PROJECT

ON [MARKET POTENTIAL OF TATA AIG LIFE INSURANCE

IN PATHANAMTHITTA]

A report submitted in partial fulfillment of the requirements of THE B.COM PROGRAM

SUBMITTED TO

SUBMITTED BY

DR. SANJAY SHRIVASTAVA CAMPUS HEAD INC GWALIOR

MANESH MANOHAR 8NBGR024

MR. K.S. RATHOR FACULTY SUPERVISOR INC GWALIOR

CERTIFICATE

This is to certify that this Management Thesis Report Submitted in partial fulfillment of the requirement for the award of Master of Business Administration of ICFAI ni!ersity is a bona fide record of original word done by Amit "apasiya# $nrollment no %&B'R()*

+ate, -lace,

Signature of faculty ICFAI &ational College

DECLARATION

.e hereby declare that pro/ect wor0 on final report was carried out by us under the guidance of Mr1 "1S1 Rathore 2Faculty Super!isor3 ICFAI &ational College Study pro/ect wor0 is an original one and has not been submitted earlier either to this uni!ersity or any other institution for fulfillment of the course1

2Amit "apasiya3 ICFAI National Colle e

ACKNOWLEDGEMENT

This pro/ect has greatly been a collaborati!e effort1 I ta0e this opportunity to than0 all who ha!e helped in the preparation and successful completion of this pro/ect wor01 I oblige by deep sense of gratitude to the management of Tata Aig 4ife Insurance ltd -athanamthitta for their 0ind consent gi!en to me to underta0e in the organi5ation1 I e6press my deep re!erences and sincere than0s to M!. M. S. Rat"o!e# for his reference to get the pro/ect in Tata Aig 4ife Insurance 4td1 I e6press my deep re!erences and sincere than0s to M!. Ma"en#!a Mana e! of Tata Aig 4ife Insurance In 'walior branch for their ad!ice and super!ision of this pro/ect report and all other e6ecuti!es and the staff in Tata Aig 4ife Insurance 4td who ha!e participated and supported in this study sparing their most !aluable time and also for reaching to me in the most positi!e way in gi!ing me the required information1 I e6press my sincere than0s and deep sense of gratitude to faculties and to the management of INC Colle e$ G%alio! for their 0ind cooperation and encouragement1 4ast but not least I would li0e to than0 my &!ien#' for their support to complete my pro/ect report1

2AMIT "A-ASI7A3

TABLE ( CONTENT

PREFACE E)ECUTIVE SUMMARY CHAPTER * 818 CHAPTER 81) 81: *18 81* *1) 81; *1: 81< *1* CHAPTER + *1; )18 CHAPTER . )1) ;18 )1: ;1) )1* CHAPTER / CHAPTER , <18 :18 <1) :1) :1: :1* :1; :1< INTRODUCTION TO INSURANCE I&TR9+ CTI9& INTRODUCTION F &CTI9&TO 9F THE 4IF$ RESEARCH I&S RA&C$ STUDY 4IF$ I&S RA&C$ 9B>$CTI?$ 9F T=$ -R9>$CT R94$ 9F I&S RA&C$ +ATA A&A47SI&' IM-9RTA&T 9F I&S RA&C$ M$T=9+949'7 I&S RA&C$+$SI'&I&' C7C4$ A $STI9&AIR$ INTRODUCTION TO INDIAN INSURANCE 4IMITATI9& 9F T=$ ST +7 INDUSTRY I&+IA& I&S RA&C$ I&+ STR7 RECOMMENDATION ( BENIFIT A R$C9MM$&+ATI9& BRI$F =IST9R7 9F I&S RA&C$ S$CT9R T9 T=$ C9M-A&7 =9. BI'T9 I&S RA&C$ MAR"$T IS S B$&$FITS T=$ C9M-A&7 A&+ I&+IA& SC$&$RI9 CONCLUSION ( REFRENCE INTRODUCTION TATA AIG C9&C4 OF SI9& TATA 'R9 R$F$R$&C$ TATA 'R9 - I& I&S RA&C$ 0UESTIONAIRE AI' T=$ >9I&T ?$&T R$ AB9 T T=$ TATA AI' 9R'A&I@ATI9& 9F TATA AI'

PREFACE

The liberali5ation of the Indian insurance sector has been the sub/ect of much heated debate for some years1 The policy ma0ers where in the catch )) situation wherein for one they wanted competition# de!elopment and growth of this insurance sector which is e6tremely essential for channeling the in!estments in to the infrastructure sector1 At the other end the policy ma0ers had the fears that the insurance premium# which are substantial# would seep out of the countryB and wanted to ha!e a cautious approach of opening for foreign participation in the sector1 As one of the rare occurrences the entire debate was put on the bac0 burner and the IR+A saw the day of the light than0s to the maturing polity emerging consensus among factions of different political parties1 Though some changes and some restricti!e clauses as regards to the foreign participation were included the IR+A has opened the doors for the pri!ate entry into insurance1 .hether the insurer is old or new# pri!ate or public# e6panding the mar0et will present multitude of challenges and opportunities1 But the 0ey issues# possible trends# opportunities and challenges that insurance sector will ha!e still remains under the realms of the possibilities and speculation1 .hat is the li0ely impact of opening up IndiaCs insurance sectorD The large scale of operations# public sector bureaucracies and cumbersome procedures hampers nationali5ed insurers1 Therefore# potential pri!ate entrants e6pect to score in the areas of customer ser!ice# speed and fle6ibility1 They point out that their entry will mean better products and choice for the consumer1 The critics counter that the benefit will be slim# because new players will concentrate on affluent# urban customers as foreign ban0s did until recently1 This seems to be a logical strategy1 StartEup costsEsuch as those of setting up a con!entional distribution networ0Eare large and highEend niches offer better returns1 =owe!er# the middleE mar0et segment too has great potential1 Since insurance is a !olumes game1 Therefore# pri!ate insurers would be best ser!ed by a middleEmar0et approach# targeting customer segments that are currently untapped1

