ST XAVIER'S COLLEGE OF MANAGEMENT AND TECHNOLOGY

NAAC Accredited with B++ Grade (1st Cycle)

INTERNSHIP REPORT
Ashiana-Digha, Patna - 800001.

Name of the organization

INTERNSHIP REPORT

STUDY OF CONSUMER BEHAVIOUR IN RELATION TO INSURANCE

PRODUCTS IN AGEAS FEDERAL LIFE INSURANCE

Submitted by : Abhinav Pandey

Roll no : 01
Semester : 5th

Date-20/01/2023
PREFACE

As I know that project is an essential part of my theoretical knowledge with practical

knowledge to inculcate efficiency.
I have chosen this topic to gain the depth knowledge of Insurance, To know that how
much effective these are in the Life and also for an academic exercise.
I observed that concept through skills and technical knowledge of the employees is the
main purpose of training and development is to increase Insurance policy service of the
organization.

I would Like to express my and my teammates thoughts through this project report.
ACKNOWLEDGEMENT

It is a great opportunity and pleasure for us to express our profile graduate towards all
the individual who directly contribute towards completion of this report I was provided
with an opportunity to be a part of it. I am also grateful for having a chance to meet so
many wonderful people and professional who led me though this internship period.
Bearing in mind previous we were using this opportunity to express our deepest gratitude
and special thanks to Mr. JAY PRAKASH SIR who in spite of being extraordinarily busy
with his duties ,took time out to hear, guide and keep us on the correct path and allowing
us to carry out our project at their esteemed organization and extending during training.

I perceive as this opportunity as a big milestone in my career development. we will strive

to use gained skills and knowledge in the best possible way, and we will continue to work
on their improvement, in order to attain desired carrier objectives. Hope to continue
cooperation in future.

Sincerely:- Abhinav Pandey

DECLARATION

I Abhinav Pandey Student OF ST XAVIER’S COLLEGE OF MANAGEMENT AND

TECHNOLOGY PATNA, here by solemnly declared that the project titled Life
Insurance is my original as all the information facts and figure in this report is based on
my experiences and during academic year 2020-2023. I declare that whatever I have
started in this project report are true to best of my knowledge.
 TABLE OF CONTENTS
S.No Title Page No.
01. Introduction

02. Summary

03. History of insurance

04. Industry background

05. A brief history of insurance sector in India

06. Insurance sector reforms

07. Indian insurance market

08. Company profile

09. About Ageas federal life insurance

10. About the sponsors of Ageas federal life insurance

11. Company’s vision, mission and values

12. Products offered

13. History of the organisation

14. Description of business problems

15. Description of work assigned

16. Description of work carried out

17. Conclusion and work recommendations

18. Observations and learnings

Description of the Internship-:

Position title- Sales advisor

Department- Sales and marketing

Start Date - August 1st, 2022

End Date - August 17th, 2022

Reporting Supervisor - Jay Prakash pandey

Agency Leader Manager, Patna

Address of the org - Grand plaza 5th floor,Dakbunglow chauraha, Patna

Branch-Patna
INTRODUCTION

Life is full of risk and uncertainties. Since we are social human beings, we have certain
responsibilities too. Indian consumers have big influence of emotions and rationality on their
buying decisions. They believe in future rather than present and desire to have its own value in
terms of minimizing risk and uncertainties. Indian economy is developing and having huge
middle class societal status and salaried persons. Their money value for Current needs and
future desires generate the reasons behind holding a policy. An attempt has been made in this
report to study the buying behaviour of consumers towards life insurance service.
 Analysing consumer behaviour is perceived as cornerstone of a successful marketing
strategy.
 Consumer behaviour is a mental and emotional process and the observable behaviour
of consumers during searching, purchasing and post consumption of a product and
service.
Similarly consumer behaviour is action and decision process of people who purchase goods
and services for personal consumption. Now if these defining criteria are closely observed, it
is evident that analysing consumers' decision making process is the foundation of entire notion
of consumer behaviour.
Summary

Influencing the ways that people act in their daily consumption lives is a concern for
researchers in a number of disciplinary areas, including consumer behaviour psychology,
sociology and marketing. This project is focused on analysing the Internal and the External
factors which aim at determining the Customers buying behaviour towards insurance products
of AGEAS Federal. It is mainly focused in trying to understand the various factors responsible
for the buying decision. Understanding these factors is a critical task. The purchase decision in
general is prompt by number of factors viz. Psycho graphical, Economical, Socio Political,
Legal and Demographical. There are certain other factors which need to be understood while
keeping in mind the investment decisions made by customers, such as, Customer Buying
Behaviour, Customer Preferences and Perception, Brand Loyalty etc.
Life Insurance History and Evolution
The ancient Romans were the first to participate Life Insurance. They invented benevolent
societies' which covered member's funeral expenses and helped survivors monetarily.
Modern Life Insurance has its roots in the famous iLloyd's Coffee House which has later
Become LIoyds of London Merchants, ship Owners & underwriters met in this coffee house,
issue insurance on their ships & goods and life insurance for their crew.
How Insurance started in India:
 .The first life insurance company to be set up in India was English company The oriental
life insurance Co Ltd
 . The first non-life insurer to be established in India Triton Insurance Co Ltd
 The first Indian insurance company that was formed in 1870 in Mumbai - Bombay
Mutual Assurance Society Ltd
 . The Oldest insurance company in India and which is still in business (that was founded
in 1906) National Insurance Company Ltd

