REVIEW OF LITERATURE

 ABOUT INSURANCE INDUSTRY

"Insurance is a contract between two parties whereby one party called insurer
undertakes in exchange for a fixed sum called premiums, to pay the other party called
insured a fixed amount of money on the happening of a certain event."Insurance is a
protection against financial loss arising on the happening of an unexpected event.
Insurance companies collect premiums to provide for this protection. A loss is paid
out of the premiums collected from the insuring public and the Insurance Companies
act as trustees to the amount collected. For Example, in a Life Policy, by paying a
premium to the Insurer, the family of the insured person receives a fixed
compensation on the death of the insured. Similarly, in a car insurance, in the event of
the car meeting with an accident, the insured receives the compensation to the extent
of damage. It is a system by which the losses suffered by a few are spread over many,
exposed to similar risks.

 Logic of insurance

It is a system by which the losses suffered by a few are spread over many, exposed to
similar risks. Insurance is a protection against financial loss arising on the happening
of an unexpected event. Insurance companies collect premiums to provide for this
protection. A loss is paid out of the amount premiums collected from the insuring
public and the Insurance Companies act as trustees to the collected.

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  Need of insurance

Insurance is desired to safeguard oneself and one's family against possible losses on
account of risks and perils. It provides financial compensation for the losses suffered
due to the happening of any unforeseen events. By taking life insurance a person can
have peace of mind and need not worry about the financial consequences in case of
any untimely death. Certain Insurance contracts are also made compulsory by
legislation. For example, Motor Vehicles Act 1988, stipulates that a person driving a
vehicle in a public place should hold a valid insurance policy covering “Act" risks.
Another example of compulsory insurance pertains the Environmental Protection Act,
wherein a person using or to carrying hazardous substances (as defined in the Act)
must hold a valid public liability (Act) policy.

 Insurance in India

Insurance is a federal subject in India and has a history dating back to 1818. Life and
general insurance in India is still a nascent sector with huge potential for various
global players with the life insurance premiums accounting to 2.5% of the country's
GDP while general insurance premiums to 0.65% of India's GDP. The Insurance
sector in India has gone through a number of phases and changes, particularly in the
recent years when the Govt. of India in 1999 opened up the insurance sector by
allowing private companies to solicit insurance and also allowing FDI up to 26%.
Ever since, the Indian insurance sector is considered as a booming market with every
other global insurance company wanting to have a lion's share. Currently, the largest
life insurance company in India is still owned by the government.

 History of Insurance in India

Insurance in India has its history dating back till 1818, when Oriental Life Insurance
Company was started by Europeans in Kolkata to cater to the needs of European
community. Pre-independent era in India saw discrimination among the life of

12
foreigners and Indians with higher premiums being charged for the latter. It was only
in the year 1870, Bombay Mutual Life Assurance Society, the first Indian insurance
company covered Indian lives at normal rates.

At the dawn of the twentieth century, insurance companies started mushrooming up.
In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were
passed to regulate the insurance business. The Life Insurance Companies Act, 1912
made it necessary that the premium rate tables and periodical valuations of companies
should be certified by an actuary. However, the disparage still existed as
discrimination between Indian and foreign companies. The oldest existing insurance
company in India is National Insurance Company Ltd, which was founded in 1906
and is doing business even today. The Insurance industry earlier consisted of only two
state insurers: Life Insurers i.e. Life Insurance Corporation of India (LIC) and General
Insurers i.e. General Insurance Corporation of India (GIC). GIC had four subsidiary
companies.

With effect from December 2000, these subsidiaries have been de-linked from parent
company and made as independent insurance companies: Oriental Insurance
Company Limited, New India Assurance Company Limited, National Insurance
Company Limited and United India Insurance Company Limited.

 Life Insurance Corporation Act, 1956

Even though the first legislation was enacted in 1938, it was only in 19 January 1956,
that life insurance in India was completely nationalized, through a Government
ordinance; the Life Insurance Corporation Act, 1956 effective from 1.9.1956 was
enacted in the same year to, inter-alia, form LIFE INSURANCE CORPORATION
after nationalization of the 245 companies into one entity. There were 245 insurance
companies of both Indian and foreign origin in 1956. Nationalization was
accomplished by the govt. acquisition of the management of the companies. The Life
Insurance Corporation of India was created on 1 September, 1956, as a result and has
grown to be the largest insurance company in India as of 2006 .

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  General Insurance Business (Nationalization) Act, 1972

The General Insurance Business (Nationalization) Act, 1972 was enacted to

nationalize the 100 odd general insurance companies and subsequently merging them
into four companies. All the companies were amalgamated into National Insurance,
New India Assurance, Oriental Insurance, and United India Insurance which were
headquartered in each of the four metropolitan cities.

 Insurance Regulatory and Development Authority (IRDA)

Act, 1999

Till 1999, there were not any private insurance companies in Indian insurance sector.
The Govt. of India then introduced the Insurance Regulatory and Development
Authority Act in 1999, thereby de-regulating the insurance sector and allowing private
companies into the insurance. Further, foreign investment was also allowed and
capped at 26% holding in the Indian insurance companies. In recent years many
private players entered in the Insurance sector of India. Companies with equal
strength started competing in the Indian insurance market. Currently, in India only 2
million people (0.2 % of total population of 1 billion), are covered under Medi claim,
whereas in developed nations like USA about 75 % of the total population are
covered under some insurance scheme. With more and more private players in the
sector this scenario may change at a rapid pace.

