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Summer training PROJECT


“Consumer Investment & Buying Behaviour

at “Kotak Life Insurance”


Submitted In the Partial Fulfillment for the Award of the Degree

Session 2009-1011

Submitted to: Submitted by:

Dr. Amit kumar tirpathi ANJANI DAYAL SRIVASTAVA
(H.O.D) ROLL NO:0935370004


I declare that the project entitled “A STUDY ON A INSURANCE

COMPANY” (Conducted on behalf of ‘KOTAK LIFE INSURANCE LTD,
civil line kanpur) under the guidance of Mr. Amit kumar tripathi submitted
in partial fulfillment of the requirement for the award of the degree of Masters
in Business Administration to “Gautam budh technical
university”Lucknow is my original work –carried out during 1June, 2010 to
1agust, 2010, and not submitted for the award of any other degree, diploma,
fellowship or other similar or prize to any other institute, organization or
university by any other person.



Certificate of the Organisation

(Approved by AICTE, New Delhi & Affiliated to G.B.T.U., Lucknow)
Village- Sundhela, Block- Sarsaul, Kanpur Allahabad Highway, Kanpur
Phone: 0512-2752111, 2752113, Fax No: 0512-2752114

Certificate of the Institute

I have the pleasure to certify that Mr. Anjani Dayal Srivastava, a student of
2nd year (Full-Time) Master of Business Administration program of Gautam
Budha Technical University, Lucknow, is bonafide student of our Institute.
The dissertation titled/project report “Consumer Investment &
Buying Behaviour at Kotak Life Insurance” is a record of
original research work carried out by Mr. Anjani Dayal Srivastava under my
supervision and guidance of Mr.Ravindra bhatiya and no part of this report
has been submitted for the award of any other degree, diploma, fellowship or
any other similar title or prize.

Dr. Amit Kumar Tripathi

H.O.D (Management Department)


In preparation of this report by me, I feel great pleasure because it gives me extensive

practical knowledge in my career. I get idea about Indian Life Insurance Industry by this


I express my deep sense of gratitude to My Company Guide Mr. Vishal Kumar

(ABM), Mr. Surabh mahana (SM) for his valuable guidance during my project work. I also

like to all staff of Kotak Life Insurance who guide me in project work directly or indirectly to

complete my training project.

I am thankful to Mr. Ravindra Bhatia (Faculty Guide) for valuable inspiration and

guidance provided me throughout the course of this project. They have patient and critically

gone the subject matter.

I would like to take opportunity to express my gratitude towards all of them who have

contributed directly or indirectly in my project work.

At last I would like to extend my deep sense of gratitude to my friends, colleagues

and each individual who directly or indirectly help me during the project work.


Table of Contents :-

1. Executive summary……………….………………….. 8

2. Company Profile……………………..………………..11

3. Objectives of the Research……………………………13

4. Literature Review ……………………........................14

5. Research Methodology ………………………………26

6. Data Analysis & Interpretation……………………...29

7. Finane………………………………………………….55

A}Working capital management…………………..58

B}Ratio analysis……………………………………..59

8 Conclusions and Recommendations………………...70

8. Limitations…………………………………………...74

9. Bibliography / References…………….....................76


Executive Summary

Executive Summary :-

I was given the opportunity to pursue my training in KOTAK LIFE INSURANCE for a

period of 2 months. My project is titled Consumer Investment & Buying Behaviour at

Kotak Life Insurance.

The basic project objectives are as follows:-

✔ To study consumer investment behaviour

✔ To study brand awareness of Kotak

✔ Comparison of ULIPs.

✔ To discuss various new avenues in insurance and find the Market potential of

ULIP in NCR region (Delhi).

As a part of my project I was required to carry out two surveys.

The following vital conclusions were derived:

Trust needs to be developed among the customers both as far as the ULIP


a product is concerned

Some respondents despite of knowing about ULIP were hesitant to talk on


because they were not too confident about their knowledge. This very fact

completely declines the concept of providing switches as a lucrative feature

in ULIP (which is done by most of the companies). The reason is that very

rarely people have the ability or time to use these features.

Important Recommendations that were suggested are:

Building trust by providing the customers with adequate knowledge about

the company and then the product.

Enhancing the level of awareness in terms of the company, their Partners

and then the product and special emphasis among the female chunk of the population.

Adequate advertisement via appropriate media should be done by the


companies as is done in the case of mutual Funds.

The Insurance Regulatory and Development Authority (IRDA)

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as a

strong and powerful supervisory and regulatory authority for insurance. Post nationalization,

the role of Controller of Insurance diminished considerably in significance since the

Government owned the insurance companies.

But the scenario changed with the private and foreign companies

foraying in to the insurance sector. This necessitated the need for a strong, independent and

autonomous Insurance Regulatory Authority was felt. As the enacting of legislation would

have taken time, the then Government constituted through a Government resolution an

Interim Insurance Regulatory Authority pending the enactment of a comprehensive


The Insurance Regulatory and Development Authority Act, 1999 is an

act to provide for the establishment of an Authority to protect the interests of holders of

insurance policies, to regulate, promote and ensure orderly growth of the insurance industry

and for matters connected therewith or incidental thereto and further to amend the Insurance

Act, 1938, the Life Insurance Corporation Act, 1956 and the General insurance Business

(Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation of India

(for life insurance business) and General Insurance Corporation and its subsidiaries (for

general insurance business).

The act extends to the whole of India and will come into force on such date

as the Central Government may, by notification in the Official Gazette specify. Different

dates may be appointed for different provisions of this Act.

The Act has defined certain terms; some of the most important ones are as

follows: Appointed day means the date on which the Authority is established under the act.

Authority means the established under this Act.