E)ECUTIVE SUMMARY

This pro/ect has been a great learning e6perience for meB at the same time it ga!e me enough scope to implement my analytical ability1 Tata 'roup is one of the IndiaFs largest and most respected business groups1 Tata 'roupFs name is synonymous with IndiaFs industriali5ation1 Tata AI' Insurance Solutions is one of the leading insurance companies that pro!ide both life insurance as well as general insurance1 This pioneer company is a /oint collaboration between the American International 'roup# Inc1 2AI'3 and Tata 'roup1 They own the company in the ratio of )<,G*1 It is a leading financial institution that has car!ed a niche for itself all o!er the world1 Tata AI' Insurance Company is ha!ing different insurance policies1 At the end of the pro/ect people will be 0nowledgeable about !arious insurance organi5ations and different products ta0ing into considerations hundred sample si5es in -athanamthitta city1 -ro/ect is on the mar0et potential study of Tata AI' Insurance Company in -athanamthitta city1 To get to 0now a questionnaire has been prepared which contains open ended and close ended questions1 Firstly pilot study has been done through hundred questionnaires1 For collecting the data field sur!ey method# personal inter!iew technique has been used1 Secondary data has been collected from the company1 The data collected are represented into suitable tabular forms for drawing inferences1 Auantitati!e techniques li0e a!erages# percentages# range# twoEway tables# chiE square tests analysis has been applied as per the requirement1 The le!el of preference# perception of the customers about the product and company were identified by means of a scoring scheme1 For the representation of data !arious charts and graphs are used as per requirement1

CHAPTER * INTRODUCTION TO INSURANCE *.*. INTRODUCTION

HInsurance is a contract between two parties whereby one party called insurer underta0es in e6change for a fi6ed sum called premiums# to pay the other party called insured a fi6ed amount of money on the happening of a certain e!ent1H Insurance may be described as a social de!ice to reduce or eliminate ris0 of life and property1 nder the plan of insurance# a large number of people associate themsel!es by sharing ris0# attached to indi!idual1 .ith the help of Insurance# large number of people e6posed to a similar ris0 ma0es contributions to a common fund out of which the losses suffered by the unfortunate few# due to accidental e!ents# are made good1 Insurance is a tool by which fatalities of a small number are compensated out of funds collected from plenteous1 'radually as competition increased benefits gi!en by industry to its customers increased by leaps and bounds1 Insurance is a basic form of ris0 management which pro!ides protection against possible loss to life or physical assets1 -erson who see0s protection against such loss is termed as insured# and company that promises to honor claim# in case such loss is actually incurred by insured# is termed as Insurer1 In order to get insurance# insured is required to pay to insurance company a certain amount called premium1 -remium is collected by insurance companies which acts as trustee to pool created through contributions made by persons see0ing to protect themsel!es from common ris01 Any loss to the insured in case of happening of an uncertain e!ent is paid out of this pool1 Insurance business is di!ided into four classes, 4ife Insurance Fire Marine Miscellaneous Insurance1 Insurance pro!ides, -rotection to in!estor1 Accumulation of sa!ings1 Channeling these sa!ings into sectors needing huge long term in!estment1

*.+. FUNCTION OF INSURANCE1 P!o2i#e 3!ote4tion1 The primary function of insurance is to pro!ide protection against future ris0# accidents and uncertainty1 Insurance cannot chec0 the happening of the ris0# but can certainly pro!ide for the losses of ris01 Insurance is actually a protection against economic loss# by sharing the ris0 with others1 Colle4ti2e 5ea!in o& !i'61 Insurance is an instrument to share the financial loss of few among many others1 Insurance is a mean by which few losses are shared among larger number of people1 All the insured contribute the premiums towards a fund and out of which the persons e6posed to a particular ris0 is paid1 A''e''7ent o& !i'61 Insurance determines the probable !olume of ris0 by e!aluating !arious factors that gi!e rise to ris01 Ris0 is the basis for determining the premium rate also1 P!o2i#e 4e!taint81 Insurance is a de!ice# which helps to change from uncertainty to certainty1 Insurance is de!ice whereby the uncertain ris0s may be made more certain1 S7all 4a3ital to 4o2e! la! e! !i'61 Insurance relie!es the businessmen from security in!estments# by paying small amount of premium against larger ris0s and uncertainty1 Cont!i59te' to%a!#' t"e #e2elo37ent o& in#9't!ie'1 Insurance pro!ides de!elopment opportunity to those larger industries ha!ing more ris0s in their setting up1 $!en the financial institutions may be prepared to gi!e credit to sic0 industrial units which ha!e insured their assets including plant and machinery1 Mean' o& 'a2in ' an# in2e't7ent1 Insurance ser!es as sa!ings and in!estment# insurance is a compulsory way of sa!ings and it restricts the unnecessary e6penses by the insuredFs For the purpose of a!ailing incomeE ta6 e6emptions also# people in!est in insurance1 So9!4e o& ea!nin &o!ei n e:4"an e1 Insurance is an international business1 The country can earn foreign e6change by way of issue of marine insurance policies and !arious other ways1 Ri'6 &!ee t!a#e1 Insurance promotes e6ports insurance# which ma0es the foreign trade ris0 free with the help of different types of policies under marine insurance co!er1

*.,. LIFE INSURANCE1 4ife insurance is a contract under which the insurer 2Insurance Company3 in Consideration of a premium paid underta0es to pay a fi6ed sum of money on The death of the insured or on the e6piry of a specified period of time .hiche!er is earlier1 In case of life insurance# the payment for life insurance policy is certain1 The $!ent insured against is sure to happen only the time of its happening is not 0nown1 So life insurance is 0nown as #I4ife Assurance1 The sub/ect matter of insurance is life of human being1 4ife insurance pro!ides ris0 co!erage to the life of a person1 9n death of the person insurance offers protection against loss of income and compensate the titleholders of the policy1

*.-. ROLES OF THE LIFE INSURANCE1

Li&e in'9!an4e a' an in2e't7ent1 ; Insurance products yield more than any other in!estment instruments and it also pro!ides added incenti!es or bonus offered by insurance companies1 Li&e in'9!an4e a' !i'6 4o2e!1 ; Insurance is all about ris0 co!er and protection of life1 Insurance pro!ides a unique sense of security that no other form of in!est can pro!ide1 Li&e in'9!an4e a' ta: 3lannin 1 ; Insurance ser!es as an e6cellent ta6 sa!ing mechanism

