MBA-finance project -Life insurance

TABLE OF CONTENTS

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Contents	Page No.
Acknowledgements	5
List of Tables	6
List of Illustrations/Diagrams	7
Executive Summary	9
Chapter 1:   introduction	10
Ø  Objective	15
Ø  Limitation	17
Ø  Research   Mythology	19
Ø  Data   Collection	22
Chapter 2: Life   Insurance Industry	23
Ø  Industry   profile	24
Ø  important   milestones  in the life insurance   business	29
Ø  Insurance sector reforms	31
Ø   IRDA	32
Chapter 3:   Contribution of  Life Insurance   Industry	36
Ø  Contribution   of Life Insurance  in the Economy	36
Ø  Flow   of Insurance Industry in India	37
Ø  Structure   of life Insurance Industry	40
Ø  Life   Insurance industry	41
Ø  Aggregation   of Long Term Savings	42
Ø  Spread   of financial services in rural  Areas	43
Ø  Long   term funds for infrastructure Development of Capital Markets/Economic Growth	44
Ø  Employment  generation	45
Ø  Special   Features	46
Ø  Growth   Potential	47
Ø  Phase   of transition	47
Chapter 4:Company   Profile	49
Ø  Management	51
Ø  Area   of  Business	56
Ø  KMOM   progress till date	65
Ø  KMOM-the   partnership and Lineage	66
Ø  Products	69
Ø  Hierarchy  of KMOM of   Surat branch	71
Chapter 5: Survey	72
Ø  Data   interpretation , editing and coding	73
Ø  Graph   analysis	73
Chapter 6: Finding   and Suggestion	83
Chapter  7: Conclusion	84
Chapter 8:   References	85
Chapter 9: Annexure	86

 
 
 
 
 
 
 
 
 
 
 
 

Chapter 1:

Ø
Introduction

Executive Summary

The service industry is one of the fastest growing sectors in India
today. The upcoming sectors which are really showing the graph towards upwards
are - Telecom, Banking, and Insurance. These sectors really have a lot of
responsibility towards the economy.

Amongst the above-mentioned areas insurance is one sector, which took a
lot of time in positioning itself. The insurance business of non-life companies
was not much in problems but the major problem was with life insurance. Life
Insurance Corporation of India
had monopoly for more than 45 years, but the picture then was completely
different. Previously people felt that “Insurance is only for classes not for masses” but now the picture is vice-versa.

The story of insurance is probably as
old as the story of mankind. The same instinct that prompts modern businessmen
today to secure themselves against loss and disaster existed in primitive men
also. They too sought to avert the evil consequences of fire and flood and loss
of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the
recent past, particularly after the industrial era – past few centuries – yet
its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India
from England
in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first
life insurance company on Indian Soil. All the insurance companies established
during that period were brought up with the purpose of looking after the needs
of European community and these companies were not insuring Indian natives.
However, later with the efforts of eminent people like Babu Muttylal Seal, the
foreign life insurance companies started insuring Indian lives. But Indian
lives were being treated as sub-standard lives and heavy extra premiums were
being charged on them. Bombay Mutual Life Assurance Society heralded the birth
of first Indian life insurance company in the year 1870, and covered Indian
lives at normal rates. Starting as Indian enterprise with highly patriotic
motives, insurance companies came into existence to carry the message of
insurance and social security through insurance to various sectors of society.
Bharat Insurance Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance
companies. The United India in Madras, National
Indian and National Insurance in Calcutta and
the Co-operative Assurance at Lahore
were established in 1906. In 1907, Hindustan Co-operative Insurance Company
took its birth in one of the rooms of the Jorasanko, house of the great poet
Rabindranath Tagore, in Calcutta.
The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life)
were some of the companies established during the same period. Prior to 1912 India
had no legislation to regulate insurance business. In the year 1912, the Life
Insurance Companies Act, and the Provident Fund Act were passed. The Life
Insurance Companies Act 1912 made it necessary that the premium rate tables and
periodical valuations of companies should be certified by an actuary. But the
Act discriminated between foreign and Indian companies on many accounts, putting
the Indian companies at a disadvantage.

The formation of IRDA, entrance of private life insurance companies into India
with one foreign partner, compulsory training of Insurance agents etc.
developments started to take place. And this was the time when these companies
started searching for proper channel partners who can help the organization in
expanding its network and business in India.

Channel partners are those who are going to be into direct selling of
company’s products i.e. the insurance policies. They are the link between the
customers and the management or company. These channel partners are people with
different profiles. They are selected on some grounds like their network of
people, their problem handling ability, convincing power and lot many things.

The main idea behind company’s Questionnaire Survey is to find out and
analyze the proper profile that can be recruited by company as a channel
partner. Company has been focusing on some of the profile that can be very
beneficial for the company. For example Chartered Accountants, Tax Consultants,
Postal agents, Bank’s Daily Collection Agents etc. the main idea behind
targeting the above profile is strong client network which is really very
important for an insurance company. 

             The project title is “Potential of Life Insurance Industry in Surat Market”. This shows
the scope for private insurance companies have great opportunities to cover the
market and can insure the customer. With the initiation of the
deregulation in the Indian insurance market, the monopoly of big public sector
companies in life insurance market has been broken. New private players have
entered the market and with their innovative approaches and better use of
distribution channels and technology, they are eating in to the shares of
established public sector companies in Indian Insurance Market. Since the
deregulation has been put in to place, the market share of LIC has come down to
71.4% in life insurance market while the private players have captured around 17%
market in the general insurance segment. This report includes the key private
players in the insurance market such as ICICI Prudential, Kotak Life Insurance
Bajaj Allianz, Birla Sun life, and TATA AIG. It also includes the leading
competitors in the life insurance and general insurance segments along with
their market shares.

