CHAPTER 1

INTRODUCTION

1
 Introduction to topic

Indian financial system is highly influence with the banking and Life Insurance
which attracts flow of savings and investments to the country. These funds are utilised in
the industrial development of a county ,which accelerates the economic
growth.Employement opportunities are increased by such big investments.Life Insurance
sector in India is one of the growing sectors of the economy.Life Insurance companies
deals in intangiable products. In order to satisfy customers ,every company is trying to
implement new creations and innovative characteristics to attract customers.This project
deals with the comparitive study about the products and services of Life Insurance
companies. The main purpose of the project is to compare the perfomance of new
policies issued ;total premium income and market share in India.The study aimed at
finding solutions for certain questions such as Life Insurance products, services and
benefits. It also helps to understand the criteria for getting a claim to a customer and term
of Life Insurance policy.

The required information can be collected from two sources namely primary data
and secondary data

Primary data has been collected from four Life Insurance companies namely SBI
Life Insurance (Nedumnkandam),IDBI federal Life Insurance (Adimali),LIC of India
(Adimali)Bajaj Allianz Life Insurance(Thodupuzha)A questionaire prepared for the
purpose of collecting primary data from the selected Life Insurance companies assosiated
with this study.

The secondary data has been collected from magazines books and internet website
like www.wikipedia.com and www.bankbazzar.com

2
 Introduction to Insurance Industry
“Insurance is a contract between two parties whereby one party called Insurer
undertakes to exchange for a fixed sum called Premiums, to pay the other party called
Insured a fixed amount of money on the happening of a certain event”. Insurance is a
protection against financial loss arising on the happening of an unexpected event.
Insurance companies collect premiums to provide for this protection. A loss is paid out of
the premiums collected from the insurance companies act as trustees to the amount
collected. For example in a life policy by paying a premium to the Insurer the family of
the insured person receives a fixed compensation to the death of the Insured. Similarly, in
a insurance in the event of the car meeting with an accident the insured receives the
compensation to the extent of the damage. It is a system by which the losses suffered by a
few car spread over many exposed to similar risks which way founded in 1906 and is
doing business even today. The Insurance Industry earlier considered of only two state
insurers, life Insurance Corporation Of India (LIC) and General Insurance ie., General
Insurance corporation of India (GIC). GIC had four subsidiary companies.

With effect from December 2000 these subsidiaries have been do linked from
parent company and made as independent insurance companies: Oriental Insurance
Company Limited, New India Assurance Company Limited, National Insurance
Company Limited and United India Insurance Company Limited.

Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India (IRDAI) is an

autonomous, statutory body tasked with regulating and promoting the insurance and re-
insurance industries in India. It was constituted by the Insurance Regulatory and
Development Authority Act, 1999, an Act of Parliament passed by the Government of

3
India. The agency's headquarters are in Hyderabad, Telangana, where it moved
from Delhi in 2001.

History

In India insurance was mentioned in the writings of Manu (Manusmrithi),

Yagnavalkya (Dharmasastra) and Kautilya (Arthashastra), which examined the pooling
of resources for redistribution after fire, floods, epidemics and famine. The life-insurance
business began in 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta; the company failed in 1834. In 1829, Madras Equitable began conducting life-
insurance business in the Madras Presidency. The British Insurance Act was enacted in
1870, and Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were
founded in the Bombay Presidency. The era was dominated by British companies.

In 1914, the government of India began publishing insurance-company returns.

The Indian Life Assurance Companies Act, 1912 was the first statute regulating life
insurance. In 1928 the Indian Insurance Companies Act was enacted to enable the
government to collect statistical information about life- and non-life-insurance business
conducted in India by Indian and foreign insurers, including provident insurance
societies. In 1938 the legislation was consolidated and amended by the Insurance Act,
1938, with comprehensive provisions to control the activities of insurers.

The Insurance Amendment Act of 1950 abolished principal agencies, but the level
of competition was high and there were allegations of unfair trade practices. The
Government of India decided to nationalize the insurance industry.

An ordinance was issued on 19 January 1956, nationalizing the life-insurance

sector, and the Life Insurance Corporation was established that year. The LIC absorbed
154 Indian and 16 non-Indian insurers and 75 provident societies. The LIC had a

4
monopoly until the late 1990s, when the insurance industry was reopened to the private
sector.