 The Insurance Act 1938 was the first legislation enacted to regulate the conduct of
insurance companies in India
 . Nationalization of life insurance Life insurance business was nationalized on 13
September 1956 and the life insurance corporation of India (LIC) was formed.
 . There were 170 companies and 75 provident fund societies doing life insurance
business in India at that time.
 Nationalization of non-life insurance :with the enactment of general insurance business
Nationalization Act (GIBNA) in 1972, the non living insurance business was also
nationalized and the general insurance corporation of India (GIC) and its four
subsidiaries were set up.
 . At that point of time, 106 insurers in India doing non-life insurance business were
amalgamated with the formation of four subsidiaries of the GIC of India
 Malhotra committee and IRDAI In 1993,the Malhotra committee was setup to explore
and
 recommend changes for development of the industry including the re introduction of
an element competition .the committee submitted
 its report in 1994.
 . The passing of the insurance Regulatory & Development Act 1999(IRDA) in April
2000 as a statutory regulatory body both for life, non- life and health insurance industry.
IRDAI had been subsequently renamed as IRDAI in 2004.
The insurance industry of India consists of 51 insurance companies of which 24 are in life
insurance business and 27 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
Insurers, there are six public sector insurers. In addition to these, there is sole national reinsurer,
namely, General Insurance Corporation of India. Other stakeholders in Indian Insurance market
include Agents (Individual and Corporate), Brokers, Surveyors and Third Party Administrators
servicing Health Insurance claims. Out of 27 non-life insurance companies, 4 private sector
insurers are registered to underwrite policies exclusively in Health, Personal Acident and
Travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo
Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd and
Religare Health Insurance Company Ltd. There are two more specialized insurers belonging to
public C sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance
and Agriculture Insurance Company Ltd for Crop Insurance. Insurance penetration of India i.e.
Premium collected by Indian insurers is 4.10% of GDP in FY 2011-12. Per capita premium
underwritten i.e. insurance density in India during Y 2011- 12 is US$ 59.0. The insurance sector
in India has come to a full circle from being an open competitive market to nationalization and
back to a liberalized market again. Tracing the developments in the Indian insurance sector
reviles the 360-degre turn witnessed over a period of almost two centuries.
A Brief History Of Insurance Sector In India

 Life Insurance in its modern form came to India from England in the year 1818. Oriental
Life Insurance Company started by Europeans in Calcutta was the first life insurance
company on Indian Soil. All the insurance companies established during that period
were brought up with the purpose of tooking after the needs of European community
and Indian natives were not being insured by these companies. However, later with the
efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies
started insuring Indian lives. But Indian lives were being treated as sub-standard lives
and heavy extra premiums were being charged on them. Bombay Mutual Life
Assurance Society heralded the birth of first Indian life insurance company in the year
1870, and covered Indian lives at normal rates. Insurance is an Rs 450 billion industry
in India. The life insurance segment writes about 80% of the overall market value.
Indian Insurance market was at its all time high in 2003 with a growth of about 17.4%
over the previous year. Since 2001 Insurance is growing at the rate of 15- 20 %
annually. The growth in the insurance industry is affected by volatility in real estate
rates, GDP rates and long term interest rates. Fluctuations in exchange rates also affect
the growth in this sector. The gross premium as a percentage of the GDP has gone up
from 2.3 in the year 2000 to 4.8 in 2006. The premium as percentage of the country's
gross domestic product (GDP) has increased from 4.8 percent in 2006 to 5.2 percent in
2011. Together with banking services, it adds about 7% to the country's GDP. Some of
the important milestones in the life insurance business in India are: 1818: Oriental Life
Insurance Company, the first life insurance company on Indian soii started functioning.
 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company
started its business
 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
 1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
 1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign
insurers and provident societies are taken over by the central government and
nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capitai
contribution of Rs. 5 crores from the Government of India.

Indian Insurance in 21st Century

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard
Life insurance first private insurers to sell a policy 2002: Banks allowed selling insurance plans.
As TPAs enter the scene, insurers start setting non- life claims in the cashless mode 2007: First
Online Insurance portal, www.insurancemall.in set up by an Indian Insurance Broker, Bonsai
Insurance Broking Pvt Ltd.