 Different Insurance Companies

Insurance is an upcoming sector, in India the year 2000 was a landmark year for life
insurance industry, in this year the life insurance industry was liberalized after more
than fifty years. Insurance sector was once a monopoly, with LIC as the only
company, a public sector enterprise. But nowadays the market opened up and there
are many private players competing in the market. There are fifteen private life

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insurance companies has entered the industry. After the entry of these private players,
the market share of LIC has been considerably reduced. In the last five years the
private players is able to expand the market (growing at 30% per annum) and also has
improved their market share to 18% For the past five years private players have
launched many innovations in the industry in terms of products, market channels and
advertisement of products, agent training and customer services etc.

The various life insurers entered India:-

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. Max New York Life Insurance Co. Ltd

7. Met Life India Insurance Company Ltd.

8. Kotak Mahindra Old Mutual Life Insurance Limited

9. SBI Life Insurance Co. Ltd

10. Tata AIG Life Insurance Company Limited

11. Reliance Life Insurance Company Limited.

12. Aviva Life Insurance Co. India Pvt. Ltd.

13. Sahara India Life Insurance Co, Ltd.

14. Shriram Life Insurance Co, Ltd.

15. Bharti AXA Life Insurance Company Ltd.

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16. Future General Life Insurance Company Ltd.

17. IDBI Fortis Life Insurance Company Ltd.

18. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

19. AEGON Religare Life Insurance Company Limited.

20. DLF Pramerica Life Insurance Co. Ltd.

21. Star Union Dai-ichi Life Insurance Comp. Ltd.

 The various other general Insurance Companies are as under:-

1. National Insurance Company Limited.

2. Reliance General Insurance.

3. Star Health Plus Insurance.

4. Oriental Insurance Company.

5. United India Insurance Company Ltd.

6. New India Assurance Company Ltd.

7. Bajaj Allianz General Insurance Company Ltd.

8. Universal Sompo Insurance Company Ltd.

9. Future General Insurance Company Ltd.

10. ICICI Lombard General Insurance Ltd

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  ADVANTAGES OF LIFE INSURANCE

i) Protection against risk of untimely death

Life insurance is a product, which offers protection against the risk of

death the full sum assured is made available under a life assurance policy, whereas
under other savings schemes, the total accumulated savings alone will be available.

ii) Protection during old age

Life insurance can also be used as a means of saving for one’s future.
There are a number of life insurance policies, which in addition to life cover also
provide the means of investing one’s income. The sum as per the policy will be
received only after a period of time. This amount thus provides for the old age.

iii) Forced savings

Payment of life insurance premiums is compulsory and becomes a habit.

Savings in other scheme can be easily withdrawn and may be used for less worthy
purpose. Termination of a life insurance policy by the policyholder usually results in
substantial loss in benefits under the policy to the policyholder. One is thus
encouraged to save and keep one’s policy alive.

iv) Educational requirements and charity

The object of insurance may be to serve as a security to educational funds

in respect of loans advanced for educational purpose or to provide donations to
charitable institutions like hospital and school.

v) Nomination and assignment

The life insured can name the person or persons to whom the policy money
would be payable in the event of his death .the proceeds of a life insurance policy can

17
be protected against the claims of the creditors of the life insured by effecting a valid
assignment of the policy. The beneficiaries are fully protected from creditors expect to
the extent of any interest in the policy retained by the insured.21Marketability and
suitability for borrowing

After 3 years, if the policyholder finds that he is unable to continue

payment of premiums he can surrender a policy for a cash sum. A life insurance
policy is accepted as a security for a commercial loan.

vi) Loans from the insurance company

A policy holder can take a loan from his insurance company against the
Security of his life insurance policy provided the terms of the terms of his policy
allow such a loan. This loan can be taken usually after a period of 3 years from
commencement of the policy and is a percentage of its surrender value.

vii) Investment options

The unit link products gives comprehensive insurance solutions that cater
to an individual’s dual need of earning potentially high returns as well as stay for life.
Thus there is an option to invest money in the products that combine the best of
insurance and investment. In a volatile market conditions it is possible to secure both
as one can hedge the investment with saver investment vehicles that provide a
diversified portfolio.

viii) Tax benefits

The Indian income tax act provides tax concessions to the policyholder
both on payment of premium and on the maturity amount. Under sec 88 the tax
benefits on premium paid by an individual for life insurance policies on his own
life\on the life of spouse \children minor or major, including married daughters.

Under sec 6 of the married women’s property act if a married man takes a
policy of life insurance on his own life and expenses on the face of it to be for the
benefit of his wife or of his wife and children or any of them, then it shall be deemed

18
to be a trust for the benefit of his wife and children or any of them, According to the
interest so expressed and shall not so long as any object of trust remains be subject to
the control of the husband or to his creditors or form part of his estate. An insurance
policy taken by a married man in the above manner is ideal way to protect the interest
of his wife and children, even after his untimely death.

 TYPES OF INSURANCE PRODUCTS

 Term assurance plan- In insurance language this is a “pure risk cover”

and can be described as an insurance or risk management product in its purest and
simplest form. In case of your untimely death, your dependents will receive the risk-
cover amount or the ‘sum assured’. On the other hand, there is no survival benefits if
you survive the policy term, and you also do not get back the premiums paid.

 Endowment assurance plans- It is a traditional investment-cum-

insurance plan. In other words, it provides both life cover (in the event of death of life
insured) or maturity benefits if he/she survives the policy term. Endowment plans are
typically front-loaded. Therefore it makes sense for you to remain in the policy for at
least 12-15 years.

 Money-back policy- It is a variant of the endowment assurance policy-the

difference is that you get the survival benefits intermittently over the life of the
policy. Thus taking care of his lump-sum monetary requirements to enable him to
meet his financial goals and major commitments. The maturity benefit is the sum
assured value less the survival benefits already paid under the policy, plus bonuses
accrued, if any. In case of untimely death the nominee will receive the entire sum

19
assured without considering the payouts already made to you before the unfortunate
death.