General insurance in India began during the Industrial Revolution in the West and
the growth of sea-faring commerce during the 17th century. It arrived as a legacy of
British occupation, with its roots in the 1850 establishment of the Triton Insurance
Company in Calcutta. In 1907 the Indian Mercantile Insurance was established, the first

company to underwrite all classes of general insurance. In 1957 the General Insurance
Council (a wing of the Insurance Association of India) was formed, framing a code of
conduct for fairness and sound business practice.

Eleven years later, the Insurance Act was amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee was established. In 1972,
with the passage of the General Insurance Business (Nationalisation) Act, the insurance
industry was nationalized on 1 January 1973. One hundred seven insurers were
amalgamated and grouped into four companies: National Insurance Company, New India
Assurance Company, Oriental Insurance Company and United India Insurance Company.
The General Insurance Corporation of India was incorporated in 1971, effective on 1
January 1973.

The re-opening of the insurance sector began during the early 1990s. In 1993, the
government set up a committee chaired by former Reserve Bank of India governor R. N.
Malhotra to propose recommendations for insurance reform complementing those
initiated in the financial sector. The committee submitted its report in 1994,
recommending that the private sector be permitted to enter the insurance industry.
Foreign companies should enter by floating Indian companies, preferably as joint
ventures with Indian partners.

Following the recommendations of the Malhotra Committee, in 1999 the

Insurance Regulatory and Development Authority (IRDA) was constituted to regulate
and develop the insurance industry and was incorporated in April 2000. Objectives of the
IRDA include promoting competition to enhance customer satisfaction with increased

5
consumer choice and lower premiums while ensuring the financial security of the
insurance market.

The IRDA opened up the market in August 2000 with an invitation for
registration applications; foreign companies were allowed ownership up to 26 percent.
The authority, with the power to frame regulations under Section 114A of the Insurance
Act, 1938, has framed regulations ranging from company registrations to the protection
of policyholder interests since 2000.

In December 2000, the subsidiaries of the General Insurance Corporation of India

were restructured as independent companies and the GIC was converted into a national
re-insurer. Parliament passed a bill de-linking the four subsidiaries from the GIC in July
2002. There are 28 general insurance companies, including the Export Credit Guarantee
Corporation of India and the Agriculture Insurance Corporation of India, and 24 life-
insurance companies operating in the country. With banking services, insurance services
add about seven percent to India’s GDP.

Functions

The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999, and
include:

 Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations

 Protecting policyholder interests
 Specifying qualifications, the code of conduct and training for intermediaries and
agents
 Specifying the code of conduct for surveyors and loss assessors
 Promoting efficiency
 Promoting and regulating professional organisations connected with the insurance
and re-insurance industry
 Levying fees and other charges

6
 Inspecting and investigating insurers, intermediaries and other relevant organisations
 Regulating rates, advantages, terms and conditions which may be offered by insurers
not covered by the Tariff Advisory Committee under section 64U of the Insurance
Act, 1938 (4 of 1938)
 Specifying how books should be kept
 Regulating company investment of funds
 Regulating a margin of solvency
 Adjudicating disputes between insurers and intermediaries or insurance
intermediaries
 Supervising the Tariff Advisory Committee

 Specifying the percentage of premium income to finance schemes for promoting and
regulating professional organizations.
 Specifying the percentage of life- and general-insurance business undertaken in the
rural or social sector.
 Specifying the form and the manner in which books of accounts shall be maintained,
and statement of accounts shall be rendered by insurers and other insurer
intermediaries.

History of Insurance in India

Insurance in India has its history dating back till 1818, when Oriental Life
Insurance Company was started by Europeans in Kolkata to cater to the needs of
European community. Pre-independent era in India saw discrimination among the life of
foreigners and Indians with higher premiums being charged for the latter. It was only
one in the year 1810 Bombay Mutual Life Assurance Society, the first Indian Insurance
company covered Indian lives at normal rates.

