A STUDY ON

SALES PROCESS
With reference to

INGVYSYA LIFE INSURANCE

HYDERABAD Project report submitted to Andhra University, Visakhapatnam in partial Fulfillment for the Award of the Degree in

MASTER OF BUSINESS ADMINISTRATION

Submitted by

!V!VN!SURESH UMAR "Re#d!N$! %&'()*&&&('+ U,de- t.e e/teemed #uid0,1e $2 !BALA RISHNA3 MBA!

Faculty Member In M.B.A Department

DEPARTMENT OF MANAGEMENT STUDIES ADITYA INSTITUTE OF P!G! STUDIES

(Affiliated to Andhra University)

SURAMPALEM3 E!G!Dt! %&&'4%&*&

ADITYA INSTITUTE OF P!G! STUDIES DEPARTMENT OF BUSINESS MANAGEMENT

"APPROVED BY AICTE3 AFFFILIATED TO AU 5 GOVT!OF A!P!+

SURAMPALEM4(66)67 E!G!Dt "A!P+

CERTIFICATE
This is to certify that project report entitled A STUDY OF SALESS PROCESS with reference to ING VYSYA LIFE INSURANCE! HYDERABAD is a bona fide work done by K.V.V.N.SURESH KU !R with Re"d. No!%&'()*&&&(' #nder $y "#idance and s#per%ision d#rin" ay to &#ne '((). This project is s#b$itted to ANDHRA UNIVERSITY in partial f#lfill$ent of the award of de"ree of MASTER OF BUSINESS ADMINISTRATION.

PRO8ECT GUIDE9 r. K.*!+! KR,SHN!- M!B!A

HEAD OF THE DEPARTMENT

SR,. &. N!.EN/R! KU !R- M!B!A

E0ternal E0a$iner

CERTIFICATE

This is to certify that project report entitled A STUDY OF SALESS PROCESS with reference to ING VYSYA LIFE INSURANCE! HYDERABAD is a bona fide work done by K.V.V.N.SURESH KU !R with Re"d. No!%&'()*&&&(' #nder $y "#idance and s#per%ision d#rin" ay to &#ne '((). This project is s#b$itted to ANDHRA UNIVERSITY in partial f#lfill$ent of the award of de"ree of MASTER OF BUSINESS ADMINISTRATION.

P:01e1 SUR! 2!+E D0te9 . 3 r. K.*!+! KR,SHN!42roject .#ide!ditya ,nstit#te of 2.. St#dies.

DECLARATION
, here by declare that this project report entitled A STUDY OF SALES PROCES with reference to ING VYSYA LIFE INSURANCE3 HYDERABAD has been prepared by $e d#rin" the year '(() in the $onth of ay and &#ne is partial f#lfill$ent of the re5#ire$ent for the award of

/e"ree of MASTER OF BUSINESS ADMINISTRATION $2 ANDHRA UNIVERSITY!

, also declare that this project is a res#lt of $y own effort and that it has not been s#b$itted to any other #ni%ersity for the award of any /e"ree or /iplo$a.

P:01e1 SUR! 2!+E D0te9 !V!V!N!SURESH UMAR

Re#d!NO!"%&'()*&&&('+

AC NO;LEDGEMENT
, wish to thank 8!N0#e,d-0 um0- H6/- !/,T7! ,NST,TUTE 68

2...STU/,ES for his %al#able s#pport in doin" this project. , feel happy to thank- Head of the /epart$ent- and /epart$ent of ana"e$ent St#dies for pro%idin" $e her %al#able "#idance and e0pertise in s#ccessf#l co$pletion of this project. , thank $y project "#ide!BALA RISHNA 8ac#lty $e$ber in

ana"e$ent St#dies for pro%idin" $e his %al#able "#idance and e0pertise in s#ccessf#l co$pletion of this project. , thank $y project internal "#ide M-! !RA8A 3Sales ana"er4 who

shows infinite patience and perse%erance in teachin"- s#""estin" re$edies for the proble$s enco#ntered in $y project and in answerin" all $y 5#estions. , also e0tend $y heartfelt thanks to $y friends for their cooperation d#rin" $y entire project period.

!V!V!N!SURESH

UMAR

CONTENTS
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CHAPTER4*
!"#$DU%" $!, !&&D "$# "'& ("UD), *&"'$D$+$,), + * "A" $!( $F "'& ("UD)

INTRODUCTION
The c#rrent $eanin" of $arketin" we ha%e to #nderstand different points of %iews. 6penly there are two di$ensions fro$ which we can disc#ss the $eanin" of $arketin". 2rod#ct oriented %iew H#$an wants are #nli$ited and respecti%e in nat#re. *#siness acti%ities ai$ at ac5#irin" of wealth and con%ertin" it into desire for$s $akin" the final prod#ct a%ailable for e0chan"e for the satisfaction of h#$an wants. The acti%ities fall #nder ind#stry- co$$erce and trade these three batches ha%e one co$$on f#nction the e0chan"e. This i$portant and powerf#l f#nction is ter$ed as $arketin". arketin" occ#pies an i$portant position in the or"ani9ation of b#siness #nit. Traditional %iew of $arketin" that the c#sto$er will accept what e%er prod#ct the seller presents. ,n this way the $ain concern of the prod#cer is to prod#ce with o#t considerin" the choice of the beha%ior of the c#sto$er. *#t this point of %iew of $arketin" has chan"e. The $odern concept $ay be centered on the c#sto$er. The $an#fact#rer cannot be prod#cin" whate%er he likes b#t whate%er c#sto$er wants. arketin" $ay be e0plained as a b#siness f#nction entr#sted with the creation and satisfaction of c#sto$er to achie%e the ai$s of b#siness. Th#s the process of $arketin" incl#des. :. 2rofit $akin" by sales. '. The presence of c#sto$er. ;. Satisfaction of c#sto$er by $eetin" his need. <. The prod#ct sho#ld confir$ to the re5#ire$ent of the c#sto$er. Th#s $arketin" starts and ends with the c#sto$ers. ,t is the chief b#siness f#nctionth#s sol%in" the %ario#s $arketin" proble$s- needs insi"ht- e0perience and analytical ability. ,n order to #nderstand

:. Cu/t$me- $-ie,ted ?ie@.

!da$ s$ith in his =Wealth of nations> held that cons#$ption is the so#l p#rchase of all prod#cts and interest of the prod#cer o#"ht to be attendin" to only so far as it $ay be necessary for pro$otin" that of the c#sto$er. Under the $ercantile syste$- the interest of

the c#sto$er was %irt#ally sacrificed to that of the prod#cer. They coincided prod#ction and net cons#$ption as the #lti$ate end and deject of the ind#stry and co$$erce. ,t was as ta" when the role of $arketin" was i"nored. With down of ind#strial re%ol#tion $ajor chan"es took place. There was a shift for$ a"ric#lt#ral to ,nd#stry. The linin" standards of the people rose with the de%elop$ent of transport and co$$#nications. Howe%er no ser%ice efforts were $ade to satisfy the wants of the c#sto$ers. The abo%e definitions of the $arketin" are prod#ct oriented beca#se they lay $ore e$phasis the prod#ct rather than one c#sto$er. !ccordin" to the$ the $arketin" process co$es to an as soon as the prod#ct reaches the hands of c#sto$ers. ,n fact the $arketin" is wider than that. arketin" is related to the needs of the b#yer. 6nly s#ch prod#cts which can satisfy the wants and tastes of the c#sto$er. To please the c#sto$er at the sales ser%ice are needed. He we 5#ote so$e of the well knows c#sto$ers oriented definitions of $arketin". = arketin" is the b#siness process by which prod#ct are $atched with $arkets and thro#"h which of ownership is effected> ?UN/,88 !N/ ST,++ These definitions s#""est that $arketin" is conca%ed with the $o%e$ent of "oods and ser%ices fro$ the plant to the c#sto$er. interested and inter. We can distin"#ish between a social and a $ana"erial definition of $arketin". ! social definition shows the role $arketin" plays in society. 6ne $arketer said that $arketin"@s role is to =deli%er a hi"her standard of li%in".> Here is a social definition that ser%es o#r p#rpose1 arketin" is a social process by which indi%id#als and "ro#ps obtain what they need and want thro#"h creatin"- offerin" and freely e0chan"in" prod#cts and ser%ices of %al#e with others. 8or a $ana"erial definition- $arketin" has often been described as =t.e 0-t $2 /e::i,# <-$du1t/-> b#t people are s#rprised when they hear that the $ost i$portant part of $arketin" is not sellin". Sellin" is only tip of the $arketin" iceber". arketin" acti%ities are directly connected with the de$and sti$#latin" and de$and f#lfillin" of the enterprise. !ll these acti%ities are

OB8ECTIVES OF THE STUDY

The objecti%es of the st#dy are :. To st#dy the sales process in ,ns#rance ,nd#stry with reference to ,N. V7S7! life ins#rance. '. To st#dy the sales process position in Sec#nderabad.

;. To st#dy abo#t how the sales process is "oin" in ,ns#rance ,nd#stry. <. To foc#s attention on effecti%e sales process for i$pro%in" the sales.

A. To /e%elop new $ethods of sellin" ,ns#rance prod#cts. B. To analy9e the co$petition in the sector with respect to sales of the prod#cts.

NEED FOR THE STUDY

Now a day ,ns#rance plays a %ery i$portant role in the H#$an +ife. The ter$inolo"y of the ins#rance is chan"in" accordin" to the chan"e in the world. 2eople in ,ndia are $ostly payin" policies in ins#rance sector. They are s#fferin" to choose the correct one. There is n#$ber of policies which are of different co$panies. So they are #nable to choose the best one. So the ,N. V7S7! +ife ,ns#rance took se%eral $eas#res to i$pro%e the $arketin" syste$ for distrib#tin" policies accordin" h#$an race. This st#dy is to know the sales process and to know the whether the policy holders are $e$bers in ,N. V7S7! +ife ,ns#rance ?o$pany- are satisfied with the ser%ice of the co$pany. :. ,ncrease awareness in the $ind of the people. '. To #nderstand and to know the opinion of the people towards ins#rance co$panies. ;. Helps in identifyin" the co$petitors <. ,t also ai$s at knowin" the different kinds of proble$s faced by the c#sto$er and to analy9e the$ in detailed. A. ,t also ai$s at knowin" the different kinds of proble$s faced by the c#sto$er and to analy9e the$ in detailed. B. /eter$inin" the n#$ber of ins#red and #nins#red pop#lation. C. To know how the prod#cts of the co$panies are $arketed.

METHODOLOGY
!s the st#dy was based on pri$ary data- 5#estionnaire was fra$edD s#r%ey is confined to the c#sto$ers and in Sec#ndrabad only. Sa$plin" proced#re1 Ha%in" fra$ed the 5#estionnaire- the c#sto$ers of Sec#ndrabad ?ontacted personally. The re5#ired infor$ation present in the 5#estionnaire. The infor$ation is tab#lated for the analysis. The st#dy is done by pri$ary and secondary data.

/!T! ?6++E?T,6N
/ata collection is the i$portant aspect of any research. The collection of data "i%es the researcher the scope to analy9e the sit#ation. The data of the st#dy is collected fro$ %ario#s so#rces. 8or the p#rpose of achie%in" the data effecti%ely the infor$ation consists of two kinds of data. :. 2ri$ary data '. Secondary data The pri$ary data are those- which are collected freshly and for the first ti$e- fro$ the c#sto$er directly. This is %ery i$portant beca#se this is basis on which analysis and s#""estions can be drafted. The secondary data are those which ha%e already been collected by so$e one or else which ha%e been passed thro#"h statistical process. This "i%es a base for the researcher to Know the past infor$ation and the kind the chan"e that has occ#rred fro$ that ti$e till now.

LIMITATIONS OF THE STUDY

!s it is not a :((E co$prehensi%e st#dy- it s#ffers fro$ few li$itations which are as follows. !s the ti$e a%ailable in cond#ctin" the s#r%ey and the analysis is li$ited i.e.- only a period of ei"ht weeks- it restricts in st#dyin" the aspects of 5#estionnaire in a detailed $anner.

!s the s#r%ey is $ade only a$on" ::( o#tlets it is diffic#lt to "et co$plete and acc#rate infor$ation of the prod#ct attrib#tes and the awareness created by the prod#ct. The st#dy is s#bjected to li$ited re"ion in Sec#ndrabad.

+ack of awareness of s#r%ey in the $ind of the c#sto$er. ! sincere atte$pt was $ade to collect and draw concl#sions in the best possible way and $ini$i9e the errors.

/#e to %ast area of $arket- it beco$es %ery diffic#lt to $eet each and e%ery c#sto$er.

