Professional Documents
Culture Documents
TABLE OF CONTENT
Declaration Students Certificate Acknowledgement Preface
Chapter-1 Introduction
Industry profile Contribution to the Indian economy Role of IRDA
Chapter-3 Services
TATA AIG product details Claim Process in Life insurance
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Chapter 5 Marketing
Key business strategy Distribution channel of TATA AIG
Chapter 8 Data Analysis & Interpretation Chapter 9 Findings, Recommendation & Conclusion
Bibliography Annexure
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Chapter - 1
INTRODUCTION
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INTRODUCTION
INDUSTRY PROFILE
Insurance in India
The insurance sector in India has come 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 reveals the 360 degree turn witnessed over a period of almost two centuries. Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. Life Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC.
In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.
While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDAstarted issuing licenses to private life insurers.
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Years
1912:
The Indian Life Assurance Companies Act came into force for regulating the life insurance business.
1928:
The Indian Insurance Companies Act was enacted for enabling the government to collect statistical information on both life and non-life insurance businesses.
1938:
The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public.
1956:
245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of India.
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The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are given in the following table
Years
1907:
1957:
General Insurance Council, an arm of the Insurance Association of India, framed a code of conduct for guaranteeing fair conduct and sound business patterns.
1968:
The Insurance Act improved for regulating investments and set minimal solvency levels and the Tariff Advisory Committee was set up.
1972:
The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India. It was with effect from 1st January 1973.
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1996 setting up of (interim) Insurance Regulatory Authority (IRA) Recommendations of the IRA. 1997 Mukherjee Committee Report submitted but not made public 1997 The Government gives greater autonomy to LIC, GIC and its subsidiaries with regard to the restructuring of boards and flexibility in investment norms aimed at channeling funds to the infrastructure sector. 1998 The cabinet decides to allow 40% foreign equity in private insurance companies-26% to foreign companies and 14% to NRIs, OCBs and FIIs . 1999 The Standing Committee headed by Murali Deora decides that foreign equity in private insurance should be limited to 26%. The IRA bill is renamed the Insurance Regulatory and Development Authority (IRDA) Bill. 1999 Cabinet clears IRDA Bill. 2000 President gives Assent to the IRDA Bill.
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INDIAN SCENERIO: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 hinge of an ever increasing growth curve. 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. Its a business growing at the rate of 15-20%
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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 companys 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. 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
The general insurance industry grew by 16% in 2006-07 as private insurers continued their robust performance, while public sector players like New India Assurance and Oriental Insurance improved their show. Despite continuous fall in business of government-owned National Insurance, the 12 non-life insurers collected Rs 20,378 crore in first year premium in the last fiscal compared to Rs 17,531 crore collected in 2005-06, according to data compiled by regulator IRDA. New India Assurance collected Rs 4,762 crore in premium and continued to lead the non-life sector by cornering 23.36% of the market. National Insurance was at the second
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spot by collecting Rs 3,524 crore in premium, a decline of 7%, but had a market pie of 17.29%. Oriental Insurance mopped up Rs 3,518 crore in premium income after logging 16.6% growth in business to corner a market share of 17.26%. Another PSU insurer United India grew by a modest 6.8% to collect Rs 3,147 crore in premium and had 15.44% of the market. The eight private players expanded their business by 52% to collect Rs 5,427 crore in premium income and increased their combined market share to 26.6% from 20.2% a year ago. ICICI Lombard led the private players by logging 80% growth in premium at Rs 1,592crore, followed by Bajaj Allianz, which grew by 50% to collect Rs 1,287 crore in premium. ICICI Lombard had a market share of 7.81% and Bajaj Allianz had 6.31% of the market.
Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a Code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized t h e general insurance business in India with effect from 1st January 1973. 1 0 7 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
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FUNCTION OF INSURANCE:
Provide protection: The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. Collective bearing of risk: Insurance is an instrument to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Assessment of risk: Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also. Provide certainty: Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain. Small capital to cover larger risk: Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of industries: Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.
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Means of savings and investment: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange: Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk free trade: Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. ROLES OF THE LIFE INSURANCE: Life insurance as an investment: Insurance products yield more than any other investment instruments and it also provides added incentives or bonus offered by insurance companies. Life insurance as risk cover: Insurance is all about risk cover and protection of life. Insurance provides a unique sense of security that no other form of invest can provide. Life insurance as tax planning: Insurance serves as an excellent tax saving mechanism
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Promotion of savings: Life insurance encourages people to save money compulsorily. When life policy is taken, the assured is to pay premiums regularly to keep the policy in force and he cannot get back the premiums, only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy.
Initiates investments: Life Insurance Corporation encourages and mobilizes the public savings and canalizes the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings.
Credit worthiness: Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business.
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Social Security: Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future.
INSURANCE CYCLE:
Policy Renewal/Change Options/Application:The Insurance Cycle begins each year with the insurance offer. Actuarial documents are published annually by the Risk Management Agency (RMA). The actuarial documents list the plan of insurance, crop, type, variety, and practice that may be insured in a state and county, and show the amounts of insurance, available insurance options, levels of coverage, price elections, applicable premium rates, and subsidy amounts. The Special Provisions of Insurance list program calendar dates, and general and special statements which may further define, limit, or modify coverage.
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Sales Closing/Cancellation/Termination Dates:Insurance applications must be completed and signed no later than the sales closing date specified in the crop actuarial documents. Applications signed after the crop sales closing date may be rejected by the insurance provider. Insurance coverage is continuous and can be cancelled by either the insurance provider or the policyholder for the following crop year by providing a written notice to the other party no later than the cancellation date specified in the crop policy. For a policyholder insured the previous crop year, any changes he or she wishes to make to the policy coverage must be made on or before the crop sales closing date. The policy will automatically renew for the subsequent crop year unless the policyholder cancels the policy in writing on or before the crop cancellation date. Insurance coverage may be terminated by the insurance provider for the following crop year for nonpayment of outstanding debt by providing a written notice to the policyholder no later than the termination date specified in the crop policy. The insurance provider may terminate coverage on a crop if no premium is earned for three consecutive years.
Acceptance:Upon receipt of a properly completed and timely submitted insurance application, the insurance provider will accept and process the application, unless the applicant is determined to be ineligible under the contract or Federal statute or regulation. The insurance provider will issue a summary of coverage and the appropriate policy documents to the applicant. After the application is accepted, the policyholder may not cancel the policy for the initial crop year.
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Insurance Attaches: For annual crops, insurance attaches annually when planting begins on the insurance unit. The crop must be planted on or before the crop's published final planting date unless late or prevented planting provisions apply. If prevented planting provisions apply, and the crop cannot be timely planted due to the causes specified in the crop provisions, such acreage may be eligible for a prevented planting payment.
Acreage Reports:The policyholder must annually report for each insured crop in the county the number of insurable and uninsurable acres planted or prevented from being planted if prevented planting is available for the crop, the date the acreage was planted, share in the crop, the acreage location, farming practices used, and types or varieties planted to the insurance provider on or before the applicable acreage reporting date specified in the crop actuarial documents.
Summary of Coverage:The insurance provider will process a properly completed and timely filed acreage report, and issue to the policyholder a summary of coverage that specifies the insured crop, the insured acres and amount of insurance or guarantee for each insurance unit. The policyholder may make changes to the filed acreage report, if permitted by the insurance provider.