At the dawn of the twentieth century, insurance companies started mushrooming

up. In the year 1912 the Life Insurance companies Act and the Provident Fund Act were
passed to regulate the Insurance Business. The life insurance companies Act 1912 made

7
it necessary that the premium rate tables and periodical valuation of companies should be
certified by an actuary. However, disparage still existed as discrimination between India
and Foreign companies. The oldest existing insurance company in India is National
Insurance Company Limited.

It is therefore be said that insurance is a multi-faced tool in the hands of mankind

for a number of purpose the people of the developed countries like the US, the UK and
Japan have long back accepted the concept of insurance whole heartedly 90% to 95% of
insurable of the these countries are insured (in India it is not more than 30% even on a
liberal estimation). About 10% of the GDP of these developed countries coms from
insurance premium (in India it is little over 4%) insurance as business activity is a drives
of economic development. Insurance is an effective device which promotes stability
prosperity and happiness to the individual and the society at large. Development and
insurance are also complementary to each other. Prudent men will realize the importance
of insurance and will accept it as an integral part of the way of financial planning in life.

Life Insurance Corporation Act 1956

Even though the first legislation was enacted in 1938 it was only in 19th January
1956 that life insurance in India was completely nationalized through a Government

Ordinance the Life Insurance Corporation Act 1956 effective from 01.09.1956 was
enacted in the same year to inter from LIFE INSURANCE CORPORATION after
Nationalization of the 245 companies into one entity. There were 245 insurance
companies of both Indian and foreign origin in 1956 nationalization was accomplished by
the Government acquisition of the companies. The Life Insurance Corporation of India
was created on 1st September 1956 as a result and has grown to be largest insurance
company in India as at 2006.

Life Insurance

The insurance function of life insurance companies deal with human life values
the Risk in life insurance is measured in terms of monetary value of the life man within

8
himself represents great worth that creates all utility in tangible property. After nature
everything we have in this universe springs from man. Life value therefore is the basic
value. There is so much financial value on the human life ideas and energy make money
in our life and he makes uniting for the betterment and advancement of his life which
gives him the highest happiness and comfort also benefiting in that process all those who
depend on him for economic security insurance is an effective device which promotes
stability prosperity and happiness to the individual and the society at large. The money
paid by the insured public by way of premium does not remain idle in the coffer, world
over it is used for promoting business particularly in developing countries like India.
Indirectly, the insured community contributes for a noble cause-nation building activity.

Introduction to Organization

SBI Life Insurance Company

SBI Life Insurance is a joint venture life insurance company between State Bank
of India (SBI), the largest state-owned banking and financial services company in India,
and BNP Paribas Cardif. BNP Paribas is a French multinational bank and financial
services company with global headquarters in Paris. SBI owns 70.1% of the total capital
and BNP Paribas Cardif 26% of the capital. Other investors are Value Line Pte. Ltd. and
Mac Ritchie Investments Pte. Ltd., holding 1.95% of the total capital each. SBI Life
Insurance has an authorized capital of Rs.20 billion (US$280 million) and a paid up
capital of Rs.10 billion (US$140 million). SBI Life Insurance also features in the Fortune
Global 500 list of the world’s biggest corporations.

SBI Life Insurance Company Limited

Type Joint Venture

9
Traded as BSE: 540719, NSE: SBILIFE

Industry Insurance

Founded March 2001

Headquarters Mumbai, India

Area served worldwide

Key people Mr. Sanjeev Nautiyal , MD & CEO

Products Life insurance, Pensions

Owner SBI, BNP Paribas

Number of employees 12,000+ on-roll employees and 94,000 agents

Website Sbi Life

History of SBI Life Insurance

SBI life insurance is Public Limited Listed Company. SBI Life Insurance Listed
on BSE And NSE (Stock Exchange of India). SBI Life started as a joint venture with
BNP Paribas in 2001. While in its initial stage its business was mainly from bank
assurance channel, now it is developing its own agency team for selling its life insurance
products.