CHAPTER4%
!DU("#) (%&!A# $

THE SCENARIO OF INSURANCE INDUSTRY

WH!T ,S ,NSUR!N?EF

The basics of ins#rance are related to the protection of the econo$ics %al#es of assets. E%ery asset has a %al#e. The asset wo#ld ha%e been created thro#"h the effect of the owner. The asset is %al#able to the owner- beca#se he e0pect to "et so$e benefits- fro$ it. The benefit beca#se it $eets so$e of it needs. ,n the case of a factory or a cow- the prod#ct "enerated by is sold and inco$e "enerated. ,n the case of a $otor car- it profiles co$fort and con%inces in transportation. There is no direct inco$e.

E%ery asset is e0pected to last for a certain period of ti$e d#rin" which it will perfor$. !fter that- the benefit $ay not be a%ailable. There is lifeGti$e for a $achine in a factory or a cow or a $otor car. None of the$ will last for e%er. The owner is aware of this and he can so $ana"e his affairs that by the end of that period or lifeGti$e- a s#bstit#te is $ade a%ailable. Th#s- he $akes s#re that the %al#e or inco$es are not lost. Howe%er- the asset $ay "et lost earlier. !n accident or so$e other #nfort#nate e%ent $ay destroy it or $ake it nonGf#nctional- wo#ld be depri%ed of the benefit and the planned s#bstit#te wo#ld not ha%e been ready. There is an ad%erse or #npleasant sit#ation. ,ns#rance is a $echanis$ that helps to red#ce the effect of s#ch ad%erse sit#ation.

THE H,ST6R7 68 ,NSUR!N?E

The b#siness of ins#rance started with $arine b#siness traders- who #sed to "ather in the +loyd@s coffee ho#se in +ondon a"reed to share the losses to their "oods while bein" carried by ships. The losses #sed to occ#r beca#se of pirates who robbed on the hi"h seas or beca#se the ship. The first ins#rance policy was iss#ed in :AH; in En"land.

,n ,ndia- ins#rance be"an in :HC( with life ins#rance bein" transacted by an En"lish co$pany- the E#ropean and the !lbert. The first ,ndian ins#rance co$pany was the *o$bay $#t#al ass#rance society ltd- for$ed in :HC(. This was followed by the oriental life ass#rance co. in :HC<- the bharat in :H)B and the e$pire of ,ndia in :H)C. +ater the Hind#stan cooperati%e was for$ed in ?alc#tta. The United ,ndia in $adras- the *o$bay life in *o$bay- the national in ?alc#tta- the new ,ndia in *o$bay- the &#piter in *o$bay and the +aksh$i in /elhi. These were all ,ndian co$panies- started as res#lt of the swadeshi $o%e$ent in early :)((s. *y the year :)AB- when the life ins#rance b#siness was nationali9ed and the life ins#rance corporation of ,ndia 3+,?4 was for$ed on :ST Septe$ber :)AB- there were :C( co$panies and CA pro%ident f#nd societies transactin" life ins#rance b#siness in ,ndia. !fter the a$end$ents to be rele%ant laws in :)))- the +.,.?. did not ha%e the e0cl#si%e pri%ile"e of doin" life ins#rance had been re"istered and had be"#n to transact life ins#rance b#siness in ,ndia.

2UR26SE I NEE/ 68 ,NSUR!N?E

!ssets are ins#red- beca#se they are likely to be destroyed- thro#"h accidental occ#rrences. S#ch possible occ#rrences are called perils. 8ire- floods- breakdownsli"htnin" etc. are perils. ,f s#ch perils can ca#se da$a"e to the asset- we say that the asset is e0posed to that risk. 2erils are the e%ents. Risks are the conse5#ential losses or da$a"es. The risks are the conse5#ential losses or da$a"es. The risks to a owner of a b#ildin"beca#se of the peril of an earth5#ake- $ay be a few lakhs or a few crores of r#peesdependin" on the cost of the b#ildin" and contents in it. The risk only $eans that there is a possibility of loss or da$a"e. The da$a"e $ay or $ay not happen. ,ns#rance is done a"ainst the contin"ency that it $ay happen. There has to be an #ncertainty abo#t the risk. ,ns#rance is rele%ant abo#t occ#rrence of an e%entit cannot be ins#red a"ainst. ,n the case of h#$an bein"- death is certain- b#t the ti$e of death is #ncertain. ,n the case of a person- who is ter$inally ill- the ti$e of death is not #ncertain- tho#"h not e0actly known. He cannot be ins#red.

,ns#rance does not protect the asset. ,t does not pre%ent its loss d#e to the peril cannot be a%oided thro#"h ins#rance. The peril can so$e ti$es be a%oided- thro#"h better safety and da$a"e control $ana"e$ent. ,ns#rance only tries to red#ce the i$pact of the risk on the owner of the asset and those who depend on the asset. ,t only co$pensates the losses and that too- the f#lly. 6nly econo$ic conse5#ences can be ins#red. ,f the loss is not financialins#rance $ay not be possible- e0a$ple of nonGecono$ic losses are lo%ed and affection of parents- leadership of $ana"ers- senti$ental attach$ents to fa$ily heir loo$s. ,nno%ati%e and creati%e abilities etc.

H6W ,NSUR!N?E W6RKS

The $echanis$ of ins#rance is %ery si$ple. 2eople who are e0posed to the sa$e risks co$e to"ether and a"ree that- if any one of the$ s#ffers a loss- the others will share the loss and $ake "ood to the person who lost. !ll people who send "oods by ship are e0posed to the sa$e risks. Which are related to water da$a"es- ship sinkin"- piracyetc.those ownin" factories are not e0posed to these risks- b#t they are e0pected to different kinds of risks like- fire- hailstor$s- earth5#akes- li"htin"- b#r"lary- etc.like fire different kinds or risks can be identified and separate "ro#ps $ade- incl#din" those e0posed to s#ch risks- by this $ethod- the hea%y loss that any one of the$ $ay s#ffer is di%ided into bearable- s$all losses by all. ,n other words- the risk is spread a$on" the co$$#nity and the likely bi" i$pact on one is red#ced to s$aller $ana"eable i$pacts on all.

E0a$pleG:
,n a %illa"e there are <(( ho#ses. Each %al#ed at Rs.'- ((- (((. E%ery on the a%era"e < ho#ses "et b#rnt- res#ltin" into a total loss. ,f all the <(( owners co$e to"ether and contrib#te Rs.'(( each- the co$$on f#nd wo#ld be Rs.H(- (((. This is eno#"h to pay Rs.'(- ((( to each of the < owners whose ho#se "ot b#rnt. Th#s the risk of < owners is spread o%er <(( ho#se owners of the %illa"e.

THE HU !N !SSET
! h#$an bein" is an inco$e "eneratin" asset. 6ne@s $an#al labo#r- professional skills and b#siness ac#$en is the asset. This asset also can be lost thro#"h #ne0pectedly early death ca#sed by accidents. !ccidents $ay or $ay not happen death b#t the ti$in" is #ncertain. *#t if it happens $#ch earlier when the alternate arran"e$ents not in placethere can be losses to the person and dependents. ,ns#rance is necessary to help those dependent on the inco$e. The person- who $ay ha%e $ade arran"e$ents for his needs after his retire$ent- also wo#ld need ins#rance. This is beca#se the arran"e$ents wo#ld ha%e been $ade on the basis of so$e e0pectations.

,NSUR!N?E 68 ,NT!N.,*+ES
The concept of ins#rance has been e0tended beyond the co%era"e of tan"ible assets. E0porters r#n at the risk of losses if the i$porters in the other co#ntry defa#lt in pay$ents or in collectin" the "oods. They will also s#ffer hea%ily d#e to s#dden chan"es in c#rrency e0chan"e rates- econo$ics policies or political dist#rbances in the other co#ntry. These risks are ins#redD doctors r#n the risk of bein" char"ed with ne"li"ence and s#bse5#ent liability for da$a"es. The a$o#nt in 5#estion can be fairly lar"e- beyond the capacity of indi%id#als to bear. These are ins#red. Th#s ins#rance is e0tended to intan"ibles.

THE *US,NESS 68 ,NSUR!N?E

,ns#rance co$panies are called ins#res. The b#siness of ins#rance is to brin" to"ether persons with co$$on ins#rance interests- collect share fro$ all of the$ and pay o#t co$pensation to those who s#ffer. The pre$i#$ is deter$ined on the sa$e lines as indicated in e0a$ples abo%e- b#t with so$e f#rther refine$ents.

,NSUR!N?E !S ! S6?,!+ SE?UR,T7 T66+

The United National /eclaration of h#$an ri"hts :)H< pro%ides that e%ery one has a ri"ht to a standard of li%in" ade5#ate for the health and well bein" of hi$ self and his fa$ily incl#de food clothin" ho#sin" and $edical care and necessary social ser%ices and the ri"ht to sec#rity in the e%ent of #ne$ploy$ent.

R6+E 68 ,NSUR!N?E ,N E?6N6 ,? /EVE+62 ENT

8or econo$ic de%elop$ent- in%est$ents are necessary. ,n%est$ents are $ade at sa%in"s. ! life ins#rance co$pany is a $ajor instr#$ent for the $obili9ation of sa%in" of people- partic#larly fro$ the $iddle and lower inco$e "ro#ps. These sa%in"s are channeled into in%est$ents for econo$ic "rowth. !s on ;:.;.'(('- the total in%est$ents of the +,? e0ceeded Rs.'<A((( crores- of which $ore than Rs.:;(((( crores were directly sec#rities- $ore then Rs. :'((( corers in the state electricity boards- nearly Rs.'(((( corers in ho#sin" loans and Rs.<((( crores in water s#pply and sewera"e syste$s. 6ther in%est$ents incl#ded road transport- settin" #p of ind#strial estates and directly financin" ind#stry. ,n%est$ents in the corporate sector e0ceeded Rs.;(((( crores. These directly affect the li%es of the people and their econo$ic wellGbein".

2R,N?,2+ES 68 ,NSUR!N?E1
+,8E ,NSUR!N?E ?6NTR!?TS
! life ins#rance policy is a contract- in ter$s of the ,ndian ?ontract !ct- :HC'. ! contract is an a"ree$ent between two or $ore parties to do- or not to do- so as to create a le"ally bindin" relation ship. ! si$ple contact $#st ha%e the followin" essentials. :. 6ffer and acceptance '. ?onsideration ;. ?apacity of contract

<. ?onsens#s Jad ide$@ 3"en#ine $eetin" of $inds4 A. +e"ality of object or p#rpose B. ?apability of perfor$ance C. ,ntention to create le"al relationship ,ns#rance is a speciali9ed type of contact. ! part fro$ the #s#al essentials of a %alid contract- ins#rance contract are s#bject to two additional principles %i9. principle of #t$ost "ood faith I principle of ins#rance of ins#rable interest. These apply to all ins#rance- both life and nonGlife.

2R,N?,2+E 68 UT 6ST .66/ 8!,TH

?o$$ercial contracts are nor$ally s#bject to the principle of ca%eat e$ptor i.e. let the b#yer beware. ,t is ass#$ed the each party to the contract can e0a$ine the ite$ or ser%ice- which is the s#bject $atter of the contract. Each party can %erify the correctness of the state$ents of the other party. There is no need to take the state$ent on tr#st. 2roof can be asked for. ,n the case of ins#rance contract- this principle does not apply. ost of the relatin" to health- habits- personal history. 8a$ily history- etc.- which for$ the basis of the life ins#rance contract- are known only to the proposer. The ins#rer cannot know the$- if the proposer does not disclose the$. The #nderwriter can ask for a $edical report. 7et there $ay be certain aspects- which $ay not be bro#"ht o#t e%en by the best $edical e0a$ination. 8or e0a$ple- a person s#fferin" fro$ blood press#re or diabetes can- thro#"h appropriate $edication- hide these facts fro$ the e0a$ination doctor. History of past sickness- operations- inj#ries can be s#ppressed. So$e of these constit#te $aterial infor$ation fro$ the #nderwriter@s point of %iew. Si$ilarly- in "eneral ins#rance- an inspection of the "o down has been te$porarily relocated. NonGdisclos#re of s#ch facts wo#ld p#t the ins#rer as well as the co$$#nity of policyholders- at a disad%anta"e. There is what is called Jad%erse selection@. The contract is #nfair beca#se one of the parties to the contracts is a $ore ad%anta"eo#s position. ! s#$$ary of the doctrine of #t$ost "ood faith was "i%en in the case of Ro9anes %s. *owen in :)'H as follows =!s the #nderwrite known nothin" and the $an who co$es to hi$ to ask for ins#rance knowns e%ery thin"- it is the d#e of the ass#red to

