Kotak Main Page

Contents
1. Introduction
2. Objectives and Scope of study
3. Methodological Assumptions
4. Company Profile
5. Kotak Life Insurance Policies
6. Data Analysis
7. Sales graph
8. Suggestions
9. Conclusion
10. Questionnaire
B.R.B. College of Commerce, Raichur.

Introduction
Meaning of insurance:
The Head or the bread earner of the family generally supports the
family for their basic needs, such as, food, clothing and shelter by
bringing income at regular intervals. So long as he or she lives and the
income is received steadily, the family is secure; but the untimely death
or disability of that person puts the family in a very difficult situation, and
sometimes in stark poverty. Uncertainty of death is inherent in human
life.
It is the uncertainty that is the risk, which gives rise to the

necessity for some form of protection against the financial loss arising
from death, “Insurance substitutes this uncertainty by certainty”.
The primary purpose of life insurance is the protection of the

family; Insurance in it’s various forms, protects against such misfortunes
by having the losses of the unfortunate few paid by the contribution of
the many who are exposed to the same risk. This is the essence of
insurance – the sharing of losses and substitution of certainty for
uncertainty.
Advantages of Life Insurance:
1. Protection against risk of untimely death
2. Protection during old age
3. Forced Savings
4. Educational requirements
5. Nomination and Assignment
6. Marketability and suitability for borrowings
7. Loan from the Insurance Company
8. Tax benefit of life insurance
9. Protection to spouse and children

Objectives and Scope of study
Objectives of study:
1. To know whether the different types of life insurance policies are

satisfying its consumers or Policy Holders which are offered by
Kotak Mahindra Life Insurance Company.
2. To know the opinion of consumer towards the Plans supplied by

3. To know whether the consumer are happy with the range of Policies
offered by Kotak Mahindra Life Insurance Company.
4. To know the consumer’s opinion towards different life insurance

policies offered by Kotak Mahindra Life Insurance Company.
5. To know whether the company meets the various life insurance

need of the community.
Scope of study:
The study was conducted during the month of April-May 2005 in

Belgaum, the study shows performance of consumers of an agent in
Belgaum (“Aashraya Empire” 2nd Floor, CTS NO.11, RPD Cross, Khanpur
Road, Tilakawadi, Belgaum – 590 006) & gives the opinion of policy
holders of this agent in Belgaum.

Methodological Assumptions
Source of data:
Data collection is a key activity of social research. There are

numerous possible sources of data collection. This is determination that,
it is special to each project, a step forward that determination is having in
the first general classification of sources, which we now offer in several
dimensions, locations of the data sources, is an option to be considered.
There are two types of sources of data. They are:
1) Primary Data
Primary Data are collected for the purpose of the research study for
balance sheet of the outlets, records, branches, catalogues etc.
Primary Data have been collected from an agent of Kotak Mahindra
Life Insurance Company,
“Aashraya Empire” 2nd Floor,
CTS NO.11,
RPD Cross, Khanpur Road,
Tilakawadi,
Belgaum – 590 006
Who provided the basic information.
2) Secondary Data
Secondary Data has been collected from the “Books of PACL

Insurance Services Limited”.

Sales graph
(Showing sales of 1 years in Belgaum city)
Kotak Mahindra Life Insurance Co.

(Showing sales of 1 year in Belgaum city)
25
Feb-05
20
Jun-04
No: of Policies Sold
Mar-05
15
Dec-04
Oct-04
Aug-04
Nov-04
10
Jan-05
Apr-04
Sep-04
Jul-04
May-04
Months
Note: This graph is based on the sales from an agent of Kotak Mahindra
Life Insurance Company (“Aashraya Empire” 2nd Floor, CTS NO.11, RPD
Cross, Khanpur Road, Tilakawadi, Belgaum – 590 006) for the year April
2004 – March 2005. From this graph it is clear that in the month February
2005 there is an increase of the Life Insurance policies provided by Kotak
Mahindra Life Insurance Company.