*... IMPORTANCE OF THE LIFE INSURANCE1 P!ote4tion a ain't 9nti7el8 #eat"1 ; 4ife insurance pro!ides protection to the dependents of the life insured and the family of the assured in case of his untimely death1 The dependents or family members get a fi6ed sum of money in case of death of the assured1 Sa2in &o! ol# a e1 ; After retirement the earning capacity of a person reduces1 4ife insurance enables a person to en/oy peace of mind and a sense of security in hisJher old age1 P!o7otion o& 'a2in '1 ; 4ife insurance encourages people to sa!e money compulsorily1 .hen life policy is ta0en# the assured is to pay premiums regularly to 0eep the policy in force and he cannot get bac0 the premiums# only surrender !alue can be returned to him1 In case of surrender of policy# the policyholder gets the surrendered !alue only after the e6piry of duration of the policy1 Initiate' in2e't7ent'1 ; 4ife Insurance Corporation encourages and mobili5es the public sa!ings and canali5es the same in !arious in!estments for the economic de!elopment of the country1 4ife insurance is an important tool for the mobili5ation and in!estment of small sa!ings1 C!e#it %o!t"ine''1 ; 4ife insurance policy can be used as a security to raise loans1 It impro!es the credit worthiness of business1 So4ial Se49!it81 ; 4ife insurance is important for the society as a whole also1 4ife insurance enables a person to pro!ide for education and marriage of children and for construction of house1 It helps a person to ma0e financial base for future1 Ta: Bene&it1 ; nder the Income Ta6 Act# premium paid is allowed as a deduction from the total income under section %(C1

*./. INSURANCE CYCLE1

Poli48 Rene%al<C"an e O3tion'<A33li4ation1; The Insurance Cycle begins each year with the insurance offer1 Actuarial documents are published annually by the Ris0 Management Agency 2RMA31 The actuarial documents list the plan of insurance# crop# type# !ariety# and practice that may be insured in a state and county# and show the amounts of insurance# a!ailable insurance options# le!els of co!erage# price elections# applicable premium rates# and subsidy amounts1 The Special -ro!isions of Insurance list program calendar dates# and general and special statements which may further define# limit# or modify co!erage1 Sale' Clo'in <Can4ellation<Te!7ination Date'1E Insurance applications must be completed and signed no later than the sales closing date specified in the crop actuarial documents1 Applications signed after the crop sales closing date may be re/ected by the insurance pro!ider1 Insurance co!erage is continuous and can be cancelled by either the insurance pro!ider or the policyholder for the following crop year by pro!iding a written notice to the other party no later than the cancellation date specified in the crop policy1 For a policyholder insured the pre!ious crop year# any changes he or she wishes to ma0e to the policy co!erage must be made on or before the crop sales closing date1 The policy will automatically renew for the subsequent crop year unless the policyholder cancels the policy in writing on or before the crop cancellation date1 Insurance co!erage may be terminated by the insurance pro!ider for the following crop year for nonpayment of outstanding debt by pro!iding a written notice to the policyholder no later than the termination date specified in the crop policy1 The insurance pro!ider may terminate co!erage on a crop if no premium is earned for three consecuti!e years1

A44e3tan4e1;

pon receipt of a properly completed and timely submitted insurance application# the insurance pro!ider will accept and process the application# unless the applicant is determined to be ineligible under the contract or Federal statute or regulation1 The insurance pro!ider will issue a summary of co!erage and the appropriate policy documents to the applicant1 After the application is accepted# the policyholder may not cancel the policy for the initial crop year1 In'9!an4e Atta4"e'1 ; For annual crops# insurance attaches annually when planting begins on the insurance unit1 The crop must be planted on or before the cropFs published final planting date unless late or pre!ented planting pro!isions apply1 If pre!ented planting pro!isions apply# and the crop cannot be timely planted due to the causes specified in the crop pro!isions# such acreage may be eligible for a pre!ented planting payment1 A4!ea e Re3o!t'1; The policyholder must annually report for each insured crop in the county the number of insurable and uninsurable acres planted or pre!ented from being planted if pre!ented planting is a!ailable for the crop# the date the acreage was planted# share in the crop# the acreage location# farming practices used# and types or !arieties planted to the insurance pro!ider on or before the applicable acreage reporting date specified in the crop actuarial documents1 S977a!8 o& Co2e!a e1; The insurance pro!ider will process a properly completed and timely filed acreage report# and issue to the policyholder a summary of co!erage that specifies the insured crop# the insured acres and amount of insurance or guarantee for each insurance unit1 The policyholder may ma0e changes to the filed acreage report# if permitted by the insurance pro!ider1 P!e7i97 Billin 1; The annual premium is earned and payable at the time insurance co!erage begins1 The insurance pro!ider shall issue a premium billing based upon the information contained in the acreage report no earlier than the premium billing date specified in the crop actuarial documents1 The premium billing will specify the amount of premium and any administrati!e fees that may be due1 If the premium or administrati!e fees are not paid by the date specified in the actuarial documents or policy# the insurance pro!ider may assess interest on the outstanding premium balance1

Noti4e o& Da7a e o! Lo''1 E

A written notice of damage or loss for each unit is to be filed by the policyholder within G) hours of the policyholderFs initial disco!ery of damage or loss but not later than 8; days after the calendar date for the end of the insurance period unless otherwise stated in the indi!idual crop policy1 The policyholder should refer to the indi!idual crop pro!isions for additional requirements in the e!ent of damage or loss1 These notifications pro!ide the opportunity for the insurance pro!ider to inspect the crop and determine the e6tent of damage or potential production before the crop is har!ested or otherwise disposed of1 In'3e4tion1E After the insurance pro!ider recei!es the written notice of damage or loss# it will be processed and# if necessary# a loss ad/uster will be sent to inspect the damaged crop and gather pertinent information concerning the damage1 If the policyholder wishes to destroy or not har!est the crop# the loss ad/uster will gather the appropriate information# conduct an appraisal to establish the cropFs remaining !alue and complete any forms needed1 If the crop has been har!ested or will not be har!ested by the end of the insurance period# and the policyholder wishes to file a claim for indemnity# the loss ad/uster will gather the appropriate information and assist the policyholder in filing the claim for indemnity1 It is the policyholderFs responsibility to establish the time# location# cause# and amount of any loss1 In#e7nit8 Clai71E After the claim for indemnity is processed by the insurance pro!ider# an indemnity chec0 and a summary of indemnity payment will be issued showing any deductions to the amount of indemnity for outstanding premium# interest# or administrati!e fees1 Cont!a4t C"an e Date1; Changes to the insurance program may be made by RMA from one year to the ne6t1 The insurance pro!ider will notify the policyholder in writing of any changes to the policy# actuarial documents# or the Special -ro!isions of Insurance prior to the calendar date for contract changes specified in the crop policy1 The policyholder will ha!e the opportunity to re!iew the changes and# if heJshe desires# continue the insurance co!erage for the following crop year# change the policy co!erage# or cancel the insurance co!erage1 Any changes to the policy co!erage that the policyholder ma0es must be made no later than the crop sales closing date1 If the policyholder wishes to cancel the policy# a written notice must be submitted to the insurance pro!ider on or before the crop cancellation date1