Interim Insurance Regulatory Authority means the Insurance Regulatory Authority set up by

the Central Government through Resolution No. 17(2)/ 94-lns-V dated the 23rd January,


Words and expressions used and not defined in this Act but defined in the

Insurance Act, 1938 or the Life Insurance Corporation Act, 1956 or the General Insurance

Business (Nationalization) Act, 1972 shall have the meanings respectively assigned to them

in those Acts

A new definition of "Indian Insurance Company" has been

inserted. "Indian insurance company" means any insurer being a company

(a) Which is formed and registered under the Companies Act, 1956

(b) in which the aggregate holdings of equity shares by a foreign company, either by itself or

through its subsidiary companies or its nominees, do not exceed twenty-six percent, Paid up

capital in such Indian insurance company .

Company Profile

Stock broking businesses in the UK. Kotak Group was established in 1985.Kotak

Mahindra Bank is the parent company of the group. Kotak Group entered into the life

insurance business in 2001. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture

between Kotak Mahindra Bank Ltd. (74%) and Old Mutual plc. (26%) Old Mutual plc is a

world-Class international financial services company. It was established in South Africa

before 160 years.

OLD MUTUAL is the largest financial services business in South Africa, through its

life insurance, asset management, banking and general insurance operations. The company

serves 4 million life insurance policyholders and employs over 13 000 South Africans in its

local operations.

In the USA, OLD MUTUAL is one of the top ten fixed annuity businesses offering an

array of specialist asset management skills through its 23 asset management businesses. The

company’s US Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth management, through Gerrard

as one of the leading private client

The OLD MUTUAL Group has the ability to cater for a variety of consumer segments

and offers a comprehensive and innovative range of products for all income groups.

Objectives of the Research

The main motto of the present study accomplishes the following objectives :-

● To know about brand awareness of Kotak Life Insurance and potential customer’s
perception for investment in ULIP.

● To estimate and analyze the MARKET POTENTIAL OF ULIP in a particular region


● To know about the Tax benefits under ULIP Plan :-

Life insurance plans are eligible for deduction under Sec. 80C ,

Pension plans are eligible for a deduction under Sec. 80CCC ,

Health insurance plans and critical illness riders are eligible for deduction under Sec. 80D ,

The maturity proceeds or withdrawals of life insurance policies are exempt under Sec

● To generate the premium in timely manner.

●To identify the qualities for a good financial Advisor to enhance the business, of the
company at the particular duration of time.

Literature Review

Overview of LIFE INSURANCE:-

Life insurance is a form of insurance that pays monetary proceeds upon the death of the

insured covered in the policy. Essentially, a life insurance policy is a contract between the

named insured and the insurance company wherein the insurance company agrees to pay an

agreed upon sum of money to the insured's named beneficiary so long as the insured's

premiums are current.

With a large population and the untapped market area of this population

insurance happens to be a very big opportunity in India. Today it stands as a business

growing at the rate of 15-20% annually. Together with banking services, it adds about 7

percent to the country’s GDP. In spite of all this growth statistics of the penetration of the

insurance in the country is very poor. Nearly 80% of Indian populations are without life

insurance cover and the health insurance. This is an indicator that growth potential for the

insurance sector is immense in India.

It was due to this immense growth that the regulations were introduced in

the insurance sector and in continuation “Malhotra Committee” was constituted by the

government in 1993 to examine the various aspects of the industry. The key element of the

reform process was participation of overseas insurance companies with 26% capital. Creating

a more competitive financial system suitable for the requirements of the economy was the

main idea behind this reform.

Since then the insurance industry has gone through many changes. The

liberalization of the industry the insurance industry has never looked back and today stand as

one of the most competitive and exploring industry in India. The entry of the private players

and the increased use of the new distribution are in the limelight today. The use of new

distribution techniques and the IT tools has increased the scope of the industry in the longer


Insurance is the business of providing protection against financial aspects of risk, such as

those to property, life health and legal liability. It is one method of a greater concept known

as risk management –which is the need to mange uncertainty on account of exposure to loss,

injury, disadvantage or destruction.

The business of insurance is related to the protection of the economic

values of assets. Every asset has a value. The asset would have been created through the

efforts of the owner. The asset is valuable to the owner, because he expects to get some

benefit from it. The benefit may be an income or in some other form.

In India, insurance began in 1818 with life insurance being transacted by an

English company. The first insurance company was the Bombay mutual assurance society ltd,

formed in 1870 in Mumbai. Insurance helps to reduce the consequences of adverse situation.

Insurance is the method of spreading and transfer of risk. The fortunate many who are

exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the

assets but only compensates the economic or financial loss.

In insurance the insured makes payment called “premiums” to an insurer,

and in return is able to claim a payment from the insurer if the insured suffers a defined type

of loss. This relationship is usually drawn up in a formal legal contract.

Insurance companies also earn investment profits, because they have the

use of the premium money from the time they receive it until the time they need it to pay

claims. This money is called the float. When the investments of float are successful they may

earn large profits, even if the insurance company pays out in claims every penny received as

premiums. In fact, most insurance companies pay out more money than they receive in

premiums. The excess amount that they pay to policyholders is the cost of float. An insurance

company will profit if they invest the money at a greater return than their cost of float.

An insurance contract or policy will set out in detail the exact

circumstances under which a benefit payment will be made and the amount of the premiums.

Marine insurance is the oldest type of insurance and one of the earliest

records of a marine policy relates to a Mediterranean voyage in 1347. This was followed by

life insurance some 300 years later. Fire insurance, however, did not begin until after the

Great fire of London in 1666. In India all the three insurance developed as under:

INSURANCE Security against a contingent loss.

Where ever there is uncertainty there is risk. The risk cannot be averted. The risk is

uncertainty of the financial loss .we don’t have any command on uncertainties. This makes it

is essential that we think in favor of advice that becomes instrumental in spreading the loss. It

is in this context that we think about Insurance, which is considered to be a social device to

accumulate funds to meet uncertain losses.

The Main Functions of Insurance are :-

 It provides protection against the possible changes of generating losses.

 It eliminates worries to miseries of losses of poverty and death.

