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Submitted To:
Prof. Ravi Kishore
Submitted By:
Hibah Wasif
EXECUTIVE SUMMARY
Insurance is the backbone of a countrys risk management system. Risk is an
inherent part of our lives. The insurance providers offer a variety of products
to businesses and individuals in order to provide protection from risk and to
ensure financial security. They are also an important component in the
financial intermediation chain of a country and are a source of long term
capital for infrastructure and long-term projects. Through their participation in
financial markets, they also provide support in stabilizing the markets by
evening out any fluctuations. The availability of insurance can mitigate the
2
The insurance business is broadly divided into life, health, and non-life
insurance.
Individuals, families, and businesses face risks of premature death, depletion
in income because of retirement, health risks, loss of property, risk of legal
liability, etc. The insurance companies offer life insurance, pension and
retirement income, property insurance, legal liability insurance, etc., to cover
these risks. In addition, they offer several specialized products to meet the
specific needs and requirements of businesses and individuals. Businesses
also depend on these companies for various property and liability covers,
employee compensation, and marine insurance.
I Hibah Wasif, have been working with IDBI federal life insurance company
ltd, as a
Marketing Intern for the past 2 months. IDBI Federal Life Insurance Co Ltd is
a joint-venture of IDBI Bank, Indias premier development and commercial
bank, Federal Bank, one of Indias leading private sector banks and Ageas, a
multinational insurance giant based out of Europe. In this venture, IDBI Bank
owns 48% equity while Federal Bank and Ageas own 26% equity each.
In the past two months, I have been through an intense learning mode. With
each continuing month, I gained more experience and more knowledge.
While working with the organization, I completed a project titled: A STUDY
ON CHILD INSURANCE POLICIES :IDBI FEDERAL LIFE INSURANCE
CO.LTD
Life insurance for your child may not be the first thing that you think about
when you bring them home from the hospital. In fact, you may not even be
aware that Childrens Whole Life insurance is available. We want to help you
understand the whole life insurance options available to your child.
3
To finance the turning points in his life such as higher education and
marriage
The study aims at deriving plausible information needed to enhance the
company services and also to increase the customer base particularly in the
case of child insurance.
These two months proved to be a great experience for me. I learnt many
valuable lessons and will take them forward and apply them in the future.
INTRODUCTION
Insurance is a contract between the insurance company (insurer) and the
policyholder (insured). In return for a consideration (the premium), the
insurance company promises to pay a specified amount to the insured on the
happening of a specified event.
BACKGROUND OF THE TOPIC
PRODUCT:
A product means what we produce. If we produce goods, it means tangible
product and when we produce or generate services, it means intangible
service product. A product is both what a seller has to sell and a buyer has to
buy. Thus, an Insurance company sells services and therefore services are
their product. When a person or an organization buys an Insurance policy
from the insurance company, he not only buys a policy, but along with it the
5
assistance and advice of the agent, the prestige of the insurance company
and the facilities of claims and compensation. It is natural that the users
expect a reasonable return for their investment and the insurance companies
want to maximize their profitability. Hence, while deciding the product portfolio
or the product-mix, the services or the schemes should be motivational. IDBI
Federal provides many products which cater to the needs of the Indian
customers.
CHAPTER-1
THE ORGANISATION: BIRDS VIEW
out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank
and Ageas own 26% equity each.
IDBI federal endeavors to deliver the product that provides value and
convenience to the customer. IDBI federal started in March 2008 and within
few months of inception it became one of the fastest growing new insurance
companies. The company offers its services through a vast nationwide
network across the branches of IDBI bank and Federal Bank in addition to
sizeable network of advisors and partners.
Vision:
To be the leader provider of the wealth management, protection and
retirement solution that meets the need of the customer.
Mission:
1. To continue strive to enhance customer experience through
innovative product
Values:
1. Transparency: Crystal clear communication to our partners and
stake holders
2. Value to customer: A product and service offering in which
customer perceive value.