SBI Life Insurance Plans

1. ULIP Plans

 SBI Life – Smart Previlage

 SBI Life-Smart Power Insurance

 SBI Life-Sara maha Anand

 SBI Life-Smart Wealth Assure

 SBI Life-Smart Elite

10
  SBI Life-Smart Wealth Builder

2. Pension Plan

 SBI Life -Annuity Plus

 SBI Life-Saral Pension

 SBI Life-Retire Smart

3. Protection Plans

 SBI Life-Smart Sheild

 SBI Life-Saral Sheild

 SBI Life -Sampoorna Cancer Suraksha

 SBI Life-Porrna Suraksha

4. Child Plans

 SBI Life-smart Champ Insurance

 SBI Life-Smart Scholar

5. Savings Plans

 SBI Life-Smart Women Advantage

 SBI Life-Smart Swadhan Plus

 SBI Life-Smart Humsafar

 SBI Life-Smart Money Planner

 SBI Life-Smart Income Protect

 SBI Life-Smart Guarantedd Savings Plan

 SBI Life-Shubh Nivesh

 SBI Life-Flexi Smart Plus

 SBI Life-Smart Money Back Gold

11
  SBI Life-Saral Swadhan Plus

 SBI Life-Smart Bachat

Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance

group and investment company headquartered in Mumbai. It is the largest insurance
company in India with an estimated asset value of Rs.25,29,390 crore (US$370 billion)
(2016). As of 2013 it had total life fund of Rs.1433103.14 crore and total number of
policies sold coming in at 367.82 lakh that year (2012-13).

Type State Enterprise Government Corporation

Industry Financial services

Founded 1 September 1956

Headquarters Mumbai, India

Key people Shri V.K.Sharma (Chairman)

Products Life insurance, health insurance, Investment management,

Mutual fund

Total assets Rs. 25,29,390 crore (US$350 billion)(2016)

Owner Government of India (100%)

Number of employees 114773 (Mar 2016)

Subsidiaries LIC Housing Finance, LIC Pension Fund Ltd.

LIC International, LICCardsServices,

LIC Mutual Fund

History of LIC

12
Founding Oraganizations

The Oriental Life Insurance Company, the first company in India offering life
insurance coverage, was established in Kolkata in 1818 by "Anita Bhavsar" and others.
Its

primary target market was the Europeans based in India, and it charged Indians heftier
premiums. Surendranath Tagore had founded Hindusthan Insurance Society, which later
became Life Insurance Corporation.

The Bombay Mutual Life Assurance Society, formed in 1870, was the first native
insurance provider. Other insurance companies established in the pre-independence era
included

 Postal Life Insurance (PLI) was introduced on 1 February 1884

 Bharat Insurance Company (1896)
 United India (1906)
 National Indian (1906)
 National Insurance (1906)
 Co-operative Assurance (1906)
 Hindustan Co-operatives (1907)
 Indian Mercantile
 General Assurance
 Swadeshi Life (later Bombay Life)
 Sahyadri Insurance (Merged into LIC, 1986)

The first 150 years were marked mostly by turbulent economic conditions. It
witnessed India's First War of Independence, adverse effects of the World War
I and World War II on the economy of India, and in between them the period of
worldwide economic crises triggered by the Great depression. The first half of the 20th
century saw a heightened struggle for India's independence. The aggregate effect of these

13
events led to a high rate of and liquidation of life insurance companies in India. This had
adversely affected the faith of the general in the utility of obtaining life cover.

Nationalisation in 1956

In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by

owners of private insurance agencies. In the ensuing investigations, one of India's

wealthiest businessmen, Ramkrishna Dalmia, owner of the Times of India newspaper,

was sent to prison for two years.

The Parliament of India passed the Life Insurance of India Act on 19 June 1956
creating the Life Insurance Corporation of India, which started operating in September of
that year. It consolidated the business of 245 private life insurers and other entities
offering life insurance services; this consisted of 154 life insurance companies, 16 foreign
companies and 75 provident companies. The nationalization of the life insurance business
in India was a result of the Industrial Policy Resolution of 1956, which had created a
policy framework for extending state control over at least 17 sectors of the economy,
including life insurance.

Mission

“Explore and enhance the quality of life if people through financial security by
providing products and services of aspired attributes with competitive returns and by
rendering resources for economic development,

Vision

 A trans nationally competitive financial congromark of significance to societies

and pride of India.
 Every day we wake up to the fact that more than 220 million lives are part of our
family called LIC.