 It provides capital to national economy since the accumulated funds are

invested in productive heads.

The insurance industry in India can broadly classify in two parts. They are.

1) Life insurance.
2) Non-life (general) insurance.

1. Life Insurance:-

Life insurance can be defined as “life insurance provides a sum of money

if the person who is insured dies while the policy is in effect”.

In 1818 British introduced to India, with the establishment of the oriental life

insurance company in Calcutta. The first Indian owned Life Insurance Company; the Bombay

mutual life assurance society was set up in 1870. The life insurance act, 1912 was the first

statuary measure to regulate the life insurance business in India. In 1983, the earlier

legislation was consolidated and amended by the insurance act, 1938, with comprehensive

provisions for detailed effective control over insurance. The union government had opened

the insurance sector for private participation in 1999, also allowing the private

Companies to have foreign equity up to 26 %. Following the opening up of the

insurance sector, 12 private sector companies have entered the life insurance business.


℘ Life insurance encourages saving and forces thrift.

℘ It is superior to a traditional savings vehicle.

℘ It helps to achieve the purpose of life assured.

℘ It can be enchased and facilitates quick borrowing.

℘ It provides valuable tax relief.

Thus insurance is found to be very useful in the lives of the person both in short

term and long term.

Fundamental principles of life insurance contract:-

A. Principle of good faith:
“A positive duty to voluntary disclose, accurately and fully, all facts,

material to the risk being proposed whether requested or not”.

B. Principle of Insurable Interest:

“Relationships with the subject matter (a person) which is recognized

in law and gives legal right to insure that person”.

2. Non-Life (general) Insurance:-

Triton insurance co. ltd was the first general insurance

company to be established in India in 1850, whose shares were mainly held by the British.

The first general insurance company to be set up by an Indian was Indian mercantile

insurance co. Ltd., which was stabilized in 1907. There emerged many a player on the Indian

scene thereafter.

The general insurance business was nationalized after the promulgation of General

Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance


Brief history of Insurance Sector in India:-

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

The story of insurance is probably as old as the story of mankind. The same instinct

that prompts modern businessmen today to secure themselves against loss and disaster

existed in primitive men also. They too sought to avert the evil consequences of fire and

flood and loss of life and were willing to make some sort of sacrifice in order to achieve

security. Though the concept of insurance is largely a development of the recent past,

particularly after the industrial era – past few centuries – yet its beginnings date back almost

6000 years.

Life Insurance in its modern form came to India from England in the year 1818.

Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance

company on Indian Soil. All the insurance companies established during that period were

brought up with the purpose of looking after the needs of European community and these

companies were not insuring Indian natives. However, later with the efforts of eminent

people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian

lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums

were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of

first Indian life insurance company in the year 1870, and covered Indian lives at normal rates.

Starting as Indian enterprise with highly patriotic motives, insurance companies came into

existence to carry the message of insurance and social security through insurance to various

sectors of society. Bharat Insurance Company (1896) was also one of such companies

inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance

companies. The United India in Madras, National Indian and National Insurance in Calcutta

and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-

operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the

great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and

Swadeshi Life (later Bombay Life) were some of the companies established during the same

period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912,

the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life

Insurance Companies Act 1912 made it necessary that the premium rate tables and periodical

valuations of companies should be certified by an actuary. But the Act discriminated between

foreign and Indian companies on many accounts, putting the Indian companies at a


The first two decades of the twentieth century saw lot of growth in insurance

business. From 44 companies with total business-in-force as Rs.22.44 Crore, it rose to 176

companies with total business-in-force as Rs.298 Crore in 1938. During the mushrooming of

insurance companies many financially unsound concerns were also floated which failed

miserably. The Insurance Act 1938 was the first legislation governing not only life insurance

but also non-life insurance to provide strict state control over insurance business. The demand

for nationalization of life insurance industry was made repeatedly in the past but it gathered

momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the

Legislative Assembly. However, it was much later on the 19th of January 1956 that life

insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian

companies and 75 provident were operating in India at the time of nationalization.

Nationalization was accomplished in two stages; initially the management of the companies

was taken over by means of an Ordinance, and later, the ownership too by means of a

comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the

19th of June 1956, and the Life Insurance Corporation of India was created on 1st September,

1956, with the objective of spreading life insurance much more widely and in particular to the

rural areas with a view to reach all insurable persons in the country, providing them adequate

financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its

corporate office in the year 1956. Since life insurance contracts are long-term contracts and

during the currency of the policy it requires a variety of services need was felt in the later

years to expand the operations and place a branch office at each district headquarter. Re-

organization of LIC took place and large numbers of new branch offices were opened. As a

result of re-organization servicing functions were transferred to the branches, and branches

were made accounting units. It worked wonders with the performance of the corporation. It

may be seen that from about 200.00 Crore of New Business in 1957 the corporation crossed

1000.00 Crore only in the year 1969-70, and it took another 10 years for LIC to cross

2000.00 Crore mark of new business. But with re-organization happening in the early

eighties, by 1985-86 LIC had already crossed 7000.00 Crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 100 divisional

offices, 7 zonal offices and the corporate office. LIC’s Wide Area Network covers 100

divisional offices and connects all the branches through a Metro Area Network. LIC has tied

up with some Banks and Service providers to offer on-line premium collection facility in

selected cities. LIC’s ECS and ATM premium payment facility is an addition to customer

convenience. Apart from on-line Kiosks and IVRS, Info Centers have been commissioned at

Mumbai, Ahmadabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many

other cities. With a vision of providing easy access to its policyholders, LIC has launched its

SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the

customer. The digitalized records of the satellite offices will facilitate anywhere servicing and

many other conveniences in the future.