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Premium Billing:The annual premium is earned and payable at the time insurance coverage begins. The insurance provider shall issue a premium billing based upon the information contained in the acreage report no earlier than the premium billing date specified in the crop actuarial documents. The premium billing will specify the amount of premium and any administrative fees that may be due. If the premium or administrative fees are not paid by the date specified in the actuarial documents or policy, the insurance provider may assess interest on the outstanding premium balance. Notice of Damage or Loss: A written notice of damage or loss for each unit is to be filed by the policyholder within 72 hours of the policyholder's initial discovery of damage or loss but not later than 15 days after the calendar date for the end of the insurance period unless otherwise stated in the individual crop policy. The policyholder should refer to the individual crop provisions for additional requirements in the event of damage or loss. These notifications provide the opportunity for the insurance provider to inspect the crop and determine the extent of damage or potential production before the crop is harvested or otherwise disposed of. Inspection:After the insurance provider receives the written notice of damage or loss, it will be processed and, if necessary, a loss adjuster will be sent to inspect the damaged crop and gather pertinent information concerning the damage. If the policyholder wishes to destroy or not harvest the crop,the loss adjuster will gather the appropriate information, conduct an appraisal to establish the crop's remaining value and complete any forms needed. If the crop has been harvested or will
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not be harvested by the end of the insurance period, and the policyholder wishes to file a claim for indemnity, the loss adjuster will gather the appropriate information and assist the policyholder in filing the claim for indemnity. It is the policyholder's responsibility to establish the time, location, cause, and amount of any loss. Indemnity Claim:After the claim for indemnity is processed by the insurance provider, an indemnity check and a summary of indemnity payment will be issued showing any deductions to the amount of indemnity for outstanding premium, interest, or administrative fees. Contract Change Date:Changes to the insurance program may be made by RMA from one year to the next. The insurance provider will notify the policyholder in writing of any changes to the policy, actuarial documents, or the Special Provisions of Insurance prior to the calendar date for contract changes specified in the crop policy. The policyholder will have the opportunity to review the changes and, if he/she desires, continue the insurance coverage for the following crop year, change the policy coverage, or cancel the insurance coverage. Any changes to the policy coverage that the policyholder makes must be made no later than the crop sales closing date. If the policyholder wishes to cancel the policy, a written notice must be submitted to the insurance provider on or before the crop cancellation date.
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18. IDBI Fedaral Life Insurance 19. AEGON Religare Life Insurance 20. DLF Pramerica Life Insurance 21. CANARA HSBC Oriental Bank of Commerce 22. Star Union Dia-ichi Life Insurance Co. Ltd 23. Edelweiss Tokio Life Insurance Company Ltd
Types of Insurance
There are basically two types of Insurance. They can be classified into following two categories,
INSURANCE
LIFE INSURANCE
GENERAL INSURANCE
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LIFE INSURANCE :
Your family counts on you every day for financial support, food. Shelter, transportation, education, and much more. Insurance provides you with that unique sense of security that no other form of investment provides.
Life insurance is all about making sure your family has adequate financial resources to make those plans and dreams come true. It provides financial protection to help your family or business to manage after your death.
Whole life policies cover the insured for life. The insured does not receive money while he is alive; the nominee receives the sum assured plus bonus upon death of the insured.
Endowment Policies Cover the insured for a specific period. The insured receives money on survival of the term and is not covered thereafter.
Money back policies The nominee receives money immediately on death of the insured. On survival the insured receives money at regular
Intervals during the term. These policies cost more than endowment with profit policies.
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Annuities / Childrens policies The nominee receives a guaranteed amount of money at a predetermined time and not immediately on death of the insured. On survival the insured receives money at the same pre-determined time. These policies are best suited for planning childrens future education and marriage costs.
Pension schemes There are policies that provide benefits to the insured only upon retirement. If the insured dies during the term of the policy, his nominee would receive the benefits either as a lump sum or as a pension every month.
Since a single policy cannot meet all the insurance objectives, one should have a portfolio covering all the needs.
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GENERAL INSURANCE :
Every asset has a value and the business of general insurance is related to the protection of economic value of assets. Assets would have been created through the efforts of owner, which can be in the form of building, vehicles, machinery and other tangible properties.
Concepts of insurance have been extended beyond the coverage of tangible asset. Now the risk of losses due to sudden changes in currency exchange rates, political disturbance, negligence and liability for the damages can also be covered. But if a person judiciously invests in insurance for his property prior to any unexpected contingency then he will be suitably compensated for his loss as soon as the extent of damage is ascertained. Property Insurance The home is most valued possession. The policy is designed to cover the various risks under a single policy. It provides protection for property and interest of the insured and family. Health Insurance It provides cover, which takes care of medical expenses following hospitalization from sudden illness or accident. Personal Accident Insurance This insurance policy provides compensation for loss of life or injury (partial or permanent) caused by an accident. This includes reimbursement of cost of treatment and the use of hospital facilities for the treatment.
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Travel Insurance the policy covers the insured against various eventualities while traveling abroad. It covers the insured against personal accident, medical expenses and repatriation, loss of checked baggage, passport etc.
Liability Insurance This policy indemnifies the Directors or Officers or other professionals against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.
Motor Insurance Motor Vehicles Act states that every motor vehicle plying on the road has to be insured, with at least Liability only policy. There are two types of policy one covering the act of liability, while other covers insurers all liability and damages caused to ones vehicles.
Since a single policy cannot meet all the insurance objectives, one should have a portfolio covering all the needs.
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Tenure of funding required for infrastructure normally ranges from 10 to 20 years. The insurance industry also provides crucial financial intermediary services, transferring funds from the insured to capital investment, critical for continued economic expansion and growth, simultaneously generating long-term funds for infrastructure development. In fact infrastructure investments are ideal for asset-liability matching for life insurance companies given their long term liability profile. According to preliminary estimates published by the Reserve Bank of India, contribution of insurance funds to financial savings was 14.2 per cent in 2005-06, viz., 2.4 per cent of the GDP at current market prices. Development of the insurance sector is thus necessary to support continued economic transformation. Social security and pension reforms to benefit from a mature insurance industry. The insurance sector in India, which was opened up to private participation in the year 1999, has completed over seven years in liberalized environment. With an average annual growth of 37 per cent in the first year premium in the life segment and 15.72 per cent growth in the nonlife segment, together with the largest number of life insurance policies in force, the potential of the Indian insurance industry is still large. Life insurance penetration in India was less than 1 per cent till1990-91. During the 1990s, it was between 1 and 2 per cent and from2001 it was over 2 per cent. In 2005 it had increased to 2.53 per cent.
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Employment generation
Life insurance industry provides increased employment opportunities.Employees in insurance sector as on 31st March, 2005 is around 2 lakhs.Many agents depend on insurance for their livelihood. No. of agents on31st March 2004 15.59 lakhs. Brokers, corporate agents, trainingestablishments provide extra employment opportunities. Many of theseopenings are in rural sectors.
The Indian government has supported an increase in the FDI limit, which requires a change in the Insurance Act. The Union Budget for fiscal 2005 had recommended that the ceiling on foreign holding be increased to 49.0%.
A change in the Insurance Act requires a passage of the bill in both houses of Parliament. The Indian government has tabled the bill in the Upper House of Parliament in August 2010.
Initial Public Offer (IPO) rules for Indian Life Insurance Companies
A key piece of legislation impacting on the Life Insurance industries capital raising abilities is the lock-in period of 10 years for investment to be limited to promoter group equity investments. Under the Insurance Guidelines, Indian Life Insurance companies can opt for a public issue of equity through an Initial Public Offer (IPO) after 10 years of operations.
In October 2010, the securities market regulator, Securities and Exchange Board of India (SEBI), issued disclosure norms for Indian Life Insurance Companies seeking to make an initial public offer for sale of equity shares to the public.
The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. The Insurance regulatory and Development Authority (IRDA), batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26 per cent.
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I am in favour of hike in the FDI limit for the insurance sector. Unless we go for 49 per cent, we will not have the kind of capital required to underpin the growth of the industry. This sector requires a lot of money, IRDA Chairman J. Hari Narayan(till feb,2013) said on the sidelines of a summit here.
The Insurance Laws (Amendment) Bill has been pending before Parliament for about four years as there has been no consensus among political parties on the issue of raising the FDI limit to 49 per cent.
Coming under pressure from its allies, the UPA II government, in May this year, had postponed a decision on raising the FDI limit in the sector to 49 per cent. The FDI limit in this sector was raised to 49% in July 2013.
Earlier, Mr. Hari Narayan said the IRDA would develop ten standard products in consultation with industry bodies which could be launched by insurance companies without seeking the regulatory nod. We will have to work closely with the Life Insurance Council and the General Insurance Council to see if we can develop such products, he added.
The insurance regulator said the persistence level was very low in the industry and there was a need to bring in complete understanding of the market and insurance companies. The persistence level refers to client retention by insurance companies. He said `Use and
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File would not be in the general interest of the policy-holders since the persistence ratio was high. Recently the Finance Minister of India announced the setting of insurance repository system.
An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called electronic policies or e Policies.
History
The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report (1994) which recommended establishment of an independent regulatory authority for insurance sector in India. Later, It was incorporated as a statutory body in April, 2000. The IRDA Act, 1999 also allows private players to enter the insurance sector in India besides a maximum foreign equity of 26 per cent in a private insurance company having operations in India.
The FDI limit in insurance sector was raised to 49% in July 2013. It serves as an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith.