14
  We are humbled by the magnitude of the responsibilities we carry and realize that
the lives that are associated with us are very valuable indeed.

Operations

Today LIC functions with 2048 fully computerized branch offices, 8 zonal
offices, around 113 divisional offices, 2,048 branches and 1408 satellite offices and the
Central Office it also has 54 customer zones and 25 metro-area service hubs located in
different cities and towns of India. It also has a network of 1,537,064 individual agents,
342

Corporate Referral Agents, 114 Brokers and 42 Banks for soliciting life insurance
business from the public.

Lic of India Service

Mainly provides services such as life insurance plans, children’s plans, pension plans,
plans for landscaped depends, endowment assurance plan, money back plan, plans for
high worth individuals, term assurance plan, unit plan, special plans.

Life Insurance

 LIC Single premium endowment plan

 LIC new jeevan Rakshak
 LIC’s limited premium Endowment plan
 New jeevan Anand
 LIC’s jeevan Labh
 LIC’s jeevn pragati

15
  New jeevan Lakshya

Children Plan

 Jeevn Anurag
 Komal jeevan
 Marriage endowment
 Educational annuity plan
 Jeevan Kishore
 Jeevan chhaya
 Child career plan
 Child future plan

Pension Plans

 Jeevan nidhi
 Future plans (closed for sale)
 Jeevan akshay – III ( closed for sale)
 Jeevan akshay – IV ( closed for sale0
 New jeevan ohara – 1
 New jeevan suraksha

Plans For Handicapped Dependents Independent

 Jeevan aadhar
 Jeevan vishwas

Endowement Assurance Plan

 The endowment assurance policy

 The endowment assurance policy limited payment
 Jeevan mitra ( triple cover endowment plan)

16
  Jeevan anand

Money Back Plans

 The money back policy – 20 years

 The money back policy – 25 years
 Jeevan surabhi – 15 years
 Jeevan surabhi – 20 years
 Jeevan reksha ( closed for sale )

Plans For High Worth Individuals

 Jeevan share – 1
 Jeevan pramukh

Term Assurance Plan

 Two year temporary assurance policy

 The convertible term assurance policy
 Anmol jeevan – 1

 Amulya jeevan

Unit Plans

 Jeevan plans (closed for sale)

 Future plans (closed for sale)
 Bima plans (closed for sale)
 Market plans
 Money plans

17
Special Plans

 LIC offers two type of special plans

 Golden jubilee plan
 Special plan

IDBI Federal Life Insurance

IDBI Federal Life Insurance Co Ltd. is a three way joint-venture of IDBI Bank,
an Indian development and commercial bank; Federal Bank, one of India’s
leading[peacock term] private sector banks and Ageas, a multinational insurance giant
based out of Europe. IDBI Federal distributes its products through a multi-channel
network consisting of insurance agents, bank assurance partners (IDBI Bank, Federal
Bank) direct channel and insurance brokers.

Type Joint Venture

Industry Life insurance

Founded March 2008

Headquarters Headquarters in Mumbai, India

Key people Vighnesh Shahane, CEO & Whole Time Director

Products Life insurance

Number of Employees 1,941 employees on-roll; over 10,000 agents

Website Official Website

History of IDBI Federal Life Insurance

18
 In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major
Fortis Insurance International NV signed a MoU to start a life insurance company in
India. The company received its license from Insurance Regulatory and Development
Authority of India. IDBI Fortis Life Insurance Company Limited officially began its operation
in March 2008.

IDBI Federal Life Insurance Service

IDBI Federal Life Insurance mainly provides services such as child plans, life
insurance endowment plans, life insure group plans, IDBI Federal life income assurance
guaranteed money back insurance plan, IDBI Federal life wealth plan, IDBI federal life
term plans.

I. Child Plans
 IDBI Federal Life Child insurance savings protection insurance plan.
II. Life Insurance Endowment Plans
 IDBI Federal Lifesurance Whole Life Savings.
 IDBI Federal Insurance Savings.
III. Life Insurance Group Plans
 IDBI Federal Termsurance Grow Protection.
 IDBI Federal Termsurance Group
 IDBI Federal Group Microsurance.
 IDBI Federal Termsurance Sampoorna Suraksha.
 IDBI Federal Loansurance.
 IDBI Federal Retiresurance.