From then to now, LIC has crossed many milestones and has set unprecedented

performance records in various aspects of life insurance business. The same motives which

inspired our forefathers to bring insurance into existence in this country inspire us at LIC to

take this message of protection to light the lamps of security in as many homes as possible

and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India
• 1850 Non life insurance debuts with triton insurance company. 1870 Bombay mutual

life assurance society is the first Indian owned life insurer

• 1912 The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

• 1928 The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

• 1938 Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

• 1956 245 Indian and foreign insurers and provident societies taken over by the central

government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,

with a capital contribution of Rs. 5 Crore from the Government of India.

The General insurance business in India, on the other hand, can trace its

roots to the Triton Insurance Company Ltd., the first general insurance company established

in the year 1850 in Calcutta by the British. Some of the important milestones in the general

insurance business in India are:

• 1907 The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

• 1957 General Insurance Council, a wing of the Insurance Association of India, frames a

code of conduct for ensuring fair conduct and sound business practices.

• 1968 The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

• 1972 The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1st January 1973. 107 insurers

amalgamated and grouped into four companies’ viz. the National Insurance Company

Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and

the United India Insurance Company Ltd. GIC incorporated as a company.

Insurance Sector Reforms:-

In 1993, Malhotra Committee, headed by former Finance Secretary

and RBI Governor R. N. Malhotra, was formed to evaluate the Indian insurance industry and

recommend its future direction.

The Malhotra committee was set up with the objective of complementing

the reforms initiated in the financial sector. The reforms were aimed at “creating a more

efficient and competitive financial system suitable for the requirements of the economy

keeping in mind the structural changes currently underway and recognizing that insurance is

an important part of the overall financial system where it was necessary to address the need

for similar reforms” In 1994, the committee submitted the report and some of the key

recommendations included.

 1997 Insurance regulator IRDA set up

 2000 IRDA starts giving licenses to private insurers: Kotak Life Insurance, ICICI

prudential and HDFC Standard Life insurance first private insurers to sell a policy

 2001 Royal Sundaram Alliance first non life insurer to sell a policy 2002 Banks

allowed selling insurance plans.

Existing Insurance Companies:-

Research Methodology:-

Research always starts with a question or a problem. Its purpose is to question through the

application of the scientific method. It is a systematic and intensive study directed towards a

more complete knowledge of the subject studied. Marketing research is the function which

links the consumer, customer and public to the marketer through information- information

used to identify and define marketing opportunities and problems generate, refine, and

evaluate marketing actions, monitor marketing actions, monitor marketing performance and

improve understanding of market as a process.

Marketing research specifies the information required to address these issues, designs, and

the method for collecting information, manage and implemented the data collection process,

analyses the results and communicate the findings and their implication.

I prepared my project as Exploratory as well as Qualitative Research type, as the objective

of the study demands the answers of the question related to find the potentiality of life

insurance in the city.

The Marketing Research Process

As marketing research is a systemic and formalized process, it follows a certain sequence of

research action. The marketing process has the following steps:

1. Formulating the problems

2. Developing objectives of the research

3. Designing an effective research plan

4. Data collection techniques

5. Evaluating the data and preparing a research report

There are two types of data collection method use in my project report:-

Primary data & Secondary data.



As there was a need to know the best possible practices regarding customer’s perception and

mere description of the situation will not be sufficient, exploratory research has been used.

This research was done through the Secondary Data Collection:-

1. Provided by the organization itself

2. Various Websites

3. Books and Magazines

4. News-papers, etc.


To give numerical evidence to the research, Survey Method has been adopted.

Questionnaires have been used to collect Primary data for the research. Questionnaire help

in easy quantification and this is a quick and cheaper method, since time and financial

constraints were there. This way, larger sample size could be used from sources situated at

other cities as well. A Five point Graphic Rating Scale or Likert Scale has been used in this

research to find out the degree of agreement of respondents with given statements relating to


Research Design

In our live project, we decided primary data collection method because our study nature does

not permit to apply observational method. In survey approach we had selected a questionnaire

method for taking a customer view because it is feasible from the point of view of our subject

& survey purpose. We conducted 50 sample of survey in our project in Delhi region.

Data Analysis and Interpretation:-

In it through the help of questionnaires we conducted the research and these are as below:-

Statement 1 :- Annual Income of the people.

8% 30%
< 2 Lac
2 - 4 Lac
4 - 5 Lac
5> Lac


Statement 2 :- People want to Invest their surplus Money.

F ix e d D e p o s it (5 0 % )
M u t u a l F u n d s (2 0 % )
S t o c k s (1 5 % )
R e a l E s t a t e (1 5 % )

Statement 3 :- Benefits required by the people regarding their

S aving (28% )
H igh R eturns (40% )
Tax -rebates (12% )
R is k -c over (30% )

Statement 4:- Expectations from the Life Insurance Companies







High-rtrn Liquidity Security Lower
(20%) (13%) (52%) Premium

Statement 5:- Preference among various Insurance Plans







Term Endo Child Pension Unit link
-cover -wment
advantage scheme (22%)
(18%) (33%)
(21%) (6%)

Statement 6:- Customer’s awareness about the Product

70% LIC
40% KLI
30% HDFC
20% Bajaj Allianz


Statement 7:- At an age point people have taken Insurance-policy







20 - 30 41 - 50 Above 50
Yr. (33%)Yr. (31%)Yr. (22%) Yr. (14%)

Statement 8:- Occupation Group

G o vt .
E m p lo y e e (1 5 % )
P riva t e
E m p . (5 2 % )
B us.
P ro fe s s io n a l(2 1 % )
O t h e rs (1 2 % )

Statement 9:- Awareness about Unit Linked Investment Plan








Yes (30%) No (70%)

Statement 10:- Company which ULIP’s you have taken







HDFC KLI Others (18%)
Prudential (17%)
ICICI (15%)

Statement 11:- People’s interest of investing in KLI







Intd. (15%) Semi-intd. Not Interested
(30%) (55%)

Statement 12:- Medium to select KLI.