CHAPTER +

INTRODUCTION TO INDIAN INSURANCE INDUSTRY

+.*. INDIAN INSURANCE INDUSTRY The Insurance sector in India go!erned by Insurance Act# 8K:%# the 4ife Insurance Corporation Act# 8K;< and 'eneral Insurance Business 2&ationali5ation3 Act# 8KG)# Insurance Regulatory and +e!elopment Authority 2IR+A3 Act# 8KKK and other related Acts1 .ith such a large population and the untapped mar0et area of this population Insurance happens to be a !ery big opportunity in India1 Today it stands as a business growing at the rate of 8;E)( per cent annually1 Together with ban0ing ser!ices# it adds about G per cent to the countryCs '+- 1In spite of all this growth the statistics of the penetration of the insurance in the country is !ery poor1 &early %(L of Indian populations are without 4ife insurance co!er and the =ealth insurance1 This is an indicator that growth potential for the insurance sector is immense in India1 It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation MMalhotra CommitteeI was constituted by the go!ernment in 8KK: to e6amine the !arious aspects of the industry1 The 0ey element of the reform process was -articipation of o!erseas insurance companies with )<L capital1 Creating a more efficient and competiti!e financial system suitable for the requirements of the economy was the main idea behind this reform1 Since then the insurance industry has gone through many sea changes 1The competition 4IC started facing from these companies were threatening to the e6istence of 4IC 1since the liberali5ation of the industry the insurance industry has ne!er loo0ed bac0 and today stand as the one of the most competiti!e and e6ploring industry in India1 The entry of the pri!ate players and the increased use of the new distribution are in the limelight today1 The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run1

+.+. A BRIEF HISTORY OF THE INSURANCE SECTOR1 The business of life insurance in India in its e6isting form started in India in the year 8%8% with the establishment of the 9riental 4ife Insurance Company in Calcutta1 Some of the important milestones in the life insurance business in India are gi!en in the following table1

Yea!' 8K8),

I73o!tant 7ile'tone' in t"e In#ian li&e in'9!an4e 59'ine'' The Indian 4ife Assurance Companies Act came into force for regulating the life insurance business1

The Indian Insurance Companies Act was enacted for enabling the go!ernment to collect statistical information on both life and nonElife insurance businesses1 The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public1 )*; Indian and foreign insurers and pro!ident societies were ta0en o!er by the central go!ernment and they got nationali5ed1 4IC was formed by an Act of -arliament# !i51 4IC Act# 8K;<1 It started off with a capital of Rs1 ; crore and that too from the 'o!ernment of India1

Ta5le1 *

The 'eneral insurance business in India# on the other hand# can trace its roots to the Triton Insurance Company 4td1# the first general insurance company established in the year 8%;( in Calcutta by the British1 Some of the important milestones in the general insurance business in India are gi!en in the following table

1
Y ea!' *=>?1 *=.?1 *=/@1 *=?+1 T"e In#ian Me!4antile In'9!an4e Lt#. %a' 'et 93 %"i4" %a' t"e &i!'t 4o73an8 o& it' t83e to t!an'a4t all ene!al in'9!an4e 59'ine''. Gene!al In'9!an4e Co9n4il$ an a!7 o& t"e In'9!an4e A''o4iation o& In#ia$ &!a7e# a 4o#e o& 4on#94t &o! 9a!anteein &ai! 4on#94t an# 'o9n# 59'ine'' 3atte!n'. T"e In'9!an4e A4t i73!o2e# &o! !e 9latin in2e't7ent' an# 'et 7ini7al 'ol2en48 le2el' an# t"e Ta!i&& A#2i'o!8 Co77ittee %a' 'et 93. T"e Gene!al In'9!an4e B9'ine'' ANationaliBationC A4t$ *=?+ nationaliBe# t"e ene!al in'9!an4e 59'ine'' in In#ia. It %a' %it" e&&e4t &!o7 *'t Dan9a!8 *=?,. I73o!tant 7ile'tone' in t"e In#ian ene!al in'9!an4e 59'ine''

Ta5le1 +

8KK< setting up of 2interim3 Insurance Regulatory Authority 2IRA3 Recommendations of the IRA1 8KKG Mu0her/ee Committee Report submitted but not made public 8KKG The 'o!ernment gi!es greater autonomy to 4IC# 'IC and its subsidiaries with regard to the restructuring of boards and fle6ibility in in!estment norms aimed at channeling funds to the infrastructure sector1 8KK% The cabinet decides to allow *(L foreign equity in pri!ate insurance companiesE)<L to foreign companies and 8*L to &RIs# 9CBs and FIIs 1 8KKK The Standing Committee headed by Murali +eora decides that foreign equity in pri!ate insurance should be limited to )<L1 The IRA bill is renamed the Insurance Regulatory and +e!elopment Authority 2IR+A3 Bill1 8KKK Cabinet clears IR+A Bill1 )((( -resident gi!es Assent to the IR+A Bill1

