A study on brand awarness of indiafirst life insurance in sangamner

OBJECTIVE OF THE STUDY

y y y y y y To know about the how many people have knowledge about insurance To find out awareness about insurance policy provide by bank of baroda. To know about marketing strategy of INDIAFIRST life insurance To find out the problems face by customer from insurance service provide by BANK OF BARODA. To understand the satisfaction level of customer of Indiafirst insurance. To suggest measures that can help Indiafirst insurance to capture the market as soon as possible.

RESEARCH METHODOLOGY

SOURCES OF DATA: The study is based on both primary & secondary data.  Primary data is the data that is collected personally, and is first hand as well as unique in nature. For this study , the primary data has been collected with the help of the following two methods: (1) Personal interview (2) Questionnaire

 Secondary data is second hand data or information that has already been collected by someone else for a different purpose. For this study , the secondary data has been collected through:  Books  Magazines  Newspapers  Circulars  In-house journals  Internet The exploratory research method has been adopted for study. Exploratory research is a type of research conducted because a problem has not been clearly defined. Exploratory research helps determine the best research design, data collection method and selection of subjects. Exploratory research often relies on secondary research such as reviewing available literature and/or data, or qualitative approaches such as informal discussion with employees, mentors, management or competitors.

RESEARCH INSTRUMENTS; The data collection instruments used for this study are personal (unstructured) interviews and questionnaires. A questionnaires, designed to gather as much relevant data as possible from the respondents.

SAMPLE DESIGN: Sample refers to small part or subset of the total population, being similar and representative of whole. The sample design of a sample survey refers to the techniques for selecting a probability sample and methods to obtain estimates of the survey variables from the selected sample. It is an integral part of the research design.

Target Population: It includes the new entrants/employees of the Bank of Baroda and some other private and public sector banks who were mentored.

Sampling Frame: The sampling frame for the research includes new employees and mentors of some of private sector and public sector banks.

Type Of Sample The type sampling chosen for the project is convenience sampling and random sampling. Random sampling refers to taking a number of independent observations from the same probability distribution, without involving any real population. In Random sampling all members of the population have an equal chance of being selected as part of the sample. Sample Size: Total sample size for the research is 300.

INTRODUCTION
Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India which started in 1786, and the Bank of Hindustan, both of which are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India. Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India.(Joint Stock Bank. HSBC established itself in Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking center. Being transferred to the Alliance Bank of Simla. The Bank of Bengal, which later merged with the Bank of Bombay and the Bank of Madras to form the Imperial Bank of India in 1921.

The period between 1906 and 1911 a number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India. The partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralyzing banking activities for months. India's independence marked the end of a regime of the Laissez-faire for the Indian banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted into greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included:

In 1949, the In 1948, the Reserve Bank of India, India's central banking authority, was nationalized, and it became Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India."

The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors. However, despite these provisions, control and regulations, banks in India except the State Bank of India, continued to be owned and operated by private persons. This changed with the nationalization of major banks in India on 19 July 1969.

NATIONALISATION : The RBI was nationalized on January 1, 1949 in terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, By the 1960s the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the possibility to nationalise the banking industry. Indira Gandhi, thethen Prime Minister of India expressed the intention of the GOI in the annual conference of the All India Congress Meeting in a paper entitled "Stray thoughts on Bank Nationalisation. The paper was received with positive enthusiasm. Thereafter, her move was swift and sudden, and the GOI issued an ordinance and nationalised the 14 largest commercial banks with effect from the midnight of July 19, 1969. Jayaprakash Narayan, a national leader of India, described the step as a "masterstroke of political sagacity." Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking) Bill, and it received the presidential approval on 9 August 1969. A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the GOI controlled around 91% of the banking business of India. After this, until the 1990s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. Liberalization: In the early 1990s, the then Narsimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. These came to be known as New Generation techsavvy banks, and included Global Trust Bank (the first of such new generation banks to be set

up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks. The next stage for the Indian banking has been setup with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%, at present it has gone up to 74% with some restrictions. The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%; Lend at 6%; Go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India. People not just demanded more from their banks but also received more. Currently, banking in India is generally fairly mature in terms of supply, product range even though reach in rural India still remains a challenge for the private sector and foreign banks.

COMPANY PROFILE
PASSION TO SERVE. PASSION TO PERFORM

Our Mission:

BRIEF HISTORY :

Bank of Baroda is having a long, eventful and glorious history of more than 101 years. HH Sir. Maharaj Sayajirao-III founded the Bank.The Bank made a humble beginning in 1908 in a small building in Baroda. On 20th July 1908 Bank of Baroda Limited was registered under the Baroda Companies Act of 1897, with a paid up capital of Rs. 10 lacs.