IRDA role is to protect rights of policy holders & they provides registration certification to life insurance companies & responsible for renewal, modification, cancellation & suspension of this registered certificate.
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Organizational structure
IRDA is a ten member body consisting of:
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Chapter - 2
COMPANY PROFILE
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COMPANY PROFILE
Tata AIG Life Insurance Ltd.
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG Life combines the Tata Groups pre - eminent leadership position in India and AIGs global presence as one of the worlds leading international insurance and financial services organization.
The Tata Group holds 74 per cent stake in the insurance venture with Inho l d i n g t h e b a l a n c e 2 6 p e r cent. Tata AIG Life provides insurance s o l u t i o n s t o individuals and corporates. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
Tata AIG General Insurance Company Limited is an Indian general insurance company, and a joint venture between the Tata Group and American International Group (AIG).[1] Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, provides insurance to individuals and corporates. It offers a range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as several specialized financial
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lines. The Company's products are available through various channels of distribution like agents, brokers, banks (through bank assurance tie ups) and direct channels like Telemarketing, Digital Marketing, worksite etc.
Integrity
Are consistently honest, follows through on commitments, stand up for their convictions, act responsibly, take accountability for their actions.
Direction setting
Communicate a clear vision, implement strategies and plans, manage strategic objectives, control expenses, hold others accountable for results, and achieve objectives with limited resources.
Customer focus
Gather information from customers to understand their needs, anticipate customers' challenges, take action to meet customers' needs, establish goals with the customer in mind.
Operating style
Pursue initiatives with energy and urgency, change course when appropriate, are entrepreneurial, make timely decisions, are resilient, work effectively under pressure, demonstrate a drive to win, attend to details.
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ABOUT TATA-AIG:
Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the American International Group, Inc. (AIG) and Tata Group. They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world. Tata AIG Insurance provides facilities to both corporate and individuals. Starting its operations on April 1, 2001, it seeks to serve different categories of people. It acquired its license for carrying out operations in India on February 12, 2001. Tata AIG Insurance Solutions is one of the most prestigious organizations in the business world. It employs thousands of employees and offers various opportunities to people to build a prospective career. As a leading name in the financial world, it identifies the potential and experience of the individual. This insurance
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company identifies the clients needs and works accordingly. It stresses on innovative aspect and opening of new markets. It believes in new economy and latest Internet technology. Tata AIG Insurance offers a number of products for the General Insurance holders. General insurance products include: Individual insurance Small business insurance Corporate insurance
Tata AIG Insurance offers flexible life insurance to the individuals, business organization and other association. For the corporate, there are various insurance products like group pensions, employee benefits, work place solutions and credit life. For the individuals, Tata AIG Insurance offers various products for adults, children and for retirement planning.
Change leadership
Develop creative solutions to address business problems, encourage innovation and original thinking, support risk-taking, monitor progress toward goals, make persuasive presentations, express optimism about the future, balance multiple priorities, learns from mistakes and encourage others to do so.
Business acumen
Solve problems by addressing root causes, identify critical information, work toward bottom-line goals, understand current issues facing Tata AIG, consider the business overall when making decisions.
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History
Tata AIG General Insurance Company Limited (Tata AIG General) is a business Collaboration of the Tata Group and American International Group, Inc. (AIG). Tata AIG General merges two major finance organizations i.e. the Tata Group's prominent headship place in India and AIG's global presence as the world's leading international insurance and financial services Organization. This joint venture has started its operations in India from 22nd January 2001. The company provides both corporate and personal insurance services. The organization offers an array of general insurance covers which are well thought-out under commercial and consumer demands. The commercial sector covers Energy, Marine, Property and several specialized Financial covers, while the consumer insurance service offers a variety of general Insurance products such as insurance for Automobiles, personal accident, casualty, home, health and travel. The company has made the availability for its services from end to end channels of distribution like agents, banks (through banc assurance tie ups), brokers and direct channels like tele-marketing, e-commerce, website, etc. The headquarters of the company is situated in Mumbai. The company has provided the employment to more than 2000 qualified professionals across the country in more than 160 locations.
Tata AIG Life Insurance Company to be now called Tata AIA Life Insurance Company
The company announces a net profit of 260.31 crore for FY 2011-12
Profit goes up 402 percent - from Rs.51.79 crore to Rs. 260.31 crore New business premium from traditional business at 45 percent - up from 29 percent Operating expenses to total premium ratio drops to 21 percent from 24 percent
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Mumbai: Tata AIG Life Insurance Company, the life insurance joint venture formed by Tata Sons and AIA Group (AIA), today announced that it has changed its name to Tata AIA Life Insurance Company (Tata AIA Life).
The company was set up as a joint venture between the leading Indian conglomerate Tata group and the leading international insurance organisation American International Group (AIG). It was licensed to operate in India on February 12, 2001, and started operations on April 1, 2001. Since its inception, Tata Sons owns 74 percent stake in joint venture, with the remaining 26 percent share held by AIA, a 100 percent owned subsidiary of AIG at that time.
In 2010, AIA went public in Hong Kong and raised $20.51 billion through an initial public offering (IPO). The IPO was the third largest globally at the time of listing, after which AIA emerged as the largest independent publicly listed Pan-Asian life insurance group in the world. AIA has a strong heritage and fundamentals of over 90 years in the Asian insurance market. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific.
To create a uniform identity of AIA owned companies post this IPO, the two promoters of this joint venture have chosen to change the companys name to Tata AIA Life. However, the company makes this transition just in its name; its single-minded focus in protecting the financial well-being of its customers remains unchanged. Commenting on the occasion, Farrokh K Kavarana, chairman, Tata AIA Life, said, The Tata group, along with our valued partner AIA, continue to remain committed to the Indian market and our valued customers and partners through our renamed entity Tata AIA Life.
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Over the past 11 years, we as a company have strived to build a solid foundation of providing financial protection to our customers. We are confident that this strong foundation will enable us to stand unwaveringly in good stead and realise full potential of the vast Indian market. Huynh Thanh Phong, executive vice president and regional chief executive, AIA, said, In order to reflect the true brand identity of AIA and communicate its unique market position, history and its ongoing commitment to customers and partners in Asia Pacific region, the promoters of the joint venture have chosen to change the name of the company from Tata AIG Life Insurance to Tata AIA Life Insurance.
The rechristened Tata AIA Life will continue to focus on building a premier agency sales force to meet the savings and protection needs of the customers in India with protection-centric products. Suresh Mahalingam, managing director, Tata AIA Life, elaborated, While we make this transition in our name, nothing else will change. The promoters, the distribution network, the teams, the products, the technology and more importantly, our commitment towards putting the customers at the centre of everything we do, remain unchanged. The foundation of trust that our company has been built upon will continue to be strengthened with the vast expertise that AIA brings with over 90 years of leadership in the life insurance business in the Asia Pacific region.
Performance of Tata AIA Life for the financial year 2011-12 Tata AIA Life also announced its financial results for the fiscal 2011-12, posting a net profit of Rs260.31 crore.
The total premium income for the financial year ending March 2012 stood at Rs3,630 crore as
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against Rs3,985 crore posted for the financial year 2010-11. Of this, the new business premium collection stood at Rs940 crore. The renewal premium for the same period was at Rs2,690 crore, as against Rs2,653 crore in the last fiscal. Traditional business accounted for 45 percent of the new business premium as against 29 percent in the last fiscal.
During the financial year, the company further enhanced its operating efficiencies resulting in the reduction of the operating expenses to total premium ratio to 21 percent against 24 percent in the previous financial year.
The total assets under management of the company has increased by 15 percent to Rs14,519 crore from Rs12,622 crore in the last fiscal. As on March 31, 2012, the paid-up capital of the company stood at Rs1,954 crore.
Commenting on the company's performance, Mr Mahalingam said, The company has maintained focus on optimum utilisation of resources and a healthy balance in the product mix between traditional and unit linked business. The cost management effectively delivered profitable growth for the company with statutory profit of Rs260.31 crore. A solvency margin of 284 percent further underlines the robust financial health of the company.
Recent Performance of AIA For the year that ended November 30, 2011, AIA reported record new business growth with a 40 percent increase in value of new business and 22 percent increase in annualised new premium. For the same period, AIAs embedded value stood at $27,239 million, up by $2,491 million from $24,748 million as on November 30, 2010. It had total assets of $114,461 million as of November 30, 2011.