Chapter 2

Ø Objective

Ø Limitation

Ø Methodology

Ø Data collection

1.   Objective:

The main of the present study of is accomplish the
following objective.

Ø  Proper understanding and analysis of life
insurance industry.

Ø To know about brand awareness of Kotak Life Insurance and customer’s
preference about Kotak Life Insurance.

Ø Conduct market survey on a sample
selected from the entire population and derived opinion on that research.

Ø  According the market survey come know about
how much potential of insurance market in our city.

Ø And base on analysis of the
result thus obtained make a report on that research.

Ø Training
aims at recruiting maximum number of Life Advisors and to Sell the maximum
policies for the company and bring the business for the company which ever is
going at the particular point of time.

Ø  Along with it I will be gaining the thorough
knowledge of insurance sector. This will give me in more confidence in
marketing products given to me.

Ø As
the Kotak Life Insurance well reputed company in India it’s great chance for me
to observed different products launch by other competitor companies like ICICI
prudential, Bajaj alliance ,LIC, Max New York life etc. In all, it is to
understand the overall working of the Life insurance sector.

Ø The
objective behind the project is as follows:

Ø To
find the right candidate.

Ø To
about their family background, occupation, social relation, Qualification, Age.

Ø Finalize
candidates for   the IRDA training

5: Limitation:

    Some of the difficulties and limitations
faced by me during my training are as follows:

Ø Lack of awareness among the people – This is
the biggest limitation found in this sector. Most of the people are not aware
about the importance and the necessity of the insurance in their life. They are
not aware how useful life insurance can be for their family members if
something happens to them.

Ø Perception of the people towards
Insurance sector – People
still consider insurance just as a Tax saving device. So today also there is
always a rush to buy an Insurance Policy only at the end of the financial year
like January, February and March making the other 9 months dry for this
business.

Ø Insurance does not give good returns – Still today people think that Insurance does not give good returns. They
are not aware of the modern Unit Linked Insurance Plans which are offered by
most of the Private sector players. They are still under the perception that if
they take Insurance they will get only 5-6% returns which is not true nowadays.
Nowadays most of the modern Unit Linked Insurance Plans gives returns which are
many times more than that of bank Fixed deposits, National saving certificate,
Post office deposits and Public provident fund.

Ø Lack of awareness about the earning
opportunity in the Insurance sector – People
still today are not aware about the earning opportunity that the Insurance
sector gives. After the privatization of the insurance sector many private
giants have entered the insurance sector. These private companies in order to
beat the competition and to increase their Insurance Advisors to increase their
reach to the customers are giving very high commission rates but people are not
aware of that.

Ø Increased competition – Today the competition in the Insurance sector has became very stiff.
Currently there are 14 Life Insurance companies working in India including the LIC (life
insurance Corporation of India). Today each and every company is trying to
increase their Insurance Advisors so that they can increase their reach in the
market. This situation has created a scenario in which to recruit Life
insurance Advisors and to sell life Insurance Policy has became very very
difficult.

RESEARCH METODOLOGY

Research always starts with a
question or a problem. Its purpose is to question through the application of
the scientific method. It is a systematic and intensive study directed towards
a more complete knowledge of the subject studied. Marketing research is the
function which links the consumer, customer and public to the marketer through
information- information used to identify and define marketing opportunities
and problems generate, refine, and evaluate marketing actions, monitor
marketing actions, monitor marketing performance and improve understanding of
market as a process. 

Marketing research specifies the
information required to address these issues, designs, and the method for
collecting information, manage and implemented the data collection process,
analyses the results and communicate the findings and their implication.

I have prepared our project as
descriptive type, as the objective of the study demands the answers of the
question related to find the potentiality of life insurance in Surat:
 How much potential is there in Surat?

The Marketing Research Process

As marketing research is a systemic
and formalized process, it follows a certain sequence of research action. The
marketing process has the following steps:

Ø Formulating the problems

Ø Developing objectives of the research

Ø Designing an effective research plan

Ø Data collection techniques

Ø Evaluating the data and preparing a
research report

There are two types of
data collection method use in my project report.

–     Primary data

–     Secondary data.

For my project, I decided
on primary data collection method
for observing working of company and approaching customers directly in the
field, tele-calling, cold calling, campaigning and through references to know
their interest in business with company in my project and also make
questionnaire for creating database of business class people is Surat city for company.

I decided on Secondary data collection method was
used by referring  to various websites,
books, magazines, journals and daily newspapers for collecting information
regarding project under study.

DATA COLLECTION

After the research
methodology, research problem in marketing has been identified and selected;
the next step is together the requisite data. There are two types of data
collection method – primary data and secondary data.

In our live project, we
decided primary data collection method because our study nature does not permit
to apply observational method. In survey approach we had selected a
questionnaire method for taking a customer view because it is feasible from the
point of view of our subject & survey purpose. We conducted 200 sample of
survey in our project.

Chapter: 3

Ø  Industry profile:

Ø   important milestones  in the life
insurance  

       business

Ø  Insurance sector reforms

Ø   The Insurance Regulatory and

     Development Authority (IRDA)

Brief History of the Insurance Sector
in India

The business of life
insurance in India in its
existing form started in India
in the year 1818 with the establishment of the Oriental Life Insurance Company
in Calcutta. 

The story of insurance is
probably as old as the story of mankind. The same instinct that prompts modern
businessmen today to secure themselves against loss and disaster existed in
primitive men also. They too sought to avert the evil consequences of fire and
flood and loss of life and were willing to make some sort of sacrifice in order
to achieve security. Though the concept of insurance is largely a development
of the recent past, particularly after the industrial era – past few centuries
– yet its beginnings date back almost 6000 years.