In the year 1935 Bank became a scheduled Bank. RBI included the Bank in the second schedule of RBI and brought under direct control of RBI. At the time of independence in 1947, Bank of Baroda was a regional bank with 48 branches. However, it found a place in Indias Fortune Five list of Banks. During 1953 - 1958 Bank opened 30 new offices and had become an allIndia Bank. Bank of Baroda (BSE: 532134) (BoB) (Hindi: ) is the 3rd largest bank in India, after State Bank of India and Punjab National Bank and ahead of ICICI Bank. BoB has total assets in excess of Rs. 2.27 lakh crores, or Rs. 2,274 billion, a network of over 3000 branches and offices, and about 1100+ ATMs. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, credit cards and asset management. Maharajah of Baroda Sir Sayajirao Gaekwad III founded the bank on July 20, 1908 in the princely state of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India.

As many as nine banks have merged with Bank of Baroda during its journey so far: Hind Bank Ltd (1958) New Citizen Bank of India Ltd (1961) Surat Banking Corporation (1963) Tamil Nadu Central Bank (1964) Umbergaon People Bank (1964) Traders Bank Limited (1988) Bareilly Corporation Bank Ltd (1998) Benares State Bank Ltd (2002) South Gujarat Local Area Bank Ltd (2004).

The Heritage It all started with a visionary Maharaja's uncanny foresight into the future of trade and enterprising in his country. On 20th July 1908, under the Companies Act of 1897, and with a paid up capital of Rs 10 Lacs started the legend that has now translated into a strong, trustworthy financial body, THE BANK OF BARODA It has been a wisely orchestrated growth, involving corporate wisdom, social pride and the vision of helping others grow, and growing itself in turn.

The founder, Maharaja Sayajirao Gaekwad, with his insight into the future, saw "a bank of this nature will prove a beneficial agency for lending, transmission, and deposit of money and will be a powerful factor in the development of art, industries and commerce of the State and adjoining territories." These words are etched into the mind, body and soul of what has now become a banking legend. Following the Maharaja's words, the emblem has been crafted to represent wealth, safety, industrial development and an inclination to better and promote the country's agrarian economy. This emblem shows a coin, symbolizing wealth, embossed with an upraised palm, a safety cover for the depositor's money, with a cogwheel that promotes industrial growth in tandem with the two corn ears that stand for the progress of the staple agricultural growth in the country. The Ethics: Between 1913 and 1917, as many as 87 banks failed in India. Bank of Baroda survived the crisis, mainly due to its honest and prudent leadership. This financial integrity, business prudence, caution and an abiding care and concern for the hard earned savings of hard working people, were to become the central philosophy around which business decisions would be effected. This cardinal philosophy was over the century old existence, to become its biggest asset. It ensured that the Bank survived the Great War years. It ensured survival during the Great Depression. Even while big names were dragged into the Stock Market scam and the Capital Market scam, the Bank of Baroda continued its triumphant march along the best ethical practices

Our Logo:

Our new logo is a unique representation of a universal symbol. It comprises dual B letterforms that hold the rays of the rising sun. We call this the Baroda Sun. The sun is an excellent representation of what our bank stands for. It is the single most powerful source of light and energy its far reaching rays dispel darkness to illuminate everything they touch. At Bank of Baroda, we seek to be the source that will help all our stakeholders realise their goals. To our customers, we seek to be a one-stop, reliable partner who will help them address different financial needs. To our employees, we offer rewarding careers and to our investors and business partners, maximum return on their investment. The single-colour, compelling vermillion palette has been carefully chosen, for its distinctiveness as it stands for hope and energy. The Baroda Sun is a fitting face for our brand because it is a universal symbol of dynamism and optimism it is meaningful for our many audiences and easily decoded by all. It is a signal that we recognize and are prepared for new business paradigms in a globalised world. At the same time, we will always stay in touch with our heritage and enduring relationships on which our bank is founded. By adopting a symbol as simple and powerful as the Baroda Sun, we hope to communicate both.

INITIAL EMBLEM

The emblem show a coin, symbolizing wealth, embossed with an unpraised palm, a safety cover for the depositors money with a cogwheel that promotes industrial growth in tandem with the two corn ears that stand for the progress of the staple agriculture growth in the country.