 Whole life plan- This policy provides the life assurance cover for almost
the entire life. Most of the insurance companies provide protection up to the age of
100 years. The sum assured is paid to you once you reach this age, and the policy is
terminated. In this payment of premium is for whole life, and the sum assured is paid
to your nominee in the event of your death. In other words, this is equivalent to a
term plan over your lifetime.

 Pension plan- A pension plan can be looked as more of an investment

product offered by insurers to cater to the “golden” retirement years of an individual.
Also referred to as retirement plans, these are designed to ensure that you are
financially independent during your retirement years. Most of the pension plans also
provide an optional life assurance cover in them.

 Child plan- It basically aims at ensuring the achievement of life goals of

your child. The goal can be higher education, financial help in establishing a business
or profession, or even marriage. In a child plan, the life assured can be the parent or
the child. The beneficiary for the policy, however, is the child. As a child is a minor,
the life insurance contract is between the parent and the insurance company. In case
of early death of the parent, the premium payment is waived off by the insurance
company and the policy continues as originally planned.

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 Unit Linked Insurance Plan- ULIPs have been the darling of insurance
companies, intermediaries and the insured population alike over the last five years.
The main reason for this popularity is the twin advantage of a pure life cover
(insurance component) and a range of investment funds or options (savings
component) to match your risk profile. While the pure life cover provides the much
needed financial security to your dependents in the event of your untimely death, the
savings component allows you to participate in the capital markets and build wealth
over the long-term tenure of the policy.

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 CHANGING FACE OF INDIAN INSURANCE INDUSTRY

Indian life-insurance market is the target market of all the companies who either want
to
extend or diversify their business. To tap the Indian market there has been tie-ups
between the major Indian companies with other International insurance companies to
start up their business. The government of India has set up rules that no foreign
insurance company can setup their business individually here and they have to tie up
with an Indian company and this foreign insurance company can have an investment
of only 24% of the total start-up investment. Indian insurance industry can be featured
by:

 Low market penetration.

 Ever growing middle class component in population.
 Growth of customer’s interest with an increasing demand for better insurance
products.
 Application of information technology for business.
 Rebate from government in the form of tax incentives to be insured.

Today, the Indian life insurance industry has a dozen private players, each of which
are making strides in raising awareness levels, introducing innovative products and
Increasing the penetration of life insurance in the vastly underinsured country. Several
of private insurers have introduced attractive products to meet the needs of their target
customers and in line with their business objectives

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  INDIA: THE NEXT INSURANCE GIANT

Market Performance & Forecast: In 2000, Indian insurance market size was $21.71
billion. Between 2000 and 2007, it had an increase of 120% and reached $47.89
billion. Between 2000 and 2007, total premiums maintained an average growth rate of
11.96% and the CAGR growth during this time frame has been 11.96%. It was one of
the most consistent growth patterns we have noticed in any other emerging economies
in Asian as well as Global markets.

90

80

70

60

50
LIFE INSURANCE
40 NON-LIFE INSURANCE

30

20

10

0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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 INDIAN INSURANCE MARKET

Indian economy is the 12th largest in the world, with a GDP of $1.25 trillion and 3rd
largest in terms of purchasing power parity. With factors like a stable 8-9 per cent
annual growth, rising foreign exchange reserves, a booming capital market and a
rapidly expanding FDI inflows, it is on the fulcrum of an ever increasing growth
curve.

Insurance is one major sector which has been on a continuous growth curve since the
revival of Indian economy. Taking into account the huge population and growing per
capita income besides several other driving factors, a huge opportunity is in store for
the insurance companies in India. According to the latest research findings, nearly
80% of Indian population is without life insurance cover while health insurance and
non-life insurance continues to be below international standards. And this part of the
population is also subjected to weak social security and pension systems with hardly
any old age income security. As per our findings, insurance in India is primarily used
as a means to improve personal finances and for income tax planning; Indians have a
tendency to invest in properties and gold followed by bank deposits. They selectively
invest in shares also but the percentage is very small 4-5%. This in itself is an
indicator that growth potential for the insurance sector is immense. It’s a business
growing at the rate of 15-20% per annum and presently is of the order of $47.9
billion.

India is a vast market for life insurance that is directly proportional to the growth in
premiums and an increase in life density. With the entry of private sector players
backed by foreign expertise, Indian insurance market has become more vibrant.
Competition in this market is increasing with company’s continuous effort to lure the
customers with new product offerings. However, the market share of private insurance
companies remains very low -- in the 10-15% range. Even to this day, Life Insurance
Corporation (LIC) of India dominates Indian insurance sector. The heavy hand of
government still dominates the market, with price controls, limits on ownership, and
other restraints.

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  Major Driving Factors

 Growing demand from semi-urban population

 Entry of private players following the deregulation

 Rising demand for retirement provision in the ageing population

 The opening of the pension sector and the establishment of the new pension
regulator

 Rising per capita incomes among the strong middle class, and spreading
affluence

 Growing consumer class and increase in spending & saving capacity

 Public private partnerships infrastructure development

 Dearth of innovative & buyer-friendly insurance products

 Success of Auto insurance sector

 Emerging Areas

 Healthcare Insurance & Pension Plans

 Mutual fund linked insurance products

 Multiple Distribution Networks .i.e. Bank assurance

The upward growth trend started from 2000 was mainly due to economic
policies adopted by the then Indian government. This year saw initiation of an era of
economic liberalization and globalization in the Indian economy followed by several
reforms and long-term policies that created a perfect roadmap for the success of
Indian financial markets. On the basis of several macroeconomic factors like increase
in literacy rate & per capita income, decrease in death rate and unemployment, better
tax rebates, growing GDP etc., we estimate that the Indian insurance sector will grow

25
by $28.65 billion and reach $76.54 billion by 2011 with a CAGR (compounded
annual growth rate) of 12.44% and a growth of 59.82%.