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Tata AIG General Insurance won the Claims Service Company of the Year and the Best NonUrban Coverage Award at the India Insurance Awards 2012 held in Mumbai on June 7, 2012.
For any customer, the moment of truth arrives when he or she claims against their policy. The Insurers promise made to their policy holders to protect them for the risks they are insured against is tested at the time of making a claim.
Tata AIG believes that Claims servicing is about empathy for a customer's loss. With this in mind, the Company has focused on deploying the latest in technology and systems, which utilized by a team of experienced claims professionals; ensure a smooth experience for customers from time of claim notification to resolution. Recognizing this commitment to effective and speedy claims settlement and the Companys leadership in claims servicing, India Insurance Awards awarded Tata AIG with The Claims Service Company of the Year Award 2012. The jury honoured the Company for maintaining the highest levels of client service, satisfaction and focus in claims handling in the fiscal year 201112. The award citation mentions, Tata AIG General has maintained high standards in claims servicing through leadership in claims settlement and average turnaround times. It further adds, The Companys customer commitment in this area is reflected through initiatives such as an inhouse multi-lingual call center for claims, an online claims registration and tracking system for ease of contact, mobile claims for cars and green channel settlement for faster service. Commenting on the Award, Gaurav D. Garg, MD & CEO of Tata AIG General said, With cutting-edge knowledge, sound judgment born of experience, and innovative technology, our professionals are well prepared to ensure that claims servicing is a pleasant experience for our
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policy holders. This award further exemplifies Tata AIGs dedication to build a customerfocused claims network that is committed to service excellence. He added.
Tata AIG was recognized not just for its exemplary claims service but also for its commitment to excel in its social obligations. India Insurance Awards awarded Tata AIG with the Best NonUrban Coverage Award 2012.
The Best Non-Urban Coverage Award honours Tata AIG as a general insurer focused on and exceeding its commitments to the non-urban Indian market; in the process pushing the frontiers by creating newer markets for insurance offerings for both, the company and other players to partake of. The award citation elaborates, Tata AIG demonstrated excellence in reach, business volumes, focused product offerings and innovative business models and partnerships to service non urban India. Tata AIG considers Rural Insurance an integral part of its business. With this objective in mind the Company has strengthened its focus in the non-urban market and has more than doubled its top line, expanding in newer geographies as well as consolidating its base in existing areas in non-urban India.
The Company has expanded its mass insurance capabilities, covering lakhs of customers through retail and government deals. The Company also plans to introduce a new product line - weather insurance, while selling traditional motor, health and commercial insurance products in the rural markets.
The India Insurance Awards presented on June 7, 2012 in Mumbai honour performance, growth, product and market innovation, customer service and technology. The awards were given out in
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various categories ranging across growth, claims servicing, geographical coverage, product and technology innovation and social contribution.
In the well-attended presentation ceremony, 24 awards were given out across the Life, General, Health and Overall segments to 17 best performing insurers in the country. Tata AIG General Insurance won the Claims Service Company of the Year Award 2012 and Best Non-Urban Coverage Award 2012.
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Tata Enterprises with 82 companies, spread over seven sectors and with an annual turnover exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over years that it is a value driven company and has pioneering contributions in various fields including insurance, aviation, iron and steel. In terms of capital market performance as many as 40 listed Tata companies account for nearly 5% of the total market capitalization of all listed companies. The Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance.
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Tata Group remains a family-owned business, as the descendants of the founder (from the Tata family) own a majority stake in the company. The current chairman of the Tata group is Cyrus Pallonji Mistry, who took over from Ratan Tata in 2012. Tata Sons is the promoter of all key Tata companies and holds the bulk of shareholding in these companies. The chairman of Tata Sons has traditionally been the chairman of the Tata group. About 66% of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. Tata Group is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra, India.[3] It encompasses seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. Tata Group was founded in 1868 by Jamsetji Tata as a trading company.
It has operations in more than 80 countries across six continents. Tata Group has over 100 operating companies each of them operates independently. Out of them 32 are publicly listed. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages,
Tata Teleservices, Titan Industries, Tata Communications and Taj Hotels. The combined market capitalization of all the 32 listed Tata companies was INR 6 Trillion ($96.87 billion) as of Sep 2013.[6] Tata receives more than 58% of its revenue from outside India.
Tata Group remains a family-owned business, as the descendants of the founder (from the Tata family) own a majority stake in the company. The current chairman of the Tata group is Cyrus Pallonji Mistry, who took over from Ratan Tata in 2012. Tata Sons is the promoter of all key Tata companies and holds the bulk of shareholding in these companies. The chairman of Tata
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Sons has traditionally been the chairman of the Tata group. About 66% of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family.
The Tata Group and its companies & enterprises is perceived to be India's best-known global brand within and outside the country as per an ASSOCHAM survey. The 2009, annual survey by the Reputation Institute ranked Tata Group as the 11th most reputable company in the world.
The survey included 600 global companies. The Tata Group has helped establish and finance numerous quality research, educational and cultural institutes in India. The group was awarded the Carnegie Medal of Philanthropy in 2007 in recognition of its long history of philanthropic activities.
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AIG GROUP
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
American International Group, Inc. also known as AIG is a multinational insurance corporation with over 63,000 employees globally. AIG companies serve customers in more than 130 countries around the world; the company is a provider of property casualty insurance, life insurance and retirement services, and mortgage insurance. AIGs corporate headquarters are in New York City, its British headquarters are in London, continental Europe operations are based in La Dfense, Paris, and its Asian headquarters are in Hong Kong. According to the 2013 Forbes Global 2000 list,
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AIG was the 62nd-largest public company in the world. As of April 21, 2013, it had a market capitalization of $57.53 billion. In the United States, AIG is the largest underwriter of commercial and industrial insurance, and AIG acquired American General Life Insurance in August 2001. During the 1980s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability and political risk.
History
The Early Years: 1919 to 1939
AIG traces its roots back to 1919, when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Business grew rapidly, and two years later, Mr. Starr formed a life insurance operation. By the late 1920s,
AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia.
In 1926, Mr. Starr opened his first office in the United States, American International Underwriters Corporation (AIU).
He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II.] In 1939, Mr. Starr moved his headquarters from Shanghai, China, to New York City.
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International and Domestic Expansion: 1940 to 1959 After World War II, American International Underwriters (AIU) entered Japan and Germany, to provide insurance for American military personnel. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy and the United Kingdom. In 1952,
Mr. Starr began to focus on the American market by acquiring Globe & Rutgers Fire Insurance Company and its subsidiary, American Home Fire Assurance Company. By the end of the decade, C.V. Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries. Reorganization and Specialization: 1960 to 1979 In 1960, C.V. Starr hired Maurice R. Greenberg to develop an international accident and health business. Two years later, Mr.Greenberg reorganized one of C.V. Starrs U.S. holdings into a successful multiple line carrier.
Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. Using brokers, AIG could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense.
In 1967, American International Group, Inc. (AIG) was incorporated as a unifying umbrella organization for most of C.V. Starrs general and life insurance businesses. In 1968, Starr named Greenberg his successor.
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The company went public in 1969. The 1970s presented many challenges for AIG as operations in the Middle East and Southeast Asia were curtailed or ceased altogether due to the changing political landscape.
However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries. By 1979, with a growing workforce and a worldwide network of offices, AIG offered clients superior technical and risk management skills in an increasingly competitive marketplace.[
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ORGANISATION STRUCTURE
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Chapter 3
Services
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Key Features
1) Plan design and advice on Trust Formation/Deed of Variation. 2) Actuarial valuation for Defined Benefit Scheme as per internationally accepted practices once in a year. 3) Scheme registration and ongoing legislative compliance. 4) Investment management and reporting to trustees. 5) Administration services and benefit payments.
Upon retirement of a member, the amount required to secure the benefit is drawn from the pooled fund. The pooled fund should achieve the required funding level to enable the employer to meet the benefit obligations. 2) Defined Contribution (DC) This defines the annual contribution that the employer wills deposit into the scheme for each employee. Contributions are usually fixed as a percentage of the employees salary. Individual employee accounts reflecting the contributions and the interest accumulations are maintained. Upon retirement, the individual account is released to provide funds to secure the benefits under the scheme.