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Marketing Initiatives The mid-eighties marked the beginning of the shift to a buyers` market. The Bank orchestrated its business strategies around the centrality of the customer. It diversified into areas of merchant banking, housing finance, credit cards and mutual funds. A string of segment specific branches entrenched operations in the profitable markets. Overseas operations were revamped and structural changes intensified in the territories to cater to second generation NRIs. Slowly but surely, the move to become a one stop financial supermarket had been set in motion. Service delivery standards were stipulated. Technology was adopted to add punch. Employees across the board were inculcated with the marketing concept. Aggressive marketing became the new business philosophy. People Initiatives Bank of Baroda has always had an immense faith in the infinite potential of its people. This has been historically demonstrated in its recruitment practices, developmental initiatives, placement processes and promotion policies. Strategic HR interventions like, according cross border and cross cultural work exposure to its managers, hiring diverse functional specialists to support line functionaries and complementing the technical competencies of its people by imparting conceptual, managerial and leadership skills, gave the Bank competitive advantage. The elaborate man management policies also made the Bank a breeding ground for business leaders. The Bank provided around a dozen CEOs to the industry- men who went on to build other great institutions. People initiatives were blended with IR initiatives to create an effectively harmonious workplace, where everyone prospered. Financial Initiatives New norms for capital adequacy required new capital management strategies. In 1995 the Bank raised Rs 300 crores through a Bond issue. In 1996 the Bank tapped the capital market with an IPO of Rs 850 crores, Despite adverse market conditions prevailing then, the issue was over subscribed, reflecting the positive public perception of the Bank's fundamental financial strength. The Future Revolutionary and discontinuous changes in the operating environment are a stark reminder that business success is 'impermanent'. The emergence of IT as a major driver for change, has accentuated the need to initiate a major transformation program. The conversion to an IT savvy, market driven bank will be a prerequisite to survival and growth. A major and strategic step in hi-tech, was the establishment of the Integrated Treasury branch, as a forerunner to full-fledged global treasury operations. Towards creating a future Bank of Baroda, the Bank has adopted a

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revolutionary new business strategy that will be enabled by a revolutionary new IT strategy. This strategy will position Bank of Baroda as India's uncontested premier bank. At Bank of Baroda, change is a journey. It has a beginning. There will be no end. It will be a long and difficult march. And the Bank will emerge stronger, more resilient and positioned to become India's first bank of truly global standards. The relocation to the imposing Baroda Corporate Centre is a true reflection of the Bank's resolve to move ahead of the times. It will not be out of place now, as it stands on the threshold of a digital era, to echo the same sentiments that guided the Bank in its platinum jubilee year - 'a promising future is the sequel to a glorious past'.

International Presence: In the year 1953, taking a pioneering step, the Bank opened its first overseas branch at Mombasa on 14.12.1953 followed by two other branches at Kampala and Nairobi.

Subsequently, operations started in Dar-Es-Salaam in 1956 and in London in 1957. At present, the Bank has 78 overseas network branches / offices in the following 25 countries: 1 2 3 4 5 6 7 8 9 Australia Bahamas Bahrain Belgium Botswana Bangkok China Fiji Island Ghana 10 11 12 13 14 15 16 17 18 Guyana Hong Kong Kenya Mauritius Malaysia South Africa Seychelles Sultanate of Oman Singapore 19 20 21 22 23 24 25 26 27 Tanzania Trinidad & Tobago Uganda UAE UK USA Zambia Mozambique Quatar

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OVERSEAS SUBSIDIARIES Bank of Baroda (Botswana) Ltd. Bank of Baroda (Kenya) Ltd. Bank of Baroda (Uganda) Ltd. Bank of Baroda (Guyana) Inc. Bank of Baroda (Tanzania) Ltd. Bank of Baroda (Ghana) Ltd. Bank of Baroda (Trinidad & Tobago) Ltd. Bank of Baroda (New Zealand Ltd.

Joint Venture India-Zambia Bank Ltd. (Lusaka) Representative Offices Australia Kuala Lumpur, Malaysia Bangkok, Thailand Major Financial centers of the world Brussels, Bahamas, Dubai, Hongkong, London, Singapore and New York.