IV. IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan
 Incomesurance Money Back Plan.
V. IDBI Federal Life Wealth Plan
 IDBI Federal Wealthsurance Growth Insurance Plan.

19
  IDBI Federal wealthsurance Suvdha Growth.
 IDBI FederalWealthsurance Future Star.
 Wealth Assurance Growth.
VI. Life Term Plans
 Insurance Flexi Term.
 Insurance Online Term.

Bajaj Allianz life insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited
(formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE,
a European financial services company. Being one of the private insurance companies in
India, it offers insurance products for financial planning and security.

History of Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a
pan-India presence of 759 branches. It is headquartered in Pune, India. Bajaj Allianz Life
Insurance received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration on 3 August 2001 to conduct Life Insurance business in India.

Type Limited

Industry Insurance Services

Founded 2001

Headquarters Pune, India

Area served Worldwide

Key people Tarun Chugh (MD & CEO)

20
 Products Life Insurance

Total assets INR 4,361,583

Parent Bajaj Finserv, Allianz SE

Website www.bajajallianzlife.com

Bajaj Alliance Life Insurance Mainly provides services such as term plans, ULIP
plans, pension plans, child plans,

Investment plans, woman insurance plans, life insurance.

Term Plans
 I Secure plan
 I Secure more plan
 I Secure loan plan

Ulip Plans

 Investment plan – future plan

 Investment plan – future gain

Pension Plans

 Bajaj Allianz lifelong assure plan

 Bajaj Allianz pension guarantee plan
 Bajaj Allianz retire rich plan

Child Plans

 Traditional saving plan - Bajaj Allianz young assure

 Bajaj Allianz lifelong assure

21
Investmetn Plan

 Saving plan – save assure

 Savings plan – guarantee assure
 Investment plan – Invest assure

Woman Insurance Plans

Woman insurance plan caters to the needs of women like medical solutions,
savings, retirement solutions and investment benefit

Woman Life Insurance

Compare all Bajaj Allianz life insurance plans from other life insurance
companies in India to get the best insurance plan that suites you most.

22
 Scope of the Study

This thesis aims at making an in depth study of life insurance companies only. It
deals with products offered by life insurance companies consisting of Endowment
Assurance (Participating) and Money Back (participating) and Unit Linked Insurance
policies. An elaborate study is undertaking covering a period of ten years since the
inception of the IRDA and the resultant entry of private players in the Insurance segment.
The survey was conducted on customers of the public sector life insurance corporation of
India and ten top private sector companies started between the year 2000 and 2013. An
analysis of performance was done by evaluating the performance of top six private sector
life insurance companies with life insurance Corporation of India.

A survey of insurance clients and also people who have no insurance was made
covering the major cities in India.

23
 Objectives

1 To study and compare different products and services of different life insurance
companies

2 To study the procedures in obtaining an insurance claim

3To study the work culture in the life insurance companies

24
 CHAPTER 2

RESEARCH METHODOLOGY

25
 Research Methodology
Research methodology is the sum total of the ways and means of planning
conduction and reporting to the outcomes of a research study. It starts with the
approaches to identify the research problem, define the same, plan and design a research.
Design executes the same and concludes with the review of the reported findings.

According to Abraham Kaplan

“Research methodology is the description, explanation and justification of various

methods of conducting research”.

Research Design
Research design is plan action, the strategy and the structure of the overall produce by
which we intend to gain more knowledge of a specific problem or a specific aspect of the
subject. It is an arrangement of condition for collection and analysis of data in a manner.
That aims to combine relevance to the research purpose with economy in produce.

According to E.NKerlinger

“Research design is the plan structure and strategy of invention conceived so as to

obtain answer to research question and to control variance”.

Methods Of Data Collection

The researcher can this required information from two sources namely

1. Primary data

26
 2. Secondary data

Primary Data

It is refers to first hand information that an investigator himself collects from the
respondent of institution. It is direct original in nature.

Observation Method

Observation method may be defined as a systematic view of specific phenomenon in the

proper setting for the specific purpose for gathering data for particular study. It is the
process acquiring knowledge through a use of sense organs.