Suggestions
1. Kotak Mahindra Life Insurance Company should make more

publicity of plans which help in sale promotion of their plans.
2. The policies should be such that the money should be available

when the policy holder needs it.
3. After the death or the maturity there should be no difficulties to the

assurer in getting the sum assured.
4. Selling the right policy that correctly answers individual’s needs and
circumstances.
5. . The company must give offers to the customers by that the will
attract about the policy

Conclusion
On the basis of analysis the conclusion is as follows:
Kotak Mahindra Life Insurance Company has proved itself as a

market leader in products of Life Insuance policy. The sales of Kotak
Mahindra Life Insurance Policies in one year in Belgaum district is 109.
During the research the consumers are much satisfied by the plans
offered by Kotak Mahindra Life Insurance Company. Through data
analysis and interpretation I came to know that some of the products of
Kotak Mahindra Life Insurance Company were not satisfying the
consumers. This is mainly but to the low promotional activities.

Questionnaire
Sir,
I am a student of Insurance & Risk Management (Career Oriented
Course) of B.R.B. College, Raichur doing this survey for the fulfillment of
project work. I assure you that your answer should be kept confidential.
Put tick mark ( ) to the appropriate answers
1. Do you know about Kotak Mahindra Life Insurance Company?
Yes [ ] No [ ]
2. Do you know about Kotak Mahindra Life Insurance Company with Life
Insurance Policies?
Yes [ ] No [ ]
3. Did you saw any of their advertisements on Life Insurance Policies?
Yes [ ] No [ ]
If yes, how is it?

Good [ ]
Better [ ]
Best [ ]
4. Could you name some of the policies of Kotak Mahindra Life Insurance
Company?
___________________________
___________________________
___________________________
___________________________

5. Are you satisfied by taking Kotak Mahindra Life Insurance policy?
Yes [ ] No [ ]
If yes, how is it?

Good [ ]
Better [ ]
Best [ ]
6. Can you give your opinion about Life Insurance Policies offered by
Kotak Mahindra Life Insurance Company in a few words?
----------------------------------------------------------------------------------
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Data Analysis
Sample Survey:
The data given below is collected form collected from an agent of

“Aashraya Empire” 2nd Floor,

CTS NO.11,
RPD Cross, Khanpur Road,
Tilakawadi,
Belgaum – 590 006
It gives details like name, form number, Customer Name, Pay

Mode, Amount of policy holders.

1. Policy wise distribution of Policy Holders:
The following table gives the distribution of different policies taken

by Policy Holders as given below:
No: of Policy
Sl.No. Policy Name
Holders
1. 81 Kotak Endowment Plan
2. 17 Kotak Child Advantage Plan
3. 11 Kotak Money Back Plan
Total 109
Based on this data analysis graphs are prepared as below:

(Note: The above data is based on Sample Survey of Policy Holders
collected from an agent in Belguam as mentioned above.)
Distribution of different policies among Koyak Mahindra Life

Insurance Policy Holders
Kotak Child Kotak Money Back

Advantage Plan, 17 Plan, 11
Kotak Endowment
Plan, 81
Policy
Conclusion: Kotak Endowment Plans Policy Holders are more as compared

to other policies as shown in the above graph.

2. Sex wise distribution of Policy Holders:
Data analysis among different Kotak Mahindra Life Insurance Policy

Holders gives distribution of Sex as given below:
 99% of Policy Holders are Male.

 1% of Policy Holders are Female.
Based on this data analysis graphs are prepared as below:

(Note: The above data is based on Sample Survey of Policy Holders
collected from an agent in Belguam as mentioned above.)
Distribution of Sex among Kotak Mahindra Life Insurance Policy

Holders
Female
1%
Male
99%
Conclusion: The highest bar-diagram is showing towards the Male Kotak

Mahindra Life Insurance Company Policy Holders. Therefore Male Kotak
Mahindra Life Insurance Company Policy Holders are more than the
female Kotak Mahindra Life Insurance Company Policy Holders.