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Business Philosophy: The financial integrity, business prudence, caution and an abiding care and concern for the hard earned savings of hard working people, were to become the central philosophy around which business decision would be effected. This cardinal philosophy was over the 100 years of its existence, to become its biggest asset. The banking crisis of 1914 to 1918 put a lock on many banks, but not on Bank of Baroda. It not only survived but also emerged as a vital force in the world of banking a financial powerhouse. The Bank is emerging stronger, more resilient and positioned to become Indias first bank of truly global standards. Project NAVNIRMAAN Baroda Next

A comprehensive transformation program called NAVNIRMAAN has launched by Bank on 22 June 2009. The Bank has partnered with McKinsey & Company for this program, which is centered on our customers and our employees, and has two core elements Business Process Reengineering (BPR) and Organization Restructuring (OR). Primarily, the main objective of this programme revolves around the following:     Ensure best in class customer service Streamline processes to make life simpler for employees and customers Equip you with the best tools and techniques to discharge your roles effectively Align the Banks organization structure and systems to help build Baroda Next and drive the new strategy.

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PRODUDT & SERVICES OFFERED BY BANK OF BARODA : Retail Loans A wide range of solutions for your financial needs. Bank of Baroda offers a wide range of retail loans to meet your diverse needs. Whether the need is for a new house, child's education, purchase of a new car or home appliances, our unique and need specific loans will enable you to convert your dreams to realities. Key products : BARODA HOME LOAN: Home Improvement Loan

Bank of Baroda brings to you a unique loan product. A loan for Repairs / Renovations / Improvement / Extension of Home and for Furniture, Fittings & Fixtures. Key Benefits
y y

Loan available for repairs / renovation / improvement / extension of the existing house. Loan available for purchase of furniture / fixtures / furnishing / other gadgets such as fans, geysers, air conditioners etc. required, to:

Baroda Mortgage Loan Bank of Baroda brings to you an innovative combination of a loan and over draft facility with flexible repayment options against the security of your immovable property. Key Benefits
y y y

Ideal use of idle property - Generate additional income from an otherwise idle property. Withdraw money as per your need and save on interest cost. Deposit surplus money / regular income / salary and save interest.

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Baroda Education Loan : Education is the most important investment one makes in life. Higher studies and specialization in certain fields call for additional financial support from time to time. Whether you are planning school education (nursery to standard XII) of your child, pursuing a graduate or post-graduate degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals. Following are the loan options available:
y y y

Baroda Vidya Baroda Gyan Baroda Scholar

Baroda Vidya: Bank of Baroda presents a one of its kind finance option for parents of students pursuing school education. These loans are available for studies from Nursery to Senior Secondary School. Baroda Scholar: Bank of Baroda presents financial assistance to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realise your dreams... Achieve your goals... Reach out to the maximum limits... Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities . BARODA CAR LOAN :

In today's fast paced world, a vehicle is but a necessity. Yet other expenses and plans in life take priority and the dream of owning a car takes a back seat. Whether as a comfortable and

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dependable means of transport or as a status symbol in society, we believe you deserve ownership of a vehicle. The Car Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status & taste.

Baroda Loan to Doctors Bank of Baroda brings to you Baroda Loan to Doctors, a one of its kind, designed specially to cater to the financial needs of the doctors. The advance is available for projects related to setting up / expansion of nursing home / hospital / clinic and pathological. BARODA PERSONAL LOAN:

A wedding in the family. Maybe it's high time you surprised your spouse with a priceless gift. Or you simply need to pamper your family with an extended vacation. These are the times when you may need a helping hand. That's when you can bank on us. Bank of Baroda's Personal Loan offers financial help to meet your personal requirements. Key Benefits:
y y

Helps you take care of all kinds of expenses at a short notice. The Loan may be availed to meet expenses related to marriage, travel, honeymoon, holiday and medical expenditure or for any other personal use. The loan is also available to Pensioners/Defense Pensioners Loan is also available for Earnest Money Deposits for buyers of home/flat/plot.
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y y

Baroda Ashray (Reverse Mortgage Loan) Eligibility:

y y

Should be Senior Citizen of India, above 60 years of age. Married couples will be eligible as joint borrowers provided one of them is above 60 years of age and age of spouse is not below 55 years at the time of application. Should be the owner of a residential property (house or flat) located in India in his/her own name.

The maximum loan amount inclusive of interest for entire tenure of the loan shall be restricted to Rs. 1 crore subject to value of the property. The Bank shall have the option to revise periodic annuity amount, if lump-sum payment is taken or at the interval of every 5 years based on valuation of the property. Repayment of Loan: The loan shall become due and payable when the last surviving borrower dies or would like to sell the home / permanently moves out of the home for aged care to an institution or relatives. The loan will, as such, become due for recovery and payable.
y

Settlement of loan, along with accumulated interest, to be met by the proceeds received out of sale of residential property. The borrower(s) or his/her/their estate shall be provided with the first right to settle the loan along with accumulated interest, without sale of property. A reasonable period of 2 months may be provided when repayment is triggered, for house to be sold.