In s u ra n c e C o n s u lt a n t s
(1 2 % )
R e la t ive s (2 5 % )

A d ve rt is e m e n t (4 2 % )

O t h e r S o u rc e s (2 1 % )

( 74% ) ( 26% ) ( 100% )

Old Mutual Plc:-
Old Mutual was established more than 150 years ago. Old mutual plc, Is a

world-class international financial service company. It owns the largest companies in the

following areas in South Africa.

They are:

1. Life Insurance Company

2. Asset Management Company

3. Bank

4. Non-life insurance company

It has been developed into an International financial services group whose activities

are focused on asset gathering and asset management. The Old Mutual Group offers a diverse

range of financial services in three principal geographies: South Africa, the United States and

the United Kingdom. The company is listed on the London Stock Exchange with a market

capitalization of approximately $6 billion and is a member of the elite FTSE 100 index. In the

2003 rankings of the World's 500 largest corporations by Fortune magazine, Old Mutual

climbed 87 places to position number 366 and was also listed as the 14th largest insurance

company in the world.

Old Mutual is the largest financial services business in South Africa, through its life

insurance, asset management, banking and general insurance operations. The company serves

4 million life insurance policyholders and employs over 13 000 South Africans in its local


In the USA, Old Mutual is one of the top ten fixed annuity businesses

offering an array of specialist asset management skills through its 23 asset management

businesses. The company’s US Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth management, through

Gerrard as one of the leading private client stock broking businesses in the UK.

The Old Mutual Group has the ability to cater for a variety of consumer

segments and offers a comprehensive and innovative range of products for all income groups.

Kotak Mahindra Old Mutual Life Insurance

• A 26%-74% Joint venture between Old Mutual plc and KotaK Mahindra Bank Ltd.

• Started operations May 2001

• 209% growth in premium income (year ending March 2005)

• Presence in 55 cities across the country

• More than 1,60,000 policies issue (year ending March 2005)

• More than 7000 Life Advisors ( year ending March 2005)

• Over 1000 professional employees (year ending March 2005)

 44 branches in 31 cities.

 7500 life advisors.

 1000employees of very good quality.

 Ranks 2nd in terms of average premium per policy.

 Ranks 4th in total advertising awareness.

 First year premium income:

2001-02: 7Crores

2002-03: 35Crores

2003-04: 125Crores

2005-06: 373Crores

2006-07: 396Crores

2007-08: 614Crores

2008-09: 947Crores


 Best equity House in India by Euro Money

 Best Equity House in India by Asia Money


 India’s Best Equity House in India by Finance Asia

 Best Equity House in India by Euro Money

 Best Equity House in India by Asia Money

 Best India Equity House by IFR


 Best Broker in India by Finance Asia

 Best Equity House in India by Euro money


 Ranked no.1 in six categories in the Annual Euro money Private Banking

Survey Poll for 2006 for India

 Best Investment Bank in India by Finance Asia

 Ranked #1 in the league table for Book runner/Lead Manager in public equity

offerings in terms of the value of transaction completed during fiscal 2006

according to Prime Database

 Best Broker In India by Finance Asia

 Topped the best Mutual Fund House in the NDTV Business Leadership


 Best Bond Fund Group Over Three Years by Lipper Fund Awards India

 Ranked the best debt fund over 5 years by lipper for the Kotak Bond Regular


 Ranked ICRA- MFRI and was the recipient of the Silver Awards by ICRA for the

‘Kotak Bond Regular Plan’


 Most Popular Inventor Relation Website for the Asia/Pacific Region Conducted by IR

Global Rankings

 Emerged winner in 16 categories in the Euro money Private Banking Poll2007,

including the Best local Private Bank.

Problem Identification:

The basic step of any research is to find out the problem of the company, the problem

may be inside in the company or outside of the company. “Well Defined problem is half

solved”. The researcher has defined the problem of the organization which is converted in to

the study topic.

“To study the organizational activities of all the department with the help of

secondary as well as primary data collection method”


℘ Kotak Mahindra Private Ltd.

Kotak Mahindra Prime Limited (KMPL) is a 100% subsidiary of Kotak

Mahindra Group (Kotak Group) formed to finance all passenger vehicles. The company is

dedicated to financing and supporting automotive and automotive related manufacturers,

dealers and retail customers. The Company offers car financing in the form of loans for the

entire range of passenger cars and multi utility vehicles. The Company also offers Inventory

funding to car dealers and has entered into strategic arrangement with various car

manufacturers in India for being their preferred financier.

As on March 31, 2005, KMP has a retail distribution network comprising of

54 branches (including representative offices) covering about 100 locations in 17 states in the

country and has a wide network of Direct Marketing Associates, brokers and agencies

supporting the distribution network and servicing around 113,000 customers.

℘ Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank Limited (KMBL) is the holding company and the

flagship of the Kotak Mahindra Group. It was actually incorporated as Kotak Capital

Management Finance Limited on November 2, 1985 and obtained its ‘Certificate of

Commencement of Business on February 11, 1986.

It commenced operations with Bill Discounting and soon started other fund-

based activities like corporate leasing & hire purchase, automobile finance and money market

operations. Subsequently, it also entered the funds syndication and the Investment banking


℘ Old Mutual Plc

It has been developed into an International financial services group whose

activities are focused on asset gathering and asset management. The Old Mutual Group offers

a diverse range of financial services in three principal geographies: South Africa, the United

States and the United Kingdom. The company is listed on the London Stock Exchange with a

market capitalization of approximately $6 billion and is a member of the elite FTSE 100

index. In the 2003 rankings of the World's 500 largest corporations by Fortune magazine, Old

Mutual climbed 87 places to position number 366 and was also listed as the 14th largest

insurance company in the world.

Old Mutual is the largest financial services business in South Africa, through

its life insurance, asset management, banking and general insurance operations. The company

serves 4 million life insurance policyholders and employs over 13 000 South Africans in its

local operations.

In the USA, Old Mutual is one of the top ten fixed annuity businesses offering an array

of specialist asset management skills through its 23 asset management businesses. The

company’s US Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth management,

through Gerrard as one of the leading private client stock broking businesses in the UK.