Benefit Payments:
Upon the retirement of the member from employment or on cessation of employment, benefits, subject to the provisions of the companys rules, can be utilized in the following manner:
1) Upon Retirement To provide for payment of the commuted value relating to the portion of the pension which the member may, in accordance with the Rules, elect to commute; and / or to purchase an annuity in accordance with the companys Rules. 2) Upon Death To provide for payment of annuity/pension on the life of the beneficiary, in accordance with the Trust rules as framed by the company. 3) Upon Withdrawal 1. To transfer the value of vested benefits to another Superannuation Scheme, if permissible by Trust rules framed by the respective Trustees.
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2. To retain the value of the vested benefits under the policy and provide for a pension from the normal retirement date to the member or to the beneficiary in the event of death of the member prior to his retirement date. 3. To provide for immediate payment of the pension benefit in accordance with Trust rules as framed by the company.
Tata AIG Life Retirement Assure Group Gratuity Scheme Policy Meaning
As per the Payment of Gratuity Act 1972, an employer is obliged to pay gratuity to an employee after he/she has rendered continuous service of at least 5 years. Gratuity is payable to such an employee on: 1) Normal retirement 2) Resignation/early retirement Death or disablement due to accident or disease (completion of 5 years of service is not necessary in such cases).
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How will the Employer/Trustee contribute to the Gratuity Scheme? Employer/Trustee of the Gratuity Scheme shall fund for gratuity liability by: 1) Remitting the recommended contribution for the past service and an annual contribution for the future service 2) Transferring existing assets if any to Tata AIG Life based on mutually agreed asset valuation.
How does the Unit Linked Gratuity Plan Structure work? 1) The Fund will be managed on a unitized basis. 2) Any contribution received will be converted into units based on the applicable fund unit price. 3) The fund value of the Gratuity Fund at any given time is based on the unit price declared at the close of business on the date on which the units are allocated.
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* Tax benefits are available as per the provisions of Income-tax Act, 1961 and subject to amendments thereof from time to time. To know whether you are eligible for above mentioned tax benefits, please consult your own professional advisors and Tata AIG Life Insurance Company Limited is not responsible in case you do not get any tax benefits stated above. Please note that the prevailing andapplicable tax laws shall be final and conclusive on the matter and Tata AIG Life Insurance Company Limited is not responsible for the same at any time.
Key Features
1) A guaranteed addition of 10% of the sum assured if the policy has been in force for 10 years or more, is payable on death or maturity. 2) A reversionary bonus is payable on death or maturity.
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3) A Terminal bonus paid on maturity or death if the policy has been in force for a minimum 10 years. 4) Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance.
Key Features
1) A guaranteed annual coupon of 5% of the sum assured every year for the rest of the insureds term from the 10th policy anniversary. 2) Yearly cash dividends are available from the 6th policy anniversary onwards (depending on Company performance). 3) The entire sum assured is paid tax-free as per current Income Tax Laws.
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Key Features
1) 10% of sum assured is added to your sum assured for every 5 years of paid premiums. 2) Rs. 1 lakh will be paid directly to you should you be diagnosed with a covered critical illness (after a 30 day survival period) for first 3 years of the policy. 3) Deaths that occur during the period of the policy will result in an immediate payment of the full sum assured to your beneficiary, plus guaranteed additions and bonuses (if any).
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4) Deaths that occur due to accidental causes during the plan period will result in an immediate payment of double the sum assured, plus guaranteed additions and bonuses (if any). 5) Payment of up to one third of your Sum Assured as lump sum cash upon reaching your chosen retirement age. The remainder is used to buy a monthly income plan that will generate a monthly cash income. 6) A reversionary bonus will be declared and credited from the 6th policy anniversary onwards. 7) A terminal bonus will be paid upon maturity or death if the policy has been in force for 10 years. 8) Bonus is not guaranteed and will depend on the performance of the company.
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Types of claims
1) Maturity Claim On the date of maturity life insured is required to send maturity claim /discharge form and original policy bond well before maturity date tenable timely settlement. Most companies offer/issue postdated cheques and/ or make payment through ECS credit on the maturity date. In case of delay in settlement kindly refer to grievance redressal.
2) Death Claim (including rider claim) In case of death claim or rider claim the following procedure should be followed.
Documents required for claim processing The claimant will be required to provide a claimant's statement, original policy document, death certificate, police FIR and post mortem exam report (for accidental death), certificate and records from the treating doctor/hospital (for death due to illness) and advance discharge form for claim processing. Based on the
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sum at risk, cause of death and policy duration, insurance companies may also request some additional documents.
Submission of required documents for claim processing For faster claim processing, it is essential that the claimant submits complete documentation as early as possible. A life insurer will not be able to take a decision until all the requirements are complete. Once all relevant documents, records and forms have been submitted, the life insurer can take a decision about the claim.
Settlement of claim As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim.
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Chapter 4
Human Resource
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DEFINITION OF AGENT
A businessman who buys or sells for another in exchange for a commission. A person who sells insurance policies. There are two main types of insurance agents: Adaptive agent can sell only the insurance policies of the company that employs him or her. An independent agent sells the policies of many different companies and attempts to find the best policy for the insurance buyer. An independent agent may also be called an insurance broker.
Definitions In these regulations, unless the context otherwise requires, 1. Act means the Insurance Act, 1938 (4 of 1938);4. HUMAN RESOURCES 2. Approved Institution means an Institution engaged in education and/or training particularly in the area of insurance sales, service and marketing, approved and notified by the Authority; 3. Authority means the Insurance Regulatory and Development Authority established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); 4. Composite insurance agent means an insurance agent who holds a license to act as an insurance agent for a life insurer and a general insurer; 5. Corporate Agent means a person other than an individual as specified in clause (i); 6. Designated person means an officer normally in charge of marketing operations, as specified by an insurer, and authorized by the Authority to issue or renew licenses under these regulations;
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7. Examination Body means an Institution, which conducts pre-recruitment tests for insurance agents and which is duly recognized by the Authority; 8. License means a certificate of license to act as an insurance agent issued under these regulations; 9. Person means 1. An individual 2. A firm 3. A company formed under the Companies Act, 1956 (1 of 1956), and includes a banking company as defined in clause (4A) of section 2of the Act;
The applicant shall make an application to a designated person. 1. In form irda-agents-va, if the applicant is an individual 2. In form irda-agents-vc, if the applicant is a firm or a company
If the designated person refuses to grant or renew a license under this regulation, he shall give the reasons therefor to the applicant.
Practical Training
1) The applicant shall have completed from an approved institution, at least, one hundred hours practical training in life or general insurance business, as the case may be, which may be spread over three to four weeks, where such applicant is seeking license for the first time to act as insurance agent. Provided that the applicant shall have completed from an approved institution, at least, one hundred fifty hours practical training in life and general insurance business, which may be spread over six to eight weeks, where such applicant is seeking license for the first time to act as a composite insurance agent.
2) Where the applicant, referred to under sub-regulation (1), is 1. An associate/fellow of the institute of chartered accountants of India, New Delhi. 2. An associate/fellow of the institute of costs and works accountants of India, Calcutta. 3. An associate/fellow of the institute of company secretaries of India, New Delhi. 4. An associate/fellow of the actuarial society of India, Mumbai. 5. A master of business administration of any institution / university recognized by any state government or the central government. 6. Possessing any professional qualification in marketing from any institution / university recognized by any state government or the central government.
3) An applicant, who has been granted a license after the commencement of these regulations, before seeking renewal of license to act as an insurance agent, shall have completed, at least twenty-five hours practical training in life or general insurance business, as the case maybe, from an approved institution.
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Examination
The Applicant shall have passed the pre-recruitment examination in life or general insurance business, or both, as the case may be, conducted by the Insurance Institute of India, Mumbai, or any other examination body.
Fees payable
1. The fees payable to the Authority for issue or renewal of license to act as insurance agent or a composite insurance agent shall be rupees two hundred and fifty. 2. The additional fees payable to the Authority, under the circumstances mentioned in sub-section (3) of section 42 of the Act, shall be rupees one hundred.
Cancellation of license
The designated person may cancel a license of an insurance agent, if the insurance agent suffers, at any time during the currency of the license, from any of the disqualifications mentioned in sub-section (4) of section 42 of the Act, and recover from him the license and the identity card issued earlier.
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FUNCTIONS/RESPONSIBILITIES OF AGENT
Every Insurance Agent shall,
1. Identify himself and the insurance company of whom he is an insurance agent. 2. Disclose his license to the prospect on demand. 3. Disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan. 4. Disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect. 5. Indicate the premium to be charged by the insurer for the insurance product offered for sale. 6. Explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract. 7. Bring to the notice of the insurer any adverse habits or income inconsistency of the prospect, in the form of a report (called insurance agents confidential report) along with every proposal submitted to the insurer, and any material fact that may adversely affect the underwriting decision of the insurer as regards acceptance of the proposal, by making all reasonable enquiries about the prospect. 8. Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer.