HISTORY
2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis
Insurance International NV signed a MoU to start a life insurance company
2008: IDBI Fortis Life Insurance Co. Ltd., which started its operations in
March 2008
2009: IDBI Fortis Life Insurance introduces financial inclusion plan in rural
Orissa
2010: IDBI Fortis now renamed as IDBI Federal Life Insurance Company
10
BUSINESS SEGMENTATION:
Businesses Segment can be defined as technique used by the companies to
separate business to reflect key develop, sell and develop differences.
Segmentation is basically done by grouping customer according to
homogenous attributes. Segmentation of business allows companies to
focus its marketing where it is most productive. IDBI federal has done its
business segmentation by introducing different range of products into the
market.
11
3. Lifesurance:
12
IDBI feral Lifesurance Plan is a saving insurance plan that helps you
to safeguard your wealth at the same time will present better
opportunity to earning better return.
4. Bondsurance:
5.Wealthsurance:
6.Homesurance:
13
7.Incomesurance:
8 .Termsurance:
SWOT ANALYSIS :
14
STRENGTHS:
WEAKNESS:
-Skilled workforce
-Reduced labor costs
OPPORTUNITIES :
THREATS:
-New markets
-Growing demand
-Tax changes
-Unexpected problems
-Global economy
Promotional Practices:
IDBI federal Life Insurance Co Ltd is been involved in number of promotional
practices. IDBI uses different modes of advertisements for promoting their
products. Following are the different modes through which IDBI federal
promotes its products:
1. Print Media:
Print media is one the most reliable, cost effective and easy mode of
advertisement to reach the masses. Main ways of advertising via print
media are:
1. Newspaper:
Paper
Pages
The Economic
3rd
Times of India
3rd
The Hindu
1st
Times
2. Pamphlets:
15
3. Magazines:
There is no specific magazine in which advertisement is given.
Magazines are selected based on their sales and reputation like
outlook , money etc.
2.Television:
Television is another mode of advertisement used by IDBI federal Life
Insurance Co. Ltd. Like print media television is also very popular
mode of advertisement which easily grasps attention of masses. Mainly
the advertisements of IDBI federal are shown on Cricket channels, star
channels because of their popularity.
Main promotion is done in the month of February and March to:
Duration/ SLOT
Tamil Nadu
45,000
10 seconds
Local Channels
6000-8000
10 seconds
Cricket channels
60,000 onwards
3.Word of Mouth:
16
10 econds
4.Online:
A viral campaign also runs on the internet by wherein flash videos of
working of product are explained in a very humorous manner. This
video is shown on www.bosskaboss.com
5.Hoarding:
As of now, total number of Hoardings which are put up in Hyderabad
region counts to be 17.
Cost (in Rs.)
Time Lease
4,00,000
3 Months
6.Local Events:
Some events are created in and out of the city by IDBI federal to create
more awareness about the IDBI federal and free gifts were given
wherein local marketing people interact with the prospects and try to
gauge their financial needs and respectively pitch the products.
The overall costs associated with such an events totals to Rs. 2,
00,000 pm. Such events are generally conducted in apartments and
schools etc.