$ake a f#ll disclos#re to the #nderwriter witho#t bein" asked- of all $aterial circ#$stances. This is e0pressed by sayin" that it is a contract of #t$ost "ood faith>. The law i$poses a "reater d#ty on the parties to an ins#rance contract than in the case of other co$$ercial contracts- to disclose rele%ant infor$ation. This d#ty is one of #t$ost "ood faith or Uberri$ae 8ides. ,t is the d#ty of the proposer to $ake a f#ll disclos#re to the #nderwriter. The i$plication is that- in how e%ent of fail#re to disclose $aterial facts- the contract can be held to be %oid abGinitio. E%ery circ#$stance that wo#ld ha%e a bearin" on the j#d"$ent of a pr#dent ins#rer in fi0in" the pre$i#$ or deter$inin" the acceptability of the proposal for ins#rance is a $aterial fact. Therefore- facts re"ardin" a"e- hei"ht- b#ild- nat#re of occ#pations$okin"Kdrinkin" habits- $edical history- s#r"eries- earlier ins#rances- etc.- $#st be disclosed. The proposer cannot defend nonGdisclos#re by contendin" that he did not think that the fact was not $aterialL There are certain circ#$stances- which need not be disclosed. They are :. 8acts of co$$on knowled"e- which e%ery one is s#pposed to know. '. 8acts of law ;. 8acts which a s#r%ey wo#ld ha%e re%ealed. <. 8acts which co#ld be reasonably disco%ered- by reference to pre%io#s policies and records a%ailable with the ins#rer. Howe%er in the case of si$a Sarkar %s Western ,ndia life ins#rance co. ltd. 3:)<'4. The ?alc#tta appeal co#rt held that the fact that the pre%io#s declined card was a%ailable with the ins#rer- wo#ld not by itself s#ffice to consideration The d#ty of disclos#re in life ins#rance operates till the risk co$$ences. ?irc#$stances- which $ay ha%e arisen after the risk has co$$enced- not affect the %alidity of the contract- $ake rele%ant stip#lations to that effect. 8or e0a$ple- the policy $ay be iss#ed with a condition that any chan"e in occ#pation $#st be notified to the ins#rer. Howe%er- if the ter$s of policy are to be altered- or if a lapsed K paid #p policy is to be re%i%ed or a s#rrendered policy is to be reinstated- there wo#ld be a d#ty to disclose all $aterial facts at that ti$eD since what follows is new contract. The breach of the principle of #t$ost "ood faith $ay arise d#e to $isrepresentation or nonGdisclos#re. isrepresentation or nonGdisclos#re sho#ld be

:. S#bstantially false and known to the proposer as false not known to the second party '. ?oncerned with facts which are $aterial to the acceptance or assess$ent of the risk or $aterial to the benefits obtained by the proposer. ;. ?alc#lated to ind#ce the other party to enter into a contract on its own ter$s. ,n a proposal for life ins#rance- the proposer $akes a declaration to the effect that all the state$ent in the proposal for$ are tr#e in e%ery respect and if any #ntr#e state$ent be contained therein- the ins#rer wo#ld be entitled to treat as n#ll and %oid and forfeit all the $oneys paid therefore.

,NSUR!*+E ,NTEREST1
!ll risks are not ins#rable. 6therwise- an ins#rance contract wo#ld be no different fro$ a wa"erin" contract. Wa"erin" contract is ille"al in ter$s of sec.;( of the ,ndian contract act and therefore in%alid. What distin"#ishes an ins#rance contract fro$ a wa"erin" contract is that the ins#red $#st ha%e an ins#rable interest in the s#bject of ins#rance. ,n si$ple ter$s- it $eans that the proposer $#st ha%e a stake in the contin#ance of the s#bject ins#red and co#ld s#ffer loss- if the risk is not co%ered thro#"h ins#rance. The ins#red $#st be in a relationship with the s#bject of ins#rance.

8E!TURES 68 ,NSUR!*+E ,NTEREST

,n the case of life ins#rance policy- ins#rable interest $#st e0ist at the inception of the policy. There is no- re5#ire$ent for ins#rable interest at the ti$e of a clai$ #nder the policy. ,n the case of $arine policy- ins#rable interest $#st e0ist at the ti$e of the clai$. ,n other ins#rance- ins#rable interest $#st e0ist at the ti$e of inception as well as at the ti$e of clai$.

2R,N?,2+E 68 ,N/E N,T7

,ns#rance is $eant to co$pensate losses. *y i$plication- the $echanis$ of ins#rance cannot be #sed to $ake a profit. This is broadly the principle of inde$nity.

,ns#rance sho#ld place the ins#red in the sa$e financial position after a loss as he enjoyed before it not better.

/,88ERENT R,SKS
The +ife ,ns#rance b#siness deals with risks relatin" to life of h#$an bein"s. ,t can $iti"ate the conse5#ences in those circ#$stances. !s a r#le- risks are $ana"ed in ; ways :. 2re%ention '. Retention ;. Transfer /eath and old a"e are not pre%entable at all.

NEE/S !N/ ,NSUR!N?E

Risks arise beca#se there are needs to be f#lfilled. The risks attached to early death arise beca#se of the need to $aintain the fa$ily that is left behind. /ifferent plans are desi"ned with different benefits. While sellin" life ins#rance- therefore it is necessary to be aware of the needs of people. *roadly the needs of indi%id#als $ay be classified as follows. :. 2rotection of the standards of li%in" of the fa$ily- which is at risk on early death. '. 8#t#re e0penses on acco#nt of children@s ed#cation- $arria"e- start of so$e b#siness and so on- which are a$bitions and drea$s. ;. ?ontin#ance of b#siness when financiers ask for life ins#rance policies as collateral sec#rity. <. S#bstit#te@s inco$e when earnin" capacity ceases d#e to old a"e. A. ode$ life style@s s#bject people to debts on acco#nt of car- ho#se- appliances- and e5#ip$ents at one obtained on hire p#rchase arran"e$ents. B. Wantin" to send one@s son to $edical colle"e is drea$. ,t is not a need as essential as bein" able to pro%ide for food and clothin".

!ll the abo%e needs ha%e to be $et- after $eetin" the costs of inflation. 2eople wo#ld not be conscio#sly aware of these as for$idable proble$s in the f#t#re. E%en if they do- they $ay not be willin" to sacrifice so$e of the pleas#res of the present in order to pro%ide for the f#t#re. This is the diffic#lty- which life ins#rance a"ents face.

;HAT IS PREMIUMD
2re$i#$ is the consideration the holder has to pay in order to sec#re the benefits offered by the ins#rance policy. ,t can be looked #pon the price of the ins#rance policy. ,t $ay be a oneGti$e pay$ent. That is not co$$on. 6ften it has been paid re"#larly o%er a period of ti$e.

R,SKS- NET !N/ 2URE 2RE ,U

The fi"#re of rs '(( $entioned wo#ld be the cost of co%erin" the risk of death of persons at the a"e of A( for one year. This cost is for ins#rance of Rs '(-((( which can be e0pressed also as Rs :( per tho#sand.

+6!/,N.S
The ad$inistrati%e e0penses of the ins#rer ha%e to be $et o#t of the pre$i#$ paid by the policy holders. To this e0tent the pre$i#$ to collect will be hi"her. S#ch additions to the p#re pre$i#$ are called loadin"s

+EVE+ 2RE ,U S
,f it is e0pected that o#t of :(((( persons at a specified a"e- one is likely to die with in one year- the $ortality rate at that a"e is said to be (.(:E. The risk pre$i#$ char"eable for persons at that a"e wo#ld be (.(: per Rs :((( s#$ ass#red- if a policy has a ter$ of '( years- the risk pre$i#$ and therefore the pre$i#$ wo#ld %ary for each of the '( years.

688,?E 2RE ,U
The pre$i#$ fi"#re arri%ed at after loadin" the net pre$i#$ is called the office pre$i#$. They are now ready for #se. The pre$i#$ fi"#res printed in the pro$otional literat#re and broch#res are the office pre$i#$.

EMTR! 2RE ,U

E0tra pre$i#$ $ay be char"ed are any partic#lar policy. This $ay happen beca#se of the "rand of so$e benefit in addition to the basic benefit #nder the plan- like accident benefit- riders pro%ide additional benefits. E0tra pre$i#$ $ay beco$e char"eable beca#se of #nder writin" decisions. These are #s#ally stated as say- Rs :( per :(((- and will be added to the pre$i#$ otherwise char"eable.

?!+?U+!T,6N 68 !.E1
!"e has to be deter$ined has on the date of co$$ence$ents of the policy. ,f a person is born '(th !#"#st :)CB- the a"e ne0t birthday on :(th &#ly '((' wo#ld be 'B.

2RE ,U

?!+?U+!T,6NS

StepG:1 find o#t tab#lar pre$i#$ for the rele%ant plan and ter$. This pre$i#$ is :((( s#$ ass#red. !ss#$e that the fi"#re is Rs <A.B(. StepG'1 ded#ct adj#st$ent for lar"e s#$ ass#red- if applicable

RE*!TE 2ER TH6US!N/ S.!

Rs 'A-(((G Rs <)-))) Rs A(-(((GRs ))-))) Rs :- ((-((( and o%er Rs.:KG Rs. :.A(KG Rs. 'KG

,f this is a policy for Rs CA-(((. S.!- the pre$i#$ wo#ld be Rs. <<.:(KG StepG;1 the pre$i#$ wo#ld decrease by :E of <<.:( $akin" the pre$i#$ Rs <;.BB StepG<1 !ss#$in" that the e0tras in this case are Rs :.A( per tho#sands for occ#pational ha9ard and Rs ' per tho#sand for s#pple$entary benefits- the total pre$i#$ is Rs <C.:B

+,8E 8UN/
,n nor$al tradin" b#siness the e0cess of inco$e o%er the e0penses in any acco#ntin" year wo#ld be considered as profit and will be distrib#ted a$on" with the owners. This is not so in life ins#rance. The profit- if any- can be deter$ined only after that contract to an end. The pre$i#$s are yet to be paid in f#ll.

!?TU!R,!+ V!+U!T,6N
2re$i#$ is calc#lated takin" into acco#nt likely f#t#re e0periences in respect of $ortality- interest and e0penses. These are ass#$ptions. The f#t#re e0perience $ay or $ay not confor$ to these e0pectations. The ins#rance act in ,ndia re5#ires that act#arial %al#ations be done e%ery year.

*6NUS1
The distrib#tion of the %al#ation s#rpl#s to policy holders is done thro#"h the declaration of bon#s. 6nly policy holders who opt for participatin" or with profit policies wo#ld be entitled to bon#s. 6ther policy holders who ha%e none participatin" or witho#t profit policies wo#ld be payin" a sli"htly lesser a$o#nt of pre$i#$ for the sa$e kind of ins#rance co%er. ,f a co$po#nd re%ersionary syste$- the bon#s will be added to e0istin" S.!.incl#din" bon#ses attached earlier. ! %ariety of practices are followed with re"ard to bon#s. So$e $ake the %estin" of bon#s conditional on the policy contin#in" to be in force thro#"ho#t. .i%en below details of the bon#s declared by the +,? after the %al#ation on ;:G;G'(('.

TERM +ess than :: years ::G:A years :BG '( years ore than '( years

ENDO;MENT Rs .<)KG Rs. AHKG Rs .BAKG Rs. C:KG

MONEYBAC ANTICIPATED Rs. <HKG Rs. AHKG Rs. BAKG

Whole life policy are allotted si$ple re%ersionary bon#s at Rs.:(( per tho#sand S.!. ! one ti$e bon#s called ter$inal bon#s was declare for policies which had been in force for :A years. This was in addition to the #s#al bon#s already declared.

,NTER,

*6NUS1

*on#s is #s#ally declared policies- which are in force on the date of %al#ation. The bon#s after the %al#ation as on ;:G;G'((; will be declared so$eti$e in Septe$ber '((; and will benefit holders of policies which are in force on ;:G;G'((;. ,n order to o%erco$e s#ch ano$alies- act#aries #s#ally declare ,nteri$ bon#s payable on s#ch policies- which beco$e clai$s between two %al#ations.