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Chapter 5
CONCEPTUAL DISCUSSION
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WHAT IS INSURANCE?
GENERAL DEFINITION: In the words of John Magee, Insurance is a plan by themselves which large number of people associate and transfer to the shoulders of all, risks that attach to individuals. "
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FUNDAMENTAL DEFINITION: In the words of D.S.Hansell, Insurance accumulated contributions o f a l l p a r t i e s participating in the Scheme.
CONTRACTUAL DEFINITION:
In the words of Justice Tindall,"Insurance is a contract in which a sum of money is paid to the assured as consideration of insurers incurring the risk of paying a large sum upon given contingency."
CHARACTERISTICS OF INSURANCE
Sharing of risks
Cooperative device
Evaluation of risk
Insurance is a plan, which spreads the risk and losses of few people among a large number of people.
The insurance plan is a plan in which the insured transfers his risk on the insurer.
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FUNCTIONS OF INSURANCE
PRIMARY FUNCTIONS
Provideprotection:Insurance cannot check the happening of the risk, but can provide for the losses of risk.
SECONDRY FUNCTIONS:
Prevention of losses: Insurance cautions businessman and individuals to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions.
Small capital to cover large risks: Insurance relives the businessman from security investment, by paying small amount of insurance against larger risks and uncertainty.
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Childrens Future
To get a premier MBA degree in year 2015 will cost Rs. 18 lakh.
1. It is your responsibility to provide your children with best possible education they can have. 2. Do you want to compromise on their future? My responsibility is to help you build financial assets for your childrens future.
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DO I NEED INSURANCE?
HUMAN LIFE CONCEPT
Y o u r l i f e i s yo u r m o s t v a l u a b l e a s s e t . T h i s i s e a s i l y p r o v e d i f w e w e r e t o a s s i g n m onetary value to your life; this value depends on your incomeearning potential or your Human Life Value. Your income supports your family. Helps them to get the most out of life. Month after month, year after year, you and your dependents live the best way you can use the money you earn. This money enables your household to run smoothly, your children to college, takes care of the medical bills, your vacations and helps maintain your lifestyle. On the basis of your income or earning potential, we can calculate your Human Life Value. A simple rule of thumb to compute it as follows: multiply your present annual income by the number of years until you plan to retire. This does not take in factors such as inflation or an increase in your income over time. T h e r e f o r e , yo u r H u m a n L i f e V a l u e i s a g r e a t d e a l h i g h e r t h a n t h e a m o u n t c a l c u l a t e d above. What if an unfortunate incident happens in your life and you were unable to work? Your income would stop. Your family is then, at a risk of losing all your future income. The potential cost of losing your income is too great to ignore.
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Mutual funds have a fund manager who invests the money on behalf of the investors by buying / selling stocks, bonds etc.
It is substitute for those who are unable to invest directly in equities or debt because of resource, time or knowledge constraints. Benefits include professional money management, buying in small amounts and diversification.
Mutual fund units are issued and redeemed by the Fund Management Company based on the fund's Net Asset Value (NAV), which is determined at the end of each trading session. NAV is calculated as the value of all the shares held by the fund, minus expenses, divided by the number of units issued.
Mutual Funds are usually long term investment vehicle though there are some categories of mutual funds, such as money market mutual funds which are short term instruments.
Currently, the worldwide value of all mutual funds totals more than $US 26 trillion. The United States leads with the number of mutual fund schemes. There are more than 8000 mutual fund schemes in the U.S.A.
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Comparatively, India has around 1000 mutual fund schemes, but this number has grown exponentially in the last few years. The Total Assets under Management in India of all Mutual funds put together touched a peak of Rs. 5,44,535 crs. At the end of August 2008.
The first ever government bond was issued by the English government in 1693 to raise money to fund a war against France. It was in the form of a tontine. Government bonds are usually referred to as risk-free bonds, because the government can raise taxes to redeem the bond at maturity.
Some counter examples do exist where government has defaulted on its domestic currency debt, such as Russia in 1998 (the ruble crisis"), though this is very rare. As an example, in the US, Treasury securities are denominated in US dollars.
In this instance, the term "risk-free" means free of credit risk. However, other risks still exist, such as currency risk for foreign investors (for example on-US investors of US Treasury securities would have received lower returns in 2004 because the value of the US dollar declined against most other currencies).
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Secondly, there is inflation risk, in that the principal repaid at maturity will have less purchasing power than anticipated if the inflation outturn is higher than expected. Many governments issue inflation-indexed bonds, which should protect investors against inflation risk.
The actual a m o u n t o f t h e f i x e d r a t e c a n b e i n f l u e n c e d b y s u c h f a c t o r s a t t h e t yp e o f c u r r e n c y involved in the deposit, the duration set in place for the deposit, and the location where the deposit is made. Fixed deposits are a credible way to make a return on investment that is somewhat higher than a standard savings.
T h e u s e o f f i x e d d e p o s i t s c a n a l s o b e h e l p f u l w h e n working with various types of currency. By establishing what is known as a Foreign Currency Fixed Deposit or FCFD, it is possible to choose the type of currency involved in the deposit and lock in a rate of interest.
If the choice of currency is a good one, this means the investor can enjoy a healthy fixed deposit currency rate for the duration of the deposit and earn more than with a standard fixed deposit strategy. However, going with an FCFD does contain a slightly higher amount of risk, since the funds deposited must be converted to the currency of choice and then converted back when the deposit is fulfilled.
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If the currency did not fare well in the interim, there is some chance of obtaining a loss, due to the changes in the rate of exchange from the time the fixed deposit was activated until the time the deposit is considered complete.
The interest rate varies between 4 and 11 percent. The tenure of an FD can vary from 10, 15 or 45 days to 1.5 years and can be as high as 10 years. These investments are safer than Post Office Schemes as they are covered under the Deposit Insurance & Credit Guarantee Scheme of India. They also offer income tax and wealth tax benefits.
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Chapter 5
Marketing
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2. Special Advisers
Special Advisers are highly trained employees usually belonging to the insurance partner, who distribute insurance products to the banks corporate clients. Banks refer complex insurance requirements to these advisors. The Clients mostly include affluent population who require personalized and high quality service. Usually Special advisors are paid on a salary basis and they receive incentive compensation based on their sales.
3. Salaried Agents
Having Salaried Agents has the advantages of them being fully under the control and supervision of bank & insurance. These agents share the mission and objectives of the bank & insurance. The only difference in terms of their remuneration is that they are paid on a salary basis and career agents receive incentive compensation based on their sales.
4. Platform Bankers
Platform Bankers are bank employees who spot the leads in the banks and gently suggest the customer to walk over and speak with appropriate representative within the bank. The platform banker may be a teller or personal loan assistant and the representative being referred to may be attained bank employee or a representative from the partner insurance company.
5. Direct Response
In this channel no salesperson visits the customer to induce a sale and no face-to-face contact between consumer and seller occurs. The consumer purchases products directly from the bank & insurance by responding to the company's advertisement, mailing or telephone offers.
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6. Internet
Internet banking is already securely established as an effective and profitable basis for conducting banking operations. The reasonable expectation is that personal banking services will increasingly be delivered by Internet banking. Bank& insurance can also feel confident that Internet banking will also prove an efficient vehicle for cross selling of insurance savings and protection products.
7. E-Brokerage
Banks can open or acquire an e-Brokerage arm and sell insurance products from multiple insurers. The changed legislative climate across the world should help migration of bank & insurance in this direction. The advantage of this medium is scale of operation, strong brands, easy distribution and excellent synergy with the internet capabilities.
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In the developed markets, many insurer have a prefer mode of distribution. In India many players are hedging their bets because the need for or the sale outweighs consideration of focus and because non-agency distribution, which is presently operational for the last two years, forms a basis for studies.
TATA AIG has a corporate agency channel, which handles its corporate agents and has tie-ups with 38 corporate houses. Insurer wants to lower distribution costs by finding more efficient channels. The new private players are developing multiple channel models; many insurer use are plan to use several banks as distributors .because most of bank have strong religion bias, in this regards has agreement with HBSC through that its doing both life insurance and general insurance. Because most banks have strong religious bias, Insurer can use banks without creating large overlap. Many large are sourcing product several insurer acting as manufacturer.