18
19
CHAPTER-2
THE INDUSTRY ANALYSIS
20
21
22
23
Major Players:
Various players in Indian Life insurance are given below:
1. Life Insurance Corporation of India
2. IDBI federal Life Insurance Co. Ltd
3. Bajaj Allianz Life Insurance Co. Ltd
4. Birla Sun Life Insurance Co. Ltd
5. HDFC Standard Life Insurance Co. Ltd
6. ICICI Prudential Life Insurance Co. Ltd
7. ING Vysya Life Insurance Co. Ltd
8. Max New York Life Insurance Co. Ltd
9. Met Life India Insurance Co. Ltd
10. Kotak Mahindra old Mutual Life Insurance Ltd
11. SBI Life Insurance Co. Ltd
12. Tata AIG Life Insurance Co. Ltd
13. Reliance Life Insurance Co. Ltd
14. Aviva Life Insurance Co. India Pvt. Ltd
15. Sahara India Life Insurance Co. Ltd
16. Shriram Life Insurance Co. Ltd
17. Bharti AXA Life Insurance Co. Ltd
18. Futute Generali Life Insurance Co. Ltd
19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20. AEGON Religare Life Insurance Co. Ltd
21. DLF Pramerica Life Insurance Co. Ltd
22. Star Union Dai-ichi Life Insurance Co. Ltd
24
25
Regulatory Issues:
Insurance Regulatory and Development Authority (IRDA) is a national
agency of government of India. It was formed by an act of Indian Parliament
known as IRDA Act 1999 which was amended in 2002 to incorporate some
upcoming requirement. It is responsible for protecting the interest of policy
holders, to regulate and promote orderly growth of Insurance Industry in
India. To achieve this objective IRDA has taken following steps:
1. IRDA has notified protection of policyholders Interest Regulation 2001
to provide for: policy proposal document is in easily understandable
language; claims procedure in both life and non-life; setting up
grievance redress machinery; speedy settlement of claims and policy
holders servicing. The regulation also provides for payment of interest
by insurer for delay in settlement of claims.
2. Solvency margins are to be maintained by the insurer so that they can
be in a position to meet their obligation towards the policyholder with
respect to payment of claims.
3. The Insurance Company has to clearly disclose the benefits, terms and
condition under the policy.
4. The advertisement issued by the insurer should not mislead the
insuring public.
5. Proper grievance redress machinery should be set up in the head
office and all the other offices by the insurer.
6. If any complaints are received by the policyholder with respect to the
services provided by the insurer under the insurance contact, then the
authority takes up with the insurer.
7. Insurer has to maintain separate account related to the fund of
Policyholder. The funds of the policyholder should be retained within
the country.
8. According to the new regime, Insurance companies will have to
exposure to rural and social sector.
Threat of New Entrants. The average entrepreneur can't come along and
start a large insurance company. The threat of new entrants lies within the
insurance industry itself. Some companies have carved out niche areas in
which they underwrite insurance. These insurance companies are fearful of
being squeezed out by the big players. Another threat for many insurance
companies is other financial services companies entering the market. What
would it take for a bank or investment bank to start offering insurance
products? In some countries, only regulations that prevent banks and other
financial firms from entering the industry. If those barriers were ever broken
down, like they were in the U.S. with the Gramm-Leach-Bliley Act of 1999,
you can be sure that the floodgates will open.
27
Power of Suppliers. The suppliers of capital might not pose a big threat, but
the threat of suppliers luring away human capital does. If a talented insurance
underwriter is working for a smaller insurance company (or one in a niche
industry), there is the chance that person will be enticed away by larger
companies looking to move into a particular market.
Availability of Substitutes. This one is pretty straight forward, for there are
plenty of substitutes in the insurance industry. Most large insurance
companies offer similar suites of services.In some areas of insurance,
however, the availability of substitutes are few and far between. Companies
focusing on niche areas usually have a competitive advantage, but this
advantage depends entirely on the size of the niche and on whether there are
any barriers preventing other firms from entering.
Competitive Rivalry. The insurance industry is becoming highly competitive.
The difference between one insurance company and another is usually not
that great. As a result, insurance has become more like a commodity - an
area in which the insurance company with the low cost structure, greater
efficiency and better customer service will beat out competitors. Insurance
companies also use higher investment returns and a variety of insurance
investment products to try to lure in customers. In the long run, we're likely to
see more consolidation in the insurance industry. Larger companies prefer to
take over or merge with other companies rather than spend the money to
market and advertise to people.
28
Inflation on the other hand means lower disposal incomes in the hand of the
consumer leading to lower household savings which currently stands at
34.7%, though significantly lower than china which is 50%.
According to the Swiss Res newly appointed Economist, Kurl Karl low
interest rates and euro debt crisis will prove to be a problem for insurance
industry. According to Kurt karl momentum of growth has been slowed down
due to this two factors, but the only bright spot according to him is the
ongoing growth in the emerging market. However Kurl is lot more optimistic
looking forward to 2013 forecasting a pick-up in investment yield and
premium in a modest improvement in economic conditions.