Kotak life has one of the largest distribution networks amongst private life

insurers in India. It has a strong presence across India with over 2000 branches (including

1,095 micro-offices) and an advisor base of over 261,000 (as on August 31, 2008).

The company has 24 bank assurance partners having tie-ups with ICICI

Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon Peoples Co-

op Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, Ratnagiri Sindhudurg

Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin

Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank,

Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank, Sangli Urban Co-Operative

Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The Haryana State

Co-Operative Bank, Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, Arvind

Sahakari Bank, Bhandara Urban Co Operative Bank.


Tied Agency:

Tied Agency is the largest distribution channel of Kotak Life, comprising a

large advisor force that targets various customer segments. The strength of tied agency lies in

an aggressive strategy of expanding and procuring quality business. With focus on sales &

people development, tied agency has emerged as a robust, predictable and sustainable

business model.

Bank assurance and Alliances:

Kotak life was a pioneer in offering life insurance solutions through banks and

alliances. Within a short span of two years, and with nearly a large number of partners, B &

A has emerged as a vital component of the company’s sales and distribution strategy,

contributing to approximately one third of company’s total business. The business philosophy

at B&A is to leverage distribution synergies with our partners and add value to its customers

as well as the partners. Flexibility, adaptation and experimenting with new ideas are the

hallmarks of this channel.

Market Share:-

Life Insurance Company’s Market share Based On premium in India.

YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

L.I.C 98% 94% 87% 78% 72% 69%
K.L.I 2% 6% 13% 22% 28% 31%

Industry growth rate at 31% (2008-09) with premium income From new Business.

What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the products or services they

receive from a particular agency. The level of satisfaction is determined not only by the

quality and type of customer experience but also by the customer’s expectations.

A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agency and

• Receives or relies on one or more of your agency’s services or products.

Customers in human services are commonly referred to as service users, consumers or

clients. They can be individuals or groups.

An organization with a strong customer service culture places the customer at the centre of

service design, planning and service delivery. Customer centric organizations will:

• determine the customers expectations when they plan

• listen to the customer as they design

• focus on the delivery of customer service activities

• Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in Insurance Sector:

• Meeting the needs of the customer is the underlying rationale for the existence of

community service organizations. Customers have a right to quality services that

deliver outcomes.

• Organizations that strive beyond minimum standards and exceed the expectations of

their customers are likely to be leaders in their sector.

• Customers are recognized as key partners in shaping service development and

assessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback on organizational

performance are valuable tools for quality and continuous service improvement.

Insurance Solutions for Individuals:

Kotak Life Insurance offers a range of innovative, customer-centric products that meet the

needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to

create a customized solution for each policyholder.

Protection Savings & Investments

Helping you to grow and protect Manage today for a better

your wealth. tomorrow.

Retirement Child

The road to retirement, Make it Plan a good future for your

easy child.

The field of finance refers to the concepts of time, money and risk and how they are

interrelated. Banks are the main facilitators of funding through the provision of credit,

although private equity, mutual funds, hedge funds, and other organizations have become

important. Financial assets, known as investments, are financially managed with careful

attention to financial risk management to control financial risk. Financial instruments allow

many forms of securitized assets to be traded on securities exchanges such as stock

exchanges, including debt such as bonds as well as equity in publicly-traded corporations.

The main techniques and sectors of the financial industry:-

Finance is used by individuals (personal finance), by governments (public finance),

by businesses (corporate finance), as well as by a wide variety of organizations including

schools and non-profit organizations. In general, the goals of each of the above activities are

achieved through the use of appropriate financial instruments and methodologies, with

consideration to their institutional setting.

Corporate finance

Managerial or corporate finance is the task of providing the funds for a

corporation's activities. For small business, this is referred to as SME finance. It generally

involves balancing risk and profitability, while attempting to maximize an entity's wealth and

the value of its stock.

Long term funds are provided by ownership equity and long-term credit, often in

the form of bonds. The balance between these forms the company's capital structure. Short-

term funding or working capital is mostly provided by banks extending a line of credit.

Another business decision concerning finance is investment, or fund

management. An investment is an acquisition of an asset in the hope that it will maintain or

increase its value. In investment management – in choosing a portfolio – one has to decide

what, how much and when to invest. To do this, a company must:

 Identify relevant objectives and constraints: institution or individual goals, time

horizon, risk aversion and tax considerations;

 Identify the appropriate strategy: active v. passive – hedging strategy

 Measure the portfolio performance

Financial management is duplicate with the financial function of the

Accounting profession. However, financial accounting is more concerned with the reporting

of historical financial information, while the financial decision is directed toward the future

of the firm.

The Accounts of the Authority for the financial year 2007-08 have been audited

by the Comptroller and Auditor General of India (C&AG). C&AG, in their draft separate

audit report, has advised revision in the accounts due to some wrong classifications. The

same has been carried out. A copy of revised accounts for the year 2007-08 is placed at

Annexure. X. The revised accounts are under submission to C&AG and final report on the

same is awaited.


Working capital refers to that part of the firm’s capital which is required for

financing short-term or current assets, such as, cash, marketable securities, debtors,

inventories, bills receivable etc. the assets of this type are relatively temporary in nature.

Unfortunately, there is much disagreement among financiers, accountant, economics and

businessmen as to the exact meaning of the team “working capital”

However, working capital is also known as circulating capital or short term

capital. Working capital can be derived by the deference between current assets and current

liabilities of the firm.