LIFE INSURANCE PRODUCTS

*!S,? E+E ENTS1
+ife ins#rance prod#cts are #s#ally referred to as Jplans of ins#rance@. These plans are ha%e two basic ele$ents. 6ne is the J/eath co%er@ pro%idin" for the benefit bein" paid on the death of the ins#red person within a specified period. The other is the JS#r%i%al *enefit@ pro%idin" for the benefit bein" paid on s#r%i%al of a specified period. 2lans are ins#rance that pro%ides only death co%er are called JTer$ !ss#rance@ plans. These that pro%ide only s#r%i%al benefits are called J2#re Endow$ent@ plans. ,f the ins#red does not die with in the specified period- no pay$ent is $ade #nder a ter$ ass#rance plan. Si$ilarly- if the ins#red dies with in the specified period- no pay$ent is $ade #nder a p#re endow$ent plan. *oth these are like fire ins#rance policies. ,f the specified contin"ency does not happen- the policy holder does not "et anythin" fro$ the ins#rer. !ll ins#rance plans are co$binations of these two basic plans. ! ter$ ass#rance plan with an #nspecified period is called a JWhole life policy@ #nder which the s#$ ass#red is paid on death whene%er it $ay occ#r. ! ter$ ass#rance plan alon" with a p#re endow$ent plan when offered as a sin"le prod#ct is called an endow$ent ass#rance plan- #nder which the S.!. is paid on s#r%i%al of the specified period or on earlier death. ! ter$ ass#rance plan with a p#re endow$ent plan of do#ble the in death. ! plan of ass#rance will ha%e the followin" feat#res. *y $akin" chan"es in these feat#res or addin" and co$binin" so$e of the$. :. Who can be ins#redF The %ario#s possibilities are indi%id#al ad#lts- children- two or $ore persons jointly #nder one policy. %al#e is called a do#ble endow$ent ass#rance plan #nder which the a$o#nt payable in s#r%i%al is do#ble the a$o#nt payable

'. What can be the S.!F So$e plans stip#late a $ini$#$ S.!. there are $a0i$#$ li$its also for certain benefits- like accidents benefits. ;. ,n what contin"ency wo#ld the S.! be payableF ?o#ld be on death or on s#r%i%al. <. When wo#ld the S.! be payableF 6n the contin"ency happenin" or so$e other dates A. How wo#ld the S.! be payableF ?o#ld be in one l#$p s#$ or in install$ents. B. What wo#ld be the ter$ of the policyF This deter$ines the period d#rin" which the specified e%ent sho#ld occ#r for the S! to be payable. So$e plans pro%ide for benefits e%en beyond the ter$. C. When wo#ld the pre$i#$ be payableF Variation are in the fre5#ency of pay$ent as well as the period d#rin" which it is payable. So$e plans pro%ide for pre$i#$s to be paid for period less than the ter$.

S6 E 262U+!R 2+!NS
The followin" para"raphs "ibe details of %ario#s plans of ins#rance in %ery "eneral ter$. !ll ins#rers do not offer all the plans. The plan $ay be called by different na$es by ins#rers. The %ariations between ins#rers are plenty. ,t is not possible to "i%e details of all the ins#rers- $ainly beca#se ins#rers $ake chan"es in their offers or practices fro$ ti$e to ti$e. E%en if a reference is $ade to a plan of any partic#lar ins#rer- the acc#racy of the infor$ation is not to be taken for "ranted. The cheapest for$ of ass#rance is the ter$ ass#rance plan. Under thisthe S! is payable in the death of the ins#red d#rin" the specified period. ,f the death does not occ#r- there is no pay$ent fro$ the ins#rer. The S! $ay be kept constant thro#"h o#t the period- or be $ade to ass#rances wo#ld be appropriate as collateral to co%er the o#tstandin" loans in $ort"a"e transactions. Ter$ ass#rance is not %ery pop#lar- as there is no sa%in" content. S#r%i%in" policy holders feel that pop#lar- as they "ot nothin" o#t of the policy.

Reference has been $ade in an earlier para"raph to the whole life and the endow$ent plans. ,n a whole life plan- the S! beco$es payable only on death whene%er it $ay occ#r. *#t #nlike a ter$ ass#rance plan- so$e pay$ent will be $ade at so$e ti$e. !ltho#"h- in the case of whole life policies- the S! is payable only on death so$e ins#rers pay the S!- when the life ass#red co$pletes say- :(( years. ,n the endow$ent plan- the S! is payable on s#r%i%al to the end of the ter$ or on earlier death.

?6NVERT,*+E 2+!NS1
?on%ertible plans of ass#rance are plans- which pro%ide- in its ter$s and conditionsthat it can be chan"ed to another plan after- or within- a certain period after co$$ence$ent. 8or e0a$ple- a con%ertible ter$ ass#rance plan can be con%erted in to a whole life policy or an endow$ent policy- within a period specified in the ori"inal plan. This period $ay be not later than two years before the e0piry of the ori"inal ter$. ,n other words- if the ori"inal ter$ ins#rance co%er is for B years- the option to con%ert sho#ld be e0ercise before the end of the fo#rth year. ,n so$e plans- the option can be e0ercised at any ti$e- b#t before a"e B(- a con%ertible a whole life plan can be con%ertible into an endow$ent plan

W,TH 2R68,T !N/ W,TH6UT 2R68,T 26+,?,ES1

With o#t profit polices are not entitled to bon#ses declared after %al#ation. With profit policies pay a sli"htly hi"her pre$i#$ for the ri"ht to participate in the pro"ress of the ins#rer. With profit polices are pop#lar beca#se the bon#ses are e0pected to be $ore than e0tra pre$i#$ paid.

&6,NT +,8E 26+,?,ES1 ,N THE ?!SE &6,NT +,8E ,NSUR!N?E1

! joint life declaration is necessary to create a joint interest in the policy. ,n case of partner ship ins#rance the partner ship deal will be e0a$ine the nat#re of interest of each partner. Each life will be #nder written separately. *on#ses accr#e on the sin"le basic S! only.

?H,+/ERN@S 2+!NS1

,ns#rance can be taken on the li%es of children- who are not $ajor@s. The propose will ha%e to be $ade by a parents. ,n these plans- risk on the life on the ins#red child will be"in only when that child attains a specified a"e. 2ractices %ary widely the ti$e "ap between date of co$$ence$ent of the policy and the co$$ence$ent of risks called the defer$ent period. There is no ins#rance co%er d#rin" the defer$ent period. ,f a child dies d#rin" the defer$ent period- the pre$i#$s will be ret#rn.

V!R,!*+E ,NSUR!N?E 2+!NS1

The #nit tr#st of ,ndia has #nit linked ins#rance plan. This plan is desi"ned for any resident in ,ndia between the a"e@s of :' and AA plannin" to sa%e between Rs. B(((KG and Rs. CA-(((KG to be contrib#ted in half yearly are ann#al install$ents o%er a period of :( or :A years. 2ersons o%er AA years can "o in for a :( year plan. No $edical e0a$ination is necessary. The $oney back type policies help the policy holders to so$e e0tent. The l#$p s#$s paid periodically with o#t affectin" the a$o#nt of ins#rance o%er- can be in%ested. Re"#lar state$ent for the ins#rer wo#ld indicate the "rowth of each of these f#nds and the policy holder wo#ld ha%e a choice of shiftin" fro$ one to another.

R,/ERS1
! rider is a cla#se that is added on to a basic policy pro%idin" an additional benefitat the choice of the proposer .Val#ation s#rpl#s also is offered a rider. *#t that is not so with re"ard to all riders. So$e of the riders bein" offered by ins#rers in ,ndia1 ,ncreased death benefit. !ccident benefit allowin" do#ble the S! if death happens 2er$anent disability benefits- co%erin" loss of li$bs- eye site etc. G#aranteed increases in co%er at specified periods. ?o%er to contin#e beyond $at#rity a"e for sa$e. !s per re"#lation $ade by the ,R/! in !pril '((' and a$ended in 6ctober '(('.

2+!NS ?6VER,N. H!N/,?!22E/1

2hysically handicapped persons are ins#red. E0tras are char"ed in so$e cases like loss of both ar$sD deaf in both ears- blind in both eyes- etc. these details will ha%e to be "athered fro$ the co$panies #nder writin" depart$ents.

+!W !N/ RE.U+!T,6N1

The ins#rance act :);H- which ca$e in to effect fro$ : st &#ly :);)- and was an a$ended in :)A( and later in :)))- is the principal enact$ent relatin" to the b#siness of ins#rance in ,ndia. Section '3A!4 defines chief a"ent as a person who- not bein" a salaries e$ployee of an ins#re- in consideration of co$$ission- e$ployin" to be e$ployed ins#rance a"ent on be half of the ins#rer. Section <'! pro%ides for the re"istration of the chief a"ent special a"ent. Renewal of certificates is s#bject to co$pliance with this re5#ire$ent. No chief a"ent were re"ister till the end of '((:.

,R/! !?T :)))1

This act passed in /ece$ber :)))- pro%ided for the establish$ent of the ,R/! to protect the interest of policy holders- to re"#late. 2ro$ote- and ens#re ordered "rowth ins#rance ind#stry. ,t also so#"ht a$end the ins#rance act :);H- the +,? act and the .,? act :)C' The ,R/! is a corporate body. ,t ad%ised by an ins#rance ad%isory co$$ittee consistin" of not $ore than $e$bers to represent the interest of co$petence ind#strytransport- a"ric#lt#re etc.

!/V!NT!.ES 68 +,8E ,NSUR!N?E

E%en so- a co$parison with other for$s of sa%in"s will show that life ins#rance has the followin" ,n the e%ent of death- the settle$ent is easy. The heirs can collect the $oney@s 5#ickerbeca#se of the facility of no$ination and assi"n$ent. The facility of no$ination is now a%ailable for so$e bank acco#nts. There is a certain a$o#nt of co$p#lsion to "o tho#"h the plan of sa%in"s. ,n other for$s- if one chan"es the ori"inal plan of sa%in"s- there is no loss. ,n ins#rance- there is a loss. ?reditors cannot clai$ the life ins#rance $oneys. They can be protected a"ainst attach$ents by co#rts. There are ta0 benefits- both in inco$e ta0 and in capital "ains arketability and li5#idity are better. ! life ins#rance policy is property and can be transferred or $ort"a"ed loans can be raised a"ainst the policy.

CHAPTER46
%$*PA!) P#$F +&

COMPANY PROFILE
,N. .R6U2 ,NTR6/U?T,6N1
,N. is a fort#ne A(( co$pany- acti%e in the field of bankin"- ins#rance- and asset $ana"e$ent. Ranked :;th in the "lobal fort#ne A(( :A( years of financial e0pertise. Tr#st of si0 crores c#sto$ers. World@s lar"est financial ser%ices co$pany 3in Re%en#es4. 6%er RsB:.Alakh crores in assets. 6%er last :A( years- ,N. "ro#p has "rown to beco$e one of the lar"est life ins#rance or"ani9ations in the world. Today it to#ches the li%es of o%er B crore people across :A; cities. ,t offers a ran"e of financial ser%ices incl#din" ins#rance- pensionbankin" and asset $ana"e$ent. ,n the year '((H- total asset of the "ro#p stood o%er :;BBB)A.CN $illion with e$ployees ::A;(( and profits ac5#ired are H)AH.) N$illion. ,N. is now pro%idin" its ser%ices to A( co#ntries.

HISTORY OF ING9
,N. "ro#p ori"inated in:)): to ens#re people felt protected and at peace. To pro%ide the sa$e- $er"ers- ac5#isitions and or"anic "rowth took place to for$ a stron"erlar"er or"ani9ation. The o#tco$e is the ,nternational Netherlander .ro#p ,n :)):. Which is abbre%iated as ,N.F The ,N. "ro#p- the world@s lar"est financial ser%ice pro%ider partnered with ,ndia@s pre$ier pri%ate sector financial instit#tion- the V7S7! bank. ,N. V7S7! +ife ,ns#rance is an o#tco$e of this partnership. The +ion was here to address e%ery need it was sy$bol that ,ndian@s e5#ated to inte"rity- tr#st and wealth.

,N. V7S7!1 The core b#siness operations are

o o o ,ndia@s +eadin" asset $ana"e$ent co$panies. ser%ices. ,N. V7S7! +ife started in Septe$ber '((: ,N. "ro#p ac5#ired V7S7! bank in '(('. ,N. V7S7! bank pro%ides retail- wholesale- pri%ate bankin" ,ns#rance *ankin" !sset $ana"e$ent ,N. V7S7! $#t#al f#nds 3started in :)))4 and is now one of

ING VYSYA

B0,Ai,# I,/u-0,1e Ret0i: /e-?i1e/

Mutu0: 2u,d/

A//et M0,0#eme,t

;.$:e/0:e /e-?i1e/ P-i?0te b0,Ai,# /e-?i1e/ ,N. V7S7! +ife ,ns#rance offers fle0ibility and choice to "o with e%ery sta"e of life.

ING VYSYA LIFe4%&&*

?o$$enced operations in Septe$ber '((: with 'Gbranches ,nitial ,n%est$ent Rs::(cr Head 5#artered in *an "alore ,nitial shareholders were ,N.- V7S7! *!NK- . R .ro#p. !t ,N. V7S7! +ife one thin" that they held in the hi"hest estee$ is h#$an life itself. This si$ple philosophy endows the$ with a de"ree of sensiti%ity and dedication that they feel $akes the$ that $#ch $ore special to their c#sto$ers. This philosophy s#pported well to achie%e best f#lfill$ent of c#sto$er needs in '((B.

ING VYSYA LIFE4%&&' DECEMBER

,n%ested B<(cr in capital. 6perates in H( cites and towns across :AC branches. With <((( e$ployees ore than 'H((( trained life ins#rance ad%isors

With c#rrent shareholders ,N. EM,/E .U&!R!TH ! *U&! ?E ENTS EN! .ro#p

,t has o%er AA.(lakh c#sto$ers.

EN!