1. Political Development:
Political developments are the more serious threat in Europe and
US. In Europe this can lead to serious sovereign defaults and also
exit from the euro monetary union.
2. Emerging markets has been negatively impacted by faltering growth
in the developed economy. Also tighter monetary policies on the
part of several emerging economies also slowed down growth.
3. Both global in-force and new business life insurance fell in 2011,
but it again recovered. According to the economist in order to return
to the pre-crisis profitability short- term factors like low investment
returns, high hedging cost and more onerous capital requirement.
Life Insurance industrys capitalization has improved markedly and
it is in the better shape to cope up with the future challenges.
4. Because of some Regulatory changes in China and India, coming
two years will see life insurance business in emerging market
returning to its long term trend of around 8%.
Demand Drivers:
30
Insurance industry in India has become lot more competitive in recent years.
With private players entering into the market, competition level has
significantly increased with more private players trying to gain more market
share. Some of the demand drivers that give change to the smaller
companies to compete against giants like Life Insurance Corporation of India
Ltd (LIC) which has 70% market share are:
1. Rural market:
According to the Mckinsey report, titled India Insurance 2012:
Fortune Favors the Bold, finds that the sector is still in a dissident
with different players in different stage of development and market
presence. According to the Mckinseys report the rural penetration
is likely to increase from about 25% at present to around 35-40% in
2012. With 65% of the Life insurance coming from rich urban class,
smaller companies can look for rural and low income group as
potential demand driver.
2. Product Mix;
A better product mix would also drive growth of insurance
companies, with companies making a move to lower the share of
single premium products.
3. Life insurance product can also fill the gap that is created by
growing demand for investment products and long-term savings.
32
3. Endowment plan:
Its a unit linked endowment plan which offers investment cum
insurance cover during the term of the policy.
4. Children Plans
5. Plan for Handicapped Dependents
6. Endowment assurance plans
7. Plans for high worth Individual
8. Money Back Plans
9. Special Money Back Plan for Women
10. Whole Life Plans
11. Term assurance plans
12. Joint Life Plan
LIC has over 2000 branches all across India and more than
1, 00,000 agents.
2. Weakness:
33
2. ICICI Prudential:
ICICI prudential Life Insurance Company is the joint venture of ICICI
bank and Prudential Plc, one of the leading financial service groups in
UK.
Products offered by ICICI prudential:
1. ICICI pru care:
It is an insurance plan that protects familys future and ensures they
lead their life comfortably.
2. Save n Protect
3. Cash back
4. Home Assure
5. Life Guard
6. ICICI pru iprotect
7. Smartkid Regular premium
8. ICICI pru Elite Life
9. Group term insurance plan
10. Group Gratuity plan
11. Annuity solution
12. ICICI pru life link pension SP
13. Forever Life
14. Immediate annuity
15. ICICI pru heath saver
16. ICICI pru Hospital care
34
STRENGTHS:
Weaknesses:
1.Strong tie up
2.Brand Equity
2.Less promotion
3.Strong network
Threats:
1.Competitors
3.Network Building
Foreign
Date
of Years
of
Partners
Inception
operation
LIC
None
01.09.1956
1956-57
ICICI Prudential
Prudential
plc, 24.11.2000
2000-01
UK
IDBI Federal
Ageas, Europe
19.12.2008
2007-08
2013-12
2012-11
2011-10
2010-09
2009-08
LIC
87012.35
71521.90
53179.08
59996.57
56223.56
(34.49)
(-11.36)
(6.71)
78262.14
6334.03
6811.83
8034.75
5162.13
444.95
400.56
316.78
11.90
-----------
(% of profit (21.66)
share)
ICICI
Prudential
IDBI
federal
35
1. Product Quality:
One the most important factor that differentiates companies is by the
quality of product it offers. Quality of product instills a confidence in the
customer that the product offered by the company is better. Better the
quality of product, more successful is the company.