Life Insurance in its modern form
came to India from England
in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first
life insurance company on Indian Soil. All the insurance companies established
during that period were brought up with the purpose of looking after the needs
of European community and these companies were not insuring Indian natives.
However, later with the efforts of eminent people like Babu Muttylal Seal, the
foreign life insurance companies started insuring Indian lives. But Indian
lives were being treated as sub-standard lives and heavy extra premiums were
being charged on them. Bombay Mutual Life Assurance Society heralded the birth
of first Indian life insurance company in the year 1870, and covered Indian
lives at normal rates. Starting as Indian enterprise with highly patriotic
motives, insurance companies came into existence to carry the message of
insurance and social security through insurance to various sectors of society.
Bharat Insurance Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance
companies. The United India in Madras, National
Indian and National Insurance in Calcutta and
the Co-operative Assurance at Lahore
were established in 1906. In 1907, Hindustan Co-operative Insurance Company
took its birth in one of the rooms of the Jorasanko, house of the great poet
Rabindranath Tagore, in Calcutta.
The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life)
were some of the companies established during the same period. Prior to 1912 India
had no legislation to regulate insurance business. In the year 1912, the Life Insurance
Companies Act, and the Provident Fund Act were passed. The Life Insurance
Companies Act 1912 made it necessary that the premium rate tables and
periodical valuations of companies should be certified by an actuary. But the
Act discriminated between foreign and Indian companies on many accounts,
putting the Indian companies at a disadvantage.



The first two decades of the twentieth century saw lot of growth in insurance
business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose
to 176 companies with total business-in-force as Rs.298 crore in 1938. During
the mushrooming of insurance companies many financially unsound concerns were
also floated which failed miserably. The Insurance Act 1938 was the first
legislation governing not only life insurance but also non-life insurance to
provide strict state control over insurance business. The demand for
nationalization of life insurance industry was made repeatedly in the past but
it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938
was introduced in the Legislative Assembly. However, it was much later on the 19th of January 1956
that life insurance in India
was nationalized. About 154 Indian insurance companies, 16 non-Indian companies
and 75 provident were operating in India at the time of
nationalization. Nationalization was accomplished in two stages; initially the
management of the companies was taken over by means of an Ordinance, and later,
the ownership too by means of a comprehensive bill. The Parliament of India
passed the Life Insurance Corporation Act on the 19th of June 1956, and the
Life Insurance Corporation of India was created on 1st September, 1956, with
the objective of spreading life insurance much more widely and in particular to
the rural areas with a view to reach all insurable persons in the country,
providing them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33
divisional offices and 212 branch offices, apart from its corporate office in
the year 1956. Since life insurance contracts are long-term contracts and
during the currency of the policy it requires a variety of services need was
felt in the later years to expand the operations and place a branch office at
each district headquarter. Re-organization of LIC took place and large numbers
of new branch offices were opened. As a result of re-organization servicing
functions were transferred to the branches, and branches were made accounting
units. It worked wonders with the performance of the corporation. It may be
seen that from about 200.00 Crores of New Business in 1957 the corporation
crossed 1000.00 Crores only in the year 1969-70, and it took another 10 years
for LIC to cross 2000.00 crore mark of new business. But with re-organization
happening in the early eighties, by 1985-86 LIC had already crossed 7000.00
crore Sum Assured on new policies.

Today LIC functions with 2048 fully
computerized branch offices, 100 divisional offices, 7 zonal offices and the
corporate office. LIC’s Wide Area Network covers 100 divisional offices and
connects all the branches through a Metro Area Network. LIC has tied up with
some Banks and Service providers to offer on-line premium collection facility
in selected cities. LIC’s ECS and ATM premium payment facility is an addition to
customer convenience. Apart from on-line Kiosks and IVRS, Info Centers have
been commissioned at Mumbai, Ahmedabad, Bangalore,
Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a
vision of providing easy access to its policyholders, LIC has launched its
SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer
to the customer. The digitalized records of the satellite offices will
facilitate anywhere servicing and many other conveniences in the future.

From then to now, LIC has crossed
many milestones and has set unprecedented performance records in various
aspects of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC
to take this message of protection to light the lamps of security in as many
homes as possible and to help the people in providing security to their
families.

Some
of the important milestones in the life insurance business in India are:




1850Non life insurance debuts with triton insurance company.
1870 Bombay
mutual life assurance society is the first Indian owned life insurer  

1912 The Indian Life Assurance Companies
Act enacted as the first statute to regulate the life insurance business.

 1928        The
Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

 1938        Earlier
legislation consolidated and amended to by the Insurance Act with the objective
of protecting the interests of the insuring public.

1956 245 Indian and foreign insurers and
provident societies taken over by the  central government and nationalized. LIC formed by an Act of Parliament,
viz. LIC Act, 1956, with a capital contribution of Rs. 5 Crore from the
Government of India.



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:  

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 the general insurance business in India with effect from 1st January 1973. 107
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.

Insurance
sector reforms

In 1993, Malhotra Committee, headed by former Finance
Secretary and RBI Governor R. N. Malhotra, was formed to evaluate the Indian
insurance industry and recommend its future direction.

 

The Malhotra committee was set up with the objective of complementing the
reforms initiated in the financial sector. The reforms were aimed at “creating
a more efficient and competitive financial system suitable for the requirements
of the economy keeping in mind the structural changes currently underway and
recognizing that insurance is an important part of the overall financial system
where it was necessary to address the need for similar reforms…”   In
1994, the committee submitted the report and some of the key
recommendations included.

Ø 1997  
Insurance regulator IRDA set up

2000    IRDA starts giving licenses to private insurers: Kotak
Life Insurance ICICI prudential and HDFC Standard Life insurance first private
insurers to sell a policy

2001    Royal Sundaram Alliance first non life insurer to sell a
policy 2002    Banks allowed to sell insurance plans.

The
Insurance Regulatory and Development Authority (IRDA)

The Insurance Act, 1938 had provided for setting up of the
Controller of Insurance to act as a strong and powerful supervisory and
regulatory authority for insurance. Post nationalization, the role of
Controller of Insurance diminished considerably in significance since the
Government owned the insurance companies.