 VALUING THE INVALUABLE

Both under insurance and over insurance can often be attributed to the lack of proper
understanding of the exact insurance needs for oneself and the family, and the failure
to spot and cover all liabilities properly and adequately, or being over-conservative in

this regard.

 Under Insurance

Under insurance, typically occurs when the existing financial liabilities and insurance
needs are fully taken care of. In the event of the untimely death of the only (or the
main earning) member of the family, his financial liabilities would obviously fall on
his dependents, leaving them in a state of financial distress that could threaten their
need of sustenance.

 Over Insurance

Conversely, there are also instances where individuals indulge in life insurance covers
that far exceed in value than what is actually required. This is a classic case of over
insurance, which leads to an unnecessarily higher premium payment, leaving you
much poorer. It results in unnecessary expenditure that could otherwise be wisely
invested elsewhere.

The need for an adequate insurance cover is never static and keeps on varying with
changes in the life stages and important events of an individual. The table below
provides an insight into the various life stages and events when life insurance cover
usually requires a revision.

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Life stage Requirement for a life insurance cover

Start work life An individual usually does not have any dependent like spouse
or children, thus allowing the need to take a life cover. However,
if your parents are dependents then you need to take appropriate
life cover on their behalf.

Moreover, you may have taken a loan to finance your higher

education or professional studies or purchase a car. You should
take a suitable insurance cover so that in the event of your
untimely death, the burden of EMI payments does not pass to
your parents or other members of the family.

Recently married Marriage requires a revision of your insurance needs. This can
take a form of increase in life cover, taking into considerations
an expected increase in expenses and repayment of liabilities, if
any. Also, an insurance cover on the life of the spouse, although
for a lesser amount, can be considered.

However, if both the husband and the wife are working, the
extent and value of life insurance coverage on both lives will
depend on their respective remuneration packages, personal
liabilities, as well as extent of financial dependence on one
another.

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Birth of children The arrival of a child brings with it a great amount of
responsibility. At this stage, a revision of insurance needs is
based mainly on securing the financial needs of the child up to
the time he/she has grown up and settled in life.

Purchase of a Purchasing a house is a major financial decision not only on

house, car, etc regard to the choice of property but also in regard to the
commitment for repayment of the loan availed to finance the
property. Therefore, you should take out a mortgage redemption
plan to the extent of the outstanding loan amount.

Purchasing a car through a vehicle loan, too, calls for a life

cover of the borrower to the extent of the outstanding loan. The
same holds good for any other asset or event which has been
financed by a loan.

Loan taken for The loan taken to set up or enhance your profession or business
business/professio should be fully covered.

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  BUSTING SOME INSURANCE MYTHS

With a range of products flooding the market, people today are more confused about
insurance than ever. Here are a bagful of myths floating around and I have made an
effort to bust a few of the significant ones.

1. I don’t want to put my hard-earned money into a pure term assurance plan if I
don’t even get back all the premiums paid on survival of the term.

 A pure term assurance plan is a risk mitigation tool and not an investment
product. In the event of your untimely death during the policy term, your
dependents get a “sum assured” to enable them to continue living their existing
lifestyle, repay loan liabilities and meet long-term financial goals. To achieve
this, you only need to pay a premium amount that is a fraction of the “sum
assured”. Moreover unlike investments, where it takes years to build a suitable
corpus, the “sum assured” on your insurance policy is payable, in the event of
your untimely death, from the date of its commencement.

29
2. It would be enough if only the main breadwinner of the family takes life
insurance.

 While the main breadwinner should take out a life insurance policy on a
priority basis; the other members of the family should also be covered. If the wife
is working, then she should be covered to the extent of loss of income to the
family in the event of her untimely death. On the other hand, even if she is not
working, she should be covered, albeit for a smaller sum, because her
contribution to the family, in form of household services, has monetary value.

3. I will get back all my premiums when I surrender my endowment policy

prematurely.

 You couldn’t be more wrong! You only get back the “surrender value”, which
is based on the “paid-up value” is a proportion of the original “sum assured”
based on the number of years for which premium was paid against the total
premium-paying years. The paid-up value of the policy is also calculated and
available as per the policy conditions.

4. Insurance is primarily useful as a tax-saving instrument.

 Again, this is a huge misconception! While you do get attractive tax breaks,
the primary objective of insurance is risk mitigations followed by wealth creation
for the long term. Many people end up taking this myth too seriously, particularly
without considering the costs and benefits involved.

5. After three years, I can walk away from any ULIP, along with the accrued
investment or the fund value.

30
  Sure, you can do that! However, you need to remember that a ULIP, at least in
the initial years, is very different from a mutual fund. While a mutual fund only
charges o nominal fund management charge every year, a ULIP is front loaded.
That means a significant chunk of your premium is allocated across various
charges in the initial years of the policy and only the balance gets invested in a
fund of your choice. As these charges taper off and average over time, it makes
sense to stay in a ULIP for at least 15 years. Therefore, if your investment
horizon is just 3-5 years, you better off in a mutual fund, and you can take out a
separate term assurance plan for the required risk cover.

COMPANY PROFILE

Karvy Stock Broking Ltd.

The karvy group was formed in 1983 at Hyderabad, India. KARVY, is a premier
integrated financial services provider, and ranked among the top five in the country in
all its business segments, services over 16 million individual investors in various
capacities, and provides investor services to over 300 corporates, comprising the who
is who of Corporate India.