+.,. INDIAN INSURANCE MARKET AHISTORYC1 Insurance has a long history in India1 4ife Insurance in its current form was introduced in 8%8% when 9riental 4ife Insurance Company began its operations in India1 'eneral Insurance was howe!er a comparati!ely late entrant in 8%;( when Triton Insurance company set up its base in "ol0ata1 =istory of Insurance in India can be broadly bifurcated into three eras, a3 -re &ationali5ation b3 &ationali5ation and c3 -ost &ationali5ation1 4ife Insurance was the first to be nationali5ed in 8K;<1 4ife Insurance Corporation of India was formed by consolidating the operations of !arious insurance companies1 'eneral Insurance followed suit and was nationali5ed in 8KG:1 'eneral Insurance Corporation of India was set up as the controlling body with &ew India# nited India# &ational and 9riental as its subsidiaries1 The process of opening up the insurance sector was initiated against the bac0ground of $conomic Reform process which commenced from 8KK81 For this purpose Malhotra Committee was formed during this year who submitted their report in 8KK* and Insurance Regulatory +e!elopment Act 2IR+A3 was passed in KKK1 Resultantly Indian Insurance was opened for pri!ate companies and -ri!ate Insurance Company effecti!ely started operations from )((81

+.-. HOW BIG IS THE INSURANCE MARKETE The insurance sector was opened up for pri!ate participation four years ago1 For years now# the pri!ate players are acti!e in the liberali5ed en!ironment1 The insurance mar0et ha!e witnessed dynamic changes which includes presence of a fairly large number of insurers both life and nonElife segment1 Most of the pri!ate insurance companies ha!e formed /oint !enture partnering well recogni5ed foreign players across the globe1 There are now )K insurance companies operating in the Indian mar0et N 8* pri!ate life insurers# nine pri!ate nonElife insurers and si6 public sector companies1 .ith many more /oint !entures in the offing# the insurance industry in India today stands at a crossroads as competition intensifies and companies prepare sur!i!al strategies in a detariffed scenario1 There is pressure from both within the country and outside on the 'o!ernment to increase the foreign direct in!estment 2F+I3 limit from the current )<L to *KL# which would help >? partners to bring in funds for e6pansion1 There are opportunities in the pensions sector where regulations are being framed1 4ess than 8( L of Indians abo!e the age of <( recei!e pensions1 The IR+A has issued the first license for a standalone health company in the country as many more players wait to enter1 The health insurance sector has tremendous growth potential# and as it matures and new players enter# product inno!ation and enhancement will increase1 The deepening of the health database o!er time will also allow players to de!elop and price products for larger segments of society1 Insurance is a Rs1*(( billion business in India# and together with ban0ing ser!ices adds about GL to IndiaFs 'ap1

+.. INDIAN SCENERIO1; Indian economy is the 8)th largest in the world# with a '+- of O81); trillion and :rd largest in terms of purchasing power parity1 .ith factors li0e a stable %EK per cent annual growth# rising foreign e6change reser!es# a booming capital mar0et and a rapidly e6panding F+I inflows# it is on the hinge of an e!er increasing growth cur!e1 Indians ha!e a tendency to in!est in properties and gold followed by ban0 deposits1 They selecti!ely in!est in shares also but the percentage is !ery smallEE*E;L1 This in itself is an indicator that growth potential for the insurance sector is immense1 Its a business growing at the rate of 8;E)(L per annum and presently is of the order of O*G1K billion1 India is a !ast mar0et for life insurance that is directly proportional to the growth in premiums and an increase in life density1 .ith the entry of pri!ate sector players bac0ed by foreign e6pertise# Indian insurance mar0et has become more !ibrant1Competition in this mar0et is increasing with companys continuous effort to lure the customers with new product offerings1 =owe!er# the mar0et share of pri!ate insurance companies remains !ery low EE in the 8(E8;L range1 $!en to this day# 4ife Insurance Corporation 24IC3 of India dominates Indian insurance sector1 The hea!y hand of go!ernment still dominates the mar0et# with price controls# limits on ownership# and other restraints1 The upward growth trend started from )((( was mainly due to economic policies adopted by the then Indian go!ernment1 This year saw initiation of an era of economic liberali5ation and globali5ation in the Indian economy followed by se!eral reforms and longEterm policies that created a perfect roadmap for the success of Indian financial mar0ets1

Fi 9!e1 *

The general insurance industry grew by 8<L in )(8(E88 as pri!ate insurers continued their robust performance# while public sector players li0e &ew India Assurance and 9riental Insurance impro!ed their show1 +espite continuous fall in business of go!ernmentEowned &ational Insurance# the 8) nonElife insurers collected Rs )(#:G% crore in first year premium in the last fiscal compared to Rs 8G#;:8 crore collected in )((KE8(# according to data compiled by regulator IR+A1 &ew India Assurance collected Rs *#G<) crore in premium and continued to lead the nonElife sector by cornering ):1:<L of the mar0et1 &ational Insurance was at the second spot by collecting Rs :#;)* crore in premium# a decline of GL# but had a mar0et pie of 8G1)KL1 9riental Insurance mopped up Rs :#;8% crore in premium income after logging 8<1<L growth in business to corner a mar0et share of 8G1)<L1 Another -S insurer nited India grew by a modest <1%L to collect Rs :#8*G crore in premium and had 8;1**L of the mar0et1 The eight pri!ate players e6panded their business by ;)L to collect Rs ;#*)G crore in premium income and increased their combined mar0et share to )<1<L from )(1)L a year ago1 ICICI 4ombard led the pri!ate players by logging %(L growth in premium at Rs 8#;K)crore# followed by Ba/a/ Allian5# which grew by ;(L to collect Rs 8#)%G crore in premium1 ICICI 4ombard had a mar0et share of G1%8L and Ba/a/ Allian5 had <1:8L of the mar0et1

CHAPTER , INTRODUCTION TO TATA AIG

,.* TATA AIG INSURANCE COMPANY Tata $nterprises with %) companies# spread o!er se!en sectors and with an annual turno!er e6ceeding SO