 

But the scenario changed with the private and foreign companies foraying in to
the insurance sector. This necessitated the need for a strong, independent and
autonomous Insurance Regulatory Authority was felt. As the enacting of
legislation would have taken time, the then Government constituted through a
Government resolution an Interim Insurance Regulatory Authority pending the
enactment of a comprehensive legislation.

 

The Insurance Regulatory and Development Authority Act, 1999 is an act to
provide for the establishment of 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 or incidental
thereto and further to amend the Insurance Act, 1938, the Life Insurance
Corporation Act, 1956 and the General insurance Business (Nationalization) Act,
1972 to end the monopoly of the Life Insurance Corporation of India (for life
insurance business) and General Insurance Corporation and its subsidiaries (for
general insurance business).

 

The act extends to the whole of India
and will come into force on such date as the Central Government may, by
notification in the Official Gazette specify. Different dates may be appointed
for different provisions of this Act.

 

The Act has defined certain terms; some of the most important ones are as
follows

 

appointed day means the date on which the Authority is established under the
act. Authority means the established under this Act.

Interim Insurance Regulatory Authority means the Insurance Regulatory Authority
set up by the Central Government through Resolution No. 17(2)/ 94-lns-V dated the 23rd January, 1996.

 

Words and expressions used and not defined in this Act but defined in the
Insurance Act, 1938 or the Life Insurance Corporation Act, 1956 or the General
Insurance Business (Nationalization) Act, 1972 shall have the meanings
respectively assigned to them in those Acts

 

A new definition of "Indian Insurance Company" has been
inserted. "Indian insurance company" means any insurer being a
company (a) which is formed and registered under the Companies Act,
1956

(b) in which the aggregate holdings of equity shares by a foreign company,
either by itself or through its subsidiary companies or its nominees, do not
exceed twenty-six per cent. Paid up capital in such Indian insurance
company (c) whose sole purpose is to carry on life insurance business,
general insurance business or re-insurance business. 

Chapter: 4

Ø  Contribution of Life Insurance 

           Sector in the Economy

Ø   FLOW OF Insurance Industry in

           India

Ø   STRUCTURE OF
INSURANCE

      INDUSTRY: Snap Shot

Ø  Industry

Ø  Aggregation of Long Term               

     Savings

Ø  Spread of financial services in rural  

     Areas

Ø   Long term funds for infrastructure

           Development of
Capital Markets/

           Economic Growth

Ø  Employment  generation

Ø  Special Futures

Ø  Growth Potential

Ø  Phase of transition

FLOW OF Insurance Industry in India

• Structure of Insurance Industry: Snap
Shot


• Contribution to Indian Economy


• Special Features

STRUCTURE OF INSURANCE INDUSTRY: Snap Shot

Historical Perspective

(i) Prior to 1956 242 companies operating

(ii) 1956 - 2001 Nationalization – LIC monopoly          

     player – Government control

(iii) 2001 -- Opened up sector

Industry

Snap Shot - Contd.

• (a) LIC – Fully owned by Government

   (b) Postal Life Insurance

• (ii) Private players -

1. Bajaj Allianz Life Insurance Co. Ltd.

2. Birla Sun Life Insurance Co. Ltd. (BSLI)

3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD   

    LIFE)

4. ICICI Prudential Life Insurance Co. Ltd. (ICICI            

    PRU)

5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA)

6. Max New York Life Insurance Co. Ltd. (MNYL)

7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE)

8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.

9. SBI Life Insurance Co. Ltd. (SBI LIFE)

10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)

11. Reliance Life Insurance

12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA)

13. Sahara India Life Insurance Co. Ltd. (SAHARA

     LIFE)

14. Shriram Sunlam

• (iii) Other likely players – PNB Life Insurance, Axa Bharti
Enterprises

Potential of the Insurance sector:

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Total population	1.1 billion
Total population of   Insurable class	253 millions
Total population   insured	88.5 millions

         

         

                                          Source: Financial Express-Delhi.

         Market share:    

 

<> <>   <>   <>   <>   <>   <>   <> <> <>   <>   <>   <>   <>   <>   <> <> <>   <>   <>   <>   <>   <>   <> <>

	2001-02	2002-03	2003-04	2004-05	2005-06
LIC	98%	94%	87%	78%	72%
Private   Players	2%	6%	13%	22%	28%

    

  Industry
growth rate at 36% (2004-05) with premium income

  From new
business.

                                                       Source: Financial Express- Delhi

Market Share

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Company	Indian   Promoter/   Partner	Foreign    Insurance	Market share based   on premium
Aviva life	Dabur	Aviva, UK	1.12
Bajaj Allianz	Bajaj Auto	Allianz, Germany	6.12
Birla sun life	Aditya Birla group	Sun Life, Canada	1.84
HDFC Standard	HDFC	Standard Life, UK	2.96
ICICI Prudential	ICICI Bank	Prudential, UK	7.11
ING Vysya	Vysya Bank	ING Insurance, Netherlands	0.63
Kotak Mahindra, Old   Mutual	Kotak Mahindra Bank	Old Mutual South Africa	0.71
Max New York	Max India	New    York Life, US	1.32
MetLife	Jammu & Kashmir   Bank	MetLife, US	0.40
Sahara Life Insurance	Sahara India	None	0.80
SBI Life	SBI	Cardiff, France	1.52
Tata AIG	Tata Group	AIG,    US	1.78

CONTRIBUTION TO INDIAN
ECONOMY

(i) Life Insurance is the only
sector which garners


long term savings


(ii) Spread of financial services
in rural areas and


amongst socially less privileged


(iii) Long term funds for
infrastructure


(iv) Strong positive correlation
between


development of capital markets
and insurance/


pension sector


(v) Employment generation

Aggregation of Long
Term Savings

(i) Total Assets of Life Insurance Companies

<> <>   <>   <>   <> <> <>   <>   <>   <> <>

2002-2003	2003-2004	2004-2005
2,80,450Cr	3,52,608Cr	4,23,000 Cr

(ii) Total Premium generated

<> <>   <>   <>   <> <> <>   <>   <>   <> <>

2002-2003	2003-2004	2004-2005
57,708 Cr	66,278 Cr	79,000 Cr

(iii) Industry is growing
@ 19 p.a.