3. Market Segmentation:
Greater market segmentation should be done in which target audience
should be divided into homogenous groups and products and services
should be targeted towards such market. This would tie company to
their client by customized combination of coverage, easy payment
plan, risk management advice and quick claim handling.
36
7. Use of technology:
Technology plays a very important role in the success of the company.
Internet based Life insurance will help companies to reduce time and
transaction cost and also improves quality of services to its customer.
37
38
Regulatory changes were introduced during the past two years and life
insurance companies adopted many new customer-centric practices in this
period. Product-related changes, first in ULIPs (Unit Linked Insurance Plans)
in September 2011 and now in traditional products, will have the biggest
impact on the industry
In the long run the insurance industry is still poised for a strong growth as the
domestic economy is expected to grow steadily. This will lead to rise in per
capita and disposable income, while savings are expected to be stable.
Emerging trends
39
Cost
Taxation
Compensation
Customer service
40
Way Forward:
The Indian insurance market is poised for strong growth in the long run.
Significant latent market - The insurance market has a considerable amount
of latent potential, given the fact that the Indian economy is expected to do
well in the coming decades leading to increase in per capita incomes and
awareness.
Channelizing industry focus - In meeting the significant potential, the
industry has an increased role and responsibility. Three areas of focus could
be a) product innovation matching the risk profile of the policy holders b)
reengineering the distribution and more significantly c) making sales and
marketing more responsible and answerable.
Distribution - Distribution channels evolved in response to market dynamics
and changing consumer preferences. The alignment of economic incentives
with distribution dynamics should be driven by market forces rather than
regulatory intervention.The stakeholders should eventually work toward
maintaining a favourable environment for stable growth, increasing the
penetration of insurance to rural and increasing the contribution to the
economy.
41
PART-2
42
CHAPTER-3
THE PRESENT STUDY
43
To finance the turning points in his life such as higher education and
marriage
So, like a double-edged sword, the best Child Plan is designed to protect the
future of your child in case of your unfortunate demise and at the same time,
builds a corpus over a term to be utilized to finance the prime moments in his
life like higher education and marriage.
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Term Plan
Child Plan
Death
Death
Paid
Benefit
Policy
Ends
No
Holder survives
Benefit
Benefit
Paid
Policy
Maturity
Maturity Benefit
45
Sum Assured -The thumb rule to follow is that the Sum Assured should be
around 10 times your present income.
Policy Term - An ideal Policy Term for a Child Plan is the time you think your
child needs to get on his feet. If your child is 10 years old, your policy term
should be 8 years.
Maturity Amount - Sit with your financial advisor and taking into account the
inflation rate and other such factors, work out a Maturity Amount that you
would require at the end of the Policy Term. Maturity Amount can be received
as a lump sum or in a frequent period of 5 years.
Waiver of Premium This is a kind of rider that comes inbuilt in Child Plans.
However, if this is not a part of the policy, it is always advisable to opt for the
same. In case of death of the insured, this rider enables the policy to continue
by passing off the financial burden to pay the rest of the premium to the
insurer.
Partial Withdrawals - Some parents prefer withdrawing chunks of Maturity
Amount at pre-fixed intervals instead of getting a lump sum amount at one go.
The intention to opt for this feature is to meet the financial needs of your kid at
the key moments in his life.
Riders and Benefits These are the add-ons that make your coverage
financially and qualitatively more valuable
46
Child Endowment Plans - The premium flows into debt instruments, the
decision of which is at the discretion of the insurance company. Return is
decided by the bonus payable on maturity.
A Case Scenario:
Mr. Ketan buys a Child Plan for his 8 year old kid with a policy term of 10
years, aiming to get a maturity benefit of Rs 20,00,000. He opts for a life cover
of Rs 25,00,000. He suffered a heart attack after 4 years the policy began.
The insurer is liable to pay the appointee a sum of Rs 25,00,000 and also to
borne the premium to be paid for the rest of the policy term left i.e 6 years.