Insurance Sector Reforms

Cap on ULIP charges and increase in lock in period
 Restriction on high distribution partner payouts
 Reduction in overall contribution of ULIPs to new business premium
 Benefit derived by insurers on account of high lapse and hence more surrender penalty
will be significantly impacted due to the cap on surrender charges
 Insurers showing profits due to release of lapse reserves will not be able to sustain the
same in the future unless long term operational efficiencies are developed
 REGISTRATION OF REFERRAL AGENTS

 There have been a slew of regulations around turnover criteria to be a referral.

 partner and cap on referral fee income as well as share of income through referral
business. Training and tele-callers has been made mandatory.
 Cost of compliance expected to increase and Some referral partners who may have to
apply for Broking licence which could delay insurance distribution operations.
 Compulsory purchase of annuity in pension plans.
 Even in case the policy is surrendered, 2/3rd of accumulated funds will be used to
purchase annuity.
 Exit option being constrained may have significant negative implications for the
product segment.
Guidelines around agents
Persistency norms- the regulation stipulates a min level of persistency to be achieved by each
licensed agent. This is expected to reduce the agency force in the industry.

License renewal- IRDA has mandated a min business requirement norm for licensing agent.
This is expected to reduce part-time agents thus improving customer service.

Indian Insurance Market

The insurance sector which stood at a strong US$ 72 billion in 2012 has the potential to grow
to US$ 280 billion by 2020. This growth is driven by India's favourable regulatory environment
which guarantees stability and fair play. This environment has given rise to an insurance market
which encourages foreign investors to tap into the sector's massive potential. Ever since the
Indian government liberalised the insurance sector in 2000 and opened the doors for private
participation, the sector has gone from strength to strength. The resultant competition has
provided the consumer with a never-before-seen range of products and providers, and also
enhanced service levels markedly. The health of the insurance sector reflects a country's
economy. This sector not only generates long-term funds for infrastructure development, but
also increases a country's risk- taking capacity. India's economic growth since the turn of the
century is viewed as a significant development in the global economy. This view is helped in
no small part by a booming insurance industry.
Industry Dynamics

Factors that influence consistent growth in insurance sector are:

o Effective distribution channels - The efficiency and cost of the various distribution
strategies used by companies are significant to their success in the insurance business.
This particularly holds true for the retail business.
o Focus on overall financial inclusion As time evolves, so must the approach of the
insurance sector in India. The objective of the insurance sector should ideally be to offer
a broader range of activities to a wider populace.
o Consumer needs and preferences The growth of India's insurance industry can be
attributed to product innovation, dynamic distribution channels, and vibrant publicity
and promotional campaigns run by insurance companies. Benefits attached to the
products and the manner in which they are delivered (through various marketing tieups)
have helped bring customers and insurance companies closer to each other and made
the latter more relevant.
Types of Insurance:

Insurance business is divided into four classes:

1. Life Insurance
2. Fire Insurance
3. Marine Insurance
4. Miscellaneous Insurance.
Life insurers undertake the Life Insurance business; general insurers handle the rest. The
Business of insurance essentially means defraying risks attached to an activity (including life)
and sharing the risks between various entities, both persons and organizations. Insurance
Companies are important players in financial markets as they collect and invest large amounts
of premium in various investment instruments.
ABOUT AGEAS FEDERAL LIFE INSURANCE

LIC-controlled IDBI Bank said it has completed the sale transaction of its entire stake in the
joint venture Ageas Federal Life Insurance Company Ltd (AFLI ) for over Rs 580 crore.
we hereby advise that IDBI Bank has completed the sale transaction of its entire stake of
20,00,00,000 equity shares in AFLI pursuant to the receipt of the requisite regulatory approvals.
Pursuant to this sale, IDBI Bank's shareholding in AFLI now stands at NIL," the bank said in
a regulatory filing on September 21.
AFLI is a three-party joint venture between IDBI Bank, Federal Bank, and Ageas Insurance
International NV, which is one of Europe's largest insurance companies. Ageas concentrates
its activities in Europe and Asia, which together make up the major part of the global insurance
market.
Also Read: KPIT Tech acquires 4 companies of Germany's Technica group — shares rise
Ageas is the holding company of the Ageas Group. It is an international insurance group having
business activities in Europe and Asia.
AFLI is into providing life insurance products in India.
Private sector insurer AFLI posted a net profit of Rs 94 crore in the fiscal ended March 2022,
clocking a profit for the 10th consecutive year beginning FY13.
With the stake buyout from IDBI Bank, AFLI will become the first company in the life
insurance sector where the foreign partner will raise its stake to the maximum permissible limit
of 74 percent.
 KEY MILESTONES