KARVY covers the entire spectrum of financial services such as Stock broking,
Depository Participants, Distribution of financial products like mutual funds, bonds,
fixed deposit, Merchant Banking & Corporate Finance, Insurance Broking,
Commodities Broking, Personal Finance Advisory Services, placement of equity,
IPOs, among others. Karvy has a professional management team and ranks among the
best in technology, operations, and more importantly, in research of various industrial
segments.

Karvy computer share limited is India’s largest registrar and transfer agent with a
client base of nearly 500 blue chip corporate, managing over 2 crores accounts. Karvy
stock brokers limited, member of national stock exchange of India and the Bombay
stock exchange, rank among the top five stock brokers in India with over six lakh

31
active account it ranks among the top five depositary participants in India, registered
with NSDL and CSDL, karvy commorade, member of NCDEX and MCX ranks
among the top three commodities brokers in the country. A Karvy insurance broker is
registered as a broker with IRDA and ranks among the top five insurance agent in the
country. Registered with AMFI as a corporate agent, karvy is also among top mutual
fund mobilize with over Rs 5000 crores under management. Karvy realty services,
which started in 2006, have quickly established itself as a broker, who adds value in
the realty sector. Karvy global offer niche off to off shoring services to U.S clients.

Karvy has 575 offices in 375 locations across India and overseas at Dubai and New
York. Over 9000 highly qualified people staff karvy.

 Quality Objectives

Karvy will :

 Build in-house processes that will ensure transparent and harmonious

relationships with its clients and investors to provide high quality of
services.

 Establish a partner relationship with its investor service agents and vendors
that will help in keeping up its commitments to the customers.

 Provide high quality of work life for all its employees and equip them with
adequate knowledge & skills so as to respond to customer's needs.

 Continue to uphold the values of honesty & integrity and strive to establish
unparalleled standards in business ethics.

 Use state-of-the art information technology in developing new and

innovative financial products and services to meet the changing needs of
investors and clients.

32
  Strive to be a reliable source of value-added financial products and services
and constantly guide the individuals and institutions in making a judicious
choice of same.

 Strive to keep all stake-holders(shareholders, clients, investors, employees,

suppliers and regulatory authorities) proud and satisfied.

 Achievements

 Among the top 5 stock brokers in India (4% of NSE volumes)

 India's No. 1 Registrar & Securities Transfer Agents

 Among the top 3 Depository Participants

 Largest Network of Branches & Business Associates

 ISO 9002 certified operations by DNV

 Among top 10 Investment bankers

 Largest Distributor of Financial Products

 Adjudged as one of the top 50 IT uses in India by MIS Asia

 Full Fledged IT driven operations.

 Quality Policy

To achieve and retain leadership, Karvy shall aim for complete

customer satisfaction, by combining its human and technological resources, to

33
 provide superior quality financial services. In the process, Karvy will strive to
exceed Customer's expectations.

INSURANCE AT KARVY

At karvy Insurance Broking Ltd. we provide both life and non-life insurance products
to retail individual, high net worth client and corporate with the opening up of the
insurance sector and with a large number of private players in the business, we are in
a position to provide tailor made policies for different segments of customers. In our
journey to emerge as a personal financial advisor, we will be better positioned to
leverage our relationship with the product providers and place the requirements of our
customers appropriately with the product providers. With Indian market seeing a sea
change, both in term of investment pattern and attitude of investors, insurance is no
more seen as only a tax saving product but also as an investment product. By setting
up a separate entity we would be positioned to provide the best of the products
available in this business to our customers.

34
 Our wide national network, spanning the length and breadth of India, further
supports these advantages. Further, personalized service is provided here by a
dedicated team committed in giving hassle-free service to the clients.

Now as I have made a comparative analysis between the products of various

insurance companies, so its necessary to know something about those companies:-

Birla Sun Life Insurance

Birla sun life Insurance Company limited is a joint venture between the Aditya Birla
group, one of the largest business houses in India and Sun Life Financial Inc., as
leading international financial services organization. The local knowledge of the
Aditya Birla group combined with the expertise of Sun Life Financial Inc., offer a
formidable protection for your future. The Aditya Birla group has a turnover of Rs.
1,33,875 corers (as on 31st march 2008). It has over 100,000 employees across all its
units worldwide. It is led by its chairman – Mr. Kumar Mangalam Birla. Some of its
key companies are Hindalco, Grasim and Aditya Birla Nuvo.

Sun Life Financial Inc. and its partners, have operations in key markets worldwide.
These include Canada, U.S, U.K, Hong Kong, the Philippines, Japan, Indonesia,
India, china and Bermuda. Sun Life Financial Inc. has assets under management of

35
over us$ 404.7 BILLION (as on 31st March, 2008). It is a leading performer in the life
insurance market in Canada.

Birla sun life insurance (BSLI) has been operating for 7 years. It has contributed
significantly to the growth and development of the life insurance industry in India. It
pioneered the launch of unit linked life insurance plans amongst the private player in
India. It pioneered the launch of united linked life insurance plans amongst the private
players in India. It was the first player in industry to sell its policies through the
Bancassurance route and through the internet. It was the first private sector player to
introduce a pure term plan in the Indian market. BSLI has covered more than 2
million lives since it commenced operations.

Life Insurance Corporation of India

Mission
"Explore and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns, and by
rendering resources for economic development."

Vision
A trans-nationally competitive financial conglomerate of significance to societies and
Pride of India. Every day we wake up to the fact that more than 220 million lives are
part of our family called LIC.
We are humbled by the magnitude of the responsibility we carry and realize that the

36
lives that are associated with us are very valuable indeed. Although this journey
started five decades ago, we are still conscious of the fact that, while insurance may
be a business for us, being part of millions of lives every day for the past 52 years has
been a process called TRUST.