Company Profile
OM Kotak Mahindra Life Insurance Company Ltd.:
We are a joint venture between Kotak Mahindra Finance Ltd. and

Old Mutual pcl. Kotak Mahindra is a leading financial services group with
assets worth over Rs.2,800 crores as well as a market leader in the areas
of car finance, investment banking and distribution of financial products.
Old Mutual pcl. 157 years of experience in life insurance with assets
under management worth US$ 208 billion (as on 31st December, 2001).
For our customers, this joint venture translates into a company with
international expertise that understands the local market.
PACL Insurance Services Limited (PISL):

(Corporate Agent of OM Kotak Mahindra Life Insurance Company Limited)
PISL is a subsidiary of PACL India Ltd., was formed to conduct

insurance business all over India for life as well as non-life products. PISL
has tied up with OM Kotak Mahindra Life Insurance Company Limited
(OMKM), a joint venture between Old Mutual plc. Of U.K. and Kotak
Mahindra Finance Ltd.
PISL is a committed services organization which along with OMKM

has jointly ventured into marketing of insurance products of OMKM all
over India.
PACL India Ltd. is a company which was incorporated on 13th Feb.,

1996 under Companies Act 1956 and is engaged in manufacturing of
health care products and trading in timber, business of real estate,
management and development of agriculture lands. The company is
customer driven and professionally managed. Since its inception PACL
India Ltd. has grown phenomenally to have a nationwide presence
catering to the aspirations of more than 0.45 million customers. All offices
of the company are fully computerized, equipped with modern
infrastructure and operated through professionally qualified work force.
PACL Insurance Services Ltd. (PISL) was incorporated on 14th May,

2001 in Jaipur with the avowed object of promoting insurance business. It
proposes to act as a catalyst to growth in this sector. It pursues life
insurance business and provides necessary support to insurers to
discharge their statutory obligations in rural and unorganized sector by
creating awareness about benefits of insurance to economically
vulnerable and backward classes.

Kotak Life Insurance Policies
We have a variety of products to suit your individual requirements.
They are as follows:
1. Kotak Endowment Plan

2. Kotak Money Back Plan
3. Kotak Child Advantage Plan
These plans are explained in detail as follows:
1. Kotak Endowment Plan:
Meaning: Kotak Endowment Plan is a protection plan that covers

your life and at the same time ensures that your money does not lie idle.
It invests a portion of your premium in financial instruments and ensures
a considerable growth in savings. This is a participating plan (with profits)
Benefits:
On Maturity: Basic Sum Assured or Accumulated Fund whichever

is higher.
On Death: Sum Assured less all the premiums due but not paid or
accumulated Fund whichever is higher.
Term of the Plan: 10 to 30 years
Grace Period: Period of 30 days is allowed from the due date of

unpaid premium. During first three years the policy lapses without any
value if the premiums are not paid within the grace period.
Paid up Value: Will be available on request after 3 full years

premium have been paid
Surrender Value: Will be available after 3 full years and will be

based on accumulated fund after deducting certain % for surrender value.
Loan: Will be granted after 3 years from the date of

commencement as a certain percentage of the surrender value, at
prevailing market rate of interest, compounded half yearly

Revival: If the premiums are not paid during the days of grace,
then the policy lapses and should be revived within 5 years. The revival
can be done on payment of the outstanding premiums with 6% handling
charges if the premium is made within six months.
Eligible Conditions:
Age limit: 18 to 65 years (lbd)
Maximum Premium Ceasing Age: 75 Years
Mode of Payment: Yearly, Half Yearly, Quarterly
Minimum Premium: 1. Yearly Rs.2,000/-

2. Half Yearly Rs.(1020 + 15)
3. Quarterly Rs.(520 + 20)
Nomination: Nomination and Assignment facility are available as

per current rules. The policy can also be assigned as collateral security
against housing Loan.
Tax Benefit: The premiums paid under the plan will qualify for
rebate under Section 88 of the Income Tax Act
Underwriting Requirements: Can be considered under Non

Medical Schemes subject to:
Maximum Sum Assured: Rs.5 lakhs for age up to 35 years.

Rs.3 lakhs for age between 36 to 45 years
Thereafter if the sum at risk exceeds the limit specified a medical

reports from a Panel Doctor would be required as per the rules.
Maximum Term: 30 Years

Riders Available: 1. Accidental Death Benefit

2. Permanent Disability Benefit
3. Kotak Term Cover

Example:
Age: 30 Years
Term: 20 Years
Sum Assured: 1,00,000/-
Annual Premium = 4640.00
With Rider Accident Death Benefit

Term Cover & PDB
Accident Death Benefit Premium = 0.80 paise per 1000 = Rs.80.00

Permanent Disability Benefit Premium = 0.40 paise per 1000 = Rs.40.00
Term Cover = Premium Rate x Sum Assured