2007  RECEIVED LICENSE FROM IRDAI

DEC

• FIRST POLICY SOLD

2008 MARCH

• FASTEST TO ACHIEVE RS100 CRORE SALES

2008 AUG MARK

2013
 Break even in 5 years
MARCH

• Reached RS.1000 crore sales mark

2015 MARCH

• AWARDED TOP 10 MOST TRUSTED LIFE INSURANCE

2018 FEB BRANDS IN THE COUNTRY BY IT BRAND EQUITY
 2018
 BECAME THE ONLY NEW AGE LIFE INSURANCE COMPANY TO WIPE
AUGUST
OUT ALL ACCUMULATED LOSSES

• SACHIN TENDULKAR SIGNED AS THE BRAND AMBASSADOR

2018
SEEPTEMBER

• AGEAS INCREASED STAKE TO 49%

2020
DECEMBER

 Company name changed to Ageas federal life

2021
JANUARY
insurance

• Recongnised among India's top 30 best

2021 APRIL workplaces in BFSI

• Became the first life insurance company in India

2022
SEPTEMBER
to have 74% stake held by a foreign partner
ABOUT THE SPONSORS OF AGEAS FEDRAL LIFE INSURANCE CO. LTD.

IDBI Bank Ltd. continues to be, since its inception, India's premier industrial development
bank. It came into being as on July 01, 1964 to support India's industrial backbone. Today, it
is amongst India's foremost commercial banks, with a wide range of innovative products and
services, serving retail and corporate Customers in all corners of the country from 1201
branches and 2156 ATMs. The Bank offers its customers an extensive range of diversified
services including project finance, term lending, working capital facilities, lease finance,
venture capital, loan syndication, corporate advisory services and legal and technical advisory
services to its corporate clients as well as mortgages and personal loans to its retail clients. As
part of its development activities, IDBI Bank has been instrumental in sponsoring the
development of key institutions involved in India's financial sector National Stock Exchange
of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding
Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).

Federal Bank is one of India's leading private sector banks, with a dominant presence in the
state of Kerala. It has a strong network of over 1,142 branches and 1,312 ATMs spread across
India. The bank provides over four million retail customers with a wide variety of financial
products. Federal Bank is one of the first large Indian banks to have an entirely automated and
interconnected branch network. In addition to interconnected branches and ATMs, the Bank
has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where
Banking, debit cards, online bill payment and call centre facilities to offer round the clock
banking convenience to its customers. The Bank has been a pioneer in providing [10:14 pm,
06/01/2023] Shambhavi innovative technological solutions to its customers and the Bank has
won several awards and recommendations.

Ageas is an international insurance group with a heritage spanning more than 180 years.
Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate
its business activities in Europe and Asia, which together make up the largest share of the
global insurance market. These are grouped around four segments: Belgium, United Kingdom,
Continental Europe and Asia and served through a combination of wholly owned subsidiaries
and partnerships with strong financial institutions and key distributors around the world. Ageas
operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China,
Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the
market leader in Belgium for individual life and employee benefits, as well as a leading non-
life player through AG Insurance. In the UK, Ageas has a strong presence as the fourth largest
player in private car insurance and the over 50's market. Ageas employs more than 13,000
people and has annual inflows of more than EUR 21 billion.
Company Profile.

Name of the company : Ageas Federal Life Insurance

Type : Public company
CIN No. : U66010MH200PLC167164
REGISTRATION No. : 167164
Industry : Insurance
Company Size : 1001-5000 employees
Headquarters : Mumbai
Founded : 2007
Specialities : protection plans , savings plan ,wealth plans , group insurance plans,
regular income plans
Organizational Structure.
The organizational structure of the ageas federal has a line structure as its organizational
structure. Authority flows from the top level to lower levels through various managerial
positions. There is a vertical flow of authority and responsibility. Every person is accountable
to his/her immediate boss.

Chairman
CEO/CFO/COO
HOD
Zonal Manager
Regional Manager
Branch Manager
Senior Manager
Relationship Manager
Description of work assigned

01/06/2022 Wednesday Make a note on

background of insurance
and submit to the company
guide
02/06/2022 Thursday Principles of the life
insurance
03/06/2022 Friday Gather information about
the company
04/06/2022 Saturday Holiday
06/06/2022 Monday Class on development of
insurance
07/06/2022 Tuesday Scenario of insurance
08/06/2022 Wednesday Attractive session on
communication skill
09/06/2022 Thursday Knowing the plans of AFLI
company
10/06/2022 Friday Communicate with 5
unknown persons (on the
basis of company)
11/06/2022 Saturday Training (How to deal with
consumer)
12/06/2022 Sunday Holiday
13/06/2022 Monday Collect data from 15 people
whether they are insured
or not
14/06/2022 Tuesday Create awareness among
people about the insurance
15/06/2022 Wednesday Connect with 3 unknown
person and persuade them
to invest the money for the
future
16/06/2022 Thursday Call 15 customers and take
a feedback about plans
(client number provided
from the company)
17/06/2022 Friday Interaction with senior
manager
Description of work done