National Insurance Company Limited

National Insurance Company Limited was incorporated in 1906 with its registered
office in Kolkata. Consequent to passing of the General Insurance Business
Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated
with it and National became a subsidiary of General Insurance Corporation of India
(GIC) which is fully owned by the Government of India. After the notification of the
General Insurance Business (Nationalisation) Amendment Act, on 7 th August 2002,
National has been de-linked from its holding company GIC and presently operating as
a Government of India undertaking.

National Insurance Company Ltd (NIC) is one of the leading public sector insurance
companies of India, carrying out non life insurance business. Headquartered in
Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled

37
personnel, is spread over the length and breadth of the country covering remote rural
areas, townships and metropolitan cities. NIC's foreign operations are carried out from
its branch offices in Nepal.

National transacts general insurance business of Fire, Marine and Miscellaneous

insurance. The Company offers protection against a wide range of risks to its
customers. The Company is privileged to cater its services to almost every sector or
industry in the Indian Economy viz.

Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy,
Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education,
Environment, Space Research etc.

National Insurance is the second largest non life insurer in India having a large market
presence in Northern and Eastern India.

38
 Tata AIG life-A New Look at Life

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture
company, formed by the Tata Group and American International Group, Inc.

The Tata Group holds 74 percent stake in the insurance venture with AIG holding the
balance 26 percent. Tata AIG Life provides insurance solutions to individuals and
corporate. Tata AIG Life Insurance Company was licensed t operates in India on
February 12, 2001 and started operations on April 1, 2001.

39
Tata AIG Life offers a broad array of life insurance coverage to both individuals and
groups, providing various types of add-ons and options on basic life products to give
consumers flexibility and choice.

Reliance General Insurance

Reliance General Insurance is the fastest growing private sector general insurance
company in India with innovative product offerings and customer service standards
that are benchmarked to the best insurance practices in the world.

Reliance General Insurance offers a range of products for corporate and individual
customers. With a focus on customer-centric products, multiple distribution channels
and technology, reliance general insurance aims to increase its presence in the retail
sector.

40
Reliance General Insurance is 100% subsidiary of reliance capital limited, which is
one of the India’s leading and fastest growing private sector financial services
companies. It ranks among the top three private sector financial companies and
banking groups in terms of net worth.

Reliance capital has interests in asset management and mutual funds, life insurance,
general insurance, private equity and proprietary investments, stock broking and other
activities in financial services. Reliance capital is a part of the Reliance – Anil
Dhirubhai Ambani Group.

RESEARCH METHODOLOGY

 Sources

The success of any Insurance company depends on how well they are able to align
with the objectives and needs of individual customers, and is able to provide proper
solutions to them. To know how a company is performing and whether they have any
cutting edge advantage over competitors, an intensive study of the market is
absolutely necessary.

41
In order to understand the performance of different companies in the market, we did
two types of surveys, primary survey and secondary survey.

 Primary survey

Primary survey included:-

 Visiting websites and fixing appointments with their agents.

 Creation of database of prospective clients from different sources calling them

up to fix appointment and then visiting them.

 Prepare a questionnaire for the market survey .

 Meeting different people to know their views, perception and preference of

different insurance companies.

 Secondary survey

Secondary survey included of consulting books, magazines, journals, internet and also
taking reference from:-

Library.
Internet.
Karvy the Finapolis.

 Methodology

We would go in for a qualitative research as our objective is to judge the perception

and preference of different insurance products. The research would be done from
primary data.

 Sample Design

42
Target population: The target population for the research would be people who are
in the age group beyond 40 and age group between 25 to 40.We targeted this group of
population because these populations are the potential customers of insurance.

 Sampling Frame: The research would be conducted in Maharashtra. The

survey has been conducted among the potential customers of karvy from
different sectors as karvy deals in many sectors of business.

 Sampling Technique: The sampling technique that is adopted is the

simple random sampling wherein every element in the target population has an
equal chance or probability of getting selected in the sample. That means
every unit of the population who is more is in the above mentioned age group,
have an equal chance of getting selected

 Sample Size: I did a survey among 60 people by taking two categories in

consideration of 30 each; that is

1.) Age group beyond 40

2) Age group between 25 to 40

 Data Collection: The research would be conducted from the source of

primary data collection. Secondary data would help us in knowing the trends
prevailing in the insurance market and would help us in analyzing and
interpretation of the primary data.

COMPARATIVE ANALYSIS

Birla Sun Life Insurance Life Insurance Corporation Of

India

1. Name of the Policy :

Saral Jeevan plan Jeevan Saral plan

43
2 .Purpose:
BSLI Saral Jeevan plan comes with a Jeevan Saral plan comes with a bouquet of
bouquet of benefits, which fulfill needs of benefits, which fulfill needs of life cover.
life cover and investment at an affordable
rate.

3. Type of Policy :
Unit linked endowment plan Traditional plan

4. Returns and added Benefits :

1. An easy and simple plan 1. Maturity benefit is total premium +
2. Earn efficient returns bonus (approx Rs 50/thousand)
3. Match your risk profile at every 2. Death benefit is 250 times of
stage monthly premium
4. Death benefits with a plus, that is, 3. The policy can be surrendered at
sum assured plus the fund value. any time during the tenure of the
5. Unmatched liquidity policy subject to surrender charge.
6. At the end of policy term you get The charge will be zero after 4th
fund value. policy year.
7. The policy can be surrendered at
any time during the tenure of the
policy subject to surrender charge.
The charge will be zero after 4th
policy year.