.R6U21
"ro#p is deeply

,t is one of ,ndia@s leadin" financial ser%ice pro%iders rep#ted for its ability to percei%e the tr#e potential of b#sinesses and enhance their %al#e. The c#lt#re at EN! rooted in Ethics- ,nno%ation and 8inancial sobriety

EM,/E ,N/USTR,ES +, ,TE/1

,t is the $arket leader in both the a#to$oti%e and ,nd#strial se"$ents JEM,/E@ and JS8 3standard 8#r#kawa4@- the fla"ship brands of the co$pany are also the leadin" battery brands in the co#ntry.

.U&!R!TH ! *U&! ?E ENTS +, ,TE/1

,t is the third lar"est ce$ent co$pany in ,ndia.

,N.V7S7! +,8EG.6!+1
o To be in the top fi%e +ife ,ns#rance players in ,ndia. With the abo%e ,N. V7S7! +,8E has a lon" standin" relationship with its c#sto$ers and deep #nderstandin" of the ,ndian $arket.

2ER86R !N?E ST!N/!R/S- R6+ES I RRES26NS,*,+,T,ES1

To allow internal $obility of e0istin" e$ployees and recr#itin" new applicants into the co$pany ,N. has set so$e perfor$ance standards.

2ER86R !N?E !N/ ?6 2ENS!T,6N REV,EW 2R6?ESS1

,$ple$ented fro$ &!NG:G '((C =!nni%ersary Re%iew =replaces the e0istin" =!nn#al Re%iew>.

Re%iews for e%ery si0 $onths be"in fro$ :' $onths of ser%ice 3i.e. :'- :H- '<L$onths fro$ ,ndi%id#als joinin" $onth4

!UT6 !TE/ ?ENTR!+ 2ER86R !N?E achie%e$ents

!N!.E ENT S7STE 1

,ndi%id#al perfor$ance re%iew is based on ten#re linked tar"et New perfor$ance standards is based on :st re%iew1 (GB $onths 3confir$ation re%iew4 'nd re%iew1 :' $onths 3co$pletion4 ;rd re%iew1 :H $onths 3co$pletion4 <th re%iew1 '< $onths 3co$pletion4 classified ten#res

TR!NS2!RENT 2RE/E8,NE/ 2ER86R !N?E ?6 2ENS!T,6NG ?!REER /EVE+62 ENT +,NKE/

$atri0. 6nly fi0ed co$pensation points pro"ression based on indi%id#al

!TR,M

?o$pensation re%iewGas well as pro$otions to take place as per this

tar"et achie%e$ents

This $atri0- howe%er- will be re%iewed periodically based on $arket

$o%e$entGand e%eryone will be bro#"ht to the new fi0ed points accordin".

ROLES AND RESPONSIBILITIES1

R6+ES aintainin" a Tea$ RES26NS,*,+,T,ES aintain $ini$#$ tea$ Si9e ,nd#ction and aintain $ini$#$ tea$ ana"in" tea$ 2rod#cti%ity ?o$position .oal settin" for Tea$ $e$bers +icensin" !cti%ity $ana"e$ent !?T,V,T,ES Recr#it$ent

Trainin" need assess$ent and Establishin" $ana"in" !cti%ity standards of the Retention prod#cti%e !d%isors Ti$ely disb#rse$ent of co$$ission and incenti%es onthly tea$ $eetin" Tea$ $e$bers of /#e and ti$ely reco"nition aintenance and #pdatin" Sched#le deli%ery

perfor$ance records

MILESTONES FOR ING IN INDIA

7ear :))< ,N. *earin"s NV 6ffers ,n%est$ents bankin"- corporate finance and other financial 2rod#cts and ser%ices. 7ear :)CC ,N. ,ns#ranceGrepresentati%e office. 7ear :))) ,N. ,n%est$ent $ana"e$ent 3,ndia4 2%t. +td.1 2ro%ides $#t#al f#nd prod#cts to c#sto$er thro#"h ,N. Tr#st- Established in early :))). /eli%ers on pro$ises e5#ity . 7ear '((: ,N. V7S7! +ifeGla#nched in the $onth of Septe$ber 7ear '((' ,N. b#ys a <<E stake in V7S7! *ank and $er"ers ,N. *earin"s with V7S7! *ank to for$ ,N. V7S7! *ank. 7ear '((; ,N. V7S7! *ank la#nches a direct sellin" ar$ ,N. V7S7! 8inancial Ser%ices. 7ear '((( ,n" Vent#re *erin"s pri%ate

*R!N/ V!+UES1
be c#sto$er centric /eli%ers on pro$ises ?an be tr#sted in ter$s of $oney 8oc#s on doin" rather than j#st talkin"

Treats ?#sto$er fairly 6ffers "ood 5#ality prod#cts I ser%ices 6ffers clarity in prices and conditions ?o$$#nicates openly and with o#t jar"on.

,s easy to deal with !ccessible when needed 8le0ible sol#tions fittin" with c#sto$er needs 8riendly and carin".

UN/ERWR,T,N.1
,t is the process by which applications for ,ns#rance are selected and are classified accordin" to the le%el of risk that each one represents.

R,SK1
,s the possibility of ad%erse conse5#ences that $i"ht res#lt in loss of life.

NEE/ 86R UN/ERWR,T,N.1

We need to $aintain e5#ity a$on" policyholders. Keep with the $ortality ass#$ptions #sed for calc#latin" pre$i#$ rates. Re$ain co$petiti%e. 2rotect the co$pany fro$ anti selection. To offer co%er to a lar"e "ro#p of li%es.

REOU,RE ENTS 68 UN/ERWR,T,N.1 !.E 2R668S1

2re$i#$s are calc#lated on the life to be ass#reds@ a"e. Therefore a"e ad$ission by the life to be ass#red is a precondition for the acceptance of any proposal of life ins#rance. !.E 2R668S

ST!N/!R/ !.E 2R668S

N6N ST!N/!/ !.E 2R668S

ST!N/!R/ !.E 2R668S1

?ertified e0tract fro$ school or colle"e records. ?ertified ori"inal copies of school Kcolle"e certificates. ?ertified e0tract fro$ the ser%ice re"ister in case of "o%ern$ent e$ployees. /ate of birth certificate. 2assport /ri%in" license. 2!N card

N6N ST!N/!R/ !.E 2R668S1

Election ,/ card. /ri%in" license iss#ed less than ' years prior to the date of proposal

Ration cardG,ss#ed ' years prior to the date of proposal ES, card.

?+!SS,8,?!T,6N 68 UN/ERWR,T,N.1
Non $edical edical

8e$ale St#dent life 8inancial. NONMEDICAL UNDER;RITING1 O#alified 2eople O#alification ini$#$ a"e at entry a0i$#$ a"e at entry a0i$#$ s#$ #nder consideration .eneral 2#blic :(th standard and abo%e :H years A( years for a"e :HG;A ;BG<A A((((( <BGA( '((((( !"e proof *oth S!2 and NS!2 :((((((.

Riders@ restrictions

Ter$ rider and W62 are not !llowed

E/,?!+ UN/ERWR,T,N.1
S#$ #nder consideration is the total s#$ ass#red of all policies at ,N. V7S7! +ife ,ns#rance ?o$pany +i$ited.

R6+ES aintainin" a Tea$

RES26NS,*,+,T,ES aintain $ini$#$ tea$ Si9e

!?T,V,T,ES Recr#it$ent ,nd#ction and

aintain $ini$#$ tea$ ana"in" tea$ 2rod#cti%ity ?o$position .oal settin" for Tea$ $e$bers Trainin" need assess$ent and Establishin" $ana"in" !cti%ity standards of the Retention prod#cti%e !d%isors Ti$ely disb#rse$ent of co$$ission and incenti%es onthly tea$ $eetin" Tea$ $e$bers of /#e and ti$ely reco"nition aintenance and #pdatin" Sched#le deli%ery +icensin" !cti%ity $ana"e$ent

perfor$ance records

8E !+E UN/ERWR,T,N.1

?ate"ory S! +i$its

2lan Restrictions Riders Restrictions !ny other

SelfGE$ployed 8e$ale Up to '.Alakhs 3SU?4 With o#t ,nco$e proof 8or SU?P'.A+akhs ,nco$e proof is needed 2roof of earned ,nco$e Ter$KW62 N,+

Ho#se wife

Widow life

a0i$#$ '.A+akhs a0i$#$ ?o%er With o#t h#sband A+akhs ,ns#rance a0i$#$ :A+akhs H#sband ,ns#rance is needed T?8- ?ER N,+ 2lans are not allowed Ter$KW62 N6 !re not "i%en 2re"nant ho#se wife No$inee can be Will not be offered SonKda#"hter who is either a any co%er $inor or 8inancially /ependent on the +!

STU/ENT +,8E UN/ERWR,T,N.1 /6?U ENT1

?#rrent schoolKcolle"e proof inor life O#estionnaire andatory for a"e "ro#p (G:< years

2arent $#st be proposer. other can be proposer.

 +ife !ss#red can propose on self with parent inco$e details.

8,N!N?,!+ UN/ERWR,T,N.1
!.E :HG ;A ;BG <A <BG A( A:G BA T6T!+ R,SK ?6VER '( ti$es of "ross inco$e- B ti$es for ?, :A ti$es of "ross inco$e- A ti$es for ?, :( ti$es of "ross inco$e- < ti$es for ?, :( ti$es of "ross inco$e- N! for ?,

!22+,?!T,6N 2R6?ESS1
+ife to be ass#red will be offered a proposal for$. !d%isors confidential Report 2roofs will be accepted fro$ +! S 2hoto ,/ /ate 6f *irth proof ,nco$e proof !ddress proof

?hecklist and declaration

2reli$inary #nderwritin" Q ?S/. +ife to be !ss#red will +o"in Q ,V+ <(( Scannin" Underwritin" depart$ent will recei%e the scanned doc#$ent. Risk analysis will be done and ,t is two types NonG$edical edical

N6N E/,?!+ 6R STR!,.HT THR6UH 2R6?ESS1

2roposal acceptance 2olicy bond *ond will reach c#sto$e

6R S 36THER REOU,RE ENTS

edical report s#b$ission E0tra pre$i#$ will be paid

E 6S41

edical reports can be s#b$itted in $edical center

Report will be prepared 2roposal acceptance 2olicy bond *ond will be "i%en to c#sto$er 8ree look period will be "i%en ORGANISATION STRUCTURE

Re"istered office at *an "alore

Re"ional offices Q H7/ER!*!/ 3,t will be #nder re"ional "eneral $ana"er I %ise president4

!rea

ana"ers

Hyderabad

Waran"al

Tir#pathi

Vijayawada

Vi9a"

.#nt#r

*ee$a%ara$

.#di%ada Vijayawada

achilipatna$

Tan#k#

El#r#

Tadepalli"#de$

ADVISOR RECRUITMENT AND TRAINING

!/V,S6R OU!+,8,?!T,6N A( H6UR TR!,N,N. W,++ *E .,VEN Q ,NSUR!N?E ,NST,TUTE 68 ,N/,! !22R6VE/ TR!,N,N. ?ENTRES EM! ?6N/U?T,6N

RESU+T !NN6UN?E ENT /6?U ENT SU* ,SS,6N ?6/,N. !/V,S6R ?+U* E *ER

8,N!N?,!+ ?6NSU+T!NT

!/V,S6R 6WN *US,NESS 6THERS ,N. V7S7! +ife ,ns#rance ai$s at protectin" the predictable and Unpredictable e%ents.

2RE/,?T!*+E EVENTS1
Ho#se hold E0penses Ed#cation ?hildren $arria"e *#yin" an asset Retire$ent +ea%in" a +e"acy

UN2RE/,?T!*+E EVENTS1
/eath Sickness /isability ?ritical illness ,N. V7S7! +ife ,ns#rance is pro%idin" the +ife $aker to assists yo# in b#ildin" a co$plete financial plan for life by o#tlinin" the basic needs for life ,ns#rance. 2R6TE?T S!VE RET,RE ,NVEST

ING VYSYA LIFE INSURANCE PRODUCTS

TER 2+!NS

S!8!+ &EEV!N EN/6W ENT 2+!N ?RE!T,N. +,8E EN/6W ENTG?hild protection plan

S!8!+ &EEV!N

6NE7 *!?K 2+!N

?RE!T,N. +,8E R ?hild protection $oney back plan.

NEW 8U+8,++,N. +,8E R!nticipated whole of life plan.

NEW 8REE/6

2+!NG Unit linked policy.

H,.H +,8E 2+US G Unit +inked Re"#lar 2re$i#$.

*EST 7E!RS RET,RE ENT 2+!N.

ING VYSYA PRODUCTS9 TER TER 2+!NS +,8E G ! 2R6TE?T,6N S6+UT,6N

:H BA :( to ;( years. RsB'<)K!n#$ Rs:H<('Kan#$ RsH:(B' S! !/*K!//*.