As important distribution challenge facing insures is the ruler and social sector legislative requirements stipulated in terms of markets opening. For Tata Aig its takes ruler insurance as an opportunity and not an obligation. For achieving objective in an rural area it has also tie with NGOs.in this project mainly focus on distribution channel of life insurance of Tata aig also.as the whole topic of distribution channel can be known for the both company of Tata aig. Gradually channels are incorporating day by day for the growth of business.
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Chapter 6
Research Methodology
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RESEARCH METHODOLOGY
The research is carried on in a proper planned and systematic manner. This methodology includes: Familiarization with the concept of insurance and its various terms. Thorough study of the information collected.
Conclusions based on findings. The research methodology which is adopted to conduct this study is both qualitative as well as quantitative.
Quantitative
In order to understand the market segmentation of insurance products and to study the various factors which influence the purchase decision of insurance products require the quantitative study.
RESEARCH DESIGN
DESCRIPTIVE RESEARCH
This study is based on a descriptive research design wherein the risks a n d r e t u r n s associated
with the various products have been studied and the reasons for customer perception regarding these products have been found out.
SAMPLE SIZE
Total sample of 100 was selected.
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SAMPLE DESIGN
As the research is based on analyzing the consumer preference among various investment for that a sample size of 100 was taken , which was picked up on random basis for the purpose of survey. Simple Random Sampling has been adopted to conduct this study.
SAMPLE UNIT
The sample unit considered for this study is Investor who invests in various avenues available in the market. The respondents have been selected from the Universe defined above.
Primary data
Collection has been done through the means of:
Questionnaires
In order to get the primary data, a close ended questionnaire has been design to conduct the study.
InterviewsIn addition to the questionnaire, some other relevant questions were also asked to get the information regarding their marked choices.
Secondary data:
T h e s e i n c l u d e b o o k s , t h e i n t e r n e t , c o m p a n y b r o c h u r e s , p r o d u c t brochures, the company website, competitors websites etc., newspaper articles etc.
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To identify the insurance needs of the Indian population with respect to their emotional, physical and financial conditions.
To study the various factors which influence the purchase of insurance products
To match the needs of the population with the products in hand or else design a new product.
To understand the focus of the competitors. To understand the real life situation of the insurer.
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Chapter 8
DATA ANALYSIS & INTERPRETATION
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DATA ANALYSIS
1. What is your age? (a) Less Than 20 (c) 20-30 (b) 30-45 (d) More Than 45
SAMPLE SIZE 100 Less than 20 yr 20-30 yr 30-45yr Above 45 yrs TOTAL
FREQUENCY 12 37 33 18 100
PERCENTAGE 12 37 33 18 100
Sales
40 35 30 25 20 15 10 5 0 less than 20 20-30 30-45 more than 45 12 18 37 33
Inference
It can be observed from the pie-chart that: 12% of the investors are less than that of 20 years of age. 37% lie in the age group of 20-30 years as such investors are returns oriented and are risk takers. 33% lie in the age group of 30-45 years as these investors want safe products. Only 18% of the investors lie in the age group of more than 45 years. Such investors are risk averse
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FREQUENCY 82 18 100
PERCENTAGE 82 18 100
90 80 70 60 50 40 30 20 10 0
82
18
married
unmarried
Inference
It can be seen from the pie-chart that: 82% of the investors are married as they have dependents so they are more conscious towards the health and life of their family members. 18% of the investors are unmarried.
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data
40
2.5-5
more than 5
Inference
It can be derived from the pie-chart that 15% of the investors are in the income group of less than 1 lac. 36% of the investors lie in the income slab of 1-2.5 lacs. 40% of the investors are in the income group of 2.5-5 lacs. 9% of the investors lie in the age group of more than 5 lacs.
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SAMPLE SIZE 100 Stock Market Mutual Funds Govt. Bonds Fixed Deposit TOTAL
FREQUENCY 37 22 32 9 100
PERCENTAGE 37 22 32 9 100
40 35 30 25 20 15 10 5 0
37 32 22
stock market
mutual funds
govt. bonds
fixed deposit
InferencesIt can be inferred from the pie-chart that 37% of the investors invest in stock market due to its high returns capability and investors are risk takers as well. 22% of the investors invest in mutual funds as they are quite structured avenues, offer good returns and are safe too. 32% of the investors invest in govt. bonds as they are safe investment options and risk associated is less. 9% of the investors invest in fixed deposits as they are the traditional investment avenues
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o Yes o No
FREQUENCY 91 09 100
PERCENTAGE 91 09 100
100 80 60 40 20 0
91
9 yes No
InferenceIt can be seen from the pie-chart that 91% of the investors are aware about the benefits of insurance. 7% of the investors are unaware of the benefits of insurance
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6. Are you and your family members insured? All members including you No one
SAMPLE SIZE 100 All members including you Only you No one TOTAL FREQUENCY 77 13 10 100 PERCENTAGE 77 13 10 100
Only you
only you
no one
InferenceIt can be derived from the pie-chart that 77% of the investors have taken insurance plans for their family as well as themselves as they are concerned about their dependents. 13% of the investors have taken insurance plans for themselves only. 1 0 % o f t h e i n v e s t o r s h a v e n e i t h e r t a k e n i n s u r a n c e p l a n s f o r their family nor for themselves
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SAMPLE SIZE 100 LIC ICICI HDFC TATA AIG Others Total
FREQUENCY 22 20 15 25 18 100
PERCENTAGE 22 20 15 25 18 100
DATA
InferenceIt can be observed from the pie-chart that 47% of the investors invest in LIC insurance plans due to their good records of returns and safety. 27% the investors invest in ICICI as it holds a good record in private sector insurers and has a huge customer equity. 11% of the investors have taken insurance plans from HDFC due to their goodexperiences with it. 10% have taken plans from other insurance companies like birla sun life, SBI life
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8. Which of the following features which affects your purchase? Brand Time Period Returns EMI
FREQUENCY 32 08 43 17 100
PERCENTAGE 32 08 43 17 100
brand
Emi
returns
time period
50 40 30 20 10 0 brand Emi 8 32
43
17
returns
time period
InferenceIt can be seen from the pie-chart that 32% of the investors are affected by the brand image of the company in the market as it reflects their past performances as well. 8% of the investors are affected by EMIs that is demanded by the plan. 43% are concerned with the returns offered by the plan. 17% are concerned with the tenure of the plans
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9. What is the annual premium you are paying? 5000-10000 25000-50000 10000-25000 Above 50000
FREQUENCY 09 36 38 17 100
PERCENTAGE 9 36 38 17 100
17
9 36
38
Above 50000
InferenceIt can be seen from the pie-chart that 9% of the investors pay an annual premium between Rs.5000-10000. 36% pay an annual premium in the range of Rs.10000-25000. 38% pay an annual premium of Rs.25000-50000. 17% of the investors pay an annual premium above Rs.50000
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Q10.Which type of plan you prefer now? Traditional plans ULIPs SAMPLE SIZE 100 Traditional ULIPs TOTAL FREQUENCY 12 88 100 PERCENTAGE 12 88 100
Traditional
ULIP
12%
88%
Inference:
It can be observed from the pie-chart that 88% of the investors prefer ULIPs over Traditional plans due to several benefits they offer. 12% of the investors still prefer Traditional plans over ULIPs due to unawareness about the products and its benefits.
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11. If your preferred avenue has been changed then please mentions the reason Potential for better returns. Flexibility in investment. Greater transparency Higher liquidity
SAMPLE SIZE 100 Potential for better return Greater transparency Flexibility in investment Higher liquidity TOTAL
FREQUENCY 52 20 18 10 100
PERCENTAGE 52 20 18 10 100
10
18 52
Greater Transparency
Flexibility in Investment
20
Higher Liquidity
InferenceIt can be seen from the pie-chart that 52% of the investors are interested in potential for better returns. 20% of the investors prefer transparent services. 18% of the investors want flexibility in investment. 10% of the investors invest according to the companys liquidity.
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No Of Respondent 40 25 20 15
OCCUPATION
seviceman Businessman STUDENT HOUSEWIVE
15%
17%
45%
23%
Interpretation: This charts depicts that 40% servicemen and25% business men are respondent in my report.