(iv) At this growth rate, the
future premium   income generated will be

<> <>   <>   <>   <> <> <>   <>   <>   <> <>

2005-2006	2006-2007	2007-2008
94,000 Cr	1,12000 Cr	1,33,000 Cr

(v) Life Insurance funds
account for 15% of household savings.

(vi)The industry has the
potential to increase the share to 20%.

Spread of financial
services in rural areas and amongst socially underprivileged

• IRDA
Regulations provide certain minimum business to be done


(i) In
rural areas


(ii) In
the socially weaker sections


• Life
Insurance offices are spread over nearly


  1400 centers.


•
Presence of representative in every tensile –  


  deeper penetration in rural areas.


•
Insurance agents numbering over 6.24 lakhs


   in
rural areas.


•
Policies sold in rural areas (2004-05) - No. of


  policies - 55 lakhs  Sum assured 46,000 cr


•
Social security - No. of lives covered 2003-04


   17.4 lakhs 2004-05 42.1 lakhs

Long term funds for infrastructure

• For GDP to grow at 8 to 10%, qualitative
improvement in infrastructure is essential.

• Estimates of funds required for
development of infrastructure vary widely.

• An investment of 6, 19,600 crore is
anticipated in the next 5 years (Source : SSKI India)

• Tenure of funding required for
infrastructure 

 normally ranges from 10
to 20 years.

•
Major portion of these funds are routed through debt/private                 equity participation

Development of Capital Markets/

Economic Growth

•Industry also
contributes in economic development through investments in capital market.
Present level of investments is over Rs. 40,000 crore. (Mark to Market basis
around 80,000 Crores).

•Annual Investment of
around 9000 Crores in capital markets.

•Contribution to Five
Year Plans9th Plan 2, 30,900 Crores Last Two Years 1, 70,900 Crores

• Helps inculcate a
sense of security by protecting earning of people in case of untimely death.
Benefits to Policy Holders

<> <>   <>   <>   <> <> <>   <>   <>   <> <>

2002-2003	2003-2004	2004-2005
20,800 Cr	24,200 Cr	28,700 Cr

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 on 31st March 2004 – 


 15.59 lakhs


•Brokers,
corporate agents, training establishments


  provide extra employment opportunities.


• Many
of these openings are in rural sectors.

SPECIAL FEATURES

• Tax clubbing of various savings short
term and long term into same bracket have a bias towards short term savings.

• Distinction between the short term
savings and long term savings is critical from investor’s point of view. More
prone to inflationary pressures

• Clearly, long term savings more than 10
years deserve special consideration under tax regime.

GROWTH POTENTIAL

At present insurance
penetration in India
is quite low – 2.26% of GDP.

PHASE OF TRANSITION

• Life Insurance industry is under the
phase of infancy after 50 years of monopoly

• Competition from within and other
sectors of financial market

• Needs environmental support till it
reaches a comfort zone

Chapter: 5

Ø   Company
profile

Ø   Management

Ø   Areas of Business

Ø   KMOM- Progress till date

Ø   KMOM- the Partnership and 

  Lineage

Ø   Products

Ø   Hierarchy of KMOM Life

    Insurance Ltd. (Surat
Branch)

COMPANY PROFILE

Stock broking businesses in the UK.
Kotak Group was established in 1985.Kotak Mahindra Bank is the parent company
of the group. Kotak Group entered into the life insurance business in 2001.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (76%) and Old Mutual plc. (24%)  Old Mutual plc.Is a world-Class international
financial services company. It was established in South Africa before 160 years.

OLD MUTUAL is the largest financial
services business in South
  Africa, through its life insurance, asset
management, banking and general insurance operations. The company serves 4
million life insurance policyholders and employs over 13 000 South Africans in
its local operations.

 In the USA,
OLD MUTUAL is one of the top ten fixed annuity       businesses offering an array of
specialist asset management skills through its 23 asset management businesses.
The company’s US Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on
wealth management, through Gerrard as one of the leading private client

The OLD MUTUAL Group has the ability to cater for a variety
of consumer segments and offers a comprehensive and innovative range of
products for all income groups.

Mission:

“At Kotak Life Insurance, we aim to
help customers take important   financial decisions at every stage in life by offering them a wide range
Of innovative life insurance products, to make them financially independent.”

MANAGEMENT

MR. UDAY KOTAK is the CEO of the company.