%1% billion# employs more than )<)#((( people1 Tata 'roup has shown o!er years that it is a !alue dri!en company and has pioneering contributions in !arious fields including insurance# a!iation# iron and steel1 In terms of capital mar0et performance as many as *( listed Tata companies account for nearly ;L of the total mar0et capitali5ation of all listed companies1 The 'roup has had a long association with IndiaFs insurance sector ha!ing been the largest insurance company in India prior to the nationali5ation of insurance1 ,.+. TATA GROUP IN INSURANCE1 Tata AI' 'eneral Insurance Company 4td# and Tata AI' 4ife Insurance Company 4td1# 2collecti!ely HTata AI'H3 are /oint !enture companies between the Tata group IndiaFs most trusted industrial house and American International 'roup# Inc1 2AI'3# the leading 1 S1 based international insurance and financial ser!ices

organi5ation1 The 4ate Sir +orab Tata# was the founder Chairman of &ew India Assurance Co1 4td1# a group company incorporated way bac0 in 8K8K1 'o!ernment of India too0 o!er the management of this company as a part of nationali5ation of general insurance companies in 8KG)1 &ot deterred by the mo!e# Tata group ha!e !entured into ris0 management ser!ices ha!ing tied up with AI' group# bac0 in 8KGG# with the incorporation of Tata AI' Ris0 Management Ser!ices -!t1 4td1 The Tata 'roup is one of IndiaFs largest and most respected business conglomerates# with re!enues in )(8(E88 of O)%1% billion 2Rs8)K#KK* crore3# the equi!alent of about :1) per cent of the countryFs '+-# and a mar0et capitali5ation of OG)1) billion as on +ecember <# )((G1 Tata companies together employ some )%K#;(( people1

,.,. AIG1 American International 'roup# Inc1 2AI'3# is a ma/or American insurance corporation based at the American International Building in &ew 7or0 City1 The British headquarters are located on Fenchurch Street in 4ondon#

continental $urope operations are based in 4a +efense# -aris# and its Asian =A is in =ong "ong1 According to the )(8( Forbes 'lobal )((( list# AI' was the 8%thElargest company in the world1 Co73an8 Ba46 !o9n#1 AI'Cs history dates bac0 to 8K8K# when Cornelius ?ander Starr established an insurance agency in Shanghai# China1 Starr was the first .esterner in Shanghai to sell insurance to the Chinese1 P In 8K<)# Starr ga!e management of the companyFs less than successful R1 QH=an0QH 'reenberg# who shifted the companyFs American International 'roup# Inc is the leading 1S1 holdings to Maurice

1S1 focus from personal insurance to high18K<K1

1S1 based international insurance and financial ser!ices nited States1 Its

organi5ation and the largest underwriter of commercial and industrial insurance in the

member companies write a wide range of commercial and personal insurance products through a !ariety of distribution channels in o!er 8:( countries and /urisdictions throughout the world1 AI'Fs 4ife Insurance operations comprise of the most e6tensi!e worldwide networ0 of any life insurer1 AI'Fs global businesses also include financial ser!ices and asset management# including aircraft leasing# financial products# trading and mar0et ma0ing# consumer finance# sa!ings products1

,.-. THE DOINT VENTURE1 Tata AI' 4ife Insurance Co1 4td1 is capitali5ed at Rs1 8%; crores of which G* per cent has been brought in by Tata Sons and the American partner brings in the balance )< per cent1 Mr1 'eorge 9ommen has been named managing director of Tata AI' 4ife1 TataEAI' plans to pro!ide broad array of life insurance plans to co!er to both indi!iduals and groups1 The company headquartered in Mumbai# with branch operations in +elhi# Chennai# =yderabad# Bangalore Calcutta# -une and Chandigarh1

,... ABOUT TATA;AIG1 Tata AI' Insurance Solutions is one of the leading insurance companies that pro!ide both life insurance as well as general insurance1 This pioneer company is a /oint collaboration between the American International

'roup# Inc1 2AI'3 and Tata 'roup1 They own the company in the ratio of )<,G*1 It is a leading financial institution that has car!ed a niche for itself all o!er the world1 Tata AI' Insurance pro!ides facilities to both corporate and indi!iduals1 Starting its operations on April 8# )((8# it see0s to ser!e different categories of people1 It acquired its license for carrying out operations in India on February 8)# )((81 Tata AI' Insurance Solutions is one of the most prestigious organi5ations in the business world1 It employs thousands of employees and offers !arious opportunities to people to build a prospecti!e career1 As a leading name in the financial world# it identifies the potential and e6perience of the indi!idual1 This insurance company identifies the clients needs and wor0s accordingly1 It stresses on inno!ati!e aspect and opening of new mar0ets1 It belie!es in new economy and latest Internet technology1 Tata AI' Insurance offers a number of products for the 'eneral Insurance holders1 'eneral insurance products include, Indi!idual insurance Small business insurance Corporate insurance

Tata AI' Insurance offers fle6ible life insurance to the indi!iduals# business organi5ation and other association1 For the corporate# there are !arious insurance products li0e group pensions# employee benefits# wor0 place solutions and credit life1 For the indi!iduals# Tata AI' Insurance offers !arious products for adults# children and for retirement planning1

,./ ORGANIFATION STRUCTURE OF TATA AIG1;

CHAPTER INTRODUCTION OF THE RESEARCH STUDY

-.*. OBDECTIVE OF THE PRODECT1E Main ob/ecti!e of the pro/ect is to find out the mar0et potentialility of Tata AI' in -athanamthitta city1 -ro/ect is about to find out the competitors Tata AI' 4ife Insurance company1 &owadays all the insurance companies in India are trying to establish themsel!es in the competiti!e mar0et1 They are introducing inno!ati!e mar0eting strategies to sur!i!e in the mar0et1 Many other pri!ate companies are loo0ing to enter in the Indian insurance mar0et1 To find out the mar0et potentiality of Tata AI' in -athanamthitta city1 Main 4o73etito!' o& Tata AIG. W"i4" t83e o& 3oli4ie' i' 3!e&e!a5leE Mo't 3!e&e!a5le 3lan' in Pat"ana7t"itta 4it8. W"i4" 'e4to! i' 7o't 3!e&e!a5le 395li4 o! 3!i2ate Ta! etin t"e !i "t an# 3otential 49'to7e!' Di&&e!entiatin &!o7 ot"e! 4o73anie'

DATA ANALYSING

a. A e %i'e 4la''i&i4ation1

Age 8% N ); )< N :( :8 N *; *< N to abo!e

&o 9f Respondent 88 )) ** ):

50 40 30 20 10 0 18 25 26 30 year 31 45 46 to above

No Of respondent

Inte!3!etation1 ; This chart shows that ** people belong to age group of :8E*;1 So we can say adult more prefer insurance1

5C

Gen#e! %i'e 4la''i&i4ation1

'ender Male Female

&o 9f Respondent << :*

80 60 40 20 0 Male Female No of Respondent

Inte!3!etation1 ; This chart shows gender by classification that <<L male and :*L female ha!e respondent 1

a.