Questionnaire Method

This is very important and popular method of data collection. Individual organization
and Government adopt this. In this method question is printed and send to respond by
post directly. Questionnaire is the printed list of questions.

Interview Method

Personal interview is a process of communication where there is a face to face

conversation between investigator and the person who respond.

Secondary Data

When an investigator uses the data that has already been collected by others such data
is called Secondary Data. Secondary data is the form of finished product.

27
 Source Of Secondary Data
The secondary data is collected from the magazines, books and websites and also it
obtained by the means of discussion with expert and guide.

Presentation Tool Used For The Study

The researchers present data with the help of tables.

Table:

A table is a systematic arrangement of statistical data in rows and columns. Rows

are horizontal arrangement where as the columns are the vertical arrangement.

Software Tool Used For The Study

The software tools used for the study are Micro Soft word & Microsoft Excel.

Limitation Of The Study

1. Personal bias of the employees from whom the data is collected may affect the
reliability of study.
2. Lack of co-operation from the employees.
3. Lack of time is another limiting factor.

28
4. The study is limited by the knowledge and experience of the researcher on the
project.
5. The risk of respondents who may give false answers could not be avoided.
6. Confidential data could not be obtained.
7. Illiteracy of some respondents.

CHAPTER 3

ANALYSIS AND FINDINGS

29
 Analysis and Findings

SBI Life

1. It offers life coverage. It is best savings as well as investment plan.

2. Within 15 days from the date of receiving required documents submitted claim
amount be received.

3. During emergency situations claim can be received if death or permanent

disability happened.

4. If the customer is not satisfied with the services set off procedures are available.
Branch level to state level redressal agencies are available and higher authorities
and Government systems such as Ombudsman, consumer Court can be
approached by the customer.

5. In the case of the death claim after the death of the person claim amount can be
received by submitting required documents. If policyholder dies within 3 years
after taking policy it is early claim and amount will be received after inquiry
conducted by insurance company. It will take 15 to 20 days to receive the claim.

30
 Maturity claim and survival benefits are received within 10 days by receiving
bank account details.

6.

7. Life insurance is always best investment plan.

8. 5 years to 30 years of term are available to different policies.

9. Pension plans, investment plans, savings plans are offered by this company.

10. Cancer Suraksha, Poorna Suraksha are the newly launched policies.

11. Minimum age is 18 years and maximum age is 60 years to hold policy and varies
according to the product.

LIC Of India

1. Life insurance policy is considered as one of the best savings plan. In life
insurance policy the company provides monetary security to the family of the
policy holder after his death.
2. Client can claim the benefits of the life insurance policy by providing the death
certificate of the policy holders hid treatment details inheritance certificate and
the bank account details of the legal heirs of the policy holder
3. Certain percentage of the policy amount will be given to the family of the policy
holder for every month if death or services injury by accident or death happen to
the policy holder.
4. If the customers are not satisfied by the services company will arrange awareness
programmes about the services and personal assistance will be given if necessary
to mountain the friendly atmosphere and adopt new methods the satisfy the needs
of the customer.
5. In order to claim the policy amount during the term of the policy death certificate
and treatment details of policy holder, inheritance certificate and bank account
details. The legal heirs should be produced.

31
 6. Children plans, pension plans and health insurance are mainly chosen by majority
of the customers
7. Life insurance provides not only coverage but also profit and bones. So it can be
considered as best investment plan.
8. It is the customer’s choice to choose the term of the policy.
9.
10. Jeevan santhin is the newly launched product of. LIC. It is available to those
without pension. The is the way that a percentage of the policy amount is
available to the beneficiary by depositing a fixed amount.