Other Top Management persons are as
follows:-

Mr. Gaurang Shah (Managing Director)

<> <>   <>   <> <>

Mr. Gaurang Shah is the Managing Director of Kotak Mahindra Old Mutual Life   Insurance Limited.   Mr. Gaurang Shah is a Chartered Accountant and a Cost and   Works Accountant. He has also done his Company Secretary ship from the   Institute of Company Secretaries of India. Mr. Gaurang Shah has been with the   Kotak Group for the past eight years where he has held different positions of   great responsibility and juggled multiple tasks effectively. His cumulative   experience, primarily in financial services, stands at over 21 years, several   of those in building the retail finance business. At Kotak Life Insurance,   Mr. Shah will focus on developing new lines of businesses and leveraging the   company's existing competencies and network to steer Kotak Life Insurance on   its ongoing growth path with even greater thrust. Mr. Shah has a commendable   expertise in managing a large number of employees.   Mr. Shah has been previously associated with Kotak Mahindra   Primus since its inception and has contributed towards its growth to become a   Rs.2000 Cr plus business. Before coming to Kotak Life Insurance, Gaurang Shah   was Group Head of Retail Assets for Kotak Mahindra Bank. The Retail Assets   include commercial vehicles, personal loans, structured products, car loans   and loans against shares.       Mr. G Murlidhar (Chief Financial Officer)     Mr. Murlidhar is a Chief Financial   Officer and Company Secretary of Kotak Life Insurance. Mr. Murlidhar is an   associate member of the Institute of Chartered Accountants of India, an   associate member of the Institute Of Company Secretaries of India, and graduate   member of the Institute of Cost & Works Accountants of India. Mr.   Murlidhar possesses over 20-year work experience and has earlier worked with   National Dairy Development Board (NDDB), MDS Switchgear Limited and Nicholas   Piramal India Limited and Ion Exchange Ltd. Prior to Kotak Life Insurance; he   held the position of VP-Finance at Gujarat Glass Ltd.   As Chief Financial Officer at Kotak Life Insurance, he oversees   all aspects of Finance including Operations, Regulatory, Internal Control,   Finance, Accounts and Treasury.

Mr. Nandip Vaidya (Vice President -
Sales)

<> <>   <>   <> <>

Mr. Nandip Vaidya is the Vice   President - Sales at Kotak Life Insurance. Mr. Vaidya holds a B.Tech   (Mechanical) degree from IIT Mumbai and has also completed his Post Graduate   Diploma in Business Management from IIM-Ahmedabad.   He started his career as a Management Consultant at A.F.   Fergusson. After completing 5 years there, he moved onto various positions   within the Kotak Mahindra group starting from Car Financing (Kotak Mahindra   Finance Ltd) to Stock broking & Distribution of investment products/   Mutual funds (Kotak Securities). Mr. Vaidya set up the private banking   business and private equity fund for the Kotak group.

Mr. Arun Patil (Vice President -
Sales & Management Development)

<> <>   <>   <> <>

Mr. Eksteen de Waal is   the Sales Training Head of Kotak Life Insurance. He joined on secondment from   Old Mutual South Africa for a period of two years. Eksteen is a post-   graduate in Law and practiced Law as well as lectured at South African Universities   before joining the Life Insurance Industry. He has over 23 years' experience   in the Life Insurance Industry. He worked for Sanlam Life in South Africa   for 3 years before joining Old Mutual more than 20 years ago. Eksteen started   with Old Mutual as a Legal Adviser and after that held various positions. He   sold life assurance for some time, served as Head of Old Mutual's Training   Division, Head of Old Mutual's Trust Company, Project Leader for implementing   a new Sales Process with McKinsey's, Head of Conventions and Motivation, Head   of Agency Marketing and finally Head of Banc assurance with Old Mutual Bank.   In addition he played a role in the wider Industry. He was Vice-President of   the South African Insurance Institute for two years as well as Vice-President   of the Financial Planning Institute for three years. In this time Eksteen   pioneered the introduction of the CFP qualification into South Africa. He has traveled   widely during his career, working in the USA   and England and also   implemented Training Programme in Namibia,   Zimbabwe, Malawi   and Kenai. His current role is to substantially upgrade the level of Training   and assist in the implementation of Performance Management Systems in Kotak   Life Insurance.

AREAS OF BUSINESS

Kotak Mahindra one of India's leading financial
institutions was born in 1985 as Kotak Capital Management Finance Limited. This
company was promoted by Mr. Uday Kotak, Mr. Sidney A. A. Pinto and Kotak &
Company. Industrialists Mr. Harish Mahindra and Mr. Anand Mahindra took a stake
in 1986, and that's when the company changed its name to Kotak Mahindra Finance
Limited.

It's been a steady and confident journey to growth and
success.

In October 2005, Kotak Group acquired the 40% stake in
Kotak Mahindra Prime held by Ford Credit International (FCI) and FCI
acquired the stake in Ford Credit Kotak Mahindra (FCKM) held by Kotak Group.

In March 2006, Kotak Group has agreed to buy 25% stake held by Goldman
Sachs in KMCC and KS subject to regulatory approvals.



Kotak Mahindra is one of India's
leading financial institutions, offering complete financial solutions that
encompass every sphere of life. From commercial banking, to stock broking, to
mutual funds, to life insurance, to investment banking, the group caters to the
financial needs of individuals and corporate.

The group
has a net worth of around Rs.2,000 crore and employs around 6,000 employees
across its various businesses servicing around one million four hundred
thousand customer accounts through a distribution network of branches,
franchisees, representative offices and satellite offices across 216 cities and
towns in India and offices in New York, London, Dubai and Mauritius.

KOTAK GROUP IS INVOLVED IN THE
FOLLOWING AREAS OF BUSINESS:-

Kotak Mahindra Prime Ltd.

Kotak Mahindra Prime Limited (KMPL) is a 100% subsidiary of
Kotak Mahindra Group (Kotak Group) formed to finance all passenger vehicles.
The company is dedicated to financing and supporting automotive and automotive
related manufacturers, dealers and retail customers. The Company offers car
financing in the form of loans for the entire range of passenger cars and multi
utility vehicles. The Company also offers Inventory funding to car dealers and
has entered into strategic arrangement with various car manufacturers in India
for being their preferred financier.