 Wrote a note and submitted to the company guide

 Learnt the principals of the life insurance how it works
 Represented a short presentation to the company guide
 Took a class on insurance’s development and further improvements
 Learnt the various scenarios of insurance
 Attended a session on communication skill provided by the branch manager
 Communicated with 5 people (sources on the basis of company)
 Got trained by officials to deal with the consumers
 Created awareness among people regarding the insurance benefits
 Collected data from all people whether they are insured or not
 Took feedback from all 15 customers regarding their experience
 Interacted with senior manager
Work Samples
Note-: Data have been collected from both primary and secondary sources. This study is
mainly based on secondary as well as primary data from various divisions and
departments of AGEAS federal life insurance company, in addition to those other
necessary information have been collected from the annual report of AGEAS federal life
insurance company limited.

Primary Sources Of Data

 Face to face conversation with the employees and customers.

 Conversation with the market.
 Practical desk work.

Secondary Sources Of Data

 Procedure manual published by AGEAS federal life insurance company limited.

 Report from newspaper based on insurance and related news.
 Files and documents of branch.
 Different manuals of AGEAS federal life insurance company limited.

The main objective of the education is to acquire knowledge. To acquire knowledge, we

must do some practical application in addition to theoretical knowledge.
 To know the present position of AGEAS federal life insurance company limited.
 To analyse the customer perception about our brand.
 To provide suggestion based on analysis and observation.
 To analyse about it’s competitors brand.
 To know how employees contribute to the position of the brand
SWOT Analysis.

Swot analysis is a structure planning method used to evaluate the strengths, weaknesses,
opportunities and threat involved in a company. Swot analysis provide information that helps
in synchronizing the firm’s resources and capabilities with the competitive environment in
which the firms operates.
Strength and Weakness of the company.

STRENGTHS: -
a) Large pool of technically skilled manpower with in depth knowledge and understanding of
the market.
b) The company also provides innovative products to cater to different needs of different
customers.
c) Dedicated workforce aiming at making a long-term career in the field.
d) Low management expenses and administrative costs.
e) IDBI Federal Life Insurance Company leverages on the strong distribution network of its
promoters and advisors.
f) Finance department helps the organization to keep a track on the administration cost and all
the other expenses.

WEAKNESSES: -
a) Customer service staff needs training due to changing human behaviour.
b) Product awareness is low in the market.
c) Low customer confidence on the private players.
d) Centralization in the organization, management decisions are taken by top authority which
leads to significant delays in decisions.
e) A centralized administrative system gives way to inequity through the instigation of
excessive regulations or strict conformity to official norms which is redundant or bureaucratic
and that hinders decision-making and delays work.
Opportunities and threats of the company.

OPPORTUNITIES-:
a) Insurable population: According to IRDA only 10% of the population is insured which
represents around 30% of the insurable population. This suggests more than 300m people, with
the potential to buy insurance, remain uninsured.
b) International companies will help in building world-class expertise in the local market by
introducing the best global practice.
c) Fast-track career development opportunities on an industry-wide basis.
d) An applied research centre to create opportunities for developing techniques to provide
added-value services.
e) There will be an inflow of managerial and financial expertise from the world's leading
insurance markets. Further, the burden of educating consumers will also be shared among many
players.

THREATS-:
a) Big public sector insurance companies like Life Insurance Corporation (LIC) of India,
National Insurance Company Limited, New India Assurance Company Limited and United
India Insurance Company Limited. People trust and go to them more.
b) Legislation could impact and Great risk involved.
c) Very high competition preva'ling in the industry.
d) Lack of infrastructure in rural areas could constrain investment
e) People prefer short term investments rather than insurance.
COMPANY'S VISION, MISSION AND VALUES VISION

To be the leading provider of wealth management, protection and retirement solutions that
meets the needs of our customers and adds value to their lives.

MISSION

To continually strive to enhance customer experience through innovative product offerings,

dedicated relationship management and superior service delivery while striving to interact with
our customers in the most convenient and cost effective manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission
VALUES

 Transparency: Crystal Clear communication to our partners and stakeholders

 Value to Customers: A product and service offering in which customers perceive value
Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims Customer-friendly: Advice and
support in working with customers and partners
 Profit to Stakeholders: Balance the interests of customers, partners, employees,
shareholders and the community at large

EXCELLENCE

"In every aspect of work ranging from the in- house training institute to the detailed Personal
Insurance Plan. AGEAS Federal is focused on achieving the highest standards of quality in
every aspect of their business".
 HONESTY

"Is the heart of the Life Insurance business? AGEAS Federal believes that above all, Life
Insurance is based on trust. Transparency, Dependability and Integrity will form the
cornerstones of the AGEAS Federal experience."