11. Any person from 0 to 100 years of age can take life insurance coverage

IDBI Federal Life Insurance

1. The benefits of life insurance policy are the sum assured, tax benefits and it can be a
best investment and a savings for future.
2. If claim amount can be received within 8 days if the documents are correct. Original
death certificate of the client, copy of identity proof, proof of the nominee, bank
Account details of the nominee, document of policy and filled form of death claim.
3. Amounts claimed will be given by the company if the company satisfied that the
situation is critical emergency. During natural calamity or document loss the amount
can be claimed by producing certified from Village or Panchayath.
4. Methods are adopted to satisfy the customer’s needs.
5. Procedures to claim the policy amount are original death certificate, copy of identity
proof, proof of nominee, bank account details of nominee duly filled death claim are
produced.
6. Company provides ULIP Policies and Traditional Policies. Customer’s choose
policies according to their needs.
7. Life insurance is best long term investment plan

32
8. Term of ULIP Plans are 3 to 5 years term and conditions are different for different
policies. Terms are varied as per different policies.
9. Plans provided by this company are Children Plans, ULIP Plans and Pension Plans.
10. Newly launched plans are Traditional Plan-Dream Builder , Income Protection Plan.
11. Minimum age to the policy holder is 18 years and maximum age is 64 years.

Bajaj Alianz Life Insurance

1. Nothing can be compared with life insurance life insurance covers almost all life
expenses like education, marriage etc. depending on the insurance amount. Risk
covered depends on the insurance amount
2. Within 2 days after submitting required documents such as death certificate etc.
claim amount can be received
3. During emergency situations like natural calamities and the like situation company
provide claim amount as soon as possible by producing death certificate and village
certificate. During this situations procedures and requirements will be minimised
claim will be given with the essential documents like death certificate and village
certificate.
4. Insurance companies have regulators. If the customers is not satisfied with the
services or it there is any complaints customer can report to the regulatory authority
like IRDA or redressal agency of insurance company.

33
5. Mainly 2 type of claims. One is maturity claim. Maturity claim will be given after
the maturity period and the amount is transferred to the account of the policy holder.
In another claim is death claim and it is claim is after submitting required documents
death certificate, nominee details, doctor’s report etc.
6. We after traditional plan and share based policies. Policies are mainly choosen by the
customers as per their needs. Our most selling product is share based policies.
7. Life insurance is 100% best investment plan. Insurance return amount in non-taxable
and customer get deduction form taxable interest
8. Term of the policy is opted by the customer. 5 years to 100 years terms are available
and it is selected by the customer as per their needs.
9.
10. Life POS Gold Suraksha
11. Minimum age 0 age and maximum age is 73 years to be a policy holder. Age limits
are varied as per the product. Life insurance starts from 5 years of age risk coverage
starts from 7 years.

Observation

LIC of India SBI Life IDBI Federal Bajaj Alianz

Insurance Life Insurance

Product LIC endowment Individual Plans Child Plans Life insurance

and plans plans
Protection Plans Endowment
services
LIC Money Back plans Term Insurance
Savings Plans
Plans plans
Group plans
ULIP Plans
LIC Term Child Insurance
IDBI Federal
Assurance Plans Child Plans plans
Term Plans

34
LIC Pension Plan Pension Plans Saving solution
plans
LIC Social Money Back
Security Schems Income Plans Invest solution
plans
Group Plans
Retirement
Corporate
solution plans
solution
ULIP plans
Group Loan
protection Group
Products insurance plans

Group micro Micro

Insurance plans Insurance plans

Online Plans Bajaj alianz

SBI Life- eShield Bachat+ plans

SBI life - e
Wealth insurance

SBI Life Annuity

Plans

Sampoorna
Cancer Suraksha

Poorna Suraksha

Kalyan ULIP
Plans

Sampoorna
Suraksha

35
 Swarna Jeevan

Time The required things Within 15 days If all the Within 2 days
taken for for death claim are claim can be documents are after submitting
getting a death certificate, received correct the the required
claim inheritance claim will be documents.
certificate, bank available within
account details 8 days.
legal hiers,
treatment details of
the client. After
receiving such
documents the
parties nominee
will receive the
amount
immediately.

Life term Customers can 5 to 30 years Different Term of the

of a life choose the term of policies have policy opted by
insurance the policy. different rules, the customer .
policy ULIP Plans are
5 year to 100
mainly 3 to 5
years terms are
years.
available and
are it is
selected by the
customer as per
their needs.

Newly Jeevan Santhi Cancer Suraksha, Dream builder Life POS Gold

36
launched Poorna Suraksha and income Suraksha
policies protect plan

37
CHAPTER 4

CONCLUSION

38