Particular 2009 2008
Current Assets
Cash and Bank Balances 1,24,86,44 57,09,840
Advances and Other Assets 44,41,630 34,32,250
Sub-Total (A) 1,69,28,07 91,42,090
Current Liabilities 1,55,17,19 81,89,430
Provisions 7,09,690 2,67,290
Sub-Total (B) 1,62,26,88 84,56,720

Working capital = Current Assets – Current Liabilities

For year 2009

Working Capital = C.A – C.L

= 1,69, 28,070- 91,42,090

= 77,85,980

For year 2008

Working Capital = C.A – C.L

= 91,42,090 – 84,56,720

= 6, 85,370


Ratio analysis isn't just comparing different numbers from the balance sheet,

income statement, and cash flow statement. It's comparing the number against previous years,

other companies, the industry, or even the economy in general. Ratios look at the

relationships between individual values and relate them to how a company has performed in

the past, and might perform in the future.

Ratio analysis is the method or process by which the relationship of items or group

of items in the financial statement are computed, determined and presented.



This ratio compares the current assets with the current liabilities. It is also known as ‘working

capital ratio’ or ‘solvency ratio’. It is expressed in the form of pure ratio.

E.g. 2:1

CURRENT RATIO = Current Assets / Current Liabilities.

Particular 31-MAR- 31-MAR-

09 08
Current Assets
Cash and Bank Balances 1,24,86,44 57,09,840
Advances and Other Assets 44,41,630 34,32,250

Sub-Total (A) 1,69,28,07 91,42,090
Current Liabilities 1,55,17,19 81,89,430
Provisions 7,09,690 2,67,290
Sub-Total (B) 1,62,26,88 84,56,720

For year 2009

Current Ratio = C.A / C.L

= 1,69,28,070 / 1,62,26,880

= 1.04

For year 2008

Current Ratio = C.A / C.L

= 91,42,090 / 84,56,720

= 1.08

The current ratio in the year 2009 has decrease the current ratio as compare

to the year 2008 in steadily it indicates good liquidity of current assets.


INTEREST COVERAGE RATIO = Profit before Interest and Tax / Interest

Particular 31-MAR- 31-MAR-

09 08
Profit before tax 1,096,3570 435,9510

Interest 96,3730 65,6440
Profit before interest & tax 999,9840 3703070

INTEREST COVERAGE RATIO = Profit before Interest and Tax / Interest


INTEREST COVERAGE RATIO = Profit before Interest and Tax / Interest

= 999,9840 / 96,3730

= 10.38%


INTEREST COVERAGE RATIO = Profit before Interest and Tax / Interest

= 370,3070 / 65,6440



The current ratio in the year 2009 has decrease the current ratio as compare the year

2008 it mean that company has done less investment in interest coverage ratio or turnover



I. Financial Acumen - Holds a stable and diversified portfolio and has received some

of the highest ratings in financial strength from industry’s independent rating


II. Disciplined fund management - Years of experience in asset management, and a

strong track record in managing funds - backed by the acclaimed expertise of Old

Mutual plc

III. Innovativeness - Known for being an innovator in providing world-class pragmatic

financial solutions, with a constant focus on customization and flexibility

IV. Unrelenting Customer Focus - A highly committed sales force, with customer

satisfaction as the key driving force - a major differentiator

V. Transparency in Services - Daily declaration of fund performances, regular

performance benchmarking, well regulated asset management, and monthly

newsletter on market updates


 Industry in nascent stage.

 Rural areas still not covered.

 Not very known among Indian population.

 Lack of credibility among the people because Kotak being a private player.

 Premiums are high as compared to its competitors.

 Very few branches in the country.

 Products:

» The policy doesn’t have the surrender option before third year.

» Plan does not offer any guarantee or assured return.

» Product profile is not very comprehensive.

» Mortality, management and administrative charges are sky scrapping as

compared to its competitors.


 Liberalization of Indian economy.

 As the industry is growing the whole market is virgin.

 The whole private sector is opened to be trapped even though the competition is fierce

from government owned insurance companies.

 It’s a volume business that is even if the company has few good corporate the

turnover cease to increase by manifold.

 Products:

» Preserver funds look good due to comfortable liquidity in the economy and

there is little chance hike in short-term rate by RBI.

» Finance minister unveiled a budget favoring consumer spending, boosting

demand and therefore higher economic growth.


 The government players will become aggressive thus growth is going to be tough.

 Entry of other players is not ruled out.

 Apprehension towards Kotak being a private life insurance company.

 We expect the industry to rationalize in future that is mergers and acquisitions will

happen, which will impact the industry and Kotak life fortunes.

 Products:

» Past performance of these plans is not indicative of the future performance of

the plan.

» The sum invested in the funds is subject to market risks and there can be no

assurance that the objective of plan will be achieved.

» All benefits payable under the policy are subject to tax laws and other

financial enactment, as they exist from time to time.


After analysing the all situation we come at the following conclusions:-

● The important facts which we could conclude from our data regarding the buying

behavior of individuals are that people give maximum importance to the tax benefit that

they receive after investing in the unit linked insurance plan.

● Regarding the acceptance of ULIP as a product over other investments it is analyzed

that though a lot of our sample population was aware about it and had invested in it but

still a lot of them (including Females) wanted to invest in it but were confused regarding

other options like mutual funds. So a lack of public awareness was encountered.

● Almost all the companies offer similar features and facilities, therefore for impressing

a customers to invest in ULIP of there company is a very difficult task. Credit goes to

ICICI prudential for their aggressive marketing tactics with the help of which they have

been able to gather maximum number of investors both male and female. Aggressive

Marketing is the key to increasing the market share in this area, since the market has a lot

of potential both in terms of untapped market. This is the main reason why ICICI is

ahead of Kotak Life Insurance and others.

● The level of service in terms of delivering whatever is promised, fast response in case

of problems, is the most important benefit that the customers seek from the company in

which they are investing their money as savings as well as they are getting life cover so it

becomes very important for the companies that what they are promising to there

customers they should deliver those things to them.

● Most of the customers are not aware about the ULIP and also the Product as such which

companies are providing to them. So it is very important for the companies that they should

convince their customers that they are getting something out of there money that they are

going to invest in there company.

• There are very tough competitions among the private insurance companies on the

level of new trend of advertising to attract a major part of Customers.