KNOWLEDGE

"Is what makes experts. AGEAS Federal is focused on the Life Insurance business. Perfectly
combining global expertise with local knowledge, AGEAS Federal is the Indian Life Insurance
specialist."

CARING

For the customer AGEAS Federal is redefining the Life Insurance paradigm to focus on the
needs of the customers. The AGEAS Federal service process is responsive, personalized,
humane and empathetic”

CULTURE

Our "in house culture recipe" has some of the finest ingredients going into its making. Some
of the more prominent aspects of our culture are stated below:
I. Customer comes first
II. Do it right the first time
III. Bias for result oriented action
IV. Financial strength and discipline
V. Clarity of purpose
VI. International quality standards
VII. International quality standards
VIII. vi. Inclusive Meritocracy
IX. Learning opportunities
X. Fun at work
XI. Commitment to published value system
TECHNOLOGY

To monitor and manage its network equipment across 34 sites, AGEAS Federal uses Tulip
Proactive Managed CE solution. The solution includes device management, proactive
troubleshooting and notification support. With the implementation of the solution, AGEAS
federal has reported improvement of network performance and availability, with a faster, more
effective change and configuration management.

PRODUCTS

IDBI Fortis launched its first set of products across India in March 2008, after receiving the
requisite approvals from the Insurance Regulatory and Development Authority (IRDA). IDBI
Federal offers services through a nationwide network across the branches of IDBI Bank and
Federal Bank in addition to a network of advisors and partners. IDBI Federal(AGEAS federal)
has 60 branches across the country.

SPONSORSHIPS, AWARDS

AGEAS Fortis Life Insurance Company was selected as the title sponsor for the India-Sri
Lanka Cricket Series. This was followed by the AGEAS Fortis Wealthsurance Twenty20.
Wealthsurance Made Easy (WME), a knowledge aid by AGEAS Fortis for its sales force, won
The Bronze Dragon in the category for 'Best Dealer/Sales Force activity' at the Promotion
Marketing Awards of Asia (PMAA).
AGEAS Federal has also achieved break-even in just 5 years of service whereas it takes almost
10-15 years or more for other Insurance Companies to do so.

PRODUCTS OFFERED

AGEAS Federal Childsurance Savings Protection Plan is a non-linked participating

endowment plan that ensures a child's future. Childsurance Savings is designed to
give the customers, guaranteed annual payouts and also aid the important milestones
in their child's life. In the unfortunate event of the parent not being around, the policy
will continue exactly as they had pianned it, without any further premiums being paid.

In other words, this plan ensures that their child gets to live his/her dream exactly as
they have planned, whether or not their parents are around.

AGEAS Federal Incomesurance Guaranteed Money Back Insurance Plan is a nonlinked

non-participating money back plan which gives guaranteed returns on an investment, so that
the customer stops worrying about the future. With Incomesurance, they can guarantee a secure
future for their families even when they are not around.

1DBI Federal Lifesurance Savings Insurance Plan is a ixed term non-linked

participating plan that provides twin benefits of long-term savings and life cover.
With Lifesurance Savings, customers' small savings will help them realise their big
dreams that they have for their selves and their family. This plan also offers the
benefit of life cover that will provide financial security to their family in their absence.
HISTORY OF THE ORGANIZATION
AGEAS federal life insurance is a joint venture between AGEAS, a multinational
insurance giant headquartered in Europe, and India’s leading bank (Federal bank).

Vighnesh Shahane, MD & CEO (AGEAS Federal life insurance)

Website:
https://www.ageasfederal.com

Industry:
Insurance

Company size:
1001-5000 employees

Headquarters:
Mumbai, Maharashtra

Type:
Public Company

Founded:
2007

Specialities:
Protection plans, Savings plans, Child plans, Wealth plans, Group insurance plans,
Regular income plans.
 2007
o -IDBI signs MoU with Fortis
o -IDBI Tripartite MOU with Federal Bank & Forties
o Insurance
o International
o IDBI, Federal Bank and Fortis Sign Joint Venture Agreement To

Establish A New Life Insurance Company In India 2009:

o IDBI Federal Life launches new plan for senior citizens.