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ pay$ent Ter$ ini$#$ 2re$i#$ Re"#lar 2re$i#$s ,n case of +i$ited 2re$i#$ 3AGyear pay$ent ter$4 ,n case of sin"le pre$i#$ /eath *enefit Riders a%ailable

?6NOUER,N. +,8EG?R,T,?!+ ,++NESS 2+!N

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early

:H A( :( to 'A years

:A(( 'A((

/eath *enefit S#r%i%al interi$

:((E SU

!SSURE/

A(E of S#$ !ss#red on dia"nosis 6f critical illness to a $a0i$#$ of '(lakhs

at#rity Riders !%ailable

G Ter$- !/*K!///*.

EN/6W ENT 2+!NS1

S!8!+ &EEV!N EN/6W ENT 2+!N

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early /eath *enefit S#r%i%al interi$ at#rity Riders !%ailable

:H <A :(- :A- '( years :((( :((E SU !SSURE/ 3Nat#ral death4S?o$po#nd Re%ersionary *on#s S Ter$inal *on#s /o#ble S! 3in case of !ccidental /eath4 S ?R* S T* G :((E S!S ?R*S T* !/* 3!ccidental /eath *enefit.

?RE!T,N. +,8E EN/6W ENTG?hild protection plan

ini$#$ a"e at entry

:H

a0i$#$ a"e at entry

AA

2re$i#$ payin" ter$

:( to 'A years

ini$#$ 2re$i#$ Half yearly 7early

'(((

/eath *enefit

:((ESU 3W624

!SSURE/ S W!,VER 68 2RE ,U S

S#r%i%al interi$ at#rity Riders !%ailable

G :((E S!S ?R*S T*. !/*K!///* and W62.

RE!SSUR,N. +,8E EN/6W ENT 2+!N

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early

( B( :( to ;( years '((( <((( H(((

/eath *enefit S#r%i%al interi$ at#rity Riders !%ailable

:((E SU G :((E SU

!SSURE/ S ?R*S T*

!SSURE/ S ?R*S T*

Ter$- !/*K!///* and W62.

REW!R/,N. +,8EGWH6+E 68 +,8E 2+!N

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early

:' A( :A- '(- 'A years '((( <((( H(((

/eath *enefit S#r%i%al interi$ at#rity Riders !%ailable

:((E SU G :((E SU

!SSURE/ S ?R*S T*

!SSURE/ S ?R*S T*

Ter$- !/*K!///* and W62.

N6TE1 Riders are a%ailable only for the /#ration of 2re$i#$ 2ay$ent Ter$.

BAC S!8!+ &EEV!N

PLANS

6NE7 *!?K 2+!N

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early /eath *enefit .#aranteed S#rrender %al#e at#rity Riders !%ailable

:H << :B- '( years :((( :A(( ;((( :((E SU !SSURE/ S Vested *on#s.

'(E of 2re$i#$ paid. <(E SU !SSURE/ S ?R*S T* No Riders.

?RE!T,N. +,8E R ?hild protection $oney back plan.

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early /eath *enefit S#r%i%al interi$ at#rity Riders !%ailable :H AA :A- '(- 'A years '((( <((( H((( :((E SU G '(E SU !SSURE/ S SR*S T* Ter$- !/*K!///* and W62. !SSURE/ S W62.

NEW 8U+8,++,N. +,8E R!nticipated whole of life plan.

ini$#$ a"e at entry

:<

a0i$#$ a"e at entry 2re$i#$ payin" ter$ ini$#$ 2re$i#$ Half yearly 7early

A< :B- '(- '< years '((( <((( H(((

/eath *enefit S#r%i%al interi$ at#rity Riders !%ailable

:((E SU G '(E SU

!SSURE/ S Vested *on#s.

!SSURE/ S SR*S T*

Ter$- !/*K!///* and W62.

N6TE1 Riders are a%ailable only for the d#ration of the 22T.

ULIPS

! U+,2 is a +ife ,ns#rance 2olicy- which pro%ides a co$bination of +ife ,ns#rance protection and ,n%est$ent. U+,2S contrib#tes nearly A(E of the 2re$i#$ for So$e ,ns#rers and $ore than HAE of the 2re$i#$ for so$e others.

NEW 8REE/6

2+!NG Unit linked policy.

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ pay$ent Ter$ ini$#$ 2re$i#$ Half yearly 7early T62 U2S ini$#$ S!

H C( A to 'A years. H((( :A((( The total top #p a$o#nt can be #p to '(E of the re"#lar pre$i#$s !nn#al 2re$i#$T 2olicy Ter$ 3C(G!"e at Entry4 Hi"her of S! or 8#nd %al#e 8#nd %al#e !/*K!//*. (.'AE of !$o#nt withdrawn.

/eath *enefit at#rity Riders a%ailable 2artial Withdrawals ?har"es

H,.H +,8E 2+US G Unit +inked Re"#lar 2re$i#$.

ini$#$ a"e at entry a0i$#$ a"e at entry 2re$i#$ pay$ent Ter$ ini$#$ 2re$i#$ Half yearly 7early

( C( ; to 'A years. 'A((( A((((

T62 U2S

'AE of the c#$#lati%e re"#lar pre$i#$s paid

ini$#$ S! /eath *enefit at#rity Riders a%ailable 2artial Withdrawals ?har"es

!nn#al 2re$i#$T 2olicy Ter$ :((E of S! S 8#nd %al#e 8#nd %al#e !/*K!//*. :E of !$o#nt withdrawn.

RET,RE ENT 2+!NS *EST 7E!RS RET,RE ENT 2+!N1

ini$#$ a"e at :H entry a0i$#$ a"e at BA entry 2re$i#$ pay$ent G Ter$ ini$#$ 2re$i#$ ,nitial A((( and S#bse5#ently '((( in $#ltiples of :(((

ini$#$ S! /eath *enefit

!nn#al 2re$i#$T 2olicy Ter$ 3C(G!"e at Entry4 ,2! Val#e 3,ndi%id#al pension acco#nt4 S Ter$ *enefit Spo#se *enefit.

at#rity

2olicy allows to ?o$$#tin" :K; rd of ,ndi%id#al pension acco#nt and the balance has to be ,n%ested in an !nn#ity plan.

Riders a%ailable

Ter$

U+,2S1
U+,2S ha%e pro%ed 5#ite appealin" to the cons#$ers "i%en the b#oyancy of the ,ndian stock $arkets o%er the last few years. ,n the fallin" interest rate scenario- it is beco$in" increasin"ly diffic#lt for financial instit#tions and banks to offer "#aranteed ret#rns to the

in%estors. This has bro#"ht abo#t a chan"e in the e0pectations of the in%estors. There is now an increasin" acceptance of %ariable ret#rns offered by these U+,2S. To $eet the e%er challen"in" de$ands of the in%estin" p#blic ins#rance sector has beco$e the need of today to offer a wide array of prod#cts that are fle0ible and tailor $ade to s#it indi%id#al c#sto$er re5#ire$ents and risk appetites. !s a res#lt- U+,2S acco#nt for C( to )(E of the total new b#siness of $ost of the pri%ate ,ns#rance co%ers with better ret#rns. Unit Tr#st of the first to la#nch the U+,2 in ,ndia in the years :)C:- by enterin" into a "ro#p ,ns#rance arran"e$ents with life ins#rance corporation of ,ndia to pro%ide life ,ns#rance co%er to its in%estors. Th#s UT, as a $#t#al f#nd was takin" care of in%estin" the #nit holder@s $oney in the capital $arkets while +,? was pro%idin" the re5#ired life co%er. With ad%anced s#pport of co$p#tin" technolo"y and the ad%ent of o%erseas ins#rers- Sophisticated U+,2S ha%e e%ol%ed in ,ndia.

What to look for in an ,n%est$ent

S G Safety + G +i5#idity R G Ret#rns. S is the so#ndness of the ins#rer to repay the principal a$o#nt alon" with the interest there of on the d#e dates Hi"her the safety- lower the ret#rns. +is the 5#ickness with which yo# can co%ert yo#r in%est$ent into cash. Hi"her the li5#idity- lower the ret#rns.

Ris the inco$e that one earns on in%est$ent by way of interest- di%ided reali9ed capital "ains- #nreali9ed appreciation. Hi"her the Risk- Hi"her the e0pected ret#rn

V!R,6US ,NVEST ENT 62T,6NS1

6NE7

!RKET1
at#re with in one year ?apital protected. +ow ret#rns < to BE. ini$#$ %olatility. Hi"h li5#idity. .ood for shortGter$ li5#idity.

?6R26R!TE *6N/S1
8i0ed $at#rity date. 2ro%ides re"#lar inco$e. arket price sensiti%e to interest. Rate and credit ratin" chan"es. Ret#rns hi"her than "o%ern$ent bonds. +ow li5#idity +ow %olatility

.6VERN ENT SE?UR,T,ES1

,ss#ed by centralK state "o%ern$ent. Ha%e fi0ed $at#rity dates ' to ;( years. 2ro%ide re"#lar inco$e.

2rincipal and ,nterest pay$ent. .#aranteed by .o%ern$ent. Hi"h li5#idity .#aranteed ret#rns B to HE.

EOU,T,ES1
No $at#rity dates. No "#arantee of ret#rns. Traded on stock e0chan"e. arket prices "o #p I down. /on@t pro%ide re"#lar inco$e. .ood for capital "rowth o%er a lon" ter$. Hi"h li5#idity. ?an deli%er :AG'(E ret#rns. 6%er lon"er ti$e hori9ons.

CHAPTER4)
"'&$# " %A+ F#A*& -$#.

THEORITICAL FRAME ;OR

Sales process1
! /0:e/ <-$1e// is a syste$atic approach for perfor$in" prod#ct or ser%ice sales. The reasons for ha%in" a sales process incl#de seller and b#yer risk $ana"e$ent- standardi9ed c#sto$er interaction in sales- and scalable re%en#e "eneration Specific steps or sta"es in a sales process %ary fro$ co$pany to co$pany b#t "enerally incl#de the followin" steps1 :. Sales lead '. O#alified prospect ;. Need identification <. 2roposal A. ?losin" B. /eal Transaction 8ro$ a sellerUs point of %iew- a sales process $ediates risk by sta"eG"atin" deals based on collection of infor$ation or e0ec#tion of proced#res that "ate $o%e$ent to the ne0t step. This controls seller reso#rce e0pendit#re on nonGperfor$in" deals. ,deally this also pre%ents b#yers fro$ p#rchasin" prod#cts they donUt need tho#"h s#ch a benefit re5#ires ethical intentions by the seller. *eca#se of the #ncertainty of this ass#rance- b#yers often ha%e a b#yin" or p#rchasin" process. ! for$ali9ed sales process is "enerally $ore co$$on for co$panies that either ha%e lar"e re%en#e risks that re5#ire syste$atic ass#rance of re%en#e "eneration andKor those that choose to #se a $ore cons#ltati%e sales approach 3e.". Sat#rn- ,* - HewlettG2ackard4. Strictly speakin"- e%en an effecti%e ad hoc or retail sales process can be described by steps of an ideal sales process tho#"h so$e of the steps $ay be e0ec#ted 5#ickly. 6ften a bad sales e0perience can be analy9ed and shown to ha%e skipped key steps. This is where a "ood sales process $ediates risk for both b#yer and seller. ! solid sales process also has the dra$atic i$pact of forecastin" acc#racy and predictability in re%en#e res#lts.

any co$panies de%elop their own sales processD howe%er- off the shelf %ersions are a%ailable fro$ co$panies s#ch as the ,$pro%ed 2erfor$ance .ro#p- H#thwaite ,nternational- and iller Hei$an. These pro%ide a c#sto$i9able process and a set of electronic tools that can be freestandin" or can be inte"rated if re5#ired with the co$panyUs S8!- ?R - or other opport#nity $ana"e$ent syste$

Sales lead1
! /0:e/ :e0d is the identity of a person or entity potentially interested in p#rchasin" a prod#ct or ser%ice- and represents the first sta"e of a sales process. The lead $ay ha%e a corporation or b#siness associated 3a *'* lead4 with the person3s4. Sales leads co$e fro$ either $arketin" lead "eneration processes s#ch as trade shows- direct $arketin"- ad%ertisin",nternet $arketin" or fro$ sales person prospectin" acti%ities s#ch as cold callin". 8or a sales lead to 5#alify as a sales prospect- or e5#i%alently to $o%e a lead fro$ the process step sales lead to the process sales prospect- 5#alification $#st be perfor$ed and e%al#ated. Typically this in%ol%es identifyin" by direct interro"ation the leadUs prod#ct applicability- a%ailability of f#ndin"- and ti$e fra$e for p#rchase. This is also the entry point of a sales t#nnel- sales f#nnel or sales pipeline. 6nce a 5#alified lead e0ists- additional operations $ay be perfor$ed s#ch as back"ro#nd research on the leadUs e$ployer- "eneral $arket of the lead- contact infor$ation beyond that pro%ided initially or other infor$ation #sef#l for contactin" and e%al#atin" a lead for ele%ation to prospect- the ne0t sales step. ,f a sales lead e%ent#ally $akes a p#rchase- this is called con%ersion and a closed sale. The ratio of sales leads that con%ert is often referred to as the con%ersion rate- a way to $eas#re the effecti%eness of a sales process- sales tea$- or sales person.