5. Payment of Premium :

Pay the premiums on an annual, semi- Pay the premiums on an annual, semi-
annual, quarterly or monthly mode. annual, quarterly or monthly mode.

44
6. Eligibility :

18 to 55 years of age. 18 to 70 years of age

7. Term of Maturity :

There is an option of three policy terms 10 There is an option of three policy terms 10
years, 15 years and 20 years. years, 15 years and 20 years.

8. Tax Benefits :

Avail of tax benefit under section 80C and Avail of tax benefit under section 80C and
section 10(10 D) of the Income Tax Act, section 10(10 D) of the Income Tax Act,
1961. 1961.

Birla Sun Life Insurance Tata AIG Life Insurance

1. Name of the Scheme :

Gold-plus II plan Invest assure apex

2 .Purpose:
A simple, hassle free plan it helps you strike The plan provides a platform ensuring the
the right proportion between protection and upside potential of the equity markets while
savings. safeguarding the investor’s interest by
offering a guaranteed maturity unit price

45
 (GMUP).

3. Type of Policy :
This is a non-participating unit linked savings This is a unit linked life insurance plan.
plan.

4. Returns and added Benefits :

1. Match your risk profile at every 1. Can make partial withdrawal only
stage. after completion of 3 years. A
2. Unlimited partial withdrawals after maximum of 4 partial withdrawals is
3 policy years, free of cost. allowed in one policy year. No
3. The policy can be surrendered at charges are applicable.
any time during the tenure of the 2. Minimum sum assured: 5 times the
policy subject to surrender charge, annualized premium.
the charge will be zero after 4th 3. Maximum sum assured: 60 times the
policy year. annualized premium.
4. At the end of the policy term you 4. The policy can be surrendered any
get the fund value. time after 3 policy years by a written
5. On death the nominee will get the notice, subject to deduction of the
greater of (a) the fund value or (b) applicable surrender charges.
the sum assured reduced for partial 5. On death the nominee will get
withdrawals. higher of: the sum assured or the
6. Minimum sum assured: 5*annual fund value.
premium. 6. On maturity the nominee will get
higher of the fund value or the
guaranteed maturity unit price
multiplied by the number of units.

5. Payment of Premium :
Premium is paid for a period of 3 years with Premium is paid for a period of 3 years with
the flexibility to reduce premium (subject to the option to reduce, subject to minimum
minimum of Rs.10000) from the second limit, which is higher of 75% of the first

46
policy year onwards without reduction in year regular premium paid or Rs.90000.the
sum assured. sum assured remains same even if reduction
in premium is affected.

6. Eligibility :
18 to 70 years of age. 18 to 70 years of age.

7. Term of Maturity :
The policy term is 8 years. The policy term is 10 years.

8. Tax Benefits :
Avail of tax benefit under section 80C and Avail of tax benefit under section 80C and
section 10(10 D) of the Income Tax Act, section 10(10 D) of the Income Tax Act,
1961. 1961.

9. Additional Coverage :
Nil  Tata AIG life accidental death
benefit rider.
 Tata AIG life accidental death and
dismemberment rider
 Tata AIG life critical illness rider.

47
 National Insurance Company Reliance General Insurance
Ltd.

1. Name of the Scheme :

The National health plan Reliance health wise policy.

2 .Purpose:
To provide financial support , spiraling To provide financial support, spiraling
cost of health care, protect your savings cost of health care, protect your savings
from unforeseen circumstances. from unforeseen circumstances

3. Type of Policy :
Family floater coverage available up to 6 Covers your family on a floater basis
members of a family including dependent applicable to a maximum number of four
children under the age of 25 years and persons that is you, your spouse and two
dependent parents below 65years. dependent children under the age of 21
years.

4. Benefits :
1. Covers pre-existing diseases 1. Covers pre-existing diseases after
(excluding chemotherapy, two/four continuous renewals.

48
 radiotherapy and dialysis.) 2. Day care treatment expenses
2. Maternity coverage (nine months covered
waiting period applicable.) 3. Cashless facility
3. Cashless policy 4. Pre-post hospitalization covered

4. Critical illness buffer cover: 5. Double sum insured is

additional coverage up to automatically available as soon as
Rs.75000 per family for any of the listed critical illness is
hospitalization in case of heart diagnosed.
surgery, neuro surgery, organ 6. Discount on renewal premium for
transplant, cancer, road traffic claim free policy.
accidents.
5. No medical test required

5. Payment of Premium :

Premium has to be paid yearly and the Premium has to be paid yearly and the
amount depends on the sum insured and amount depends on the sum insured and
the number of dependents in the family the number of dependents in the family

6. Eligibility :

3 months to 65 years of age 3 months to 65 years of age.

7. Term of Maturity :

One year, that is, the policy has to be One year, that is, the policy has to be
renewed yearly. renewed every year.

8. Tax Benefits :

49
Avail of tax benefit under section 80D of Avail of tax benefit under section 80D of
Income Tax Act, 1961. Income Tax Act, 1961

DATA ANALYSIS

We have presented below the findings and analysis of the questionnaire addressed to
the respondents to gauge the attitude and perception of the people towards insurance.

1. Respondents having life Insurance

The question was asked to the respondents to know how many of the respondents had
a life insurance policy.

50
From the survey it was found out that 85% of the respondents i.e. 51 persons out of 60
had a life insurance policy whereas 15% i.e. 2.25 persons of the respondents didn’t
had a life insurance policy.