o IDBI Fortis redefines endowment & money back with IncomesuranceTM
o IDBI Fortis launches TermsuranceT Protection Plan
o IDBI Fortis bags bronze Dragon at 'PMAA 2009' - IDBI Fortis Life Insurance
uses an interactive application to help users easily calculate their taxes
o IDBI Fortis launches IncomesuranceT" Immediate Annuity
o IDBI Fortis launches RetiresuranceT Pension Plan
o IDBI Fortis' Boss-Ka-Boss bags PRCI Award - IDBI Fortis announces Rs 250cr
capital infusion 2010:
o IDBI Federal launches brand new campaigns! - IDBI Federal introduces a cover
for loansS, Loansurance®
o IDBI Federal launches Wealthsurance Milestone Plan
o IDBI Fortis Life Insurance is now IDBI Federal Life Insurance
2011:
o IDBI Federal heralds the New Year with Childsurance
o IDBI Federal unveils 3-in-1 Lifesurance Savings Plan
o IDBI Federal launches insured wealth plan IDBI Federal pioneers Medical Test-
free Term Plan for Seniors
o IDBI Federal launches unit linked Pension Plan
o IDBI Federal targets HNIS with Wealthsurance Premier
o IDBI Federal launches Retiresurance Guaranteed Pension Plan
o IDBI Federal-Samhita financial literacy drive a big hit in MP
2012:
o IDBI Federal launches a plan with double life Cover and no medicals
o IDBI Federal makes its online debut
o IDBI Federal BondsuranceT" plan offers attractive guaranteed Tax-Free Returns, Life
Cover
o IDBI Federal and IDBI Bank reaches out to Surli through Termsurance Grameen
Suraksha 2013:
o IDBI Federal breaks-even in Five years; posts maiden profit of Rs 9.24 crore
 o IDBI Federal in association with Phoenix Foundation organises a trek for the physically
challenged 2014:
o IDBI Federal launches 7 new plans
o IDBI Federal backs home grown talent; elevates Vighnesh Shahane as CEO.

2018:
o Became the only new age life insurance company to wipe out all accumulated losses.
o Sachin Tendulkar signed on as the brand ambassador.
o Awarded top 10 mist trusted life insurance company.

2021:
o Company name changed to AGEAS Federal.
o Recognised among India’s top 30 best Workplace in BFSI 2021 by Great place to work.
o Recognised as one of India’s top 3 best workplaces in insurance sector.

2022:
o Recorded tenth consecutive year of net profit.
o Ageas increased its overall stake to 70%.
o Became the 1st life insurance company in India to have 74% stake held by a foreign
partner.
A Study of Consumer Behaviour in Relation to Insurance Products in AGEAS

DEFINING CONSUMER BEHAVIOUR:

Consumer Behaviour may be defined as "the interplay of forces that takes place during a
consumption process, within a consumers self and his environment.

This interaction takes place between three elements viz. knowledge, affect and behaviour;
- it continues through pre-purchase activity to the post purchase experience;
- it includes the stages of evaluating, acquiring, using and disposing of goods and services".

The "consumer" includes both personal consumers and business/industrial/organizational

consumers.Consumer behaviour explains the reasons and logic that underlie purchasing
decisions and consumption patterns; it explains the processes through which buyers make
decisions. The study includes within its purview, the interplay between cognition, affect and
behaviour that goes on within a consumer during the Consumption process: selecting, using
and disposing of goods and services. Cognition: This includes within its ambit the knowledge,
information processing and thinking" part; It includes the mental processes involved in
processing of information, thinking and interpretation of stimuli (people, objects, things, places
and events). In our case, stimuli would be product or service offering. Affect: This is the
"feelings" part. It includes the favourable or unfavourable feelings and Corresponding
emotions towards a stimuli (eg. towards a product or service offering or a brand). These vary
in direction, intensity and persistence. Behaviour: This is the "visible" part. In our case, this
could be the purchase activity: environment.

Studying consumer behaviour is important because it enables us to better focus our efforts
where we can get the results we want. By understanding consumer behaviour; our business will
provide the consumer with better goods and services. Better goods and services results in more
sales and therefore more profit. Not only is it important to improve goods and services;
it is necessary to know what type of products and what type of service to offer.

Consumer behaviour is strongly tied to their phase in the life cycle. Patterns of spending are
dictated by what is happening ata given time. Younger couples with no children have different
needs than those who have started a family. While teenagers and elderly people have more
discretionary income and it is also important to plan marketing strategies that are focused on
this group. These strategies should target our market and focus on niche marketing. Resources
should not be spent marketing to consumers outside of our target.

We will begin to understand our market when we have satisfied certain questions about our
customers. Why do they choose one product over the next? What impact does the role of
culture, education and advertising has on the decision to choose a product? HoW and why is
the consumer planning to use the product? Why are they loyal to a specific brand? What are
the risks involved in using or switching to our brand?
Having the answer to these questions will help us gain consumer confidence. We may have
the best product, but the consumer them. These factors will help to determine who will become
our customers and who won't.
 Consumers have needs and wants, and our objective is to identify the need and create the want.
Our ultimate goal is to influence consumer behaviour and convert this into profits for Our
company. Businesses that can predict consumer behaviour have the edge over their
Competitors. To predict consumer behaviour requires knowledge of the consumers' values,
goals and lifestyle. Companies with this asset use it to develop better strategies, and are better
able to win over consumers. Hence, this study is very important.