OU!+,8,E/ 2R6S2E?T1

There is $#ch debate in the sales profession as to what constit#tes an act#al V5#alifiedV prospect. ost sales professionals apply their own #ni5#e set of %ariables in order to deter$ine whether a prospect is act#ally V5#alified.V ,n "eneral ter$s- sales professionals need to know a set of discrete data in order to deter$ine whether or not the VprospectV will beco$e 5#alified. These %ariables $ay incl#de1 b#siness needs- a#thori9ation to transact b#siness 3financial or operational4- $oney or b#d"et and an Vecono$ic b#yerV or in other words- who wo#ld stand to benefit the $ost 3or lose the $ost4 if the "ood or ser%ice were to be ac5#ired 3or not ac5#ired4. ,n ind#strial $arketin" a 5#alified prospect is an or"ani9ation which has e0pressed the need for the prod#cts or ser%ices of the seller. !nother s#bject in the b#yin" process is #s#ally referred to as either an Vinfl#encerV or a Vsabote#rV- so$eone who- altho#"h not the financial or operational a#thority- e0ercises a si"nificant le%el of internal control or le%era"e in the b#yin" process.

NEE/ ,/ENT,8,?!T,6N1
,n the art of sellin"- Need ide,ti2i10ti$, is one sta"e in a se%en sta"e personal sellin" process The f#ll Sellin" 2rocess consists of Se%en Sta"es 1

:G preapproach ' Gapproach ; Gneed identification < Gpresentation A Ghandlin" objections B Gclosin" the sale C GpostGsale followG#p.

2R626S!+1

bu/i,e// <-$<$/0: is a written offer fro$ a seller to a prospecti%e b#yer. *#siness proposals are often a key step in the co$ple0 sales processGGi.e.- whene%er a b#yer considers $ore than price in a p#rchase.

?o$ponents of ! 8or$ally Solicited 2roposal1

:. Re5#ire$ents atri0- which $atches c#sto$er re5#ire$ents with the para"raph and pa"e n#$bers of where those re5#ire$ents are addressed in the proposal '. E0ec#ti%e S#$$ary- which o#tlines the pri$ary benefits of the %endorsUs sol#tions to the c#sto$erUs re5#ire$ents ;. Technical Vol#$e- which de$onstrates how each re5#ire$ent will be $et <. ana"e$ent Vol#$e- which describes how the pro"ra$ will be $ana"ed sched#les A. ?ost Vol#$e- which pro%ides all costin" data- as well as i$ple$entation plans and

?o$ponents of !n ,nfor$ally Solicited *#siness 2roposal1

:. ! description of the sellerUs capabilities or prod#cts '. ! disc#ssion of key iss#es ;. ! description of the b#yerUs specifications and how they will be $et <. The cost of the offerin" A. ! sched#le for deli%ery of the prod#cts or ser%ices B. 2roof of prior e0perience i.e. Testi$onials fro$ pre%io#s c#sto$ers- 2roject descriptions of pre%io#s projects

?+6S,N.1
C:$/i,# is a sales ter$ which refers to the process of $akin" a sale. The sales sense sprin"s fro$ real estate- where closin" is the final step of a transaction. ,n sales- it is #sed $ore "enerally to $ean achie%e$ent of the desired o#tco$e- which $ay be an e0chan"e of $oney or ac5#irin" a si"nat#re. Salespeople are often ta#"ht to think of tar"ets not as stran"er b#t rather as prospecti%e c#sto$ers who already want or need what is bein" sold. S#ch prospects need only be Vclosed.V

V?losin"V is distin"#ished fro$ ordinary practices s#ch as e0plainin" a prod#ctUs benefits or j#stifyin" an e0pense. ,t is reser%ed for $ore artf#l $eans of pers#asion- which so$e co$pare with confidence tricks. 8or e0a$ple- a sales$an $i"ht $ention that his prod#ct is pop#lar with a personUs nei"hbors- knowin" that people tend to follow percei%ed trends. ,n a#to$obile dealerships- a VcloserV is often a senior sales$an e0perienced in closin" diffic#lt deals.

/E!+ TR!NS!?T,6N1
The de0: t-0,/01ti$, is the h#b of "lobal co$$erce. ! deal transaction is a #ni5#e e%ent where $oney e0chan"es hands in ret#rn for a prod#ct or ser%ice. The =transaction e0perience> is the b#yin"- sellin"- and $arketin" cycle defined as the preG and postGeffects of that #ni5#e sale. The transaction itself holds a key position as the h#b of co$$erce. Each sale is identified and handled separately as a #ni5#e transaction e0perience. Each ti$e a si"nat#re is pro%ided by the b#yer- and a sale is cons#$$ated by the b#yin" or"ani9ation- a sin"le transaction has occ#rred- b#t the transaction e0perience $ay only be half way o%er.

,NSUR!N?E S!+ES 2R6?ESS1 This co#rse describes the i$portance of personal sellin" for ins#rance co$panies and the steps incl#ded in the ins#rance sales process. ,t also describes the beha%iors that c#sto$ers e0hibit when $akin" p#rchase decisions and the steps in the p#rchase decision process. 6ther i$portant topics described in this co#rse incl#de $ethods of identifyin"- contactin"- and 5#alifyin" prospecti%e c#sto$ers- and the ways in which ins#rance prod#cers "ather infor$ation- analy9e c#sto$er needs- and prepare proposals to $eet those needs.

Usin" The New ,ns#rance Sales 2rocess 1

Now with ' years e0perience of the 8S! ,ns#rance re"#lation we ha%e #ndertaken a total re%iew of the ,ns#rance Sales process in Ho$e *#yer. Whilst the ori"inal process has ser%ed o#r c#sto$ers well and let@s re$e$ber that Ho$e *#yer is the only syste$ that pro%ides an ,ns#rance Sales syste$- it was ti$e to re%iew it. !s sho#ld be apparent to all of o#r c#sto$ers- we are constantly lookin" to add facilities yo# want or need and spend a lot of ti$e with c#sto$ers findin" o#t what we need to do. ,n re%iewin" the ins#rance sales process we ha%e worked with $any c#sto$ers who ha%e considerable e0perience in ins#rance sales. There are too $any to $ention b#t we are %ery "ratef#l to each and e%eryone. This %ery $#ch typifies the spirit that Ho$e *#yer c#sto$ers ha%e en"endered- of all wantin" to $ake contrib#tions that better the syste$ for the "ood of the$sel%es and e%eryone else #sin" it. We belie%e that the new %ersion that we now present to yo# represents a $ajor i$pro%e$ent and will $ake this process $#ch 5#icker as well as pro%idin" a better presentation to yo#r c#sto$ers.

! .#ide to Usin" the ,ns#rance Sales 2rocess 1

The ,ns#rance sales process p#lls in all the rele%ant details fro$ the 8act find so that when yo# arri%e yo# already ha%e the infor$ation yo# will need.

The process is di%ed into < sta"es1

: : : : :. !ffordability '. /e$ands ;. Needs <. Enter So#rced 2olicies

:. !ffordability
When yo# arri%e at the ins#rance screen the total = onthly /isposable ,nco$e> the c#sto$er has will be displayed. onthly /isposable ,nco$e

preGcalc#lated fro$ 8act find ,np#t the a$o#nt of disposable inco$e that can be #sed !$o#nt +eft to spend will red#ce when prod#ct sale a"reed the syste$ then re5#ires that yo# ask the c#sto$er how $#ch of this they can afford to spend on protectin" the$sel%es and their ho$e. The fi"#re is entered in the field $arked =How ,ns#rance 2re$i#$s. #ch can yo# afford to spend on

'. /e$ands
The de$ands section will ha%e calc#lated fi"#res that show ideally the le%el of co%er the c#sto$er needs for each of the risks they and there ho$e are potentially liable to. ,f yo# click the li"ht bl#e b#tton on any of the different protection types a window will open that shows yo# how the fi"#res ha%e been calc#lated. ,t also allows yo# to enter additional infor$ation.

;. Needs
The Needs section allows yo# to record whether yo#r c#sto$er intends to follow yo#r reco$$endation or not. ,f they do it $i"ht be that they a"ree with takin" o#t protection for that risk b#t not at the le%el yo# ha%e ad%ised. The syste$ reco"ni9es this and yo# can record the le%el of co%er the c#sto$er wants. The c#sto$er $i"ht also decide they do not want or cannot afford the co%er and this is catered for too.

<. Enter So#rced 2olicies

6nce it has been decided that the c#sto$er is "oin" to be takin" o#t ins#rance then in Section < yo# can so#rce it. To do this click on the rele%ant so#rcin" b#tton in the section titled =,ns#rance O#ote>. When yo# ha%e selected the prod#ct that yo# are "oin" to be reco$$endin" yo# click the =!dd 2olicy> b#tton. When yo# do yo# will "et the followin" screen- which allows yo# to enter the details of the reco$$ended policy. 6nce yo# ha%e added the$- click on the S#itability Tab and add yo#r co$$ents to yo#r c#sto$er that e0plain why this prod#ct is s#itable for the$. !"ain as in the =Needs> section yo# can sa%e yo#r para"raphs. 2lease see that section for instr#ctions on how to do it. Then yo# do the sa$e for !ffordability- which has been calc#lated in section : for yo# to check. Then if the policy has any E0cl#sions or conditions on clai$s yo# sho#ld enter the$ in the =E0cl#sion and ?lai$s> section. 7o# then click the =?ontin#e> b#tton when this section is co$pleted. The policy will then be record as shown below. To "o back into the details yo# do#ble click on the co$pany na$e and it will brin" the window #p for yo#. 7o# now "o on and repeat this for all the prod#cts that the c#sto$er is "oin" to effect.

CHAPTER4(
DA"A !"&#P#&"A" $!

:. !nalysis based on those who are #sin" ,ns#rance policy of ,N.

TABLE4* Sl.No :. '. ;. Response 7es No Total Respondents A :(A ::( 2ercenta"e <.AAE )A.<AE :((E

!N!+7S,S I

yes n o

,NTER2RET!T,6N1

8ro$ the abo%e "raph we can notice that o#t of ::( c#sto$ers only A i.e. <.AAE of c#sto$ers only ins#red and )A.<AE of c#sto$ers are not ins#red in ,n" Vysya +ife ,ns#rance ?o$pany. There are se%eral co$panies are established at here so to i$pro%e the c#sto$ers in ,N. life ins#rance it sho#ld offers $ore benefits to c#sto$ers.

'. !nalysis based on awareness of ,N. Vysya +ife ,ns#rance ?o$pany

TABLE4% Sl.No :. '. ;. Response 7es No Total Respondents <( C( ::( 2ercenta"e ;B.;BE B;.B<E :((E

yes no

!N!+7S,S I ,NTER2RET!T,6N1
6#t of ::( c#sto$ers- ;B.;BE of c#sto$ers are aware of ,N. Vysya +ife ,ns#rance and the re$ainin" B;.B<E of c#sto$ers are #naware of ,N. Vysya life ,ns#rance. The ,N. life ins#rance was not pop#lar in so$e towns- r#ral areas I #rban areas.

;. !nalysis based on so#rce of awareness abo#t ,N. Vysya +ife ,ns#rance ?o$pany
TABLE46 Sl.No :. '. ;. <. A. Response 8riends !"ents Relati%es !d%ertise$ent Total Respondents 'A ;A 'A 'A ::( 2ercenta"e ''.C;E ;:.H:E ''.C;E ''.C;E :((E

35 30 25 20 15 10 5 0 Friends Agents Relatives Advertisments

,NTER2RET!T,6N1
6#t of ::( c#sto$ers- ''.C;E of c#sto$ers are aware thro#"h 8riends- ;:.H:E of c#sto$ers are aware thro#"h !"ents- ''.C;E of c#sto$ers are aware thro#"h Relati%es and re$ainin" ''.C;E c#sto$ers are aware thro#"h !d%ertise$ent ,t is necessary to i$pro%e the ad%ertise$ents to know the people abo#t ,N. %ysya. !"ents also need to cond#ct se$inars for c#sto$ers.

<. !nalysis based on interested in takin" plans

TABLE4) Sl.No :. Response Traditional 3+on" ter$4 odern 3Short ter$4 Total Respondents BC 2ercenta"e B(.):E

'. ;.

<; ::(

;).()E :((E

70 60 50 40 30 20 10 0 Traditional(long term) ULIP( !ort"term

,NTER2RET!T,6N1
6#t of ::( c#sto$ers- B(.):E of c#sto$ers are interested in takin" traditional plans and the re$ainin" ;).()E of c#sto$ers are interested in takin" U+,2S plan. The f#nd %al#e is $ore on the lon" ter$ plan co$parin" to short ter$ plan. The $at#rity benefits also are $ore on lon" ter$ co$parin" to short ter$ plan.