.Baroda Traders Loan: The Baroda Traders Loan facility enables individuals, Proprietorships, bodies such as Partnership firms and Co-op societies to avail of working capital or undertake development of shop by way of loan/overdraft. Dealers in gold/ silver jewelry are also covered under the scheme. Key Benefits:
y y y

Option to avail the credit facility as loan or overdraft. Advance available up to Rs. 200 Lacs. Loan can be repaid in a maximum period of 60 months.

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The business units should have been established in the line of business for a minimum period of 2 years y y y 40% on realizable market value of immovable property. 10% on Bank's own Fixed Deposits. 15% on face value of NSCs, Govt. Bonds, surrender value of LIC policies.

BarodaTwoWheelerLoan:

For those individuals who prefer to travel more conservatively or to get to their destinations faster, a two-wheeler is as much a boon as it is to a car owner. With newer models coming out each year, the options available to the customer are both attractive as well as convenient. Bank of Baroda's Two-Wheeler Loan make it possible to purchase a two-wheeler and pay back in easy monthly instalments, thereby reducing the burden of a one-time payment. All resident Indians, salaried, professionals, self-employed, businessmen and farmers can apply for this loan. Terms & Conditions
y

Finance for a minimum of Rs. 5000 and a maximum of Rs. 1 Lakh (or five times of the monthly income, whichever is less) can be availed of through the loan. Margin of 10% on loan amount. The loan amount can be repaid in maximum 60 months from the date of disbursement of loan.

y y

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Baroda Career Development Gainfully employed persons intend to pursue higher education, vocational courses, trainings, pilot trainings, skill up gradation, diploma or degree courses offered in aviation, hospitality and travel management, executive development etc. in India / abroad. Eligibility of Courses:
y

Graduate, Post Graduate, Diploma, Professional Courses, Specialization courses offered by reputed Universities/ Institutions (Indian or Overseas), having assured employment prospects, Skill up gradation courses offered by various institutes (Indian/Overseas), having assured employment prospects, Courses offered by Hospitality Management Institutes for Skill upgrade/Short course/ Training etc. Pilot Training Courses, offered by reputed Institutions (Indian or Overseas), approved by Director General of Civil Aviation (DGCA) /International Civil Aviation Organization (ICAO).

Student Eligibility:
y y

Should be an Indian National. Have secured admission to the course through entrance test / merit based selection process.

Baroda Home Loans to NRIs / PIOs: Bank of Baroda presents yet another innovative product in the form of Baroda Home Loans to NRIs / PIOs, a unique housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO). Key Benefits
y y

A loan product tailor-made for NRI / PIO needs Opt for Flexi Rate plan to hedge the interest rate risk by breaking the loan into two separate accounts

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y y

Free property insurance and personal accident insurance No pre payment / foreclosure charges for part as well as full prepayment (when repaid from own sources by the borrower) Deposits:

y y

y y

Bank of Baroda offers various deposit plans that you can choose from depending on the term period, nature of deposit and its unique saving and withdrawal features. Apart from competitive interest rates and convenient withdrawal options, our deposit plans offer other features such as overdraft facility, outstation cheque collections, safe deposit lockers, ATM's etc. Choose from Fixed, Current and Savings Deposit plans. Fixed deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits. These deposit plans offer convenient solutions to both working individuals as well as senior citizens. Current and saving deposits are ideal for individuals who wish to take advantage of multiple benefits within the same plan and even be eligible to opt for overdrafts. Gen Next Services:

Gen-Next Junior (Saving Account) Product Nature

y

This is a Special kind of Savings Bank Deposit product for children to be made available in Gen-Next Pune branch.

Gen-Next Lifestyle Type Of Facility

y

Term Loan (Combo Pack)

Purpose
y

y y y

Purchase of Home Furnishings / Consumer Durable goods (includes color T.V., video camera / refrigerator / washing machine / music system / air-conditioners / cooking system etc). Purchase of vehicle i.e. two-wheeler / four-wheeler. Purchase of Laptop / PC. Purchase of any new electronic gadgets like Mobile, i-Pod, Handycam etc.

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Target Group Working Gen-Next Power (OD Facility) Product Nature

y

This is a special Savings Deposit product having an in built feature of overdraft facility to be available at Gen-Next Pune branch.