2. Insurance policy taken from which company?

The question was asked to the respondents so as to get to know from which insurance
company they have bought the policy

The finding which came out from the survey was that 40% of the respondents i.e 24
persons out of 60 who have a life insurance cover bought life insurance from Life
Insurance Corporation of India (LIC). LIC is the most preferred brand in the insurance
industry because it is the only government company which offers insurance. People
prefer to buy insurance from LIC because of the security being one of the prime

51
factors. In the figure we can also see that nowadays people mindset have changed
towards insurance and are opting for private company for insurance cover or policy.

3. From whose suggestion have the respondents taken a policy?

It was asked to gain an insight from the respondents that on whose suggestion did
they opt for a life insurance cover or policy.

After the survey it was found that most of the respondents took policy or life
insurance cover from the suggestions of their friends or family.And only 23
respondents took policy on the recommendation of the agents.Other sources like

52
banks, corporate tie-ups and etc. plays a minute role in reaching out people for
insurance policies.

4. Type of plan

The respondents were asked which type of plan they go in for when they take up
insurance cover or policy.

After the survey it was found that term plan was the most preferred plan. Next on the
list was endowment plan. Pension plan and health plan are the least preferred by
customers .

53
Preference of insurance sector according to age group:-

Age group beyond 40

54
 Graphical presentation
35

30

25

20

15

10

0
LIC TATA AIG BIRLA RELIANCE AVIVA OTHERS

PIE-CHART

55
 percentage

L.I.C
TATA AIG
BIRLA
RELIANCE
AVIVA
OTHERS

Age Group Between 25 – 40

56
 Graphical presentation
25

20

15

10

0
TATA AIG birla LIC RELIANCE AVIVA OTHERS

PIE-CHART

57
 Percentage

10

TATA AIG
40
10 BIRLA
L.I.C
RELIANCE
AVIVA
OTHERS

20

14

FINDINGS

58
After the survey it was found that still major portion of customers go for public
insurance companies, but with the entry of more and more private companies the
scenario is changing rapidly, people with a need of more and better returns are opting
for private companies, and this can be justified by the increasing market share of
private companies in the Indian insurance sector.

There are various ways in which private companies are found much more lucrative
than public companies and the facts which support this statement are as follows:-

1. Versatility of products.

2. Efficient fund managers.

3. Better customer services.

4. More returns.

5. Regular follow up.

6. Quicker settlement

SUGGESTIONS AND RECOMMENDATIONS

59
 People are not aware of the life insurance. Most of them know only one company
which provides life insurance i.e. LIC. So awareness campaign should be run so
that people are aware of different life insurance companies in India.

 People should be educated about the different types of products or plans offered
by the life insurance companies. Most of them don’t know much of the different
types of plan or products.

 It was felt that most of the people took life for tax savings or just to cover up their
life, not as an investment avenue. Life Insurance companies need to advertise in
such a manner that people start investing in life insurance like the way they invest
in the stock market

 Now at the time of global turmoil insurance company had to hold on to the
policyholders trust which might lead the company to the path of success

 Insurance companies should try to adopt different strategies to market their

products or plan. Companies should not primarily focus on the agents for their
business.

CONCLUSION

60
 Insurance is one sector that witnessed continuous growth owing to the reforms
in 2000. The insurance sector is likely to attain a size of Rs. 2,00,000 crore ($
51.2 billion) in 2009-10. In life insurance, the business grew by 23.3% to Rs.
93,000 crore in 2007-08 (Source:Assocham). The sector alone employs close
to 30 lakh people (including agents and direct employees).

 A well-functioning insurance market plays an important role in economic

development and financial stability of developing economies such as India’s.
First, it inculcates and encourages the habit of saving. Second, it provides a
safety net to rural and urban enterprise and productive individuals.

 The life insurance market in India is on a growth path. In spite of this, the
country lags far behind the others in awareness about life insurance. The
challenge is to spread awareness about life insurance and it true benefits. The
industry has to convince people to park their hard earned money in long-term
insurance and not just look at it as a tax saving instrument.

LIMITATIONS

1. Useful Financial insights are not easily available.

61
 2. Due to time constraint sufficient research on all the investment tools is difficult.

3. The survey sample is not very large for analysis

.
4. Properly convincing people to invest in insurance products is challenging.

5. Due to recession there is liquidity crunch in the market.

6. There might have been tendencies among the respondents to amplify or filter
their responses under the testing conditions
.
7. The research is confined to Kolkata and does not necessarily shows a pattern
applicable to other parts of the country.

QUESTIONNARIES

1. Sex :

2. Age :

62
3. Occupation :

4. Income :

5. Marital status :

6. No. of family members :

7. Mobile no. :

8. Are you insured yes/no

9. If yes , then with life/ non-life/both

10. In which company ________________

11. How you rank your insurance company?

|----------------|-----------------------|------------------|---------------------|

Excellent Very Good Good Fair Bad

12. Who suggested you to take the Insurance Policy?

Friends Family Agents

Others, please specify

13. In which of the insurance plan have you invested the money?

Term Plan Endowment plan Money Back Plan

Children Plan Pension plan ULIP (Unit Linked

Insurance Plan)

Health Plan Others please

specify_______________________________

14. Rank the insurance co. according to your preference:

63
 a) LIC/GIC _____

b) BIRLA _____

c) TATA AIG _____

d) AVIVA _____

e) RELIANCE _____

f) _______ _____

15. Where does government insurance co. need to improve?

a) Service

b) Return

c) Information

d) Varity

e) Easy claim

16. Reason behind the preference of your insurance company?

_____________________________________________________________________
_____________________________________________________________________

REFERENCES

1. The monthly fact sheet available from the company for studying the
features of products.

64
 2. Online information from the various websites namely:-

 www.lic.co.in

 www.wikipedia.com

 www.tata-aig-life.com

 www.birlasunlife.com

 www.irdaindia.org

 www.google.com

 www.wikipedia.com

65