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NO 1 2 3 4 5
POLICIES LIFE INSURANCE HEALTH INSURANCE GENERAL INSURANCE ALL OF THEM TOTAL
N0 of Respondent 18 8 10 36 72
Interpretation: It is clear from the chart that 50% people come to take all policies its mean customer have more aware to the all type of insurance.
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14. Are you aware all the plans and updates from company?
N0 of Respondent 48 24 72
Interpretation: It is clear from the chart that 48 people say yes and 24say no . Its mean customer have more aware to the all plans and updates for the company.
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NO 1 2 3 4 5
NO OF RESPONDENT 14 32 14 12 72
35 30 25 20 15
10 5 0
Series 1
News paper 14
Agent 32
Interpretation: This chart shows that agent is the most communicational tool for insurance company.
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Chapter 9
Findings, Recommendations &Conclusion
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FINDINGS
After collecting primary data and analyzing them graphically it can be concluded that:
12% of the investors are less than that of 20 years of age.37% lie in the age group of 20-30 years as such investors are returns oriented and are risk takers.33% lie in the age group of 3045 years as these investors want safe products with assured returns.Only 18% of the investors lie in the age group of more than 45 years. Such investors are risk averse.
It was found that in a sample of 100, 36 (36%) of people had annual income between Rs.100000-250000. Out of these 36, 14 people pay a premium below Rs. 10000, 22 pay premiums between Rs. 10000-20000.
In the same sample of 100, 40 (40%) people had annual income between Rs. 250000-500000. Out of these 25, 7 people pay premium between Rs. 10000-20000, 14 people pay premium between Rs. 20000-50000, and 9 of them pay premium above Rs. 500000.
The highest market share from the sample was of LIC with 47% respondents having LIC policy, followed by ICICI PRUDENTIAL with a market share of 27%, HDFC STANDARD LIFE with 11% share , TATA AIG with 5% and OTHERS with 10% share.
Most people choose LIC for its Brand Image and since it is a PSU, also it offers to its customers low EMIs, but on the other hand private players offer better returns.
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It was found that most of the people considered Returns 43% as a major factor while buying insurance with positive responses, 32% Brand Image as the prime factor, 8(8%) prefer EMI and 17(14%) prefer Time Period.
The most preferred avenue for investment was found out to be Stock Market preferred by 37% respondents, followed by Mutual Fund preferred by 22% respondents, 32% preferred Govt. Bonds, 9% preferred Fixed Deposit.
Out of the entire sample of 100, 78(78%) preferred Traditional Insurance Plans, and 22(22%) preferred ULIPs 3 years ago but in present scenario 12% prefer Traditional Plans and 88% prefer ULIPs. Among the reasons for this change 52(52%) respondents prefer Potential for better returns, 20(20%) prefer Greater Transparency, 18(18%) prefer Flexibility in investment and 10(10%) prefer Higher liquidity.
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RECOMMENDATIONS
Recommendations for whole Insurance Industry
As it can be seen that that most of the investors are inclined toward stock market and mutual funds there is a strong need to take some important steps on the part of government and insurance companies which would help this sector grow at a faster pace.
The government should make life insurance mandatory, because most of the people live with the myth I dont need insurance, so this myth should be eradicated from the mind of the consumers by highlighting the benefits of life insurance, government can launch campaigns to increase awareness especially in the rural sector.
The companies should highlight the advantages of life insurance in comparison together investment avenues such as mutual funds, stock market, as only ULIPs offer returns plus life cover which other investment options do not provide, also capital gains or maturity amount is exempted from tax under Section 10(10) D of the Income Tax Act.
There should be strong distribution channel of the insurance companies so that they are closely connected to consumers, distribution channel that is the agents of life insurance companies are foundation of life insurance business, they must be properly
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trained by the companies to sell products according to the needs of the customer, give suitable suggestions to the customer to make his/her future secure.
& Development Authority (IRDA). So company should take positive measure to remove this wrong perception from the people. d) Sample size: For this research study only hundred sample size has been taken. The result will be more appropriate if a large sample size is considered.
Tata AIG Life Insurance employs around 4328 people in its various businesses and has 112 branches across 108 cities as compared to ICICI Prudential has 735o f f i c e s , 2 2 B a n k a s s u r a n c e p a r t n e r s a n d o v e r 2 . 4 l a k h a d v i s o r s t h e r e f o r e T A T A A I G should increase its offices.
Tata AIG Life Insurance has a limited number of trainers in its branches, because of which advisors are not properly trained, so it should work on developing its training department.
Increase expenditure on promotion and advertising to make people think of Tata AIG Life Insurance whenever they think of insurance.
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Transparency in the system i.e. conductance and training of Life Advisers, in customer relationships, reporting should be there
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CONCLUSION
Earlier Life Insurance was taken as an option for risk cover or a tax saving by people. Burin the present scenario the mind set and outlook of people has changed a lot. They now consider Life insurance as an investment opportunity in long run. Clients have also shifted a lot from traditional plans to Unit linked insurance plan (ULIP).
ULIP provide t h e i n v e s t o r w i t h b e n e f i t s l i k e P o t e n t i a l f o r b e t t e r r e t u r n s . U n d e r I R D A g u i d e l i n e s , traditional plans have to invest at least 85% in debt instruments which results in low returns. On the other hand, Ulips invest in market linked instruments with varying debt and equity proportions and if you wish you can even choose 100% equity option.
The state owned insurance companies such as LIC and GIC have limited number of policies to offer to their subscribers while in case of private insurance companies, their policy numbers are many more and the premium amount as well as the maturity period is much competitive as against those of government insurance companies. The private sector insurance players have started exploring the rural markets in which until recently, the state owned companies had the monopoly. Here it can be concluded that the summer internship program, done for partial fulfillment of the MBA course in UPTU University, in TATA AIG Life Insurance Co. Ltd. has been completed successfully.
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Following are the achievements done during the summer internship from 20th JUNE 2013 to 14 AUG 2013. a) Survey done with interest of TATA AIG has been conducted successfully and results are discussed above. b) Sales done during the time have done great business to the company. c) The experience gained during the internship has sharpen my skills and given a corporate exposure.
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If a consumer chooses to invest in mutual funds there are 33 m u t u a l f u n d companies, if one chooses to invest in stock market there are hundreds of companies l i s t e d o n t h e s t o c k e x c h a n g e , i f h e c h o o s e s t o i n v e s t i n l i f e i n s u r a n c e t h e r e a r e 1 6 companies present such as ICICI PRUDENTIAL., AVIVA LIFE INSURANCE, KOTAK LIFE INSURANCE, SBI LIFE INSURANCE, TATA AIG LIFE INSURANCE, LIC, BAJAJ ALLIANZ, etc.;
so in order to study the consumer preferences, the various factors that influence the buying behavior of a consumer buying life insurance, a sample of 50 was chosen from ALIGARH.
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Time Constraint:
As the duration of internship was only 8 weeks, therefore, it was very difficult to conduct the entire study about the vast insurance sector
Small Universe:
The study is restricted to some areas of Aligarh.
Biased Responses:
The answers of the customers could have been biased which may affect the analysis of the study.
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BIBLIOGRAPHY
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BIBLIOGRAPHY
BOOKS
Insurance Distribution An Introduction, Insurance Series, ICFAI University K ot h a ri , C . R : R e s e a rc h me t h od ol o g y , 2 nd e d i t i o n , 1 9 9 0 , n e w a g e international (p) ltd, New Delhi IC-24, Legal Aspect of Life Insurance issued by IRDA Marketing Management Philip Kotler,13th edition
WEBSITES
http://www.tata AIGlifeinsurance.com http://www.irdaindia.org/ www.google.com http://economictimes.indiatimes.com
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Annexure
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QUESTIONNAIRE
3. What is your annual income? Less than 1,00,000 More than 5,00,000 1,00,000-2,50,000 2,50,000-5,00,000
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Yes No
Q6. Are you and your family members insured? All members including you Only you No one Q7. If yes, from which company are you insured? LIC HDFC TATA AIG Any other
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Q8. Which of the following features affect your purchase? Brand EMI Return Time period Q9. What is the annual premium you are paying? 5000-15000 15000-30000 30000-50000 More than 50000 Q10. Which type of plan you prefer now? Traditional UPILs
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Q11. If your preferred avenue has been changed then please mention the reason? Potential for better return Greater transparency Flexibility in investment Higher liquidity 12. Occupation Wise classification:
No Of Respondent
14. Are you aware all the plans and updates from company?
YES NO
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THANK YOU
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