1000
= 3.60 x 1,00,000 = 360
1000
Basic Premium = 4,640

ADB = 80
PDB = 40
Term Cover = 360
Total Premium = 5,120
Half Yearly Premium Calculation:
(Annual Premium x 0.51) + Rs.15/- Policy Free = Half Yearly Premium

(4640 x 0.51) + 15 = 2381.00
Quarterly Premium Calculation:
(Annual Premium x 0.26) + Rs.20/- Policy Free = Quarterly Premium

(4640 x 0.26) + 20 = 1226.00

2. Kotak Money Back Plan:
Meaning: Kotak Money Back Plan not only covers your life, it also
assures you a certain percent of the sum assured as cash payment at
Regular intervals of every 5 years. It is a savings plan with the added
advantage of life cover and regular cash inflow. This plan is ideal for
planning special moments like a wedding, your child’s education or
purchase of an asset etc. This is a participating plan (with profits)
Benefits:
On Survival: After every 5 years survival benefit is payable as a

certain percentage of the Basic Sum Assured depending upon the term
chosen. On maturity the final Survival Benefit or Accumulated Fund
whichever is higher is paid.
On Death: Cover less all the premiums due but not paid
accumulated Fund whichever is higher. The cover will increase at the rate
of 7% per annum of the Basic Sum Assured after the first year.
Total
% of the S.A. Payable on survival of the life assured
Policy Total
up to
Term
5 years 10 years 15 years 20 years 25 years
15 25 25 70 120%
20 20 20 20 70 130%
25 15 15 15 15 80 140%
Term of the Plan: 15, 20, & 25 years


Loan: No loans will be granted on this policy
then the policy lapses and should be revived within 5 years. The revival
can be done on payment of the outstanding premiums with 6% handling
charges if the premium is made within six months.

Maximum Premium Ceasing Age: 75 Years


Underwriting Requirements: Can be considered under Non

Medical Schemes subject to:
Maximum Sum Assured: Rs.5 lakhs for age up to 35 years.


Maximum Term: 25 Years

Standard Age Proof has to be submitted

Example:
Age: 30 Years
Term: 20 Years
a) Annual Premium = 7120.00
With Rider
1. Accidental Death Benefit

2. Permanent Disability Benefit
3. Kotak Term Cover
b) Accident Death Benefit Premium

= 0.80 paise per 1000 = Rs.80.00
C) Permanent Disability Benefit Premium

= 0.40 paise per 1000 = Rs.40.00
Term Cover = Premium Rate x Sum Assured

1000
= 3.60 x 1,00,000 = 360.00
1000
Total Premium = (a+b+c+d) = 7,600.00

3. Kotak Child Advantage Plan:
Meaning: Kotak Child Advantage Plan is an investment plan

designed to meet your future needs. It is a plan that gives your child the
“azaadi” to realize his/her dreams. There is an endowment plan where
the life insured is the child. This is a participating plan.
Life to be insured: A child between the ages of 0 to 17 years (lbs)
Proposer: The proposer is a must on the policy. The proposer

should be either one of the parents (or the legal guardian), and must be
at least 18 years (lbs)
Standard age proof for child must be submitted.
1. Upto age 9:
 Sum assured is less than or equal to 10 lakhs: No medical.
 Sum assured is more than 10 lakhs but less than or equal to 25
lakhs : Full Medical Report (FMR), CBC, ESR
2. Between ages 10 and 17

 Sum assured is than or equal to 5 lakhs: No medical
 Sum assured is more than 5 lakhs but less than or equal to 10 lakhs :
Full Medical Report (FMR)
 Sum assured is more than 10 lakhs but less than or equal to 25
lakhs : Full Medical Report (FMR), CBC, ESR and FBS
Full Medical Report (FMR) is to be done from one of the doctors on

the Special Panel set up for doing Children’s Full Medical Report.
Benefits:
On Maturity: Basic Sum Assured or Accumulated Fund whichever

is higher is paid.
On Death:
1. If death occurs at or after age of 18 years or 5 or more years
after commencement, the death benefit is the greater of:
 Sum Assured less any premiums due but not paid or

 Accumulated Fund.