A. !nalysis based on a$o#nt afford to take ,ns#rance policy per ann#$

Sl.No :. '. ;. <. A.

60 50 40 30 20 10 0

TABLE4( Response Respondents :(-((( '(-((( ;(-((( ore than <(-((( Total A' ;' :C ) ::(

2ercenta"e <C.'CE ').:E :A.<AE H.:HE :((E

10000 20000 30000 40000#more

,NTER2RET!T,6N1
6#t of ::( c#sto$ers- <C.'CE of c#sto$ers are payin" :(((( for their prod#ct').:E of c#sto$ers are payin" '(((( for their prod#ct- :A.<AE of c#sto$ers are payin" ;(((( for their prod#ct and the re$ainin" H.:HE of c#sto$ers are payin" $ore than <(((( for their prod#ct. a0i$#$ n#$ber of people prefers less a$o#nt e%en it has less ret#rns co$pares to the <(((( pre$i#$. ,t is reasonable accordin" to yearly pre$i#$. ore than <(((( is so lar"e a$o#nt e%en it has hi"h ret#rns accordin" to econo$ical standards of so$e peoples. So less people sho#ld prefer this pre$i#$.

B. !nalysis based on $ode of ter$ pay$ent of pre$i#$

TABLE4=

Sl.No :. '. ;. <. A.

Response onthly O#arterly HalfG yearly 7early Total

Respondents ;( '( 'A ;A ::(

2ercenta"e 'C.'CE :H.:HE ''.C;E ;:.H'E :((E

30 25 20 15 10 5 0 $earl% &al'(%earl% )*arterl% +ont!l%

INTERPRETATION9 6#t of ::( c#sto$ers- 'C.'CE of c#sto$ers prefer $onthly $ode of pay$ent:H.:HE of c#sto$ers prefer 5#arterly $ode of pay$ent- ''.C;E of c#sto$ers prefer half yearly $ode of pay$ent and the re$ainin" ;:.H'E of c#sto$ers prefer yearly $ode of pay$ent. ost of the b#siness people sho#ld prefer the yearly pre$i#$. a0i$#$ n#$ber of job holders sho#ld prefer the $onthly pre$i#$ beca#se it is easy to pay for the$ when they recei%e $onthly salary.

C. !nalysis based on $ethod of pay$ent

TABLE4C Sl.No :. '. ;. Response ?ash ?redit card ?he5#e Total Respondents << 'B <( ::( 2ercenta"e <(E ';.B<E ;B.;BE :((E

45 40 35 30 25 20 15 10 5 0 ,as! ,redit"-ard ,!e.*e

,NTER2RET!T,6N1
6#t of ::( c#sto$ers- <(E of c#sto$ers prefer cash $ethod of pay$ent- ';.B<E of c#sto$ers prefer credit card $ethod of pay$ent and the re$ainin" ;B.;BE of c#sto$ers prefer che5#e $ethod of pay$ent. The $a0i$#$ respondents prefer cash pay$ent beca#se it is %ery co$fortable to the$.

Each and e%ery person didn@t #se credit cards and che5#e books.

H. !nalysis based on the interest of people to takin" children plan of ,N. Vysya +ife ,ns#rance
TABLE4'

Sl.No :. '. ;.

Response 7es No Total

Respondents C' ;H ::(

2ercenta"e BA.<AE ;<.AAE :((E

%es no

!N!+7S,S I ,NTER2RET!T,6N1
6#t of ::( c#sto$ers- ;<.AAE of c#sto$ers responded they need health plans and the re$ainin" BA.<AE of c#sto$ers responded they don@t need health plan.

The life ins#rance plan e%en it is %ery #se f#ll to children@s also $a0i$#$ respondents are #sin" for their children@s.

). !nalysis based on interest of people in takin" retire$ent plans of ,N. Vysya +ife ,ns#rance
TABLE4B Sl.No :. '. Response 7es No Total Respondents <C B; ::( 2ercenta"e <'.C;E AC.'CE :((E

70 60 50 40 30 20 10 0 $es /o

,NTER2RET!T,6N1
6#t of ::( c#sto$ers- <'.C;E of c#sto$ers responded they need retire$ent plans and the re$ainin" AC.'CE of c#sto$ers responded they don@t need retire$ent plans.

The retire$ent plan e%en it is %ery #se f#ll to retired peoples also the $a0i$#$ respondents are not #sin" beca#se the $any co$petitors are offerin" so$e $ore benefits to this plan. So it is necessary to attract the retired people.

:(. !nalysis based on kinds of policies which wo#ld people prefers to take
TABLE4*& Sl.No :. '. ;. <. Response ?hildren 2lan 2ension 2lan Safal &ee%an 2lan U+,2 2lan Total Respondents <( :' 'A ;; ::( 2ercenta"e ;B.;BE :(.)(E ''.C<E ;(E :((E

40 35 30 25 20 15 10 5 0 ULIP"Plan a'al"0eevan"Plan Pension"Plan ,!ildren"Plan

!N!+7S,S I ,NTER2RET!T,6N1
6#t of ::( c#sto$ers- ;B.;BE of c#sto$ers are interested to take children plans:(.)(E of c#sto$ers are interested to taken 2ension 2lans- ''.C<E of c#sto$ers are taken Safal &ee%an 2lans and re$ainin" ;(E of c#sto$ers are taken U+,2 plans.

The n#$ber of people prefers the children@s plan beca#se it has $ore ret#rns and benefits and also it is a lon" ter$ plan.

:: !nalysis based on the s#$ of a$o#nt yo# are ready to in%est for child ins#rance
TABLE4** Sl.No :. '. ;. <. A. Response :(-(((G'(-((( '(-(((G;(-((( ;(-(((G<(-((( ore than <(-((( Total Respondents A; '' 'A :( ::( 2ercenta"e <H.:HE '(E ''.C;E ).()E :((E

60 50 40 30 20 10 0 101000(201000 201000(301000 301000(401000 +ore"t!an"401000

!N!+7S,S I ,NTER2RET!T,6N1 6#t of ::( c#sto$ers- <H.:HE of cons#$ers are interested to in%est :((((G'(((( for their child- '(E of c#sto$ers are interested

To in%est '((((G;(((( for their child- ''.C;E of c#sto$ers are interested to in%est ;((((G <(((( for their child and the re$ainin" ).()E of c#sto$ers are interested to in%est $ore than <(((( for their child The $a0i$#$ n#$ber of respondents is interested to in%est fewer a$o#nts for their children@s beca#se they satisfy with that a$o#nt for their children@s ins#rance.

:'. !nalysis based on the people who are #sin" the n#$ber of plans in ,N. ,ns#rance policy
TABLE4*%

Sl.No :. '. ;. <. A.

Response 6ne Two Three ore than 8o#r Total

Respondents B; '' :A :( ::(

2ercenta"e AC.'CE '(E :;.B<E ).()E :((E

70 60 50 40 30 20 10 0 2ne T3o T!ree +ore"t!an"Fo*r

!N!+7S,S I ,NTER2RET!T,6N1

6#t of ::( c#sto$ers- AC.'CE of c#sto$ers ha%e taken one policy- '(E of c#sto$ers ha%e taken two policies- :;.B<E of c#sto$ers ha%e taken three policies and the re$ainin" ).()E of c#sto$ers ha%e taken $ore than fo#r policies.

:;. !nalysis based on the total s#$ ass#red for yo#r life

TABLE4*6 Sl.No :. '. ;. <. A. Response : laksh ' +aksh ; +aksh ore than < +aksh Total Respondents <H ;( :H :< ::( 2ercenta"e <;.B;E 'C.'CE :B.;BE :'.'<E :((E

50 40 30 20 10 0 1la4s! 2la4s! 3la4s! 4la4s! 3(5",ol*mn"1

!N!+7S,S I ,NTER2RET!T,6N1
6#t of ::( c#sto$ers- <;.B;E of c#sto$ers ins#red for total s#$ of :lakh'C.'CE of c#sto$ers ins#red for total s#$ of 'lakh- :B.;BE of c#sto$ers ins#red for total s#$ of ;lakh- and :'.'<E of c#sto$ers ins#red for total s#$ $ore than <lakh. The $a0i$#$ n#$ber of people was payin" :(((( pre$i#$s so :laksh s#$ ass#red holders are $ore.

CHAPTER4=
F !D !,(/ (U,,&(" $!(

FINDINGS
The findin"s of the st#dy are ost of the people are interested to ins#re policies b#t they are not aware of ins#rance policies. ost of the people were not yet ins#red any plans. ost of the clients were not aware of ,N. V7S7! +,8E ,NSUR!N?E. !d%ertisin" re"ardin" ,N. V7S7! is not #p to the $ark. ?#sto$ers are not so interested in takin" Short ter$ plans and $any of the$ are interested in takin" Traditional plans. ?#sto$ers ins#red '((((KG and ;((((KG plans were less to that of the :((((KG plans. +ar"e no. of c#sto$ers prefer yearly $ode of pay$ent. ost of the c#sto$ers are not interested in takin" ?hildren plans. ?#sto$ers who ins#red : lakh plan are lar"e in n#$ber to that of the ' lakh and ; lakh policy holders.

ost of the c#sto$ers are not interested to prefer Retire$ent plans.

SUGGESTIONS

,N. Vysya +ife ,ns#rance ?o$pany has to i$ple$ent children policies. So that in lon" ter$ it will "i%e $ore benefits which is less of risk.

,N. Vysya +ife ,ns#rance ?o$pany sho#ld take the $eas#res of awareness thro#"h ad%ertise$ents and news papers etc.-

,N. Vysya +ife ,ns#rance ?o$pany pro%ides proper trainin" in sellin" pro$otin" ins#rance b#siness.

,N. Vysya +ife ?o$pany $#st ha%e to "i%e the $ore i$portance to the ,ns#rance plans which are in yearly $ode of pay$ent.

,N. Vysya +ife ?o$pany has to brin" awareness in the people re"ardin" ,ns#rance. ,N. Vysya +ife ?o$pany has $#st introd#ce $ore +on" ter$ plans.

CONCLUSION
The co$pany can foc#s on $arketin" on pro$otional acti%ities to brin" in $ore c#sto$ers. ,t sho#ld keep the consistency and transparency in its $ana"e$ent and it $ay contin#e to "i%e the best res#lt keepin" in $ind the c#sto$ers objecti%e in $akin" their in%est$ent. ost of the c#sto$ers are satisfied with the ret#rn obtained thro#"h life ins#rance. ,N. V7S7! +ife ,ns#rance offers fle0ibility and choice to "o with e%ery sta"e of life. ,N. Vysya +ife ,ns#rance ?o$pany has attained "ood awareness thro#"h $edia ad%ertise$ents.

ANN !U" # BIB$I%&"A'()

EUESTIONNAIRE
:. /o yo# ha%e any ins#rance policyF a4 7es b4 No

'. !re yo# aware of ,N. Vysya +ife ,ns#rance ?o$panyF a4 7es b4 No

;. How yo# ca$e to know abo#t ,N. Vysya +ife ,ns#rance ?o$panyF a4 8riends b4 !"ent c4 Relati%es <. What kind of plans do yo# preferF a4 Traditional 3+on" ter$4 b4 U+,2S 3short ter$4 d4 !d%ertise$ent

A. What type of $ode of pay$ent do yo# preferF a4 onthly b4 O#arterly c4 Half yearly d4 7early

B. Which $ethod of pay$ent do yo# preferF a4 ?ash C. How $#ch ?o$panyF a4 :(-((( b4 ?redit card c4 ?he5#e oney yo# are payin" to yo#r prod#ct in ,N. Vysya +ife ,ns#rance b4 '(-((( c4 ;(-((( d4 $ore than<(- (((

H4 ,s there any need for yo# to take health 2lansF a4 7es b4 No

)4 !re yo# interested in takin" retire$ent plansF a4 7es b4 No

:(4 /o yo# ha%e any ,ns#rance for yo#r childF a4 7es b4 No

::4 How $#ch $oney yo# are ready to in%est for yo#r child ins#ranceF a4 :(-((( b4 '(-((( c4 ;(-((( d4 ore than <(-(((

:'4 How $any plansK policies yo# ha%e takenF a4 6ne b4 Two c4 Three d4 8o#r

:;4 What is the total s#$ ass#red of yo#r lifeF a4 :lakh b4 ' lakh c4 ; lakh d4 < lakh

BIBLIOGRAPHY
B$$A/ 0,d 0ut.$-/9
P-i,1i<:e/ $2 M0-Aeti,#. 1 2hilip Kotler I .ary !r$stron"1 :(th Edition New /elhi.

2rentice Hall of ,ndia '((;.

Re/e0-1. Met.$d$:$#y9 2earson *#siness Research ethods - Ninth Edition

;eb Site/9

*! @@@!#$$#:e!1$m %! @@@!i,#?y/y0:i2e!1$m 6! @@@!i,/u-0,1e!i,di0!1$m

4. www.irdaindia.com 5. www.wikipedia.com