Raman Kumar M.b.a 1 Section-b Roll No-12097131
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RAMAN KUMAR M.B.A 1ST SECTION-B ROLL NO-12097131
FINANCIAL PROTECTION AGAINST LOSS AND HARM: AN AGREEMENT BY WHICH A COMPANY GIVES CUSTOMER FINANCIAL PROTECTION AGAINST LOSS AND HARM SUCH AS THEFT OR ILLNESS IN RETURN FOR PAYMENT PREMIUM.
IN SHORT COLLECTIVE BEARING OF PREMIUM
Bajaj Allianz Life Insurance Co. Ltd. AMP Sanmar Assurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. Dabur CGU Life Insurance Company Pvt. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Co. Pvt. Ltd. Life Insurance Corporation of India. Max New York Life Insurance Co. Ltd. Metlife India Insurance Co. Pvt. Ltd. Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd.
COST OF INSURANCE: THE SUM OF MONEY PAID USUALLY AT REGULAR INTERVALS FOR AN INSURANCE POLICY.
MORTALITY COVERS UP DEATH RATE
ADMIN.CHARGES AND INVESTMENT ADDED IN THE PREMIUM.
Five environmental variables that affect all industries◦ ◦ ◦ ◦ ◦
Customers Competitors Government Technology and Globalization -are
◦ ◦ ◦ ◦
change in how quality is perceived cost control customer services and the new definitions of the customer.
forcing rapid changes in the
service sector. In addition, there are four factors of particular importance to service providers-
VISION To become one of the most admired life insurance company of India. MISSION Become one of the top quartile life insurance companies in India Be a national player Be the brand of first choice Be the employer of choice Become principal of choice for agents
LIC and GIC have limited number of policies to offer to their subscribers Private insurance companies offer many policies 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.
FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS
INTERPRETATION Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all. Minimum respondents (7%) opted for easy access to agents.
INTERPRETATION •78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.
MONEY BACK POLICIES. ULIP PLANS(UNIT LINK INSURANCE PLANES). ENDOWMENT POLICIES. CHILD PLANS. DREAM PLANS. CLASSIC LEAGUE PLANS(PENSION). HEALTH BENEFIS. FAMILY INCOME BENEFITS(FIB). PLATINUM PLUS BY BIRLA SUN LIFE INSURANCE.
Demand for Pension Plans Separateness of Banking and Insurance
◦ Banc-assurance
Role of Information Techno-logy Using Postal Network Creating Insurance awareness Innovative Products
NEED OF POLICY
NEED OF PAYBACKS
NEED OF MONEY BENEFITS
FAMILY INCOME BENEFITS POLICY HOLDER
MONEY BACK POLICY HOLDER
Main objective of the research is to have an analysis of life insurance industry . To accomplish this objective it has been divided into five. To determine reasons behind opting for an insurance. To know the most preferred policy
To determine customers perception towards private insurance companies and their expectation form private insurance companies. To determine the feedback on services provided by an insurance agent. To study the types of benefits provided by insurance services.
1. As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. There is a large potential for insurance in India. 2. The entrance of private players will increase the competition and it would be a tough task to secure a good position in market.
3. Since Max New York Life Insurance is leading with several companies’ policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship. 4. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.5% of the customer are planning for new investments. So it can be a good potential for the company and they should make an attempt to trap these customers.
People in general have been impressed by the marketing and advertising campaigns of insurance companies. A high penetration of print, radio and Television Ad campaigns over the years is beginning to have it’s impact now. Another heartening trend was in terms of people viewing insurance as a tax saving and investment instrument as much as a protective. The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lies the opportunity for a relative player like Max New York Life. LIC has never been known for prompt service or customer oriented methods and Max New York Life can build on these factors.
FINANCIAL PROTECTION AGAINST LOSS AND HARM: AN AGREEMENT BY WHICH A COMPANY GIVES CUSTOMER FINANCIAL PROTECTION AGAINST LOSS AND HARM SUCH AS THEFT OR ILLNESS IN RETURN FOR PAYMENT PREMIUM.
IN SHORT COLLECTIVE BEARING OF PREMIUM
Bajaj Allianz Life Insurance Co. Ltd. AMP Sanmar Assurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. Dabur CGU Life Insurance Company Pvt. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Co. Pvt. Ltd. Life Insurance Corporation of India. Max New York Life Insurance Co. Ltd. Metlife India Insurance Co. Pvt. Ltd. Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd.
COST OF INSURANCE: THE SUM OF MONEY PAID USUALLY AT REGULAR INTERVALS FOR AN INSURANCE POLICY.
MORTALITY COVERS UP DEATH RATE
ADMIN.CHARGES AND INVESTMENT ADDED IN THE PREMIUM.
Five environmental variables that affect all industries◦ ◦ ◦ ◦ ◦
Customers Competitors Government Technology and Globalization -are
◦ ◦ ◦ ◦
change in how quality is perceived cost control customer services and the new definitions of the customer.
forcing rapid changes in the
service sector. In addition, there are four factors of particular importance to service providers-
VISION To become one of the most admired life insurance company of India. MISSION Become one of the top quartile life insurance companies in India Be a national player Be the brand of first choice Be the employer of choice Become principal of choice for agents
LIC and GIC have limited number of policies to offer to their subscribers Private insurance companies offer many policies 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.
FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS
INTERPRETATION Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all. Minimum respondents (7%) opted for easy access to agents.
INTERPRETATION •78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.
MONEY BACK POLICIES. ULIP PLANS(UNIT LINK INSURANCE PLANES). ENDOWMENT POLICIES. CHILD PLANS. DREAM PLANS. CLASSIC LEAGUE PLANS(PENSION). HEALTH BENEFIS. FAMILY INCOME BENEFITS(FIB). PLATINUM PLUS BY BIRLA SUN LIFE INSURANCE.
Demand for Pension Plans Separateness of Banking and Insurance
◦ Banc-assurance
Role of Information Techno-logy Using Postal Network Creating Insurance awareness Innovative Products
NEED OF POLICY
NEED OF PAYBACKS
NEED OF MONEY BENEFITS
FAMILY INCOME BENEFITS POLICY HOLDER
MONEY BACK POLICY HOLDER
Main objective of the research is to have an analysis of life insurance industry . To accomplish this objective it has been divided into five. To determine reasons behind opting for an insurance. To know the most preferred policy
To determine customers perception towards private insurance companies and their expectation form private insurance companies. To determine the feedback on services provided by an insurance agent. To study the types of benefits provided by insurance services.
1. As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. There is a large potential for insurance in India. 2. The entrance of private players will increase the competition and it would be a tough task to secure a good position in market.
3. Since Max New York Life Insurance is leading with several companies’ policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship. 4. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.5% of the customer are planning for new investments. So it can be a good potential for the company and they should make an attempt to trap these customers.
People in general have been impressed by the marketing and advertising campaigns of insurance companies. A high penetration of print, radio and Television Ad campaigns over the years is beginning to have it’s impact now. Another heartening trend was in terms of people viewing insurance as a tax saving and investment instrument as much as a protective. The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lies the opportunity for a relative player like Max New York Life. LIC has never been known for prompt service or customer oriented methods and Max New York Life can build on these factors.
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