2. If death within 5 years of commencement of policy and the life to
be insured has attained 18 years, the death benefit will be the greater of:
 All the premiums paid or

 The surrender value at that time
Term of the Plan: 10 to 30 years
Riders Available: 1. Kotak life Guardian Benefit

2. Kotak Accidental Disability Guardian Benefit

Conditions:
 Insured cover of child cannot exceed the total insurance cover of
proposer or guardian
 Insurance of Rs.1,00,000/- may be granted to children without
insisting for proposer’s insurance.

Surrender Value: Will be available after 3 full years and will be

based on accumulated fund net of surrender penalty.
Loan: Will be granted after 3 years from the date of

commencement of the Surrender Value of market related percentage of
the surrender value, at prevailing market rate of interest, compounded
half yearly
then the policy lapses and should be revived within 5 years.
The revival can be done on payment of the outstanding premiums
with 6% handling charges if the premium is made within six months.



Riders Available:
1. Kotak life Guardian Benefit

2. Kotak Accidental Disability Benefit

Example:
With
1. Life Guardian
2. Accidental / Disability Guardian Benefit
Age: 3 Years
Term: 20 Years
Annual Premium = 4560.00
Life Guardian Premium = Basic Premium x Rider Premium
Annual Premium = 4560 x 44.50 = 203.00

1000
Accidental/Disability Guardian Premium

= Basic Premium x Rider Premium
= 4560 x 5.2 = 24.00

1000
Total Premium =4787.00

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Contents

2. Objectives and Scope of study

5. Kotak Life Insurance Policies

B.R.B. College of Commerce, Raichur.

It is the uncertainty that is the risk, which gives rise to the

The primary purpose of life insurance is the protection of the

Advantages of Life Insurance:

1. Protection against risk of untimely death

2. Protection during old age

5. Nomination and Assignment

6. Marketability and suitability for borrowings

7. Loan from the Insurance Company

8. Tax benefit of life insurance

9. Protection to spouse and children

B.R.B. College of Commerce, Raichur.

1. To know whether the different types of life insurance policies are

2. To know the opinion of consumer towards the Plans supplied by

4. To know the consumer’s opinion towards different life insurance

5. To know whether the company meets the various life insurance

The study was conducted during the month of April-May 2005 in

B.R.B. College of Commerce, Raichur.

Data collection is a key activity of social research. There are

There are two types of sources of data. They are:

Secondary Data has been collected from the “Books of PACL

B.R.B. College of Commerce, Raichur.

Kotak Mahindra Life Insurance Co.

B.R.B. College of Commerce, Raichur.

1. Kotak Mahindra Life Insurance Company should make more

2. The policies should be such that the money should be available

3. After the death or the maturity there should be no difficulties to the

B.R.B. College of Commerce, Raichur.

On the basis of analysis the conclusion is as follows:

Kotak Mahindra Life Insurance Company has proved itself as a

B.R.B. College of Commerce, Raichur.

Put tick mark ( ) to the appropriate answers

1. Do you know about Kotak Mahindra Life Insurance Company?

3. Did you saw any of their advertisements on Life Insurance Policies?

If yes, how is it?

B.R.B. College of Commerce, Raichur.

If yes, how is it?

B.R.B. College of Commerce, Raichur.

The data given below is collected form collected from an agent of

“Aashraya Empire” 2nd Floor,

It gives details like name, form number, Customer Name, Pay

B.R.B. College of Commerce, Raichur.

The following table gives the distribution of different policies taken

Based on this data analysis graphs are prepared as below:

Distribution of different policies among Koyak Mahindra Life

Kotak Child Kotak Money Back

Conclusion: Kotak Endowment Plans Policy Holders are more as compared

B.R.B. College of Commerce, Raichur.

Data analysis among different Kotak Mahindra Life Insurance Policy

 99% of Policy Holders are Male.

Based on this data analysis graphs are prepared as below:

Distribution of Sex among Kotak Mahindra Life Insurance Policy

Conclusion: The highest bar-diagram is showing towards the Male Kotak

B.R.B. College of Commerce, Raichur.

We are a joint venture between Kotak Mahindra Finance Ltd. and

PACL Insurance Services Limited (PISL):

PISL is a subsidiary of PACL India Ltd., was formed to conduct

PISL is a committed services organization which along with OMKM

PACL India Ltd. is a company which was incorporated on 13th Feb.,

PACL Insurance Services Ltd. (PISL) was incorporated on 14th May,