O4493ation Wi'e 4la''i&i4ation1

9ccupation Ser!iceman Businessman Student =ousewi!e

&o 9f Respondent *( ); )( 8;

OCCUP A TION
seviceman Businessman STUDENT HOUSEWIVE

15%

17%

45%

23%

Inte!3!etation1 ; This charts depicts that *(L ser!icemen and);L business men are respondent in my report1

5.

In4o7e %i'e 4la''i&i4ation1

Income

&o of Members

*(0 N G(0 G(0 N 8 4a0e 8 4a0e to : 4a0es : 4ac0s

8G *8 )% 8*

INCOME
14% 17%

4 !" 7 ! 7 ! " 1 #a! e

28% 41%

1 #a! e $% 3 #a! es 3 #ac!s

Inte!3!etation1 ; *8L of people ha!e tac0 insurance and is ran0ed number one by that percent of respondent1

09e. * A!e 8o9 In'9!e#E

INSURED YES NO TOTAL

N> o& !e'3on#ent ?+ +@ *>>

INSURED
%( G( <( ;( *( :( )( 8( ( Series 8 7$S G) &9 )%

Inte!3!etation1 ; That The G)L Respondent =a!e Insured ItCs Mean -eople =a!e Aware To The Insurance1

09e. + W"i4" 6in# o& 3oli4ie' #o 8o9 "a2eE

e l t T ' i : A

NO * + , .

POLICIES 4IF$ I&S RA&C$ =$A4T= I&S RA&C$ '$&$RA4 I&S RA&C$ A44 9F T=$M T9TA4

N> o& Re'3on#ent 8% % 8( :< G)

PARCENTAGE );L 88L 8*L ;(L 8((L

POLICIES

);L 4IF$ I&S RA&C$ ;(L 88L =$A4T= I&S RA&C$ '$&$RA4 I&S RA&C$ A44 9F T=$M

8*L

Inte!3!etation1 ; It is clear from the chart that ;(L people come to ta0e all policies itCs mean customer ha!e more aware to the all type of insurance1

09e. , A!e 8o9 a%a!e all t"e 3lan' an# 93#ate' &!o7 4o73an8E

PLANS AND UPDATES YES NO TOTAL

N> o& Re'3on#ent -@ +?+

PARCENTAGE /?G ,,G *>>G

Inte!3!etation1 ; It is clear from the chart that *% people say yes and )* say no1 ItCs mean customer ha!e more aware to the all plans and updates for the company1

09e. - A!e 8o9 'ati'&8 o& t"e 3lan' t"e'e 4o73an8E

SATISFACTION YES NO TOTAL

N> o& Re'3on#ent ;< 8< G)

PARCENTAGE G%L ))L 8((L

Inte!3!etation1 ; It is clear from the chart that G%L people say yes and ))L say no1 ItCs mean customer ha!e more satisfy to the plans for the company1

09e. . Ho% #o 8o9 4o7e to 6no% a5o9t t"e'e 4o73an8 3!o#94tE

NO * + , .

SOURCE NEWS PAPER AGENT ADVERTISMENT MOUTH OF SPREAD TOTAL

NO OF RESPONDENT *,+ **+ ?+

PARCENTAGE *=G -.G *=G *?G *>>G

35 3 25 2 15 1 5

Series 8

&ews paper 8*

Agent :)

Ad!ertisment Mouth of spread 8* 8)

Inte!3!etation1 ; This chart shows that agent is the most communicational tool for insurance company1

-.,. METHODOLOGY1 Research is totally based on primary data1 Secondary data can be used only for the reference1 Research has been done by primary data collection# and primary data has been collected by meeting with the people in 'walior1 +ata collection has been done through by gi!ing structured questioner1 This study will be based on sampling1 This is an e6ploratory type of research1 The study was aimed at measuring the customerCs preference for life insurance companies and the comparison of !arious insurance policies of the !arious companies on basis of !arious parameters based on customerCs responses in -athanamthitta region only1 The sur!ey was done on hundred general residents of the selected region1 Methods adopted for sur!eys 81 Field sur!ey method )1 -ersonal inter!iew technique :1 Secondary sources !i5 company database1 The data collected are represented into suitable tabular forms for drawing inferences1 Auantitati!e techniques li0e a!erages# percentages# range# twoEway tables# chiE square tests analysis are applied as per the requirement1 The le!el of preference# perception of the customers about the product and company1

-.-. 09e'tionnai!e De'i nin 1 The pro/ect is on MMar0et -otential Study of Tata AI' in -athanamthitta cityI1 To 0now the mar0et potentiality of Tata AI' a questionnaire has been prepared1 The questionnaire is ha!ing both open ended and close ended questions1 It is also ha!ing ran0ing# multiple choice and chec0 list type of questions1 First part of the questionnaire is the demographic part1 Auestionnaire has been prepared in such a way that we can understand insurance policies are dependable on the occupation of a person or income le!el of a person1 .hich type of in!estment do they preferD For it cluster analysis will be used1 &owadays pri!ate players are gi!ing a good rate of return rather than the public player1 So in which sector 2pri!ate or public3 do they li0e to in!est and what is the reason behind thatD To get to 0now the reason 4i0ert scale has been used1 To get to 0now how much Tata AI' is preferable in -athanamthitta city a ran0ing scale has been used where name of different ma/or Insurance Companies ha!e been gi!en and according to the ran0ing gi!en by citi5en we can get to 0now the potentiality of Tata AI' in -athanamthitta city1 There is different type of insurance policies in the mar0et1 .hich type of policies do they prefer can understand from the questionnaire1 .hich life insurance policies of Tata AI' are most preferable we can get from it1 To 0now all of these cluster analysis will be used1 Sample questionnaire has been attached 1

-... LIMITATION OF THE STUDY, Time limitation Research has been done only in -athanamthitta1 Companies did not disclose their secrets data and strategies1 -ossibility of $rror in data collection1 -ossibility of $rror in analysis of data due to small sample si5e1 Respondents error 4imited resources