As on March
31, 2005, KMP has a retail distribution network comprising of 54
branches (including representative offices) covering about 100 locations in 17
states in the country and has a wide network of Direct Marketing Associates,
brokers and agencies supporting the distribution network and servicing around
113,000 customers.

Kotak Mahindra Capital Company Ltd.

Kotak Investment
Banking* (KIB) is India's
premier Investment Bank

Kotak Investment Banking (KIB) and Kotak Institutional
Equities represent the securities business of the Kotak Mahindra Group ** (KI),

Kotak Investment Bank is a full service Investment Bank
bringing to its clients the global reach and the local knowledge and skills of
Kotak Mahindra. As a full service Investment Bank, Kotak Investment Baking’s
core business areas include Equity Issuances, Mergers & Acquisitions, Advisory
Services and Fixed Income Securities and Principal Business.

Its strength lies in understanding the clients' businesses
backed by a strong research team and an extensive distribution network, which
spans a wide variety of investors across the country. It is also the first
Indian Investment Bank to be registered with the Securities & Futures
Authority in the UK (through
our wholly owned subsidiary) and the National Association of Securities and
Dealers in the USA.

It’s the first Indian Investment Bank to be appointed by the
Government of India as a Co-lead Manager in their international divestment of
Gas Authority of India Ltd through a GDR offering.

Kotak Investment Bank today well positioned in an increasing
globalize environment to provide full service to its clients based either in India
or overseas.

Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank Limited (KMBL) is the holding company and
the flagship of the Kotak Mahindra Group. It was actually incorporated as Kotak
Capital Management Finance Limited on November 2, 1985 and obtained its ‘Certificate of
Commencement of Business on February
11, 1986.

It commenced operations with Bill Discounting and soon
started other fund-based activities like corporate leasing & hire purchase,
automobile finance and money market operations. Subsequently, it also entered
the funds syndication and the Investment banking business.

Kotak Mahindra Asset Management Company

Kotak Mahindra Asset Management Company (KMAMC), a wholly
owned subsidiary of KMBL, is the asset manager for Kotak Mahindra Mutual Fund
(KMMF). KMAMC started operations in December 1998 and has over 1, 35,000
investors in various schemes. KMMF offers schemes catering to investors with
varying risk- return profiles and was the first fund house in the country to
launch a dedicated gilt scheme investing only in government securities.

International Subsidiaries

Kotak Mahindra International Limited (KMIL) is the
international arm of the Kotak Mahindra Group and was incorporated in 1994 in Mauritius, with a branch in Dubai. Today the international operations
also cover the United Kingdom,
through Kotak Mahindra U.K. Limited and in the USA, through Kotak Mahindra Inc.
USA. These companies are subsidiaries of Kotak Mahindra Capital Company (KMCC)
– the Investment Banking Division of the Group. Services offered include GDR
and ADR trading and broking, debt syndication, placement of Indian securities
and advisory services. Kotak Mahindra was the first Indian group to be
registered with the Securities and Futures Authority, U.K. Also, Kotak Mahindra is the
first Indian group registered in the US
providing service to both Institutional investors and High Net worth Clients in
the US
for their investments into Indian markets.

Kotak Securities

Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank
Ltd., is one of India’s
largest brokerage and distribution house. Over the years Kotak Securities has
been one of the leading investment service providers catering to the needs of
various investor categories both institutional and non-institutional.

The Private client group (PCG) of the Company provides value
added investment advisory services to high net worth individuals, NRI
investors, trusts, corporate and Banks. The investment product range offered by
PCG covers equity investment and equity trading, equity derivatives, portfolio
management, IPO’s and Mutual funds. The Company has a full fledged research
division involved in macro economic studies, sectoral research and company
specific equity research combined with a strong and well networked sales force
which helps deliver current and up to date market information and news.

Kotak Securities Ltd., Depository Participant with National
Securities Depository Limited (NSDL) and Central Depository Services Ltd.
(CDSL) provides dual benefit services wherein the investors can use the
brokerage services of the Company for executing the transactions and the
depository services for settling them.

Under the Portfolio Investment Scheme offered by the Company,
the funds of the investors are managed by a highly competent team comprising of
Equity Strategist, a Portfolio Manager and a team of equity, technical and
derivatives analysts.

Kotak Securities Ltd., also an Approved Intermediary under
the Securities Lending Scheme, 1997, facilitates clients to borrow and lend
securities.

KMOM – PROGRESS TILL DATE

                                                        

·          44 branches in 31 cities.

·          7500 life advisors.

·          1000employees of very good quality.

·          Ranks 2^nd in terms of average premium per
policy.

·          Ranks 4^th in total advertising awareness.

·          First year premium income:

2001-02: 7 Crores

2002-03: 35 Crores

2003-04: 124 Crores

2004-05: 375 Crores

KMOM – THE PARTNERSHIP AND LINEAGE

A 26%-74% JOINT VENTURE BETWEEN

                        

        KOTAK
MAHINDRA                   AND                               OLD MUTUAL

KOTAK LIFE INSURANCE

Brand equity

  Entrepreneurial
employees

  Branch
network

  Knowledge
of the Indian market

  Access
to customer base

  Distribution
associates

OLD MUTUAL PLC

  Domain
knowledge

  Technology

  Product
innovation

  Training
expertise

  Global
perspective

  System
and processes

  Multi
channel management

           Old Mutual
was established more than 150 years ago. Old mutual plc. is a world-class
international financial service company. It owns the largest companies in the
following areas in South
  Africa. They are:

1.  Life
Insurance Company

2.  Asset
Management Company

3.  Bank

4.  Non-life
insurance company

It has been developed into an
International financial services group whose activities are focused on asset
gathering and asset management. The Old Mutual Group offers a diverse range of
financial services in three principal geographies: South
Africa, the United States
and the United Kingdom.
The company is listed on the London Stock Exchange with a market capitalization
of approximately $6 billion and is a member of the elite FTSE 100 index. In the
2003 rankings of the World's 500 largest corporations by Fortune magazine, Old
Mutual climbed 87 places to position number 366 and was also listed as the 14th
largest insurance company in the world.