The child will also get the maturity benefit of Rs 20,00,000 once he reaches
the age of 18 years. The same has been illustrated:
47
48
49
: Rs. 100,000
: No Limit
h) Minimum Term
years
i) Maximum Term
4. Sample premium Rates:
50
Following are some of the sample premium rates (exclusive of service tax) per
Rs. 1000/- S.A.:
Single Premium
Age
Policy term
10
15
20
25
615.45
494.95
405.95
348.00
30
618.80
503.35
422.10
375.30
40
638.75
541.60
483.60
463.60
20
Policy term
10
15
20
25
20
90.65
56.45
39.70
31.10
30
91.20
57.50
41.35
33.50
40
94.70
62.35
47.80
41.75
6. Revival:
If premiums are not paid within the grace period then the policy will lapse. A
lapsed policy can be revived from the date of first unpaid premium and before
the date of maturity by paying all the arrears of premium together with interest
within a period of five years, subject to submission of satisfactory evidence of
continued insurability.
The Corporation reserves the right to accept at original terms, accept at
revised terms or decline the revival of a discontinued policy. The revival of
discontinued policy shall take effect only after the same is approved by the
Corporation and is specifically communicated to the life assured. Riders shall
be revived along with the basic plan and not in isolation.
51
7. Paid-up Value:
Under regular premium policies, if after atleast three full years premium have
been paid and any subsequent premiums be not duly paid, this policy shall
not be wholly void, but shall continue as a paid-up policy for a reduced paidup sum assured. This Paid-Up Sum Assured shall be payable on the date of
maturity or on Life Assureds prior death.
Further, in case of death during the term of the policy, the paid up value shall
be paid immediately on death. But, neither income benefit nor paid up value
on maturity shall be payable.
Accident Benefit and Critical Illness riders do not acquire any paid-up value.
8. Surrender Value:
The Guaranteed Surrender Value will be as under:
1. Single Premium Policies: The Guaranteed Surrender value will be
available after completion of atleast one policy year and is equal to
90% of the premium paid excluding premium for optional rider and
extras, if any.
2.
9. Policy Loan:
No loan facility will be available under this plan.
52
53
Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of
Premium payment and Premium Waiver Benefit.
Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or
through Salary deductions over the term of policy. Premiums may be paid
either for 6 years or upto 5 years before the policy term.
KOMAL JEEVAN
Product summary:
This is a Children's Money Back Plan that provides financial protection against
death during the term of plan with periodic payments on survival at specified
durations. The plan can be purchased by any of the parent for a child aged 0 10 years.
Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of
policy or from the policy anniversary immediately following the completion of 7
years of age of child, whichever is later.
54
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deductions, as opted by you, up to the policy anniversary immediately after
the life assured (child) attains 18 years of age or till the earlier death of the life
assured. Alternatively, the premium may be paid in one lump sum (Single
premium).
Guaranteed Additions:
The policy provides for theGuaranteed Additions at the rate of Rs.75 per
thousand Sum Assured for each completed year. The Guaranteed Additions
are payable at the end of the term of the policy or earlier death of the Life
Assured.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporations life
insurance business. It gets a share of the profits in the form of loyalty
additions which are terminal bonuses payable along with death or maturity
benefit. Loyalty addition may be payable depending on the experience of the
Corporation.
55
HDFC LIFE
Children's Insurance Plans
2.
3.
college/school
4.
56
Survival/Maturity Benefits:
The table below specifies the series of money back/endowment payouts, payable at
the end of each year, for a premium paying or a fully paid-up policy.
57
Death Benefit:
Death Benefit Options
Death Benefits
Classic
Basic
Death
benefit
AccruedGuaranteed
Additions+ Accrued Bonuses,
if any
Classic Waiver
Basic
Death
benefit
Premium Waiver
Premium Waiver
58
59
ADVANTAGES
Customize a plan suited for your child with the premium, Sum Assured
and the plan option of your choice
60
61
PRIMARY DATA:
The primary data is collected with the help of questionnaire response
from the customers.