SCOPE OF STUDY:
The scope of a subject refers to everything that is studied as part of that subject. When we set
out to explain the scope of consumer behaviour we need to refer to all that which forms part of
consumer behaviour.

Consumer behaviour includes not only the actual buyer and his act of buying but also the
various roles played by different individuals and the influence they exert on the final purchase
decision.
To define the scope of a subject it is important to set parameters or a framework within which
it shall be studied.. This framework is made up of three main sections-the decision process as
represented by the inner-most circle, the individual determinants on the middle Circle and the
external environment which is represented by the inner-most circle, the individual determinants
on the middle Circle and the
external environment which is represented by the outer circle. The study of all these three
sections constitutes the scope of consumer behaviour. Here, we shall dwell on these
constituents of the framework only briefly as they are explained in detail in the following
units.
OBJECTIVE OF STUDY:
The main objective of this project is to study the Consumer behaviour and various reactions
of
Customers with reference to AGEAS Federal Life Insurance Co. Ltd. And suggest ways to
improve its marketing efforts.
1. To study the trends in life insurance market
2. To study the profile of AGEAS Federal's Customers.
3. To study the investors' behaviour with respect to AGEAS Federal Life Insurance.
4. To analyse the investors' perception about AGEAS Federal.
CONCLUSIONS
The Internship project has helped me gain huge practical knowledge which can't be gained only
through books. This experience gave me an opportunity to learn new things which provided
me a peek into the corporate culture. Being a fresher, I would never be exposed to a corporate
environment if it were not for this project. I thank IDBI Federal life insurance for giving me
the chance to work with them as a summer intern and showing me the path of knowledge and
experience which will help me succeed in my career and enter into a bright future.

CONCLUSIONS ON CONSUMER BEHAVIOUR

 While the fresh air of competition in every sector of economy brings in
 major changes in consumer expectations, the insurance industry has
 experienced a few unique aspects, such as regulation-inspired efforts to
 educate insurance buyers and a vast change of skills and capabilities of
 the intermediaries involved in the distribution.
 With respect to life insurance, potential buyers are drivers of buying a
 policy for one or more of these 3 major reasons: security of the money
 invested, saving for one or more specific purposes and the availability of
 tax benefits.
 The challenge for the insurance companies is to address the motivating
 factors of customers and come up with genuine solutions.
 The potential buyer primarily expects that the saving should be a painless
 process and that the money saved should be absolutely safe. The
 challenge is to provide not only convenient payment options, but also mechanisms that
could offer some measure of protection and relief to the Customer if he is forced to
disrupt the payment arrangement for unforeseen reasons.
 On the issue of customers' perception of security of the money invested,
 there are 2 important aspects. One is, how the features of the insurance
 contract are put across the buyer (whether it is unit linked policy or
 endowment oriented); and the second is, how to address effectively, the
 question about dependability of the new generation companies that
 potential new insurance buyers raise during sales calls. Both, the
 companies and the regulator need to address this behavioural challenge very actively.
 Customers in major cities appreciate the need for higher level of
 insurance cover with reference to their earning stage in working life.
 Instances of customers requiring agents to arrange for loans against their
 policies, or change nominations etc. are rare. Therefore companies need
 to gear themselves to provide high service standards directly.
 One aspect of customer service for new age Companies that remains to be
 tested widely is the claim payment record. 9. The entry of Pvt. players into insurance
sector have expanded the product
 segment to meet different level of requirements of customers. It has
 brought greater choice to customers.
 IRDA is also playing a very comprehensive role by regulating norms,
RECOMMENDATIONS/ SUGGESTIONS
1. We need to tap the young crowd in the age group 18-30 and convince
2. them that buying a life insurance policy is necessary because life is very unpredictable.
3. More plans should be made that involve less period of premium payment.
4. As friends and family members are major influencers of customers, our
5. advertisements and promotions should be family and friend-centred.
6. Group insurance policies like full family insurance' schemes should be made.
7. Our reach needs to be increased through social media (Facebook,
8. Twitter, YouTube campaigns), television, radio, newspapers etc.
9. Our insurance policies should have a range of premiums to suit every pocket size.
10. In terms of distribution, we should increase the number of marketers more
11. channels of distribution and more intermediaries. 8. Our advertisements should cover
the benefits of our policies and what
12. differentiates our policies from those of other companies, in brief.
13. Our company should have more offices at smaller towns and uncovered
14. segments in the cities.
15. Mobile Commerce is the next big thing! We can have a mobile app
16. where our customers can get all the information related to our products as well as pay
their premiums.