• Kotak is not left behind in the present race of advertisement.

• The entry of more Pvt. Players in the Insurance Sector has expanded the product

segment to meet the different level of the requirement of the customers. It has brought

about greater choice to the customers.

• Kotak has vast market and very firm grip on its traditional customers and monopoly

of life insurance products.

IRDA is also playing very comprehensive role by regulating norms mandating to private

players in this sector, that increases the confidence level of the customers to the private


Suggestions or Recommendations

The study has provided with the useful data from the respondents. There has a lot to be

recommended. Following are the recommendations:-

• There is a need for better promotion for the investment products & services. The

bank should advertise its products through television because it will reach to the


• More returns should be provided on Insurance plans.

• As the bank provides the Insurance facility to its customers. It should provide this

facility by tie up with the other Insurance organizations as well. The main reason is

that, the entire customers do not want Insurance of only one company. They should

have choice while selecting a suitable Insurance plans. This will definitely add to the

goodwill & profit for the insurance industry.

• Discount charges should be made available because of the severe competition within

the private players as well as the biggest threat posed by LIC and SBI.

• Most of the customers as per our sample are inclined towards ICICI Prudential

because of the strong policy base and easy accessibility. So other competitors really

need to make a new brand awareness policy.

• Normally ULIP has a lock-in of 3 years. This should be reduced to 1 or 2 years so as

to make it more flexible.


• Talking of its the market share of the leading players it was found that

LIC rules when it comes to an age group of 50 plus due to the credibility

and trust it has gained in all past years. Where the other age groups prefer

to explore the leading private players where in our sample KLI and

ICICI prudential make a clean sweep. Other banks like HDFC were found

with a limited proportion only (according to our findings).

• How to present oneself before the customer

• Get out the real need from the customer

• How to handle the pressure of targets

• How to work in teams


Some of the difficulties and limitations faced by me during my training are as follows:

 Lack of awareness among the people – This is the biggest limitation

found in this sector. Most of the people are not aware about the importance and the

necessity of the insurance in their life. They are not aware how useful life insurance

can be for their family members if something happens to them.

 Perception of the people towards Insurance sector – People still

consider insurance just as a Tax saving device. So today also there is always a rush to

buy an Insurance Policy only at the end of the financial year like January, February

and March making the other 9 months dry for this business.

 Insurance does not give good returns – Still today people think that

Insurance does not give good returns. They are not aware of the modern Unit Linked

Insurance Plans which are offered by most of the Private sector players. They are still

under the perception that if they take Insurance they will get only 5-6% returns which

is not true nowadays. Nowadays most of the modern Unit Linked Insurance Plans

gives returns which are many times more than that of bank Fixed deposits, National

saving certificate, Post office deposits and Public provident fund.

 Lack of awareness about the earning opportunity in the Insurance

sector – People still today are not aware about the earning opportunity that the

Insurance sector gives. After the privatization of the insurance sector many private

giants have entered the insurance sector. These private companies in order to beat the

competition and to increase their Insurance Advisors to increase their reach to the

customers are giving very high commission rates but people are not aware of that.

 Increased competition – Today the competition in the Insurance sector

has became very stiff. Currently there are 14 Life Insurance companies working in

India including the LIC (life insurance Corporation of India). Today each and every

company is trying to increase their Insurance Advisors so that they can increase their

reach in the market. This situation has created a scenario in which to recruit Life

insurance Advisors and to sell life Insurance Policy has became very very difficult.


Sr.no Book Author

1 Basic Marketing Research Churchill & Brown

2 Insurance principles & practice P.A.S.Mani.

3 Life insurance in finance Prof. O.S.Gupta.

4 Marketing management Philip kotler.

5 Marketing Research Naresh Malhotra

Web sites:-






Name: _____________________________________

Age: ______________________________________

Address: __________________________________


Mobile/Phone No: __________________________

Gender: Male Female

Marital Status: Married Unmarried

Children: ____________

Employment Status: Employed Selfemployed Unemployed


Saving: Yes No

Monthly Range: ____________________

Direct your savings:

1) Bank Deposits 2) Stock Market 3) Other Investment

If Bank Deposit Why:




Why not:




If Stock / Mutual Why:




Other Investment:




How much money do you need to secure your future?


Any Dream: ________________________________________________________________

Do you like the KOTAK Life advisor to serve you a beneficial plan?

Yes No



Q1. What is your Annual income? (In lakes)

(1) <2

(2) 2-4

(3) 4-5

(4) > 5

Q2. Where do you want to invest your surplus money?

(1) Fixed deposit

(2) Mutual funds

(3) Stocks

(4 Real Estate

Q3. What benefits do you want from your Investments?

(1) Savings

(2) High returns

(3) Tax rebates

(4) Risk cover

Q4. What do you expect from the life insurance companies?

(1) High return

(2) Liquidity

(3) Security

(4) Low premiu

Q5. At this point of time if you were taking a life insurance plan you would like to take which


(1) Endowment

(2) Term cover

(3) Child advantage

(4) Pension scheme

(5) Unit link

Q6. Do you know about the product of these Companies?

(1) LIC




(5) OMKM

(6) HDFC

(7) Bajaj Allianz

Q7. At what age have have you taken Life Insurance Policy?

(1) 20 – 30

(2) 31 – 40

(3) 41 – 50

(4) Above 50

Q8. What is your occupation group?

(1) Government Employee

(2) Private Employee

(3) Business Professional

(4) Others

Q9. Are you aware about ULIP?

(1) Yes

(2) No

Q10. Which company’s ULIP have you taken?

(1) ICICI Prudential

(2) HDFC Standard Life

(3) KLI

(4) Others

Q11. Are you interested in investing in KLI?

(1) Interested

(2) Semi-interested

(3) Not-interested

Q12. Through which medium you opted for KLI?

(1) Insurance Consultants

(2) Relatives

(3) Advertisements

(4) Other Sources