CHAPTER . RECOMMENDATION AND BENEFIT

..*. RECOMMENDATIONS TO THE COMPANY1 Being the best product player in the pri!ate sector# but still sur!ey TATA AI' needs to impro!ement regarding its premium charges and ad!ertisement to its target customers1 AC P!e7i97 4"a! e' 9wing to its high premium charges 2Tata AI' Ape6 -lan# -remium RS1 K((((JE3 customers perception about the companyCs product has become that its only for the upper middle class people1 .hereas TATA AI' do has some policy with low premium but the charges of allocation are too high1 So we would li0e to suggest slowing down its premium charges to some e6tend by reducing administration charges and other charges1 5C A#2e!ti'e7ent1 +uring sur!ey we ha!e found that due to lac0 of ad!ertisements about the products and agents selling the products in which they get high commissions customers are somewhere mislead and they 0now about !ery few products though TATA AI' has wide range of !ariety of the products1 So we would recommend TATA AI' to in!est more in ad!ertisement in form of T? commercials# pamphlets and hoardings1 4C W!on 3e!4e3tion, AI' is on the edge of filing ban0ruptcy1 So Tata AI' is also going to on the brin0 of filling ban0ruptcy1 But insurance in India is a highly regulated industry1 Any company that wants to set up an insurance business has to follow !ery stringent norms gi!en by the Insurance Regulatory R +e!elopment Authority 2IR+A31 So company should ta0e positi!e measure to remo!e this wrong perception from the people1 #C Sa73le 'iBe1 For this research study only hundred sample si5e has been ta0en1 The result will be more appropriate if a large sample si5e is considered1

/.+. BENEFITS TO THE COMPANY AND US1 +uring the sur!ey time sales ha!e been done1 It is a winEwin Situation for both company and me1 The benefits of this summer internship program are discussed below1 *. Bene&it to t"e 4o73an81 a3 This sur!ey has been done in -athanamthitta region on comparison of TATAAI's product and its competitor can gi!e an idea of this position in the mar0et1 As TATA AI' leads in most of the parameters so it should continue to ser!e in the same manner1 b3 The sur!ey also shows the customers perception about TATA AI's life Insurance product with which it can impro!e its impression better than now1 c3 The recommendation has gi!en in this report will help TATA AI' to position its product properly to the target customers d3 Moreo!er the sales has been done during this internship ha!e done a good business for the company1 +. Bene&it to 9'1 a3 +oing internship in TATA AI' ha!e gi!en me immense e6perience in the insurance industry for these fourteen wee0s1 b3 Interaction with the customers for sur!ey and sales has de!eloped our mar0eting s0ills1 c3 .or0ing in the office premises has gi!en e6posure to corporate world and an e6perience in wor0ing in corporate pressure1

CHAPTER / CONCLUSION AND REFERENCE

/.* CONCLUSION

Indian insurance sector is li0ely to register unprecedented growth of )((L and attain a si5e of Rs1 )((( billion 2O;81) billion3 by )((KE8(# in which a pri!ate sector insurance business will achie!e a growth rate of 8*(L as a result of aggressi!e mar0eting technique being adopted by them against :;E*(L growth rate of state owned insurance companies1 The rural mar0et offers tremendous growth opportunities for insurance companies and insurers should de!elop !iable and costEeffecti!e distribution channelsB build consumer awareness and confidence1 The state owned insurance companies such as 4IC and 'IC ha!e limited number of policies to offer to their subscribers while in case of pri!ate insurance companies# their policy numbers are many more and the premium amount as well as the maturity period is much competiti!e as against those of go!ernment insurance companies1 The pri!ate sector insurance players ha!e started e6ploring the rural mar0ets in which until recently# the state owned companies had the monopoly1 =ere it can be concluded that the summer internship program# done for partial fulfillment of the B1C9M course in M1' ni!ersity# in TATA AI' 4ife Insurance Co1 4td1 has been completed successfully1

/.+. RFERENCES

For the references different boo0s# /ournals# and newspapers ha!e been used and different websites ha!e been used1

Na7e o& %e5'ite'1

www1tataEaig1comJlifeinsurance www1tataEaiggeneral1com www1tataEaigElife1com www1mouthshut1comJproductEre!iewsJTataSAI'S'eneralSInsurance www1irdaindia1orgJdutiesJhtml www1mydigitalfc1comJtataEaigEeyesE8(EgrowthEmotorEinsuranceE;;<1html www1economy watch1comJinsuranceEo!er!iew www1managementparadise1comJ)K:%8EdistributionEchannelsEtataEaig1html www1mar0etresearch1comJproductJdisply1aspDproductidT8*G;;(;

Na7e o& 5oo6 an# Ho9!nal1

Bus ness !ord "O#tober 2011$ Bus ness toda% "&une 2011$ Bus ness 'nd a " Ma% 2011$

Tata AI' 4ife Insurance Company 4td# India# C'A- .or0ing 'roup on Micro insurance 'ood and Bad -ractices# Case Study &o 8*# >ames Roth and ?i/ay Athreye

Na7e o& ne%'3a3e!1

Asia $conomy .atch )8st March )(88

Business 4ine )(th September )(88

The =indu $ditorial ): rd# )*th# )<th March )(8(

The $conomic Times# 8Gth September )(8(# ):rd March )(88

Business Standard 8G march )(8(# 8%th April )(8(

The Financial $6press 8GthApril# 8*th May )(88

0UESTIONNAIRE

Ma!6et Potential 't9#8 o& Tata AIG in Pat"ana7t"itta Cit8

+ear SirJMadam# .e are conducting a sur!ey on Mar0et potential study of Tata AI' in -athanamthitta city by Insurance organi5ations1 .e hope for your 0ind coordination1 &ame, UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU Age, UUUUUUUUUU &ame and address of the organi5ation, UUUUUUUUUUUUUUUUUUUUUUU1 UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU1111111111111111111111111111111111111 UUUUUUUUUUUUUUUUUU Contact &umber, UUUUUUUUUUUUUUU $Email address, UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU11111111111 Se6, Male V W Female V W

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Any Comments, UUUUUUUUUUUUUUU111111111111UUUUUUUUUUUU11111111111111111111111111111111UU UUUUUUUUUUUUUUUUUUUUUUUUUUUUU1UUUU111 UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU

Than0 you# for your 0ind coEoperation1

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