Old Mutual is
the largest financial services business in South Africa, through its life
insurance, asset management, banking and general insurance operations. The
company serves 4 million life insurance policyholders and employs over 13 000
South Africans in its local operations.

In the USA,
Old Mutual is one of the top ten fixed annuity businesses offering an array of
specialist asset management skills through its 23 asset management businesses.
The company’s US Life business recorded sales of $4 billion at the end of 2002.

Operations in
the United Kingdom are
focused on wealth management, through Gerrard as one of the leading private
client stock broking businesses in the UK.

The Old Mutual Group has the ability
to cater for a variety of consumer segments and offers a comprehensive and
innovative range of products for all income groups.

PRODUCTS

Term
Plans

Kotak Term Assurance Plan

Kotak Preferred Term Plan

Endowment
Plans

Kotak Endowment Plan

Kotak Money Back Plan

Kotak Child Advantage Plan

Kotak Capital Multiplier Plan

Kotak Retirement Income Plan

Kotak Premium Return Plan

Unit Linked Plans

Kotak Retirement Income Plan
(Unit-linked)

Kotak Safe Investment Plan II

Kotak Flexi Plan

Kotak Easy Growth Plan

Kotak Privilege Assurance Plan

Group

Employee Benefits

Kotak Term Grouplan

Kotak Credit-Term Grouplan

Kotak Complete Cover Grouplan

Kotak
Gratuity Grouplan

Kotak Superannuation Group Plan

Rural

Kotak Gramin Bima Yojana

HIERARCHY OF KMOM
LIFE INSURANCE LIMITED

(SURAT BRANCH)

Branch manager

 

    Assistant BM                                                   Branch
Operations In charge (BOE)

 Sales Manager                                            

                                                                          Operation Executive

                     

     Assistant SM                                                                Operations

       

       Life advisor

Chapter: 5

Ø   Data interpretation of the Survey

Ø   Graph analysis

 
 

<> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <>

AGE	No Of Members
18-25	11
26-30	22
31-45	44
46 to above	23

<> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <>

Gender	No of Member
MALE	66
FEMALE	34

 
 

 
 

                                                                                                                                   

<> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <>

Family   member	No of   Member
2-4	40
5-8	48
8 to above	12

                                                                                                                                                                                                                                                                                                                       

<> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <>

Income	No of Members
40K -70K	17
70K-1 Lake	41
1 Lake   to 3 Lakes	28
3 Lacks	14

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

 
 

<> <>   <>   <> <> <>   <>   <> <>

Insurable Member	Uninsurable member
42%	58%

 
 

Only 42%people having
insurance in surat
so it is potential for insurance company to capture to all that market

 
 

Among that 42% people who
having insurance, they have insurance 40% for self 28%for spouse 21% for
children and 18% for their parents and 11% for all family member.

<> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <>

Having   insurance	No of   members
self	40
spouse	28
children	21
parents	18
all	11

Different policy bought bye customers

 
 

<> <>   <>   <> <> <>   <>   <> <>

Under  insurable persons	Fully insurable  persons
82%	18%

 
 

Only 42 % people having life
insurance but among them 82% people are underinsurance and  only 18% people are fully insured according
to them income

<> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <> <>   <>   <> <>

Insurance Plan	Market Share
Term Plan	39%
Money back Plan	14%
Endowment   Plan	15%
Child Plan	8%
Unit link Plan	24%

 
 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

Chapter 6:

Ø    Finding

Ø     Suggestion

Finding and Suggestion

·      According the survey only 42% people
are insured in Surat
so reaming other part is potential for insurance sector.

·      Among that 42% people who having
insurance, they have insurance 40% for self 28%for spouse 21% for children and
18% for their parents and 11% for all family member, also its very help full
for insurance sector so they should take necessary step for capture this
potential.

·      Only 42% people having insurance in
Surat in that 42% there are 82 % people are under insured and other 18% people
are fully insured according to their income so that is also plus point for
insurance sector to capture the market

Chapter 7

Conclusion

Ø All the insurance company
must advertise more in the market because not all people know more about life Insurance
policy.

Ø Most number of people wants
Guaranteed Returns so company must focus on this for the customer investment.

Ø Make insurance policy which
can buy any one so we can insured them through this type of life insurance
policy.

8 References

In order to obtain more information regarding the present
study and to substantiate it with theoretical proof, the following references
were made: -

Ø Insurance chronicle, January 2006
Special issue “Insurance Industry 2006”.

Websites visited:

Ø www.kotaklifeinsurance.com

Ø www.google .com

Chapter 9:

Annexure

Questionnaire

1)   Name ______________________________

2) Age

     1)
18-25   2)26 to 30 3) 31 to 45 4) 46 to
above


    3) Gender 1) male ____) female____


   4) Occupation:

1)  Service 2)
Business 3) Professional 4 ) other

5) Family member

1)  2 to 4
2) 5 to 8 3) 8 to above

6) Do u have a life insurance?

Yes_______        No_______

If yes,

Which is it?

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Company’s name	Term plan	Endowment	Whole life	Money back	Retirement	Child   Plan	Unit link   Plan
LIC
ICICI   Prudential
Birla   Sunlife
SBI Life
HDFC   Standard Life
Bajaj Alliance
TATA AIG
Kotak   Mahindra
ING Vysya
Max Newyork
Met Life
Reliance
Shri Ram
Sahara

7) What is
your annual income?

 1) 40 K to 70 K
2) 70 K to 1 lake 3) 1 lake to 3 lakes 4) 3 lakes to above