SECONDARY DATA:
The data is obtained from books and website which help in further process of
the project work.
62
CHAPTER-4
THE DATA ANALYSIS
63
DATA ANALYSIS
1. Gender of Respondents
No.of Respondents
Female
50%
Male
50%
Marital Status
Married
41%
Single
59%
64
1
26%
2
61%
Age of child
11-17years
13%
1 Month-4
Years
38%
5 -10years
41%
65
5. Occupation of Respondents.
Occupation of Respondents
Govt sector
11%
others
47%
Private Sector
35%
Businessmen
7%
Educational Qualification
10th passed
3%
Post Graduate
& above
53%
Graduate
44%
1,00,0002,00,000
31%
67
7%
30%
Life insurance
63%
Health Insurance
Others
HDFC
8%
SBI Life
16%
Others
3%
LIC
61%
FINDINGS: From the above pie chart , it is interpreted that 61% respondents
have policies in LIC,16% in SBI Life, 12% in IDBI Federal,8% in HDFC.
68
Yes
65%
Others
2%
LIC
28%
IDBI federal
46%
SBI Life
18%
69
No
83%
HDFC
6%
LIC
22%
IDBI
41%
SBI
25%
70
Future
Benefits
30%
Child
Education
45%
Child
Marriage
24%
Agents
20%
Promotions
19%
Family and
Friends
47%
4%
1%
AGREE
STRONGLY
AGREE
DISAGREE
35%
60%
STRONGLY
DISAGREE
More returns
42%
Premium
amount
32%
72
20. Are you aware of IDBI federal Childsurance policy? If yes what
is the source?
Agents
16%
Promotions
10%
Family and
Friends
54%
T.v
43%
News Paper
17%
Internet
17%
FINDINGS:
56% of people from sample are insured.
63% of people from sample have Life insurance and 30% people have
health insurance.
61% of people from sample have policies in LIC, followed by SBI Life.
65% of the people from the sample are aware of Child policies and the
rest are not aware of child policies.
46% of people from the sample are aware about IDBI Federal child
policy.
83% of people from the sample do not have child policy.
41% of people from the sample have child policies in IDBI followed by
SBI Life.
47% of people from sample came to know about child policy through
friends and family.
Almost 95% from the sample agree that Child policies are very useful.
45% said they take child policies for childs education and the factor
which affects their buying decision is mostly more returns.
54% of people from the sample came to know about Childsurance
through Interns, Family and friends.
Only 20% from the sample knew IDBI Federal through Promotions in
media and social network.
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CHAPTER-5
CONCLUSION AND RECOMMENDATIONS
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5.1 CONCLUSION
The data were collected from the customers response of the IDBI Federal
Life Insurance Corporation Limited Hyderabad branch. Based on the
percentage of the customers 100 sample size was collected. The age,
gender, marital statuses, educational qualification, occupation, monthly
income, were analyzed as personal information in the questionnaire.
According to the collected personal information, most of the sample
customers were young age, single, educated, higher income customers who
got insurance. According to the research the IDBI Federal Life Insurance
Corporation Limited Hyderabad needs to create awareness among people as
only 20% of people know about IDBI Federal Life insurance Co. ltd through
promotions.
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QUESTIONNAIRE
1. Gender
a) Male
b) Female
2. Marital Status
a) Single
b) Married
5. Occupation
a) Govt sector
b) Private sector
c) Businessmen
d) Others.
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6. Education Qualification
a) Post Graduate & above
b) Graduate
c) 12 th passed
d) 10th passed
7. Annual Income
a) 6,00,000 &above
b) 3,00,000-5,00,000
c) 1,00,000-2,00,000
d) Below 1,00,000
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18. Which factor mostly affects your buying decision of child policy
a)Premium Amount
b)Premium paying term
c)More returns
d)Others
20. Are you aware of IDBI federal Childsurance policy? If yes what is
the source?
a) Agents
b) Family &Friends
c) Promotions
d) Others
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