Target Group
y

The product is targeted to working executives and other working professionals. Our Banks Staff members are not eligible to avail the product.

. Gen-Next Suvidha : Product Nature : y This is a Recurring Deposit product enabling the customer to make regular savings on monthly basis and earn higher interest.

Customer Segment :
y y y

Individuals in their single / joint names. Minors of age 10 years and above jointly with their parents / natural guardians. Minors below 10 years age through their parents. DEBIT CARD :

Bank of Baroda International Debit Card is accepted at over 50000 Visa Electron ATMs in India and 1000000 ATMs worldwide. The card is also accepted at any 350000 merchant outlets in India and around 29 millions globally. The card enables you to enjoy the convenience of cashless purchasing power without the fear of overdrawing your account

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Key Benefits
y

Take advantage of the most widely accepted card and be able to withdraw from any ATM displaying the VISA logo, in India and abroad. At VISA Electron merchant shops, it can also serve as your electronic purse, and money gets debited instantly from your account, as you pay. The Card allows you to get mini-statements from Bank of Baroda ATMs, or to check the balance in your account, avoiding visits to even our nearest branches.

Remittances (Baroda Money Express): Business relations get strengthened and add to the trust when financial dealings happen on time. The Baroda Money Express remittance facility ensures instant payments and transfer of funds, saving you and your associates from waiting endlessly for funds to get credited. This facility is available for both retail and corporate customers enabling efficient and easy transfer of money. So no more delays in transfer of funds typical of Banker's Cheque, Demand Drafts, Mail Transfers and Telegraphic Transfers. The facility is available at 345 branches across 53 centres in India inclusive of all branches in Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai, and Pune. Key Benefits:
y

Can be used to transfer money to the beneficiary's account in the same bank, or another bank or even to their residential/office address, thus offering convenient options. This electronic remittance is the fastest way of transferring money from one place.

Demat: The Depository system was introduced in India more than a decade back. Today the word "Demat" is well known and most of the investors are conversant with the Demat of shares and securities. Presently, there are only two depositories functioning in India and they are:i. ii. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

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Financial Institutions, banks, custodians and stockbrokers complying with the requirements prescribed by Securities & Exchange Board of India (SEBI) can be registered as a Depository Participant (DP). A "Depository Participant" is an agent of the Depository (NSDL or CDSL) who is authorized to offer depository services to investors. Thus to open a Demat account of an investor, a bank or its branch has to get registered . Baroda Health: "Baroda Health" (Mediclaim Insurance Policy) for Banks Account holders. With a view to offer value added services to our customers, we have developed a co-branded insurance product called as "BarodaHealth" (Mediclaim Insurance Policy) for Bank's Account holders w.e.f. 23rd February 2006 available at all our branches across the country.

What is Baroda Health Policy? It is a Medical Insurance Scheme, available only to account holders of our Bank, which takes care of the hospitalization expenses incurred by the customer up to the amount of sum insured, in respect of the following eventualities.
  

Any illness / disease Accidental injury and/ or any ailment. Any surgery that is required in respect of any disease or accident that has arisen during the policy period The minimum hospitalization should be for 24 hours.

Collection Services Outward Bills for Collection: All branches of Bank of Baroda have the facility of collecting Cheques, Demand Drafts, Interest Warrants, Dividend Warrants, Refund Orders, Clean Bills and Documentary Bills from customers and various centres.. All Cheques and other instruments are collected into properly introduced accounts and sent for collection on the day of receipt from the customers or the next working day. Time Bound Collection: All branches of Bank of Baroda are prompt in terms of the collections and forwarding of cheques and other instruments. For metro cities, when financial instruments
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are presented in a branch, the proceeds are credited to the customer's account on the same day in the following week. For state capitals, (and centres with more than 100 branches), amount is credited only after 10 days. If these instruments are not collected within 14 days of lodgement, interest @ 2% per annum over savings bank rate is paid and is credited to the customer's account, without the customer having to claim it. Branches also accept requests for collection of Loan Certificates / FDRs issued by Joint Stock Cos.; prize money of Lottery Tickets, Foreign Currency Notes etc. The bank levies service charges as stipulated from time to time. ElectronicClearingServices(ECS): This is a unique system under which Bank of Baroda helps companies and institutions making heavy payments disburse these amounts directly into the bank accounts of the beneficiaries such as account holders, shareholders, investors etc. WholesaleBanking: Bank has identified the following new business segments as a step toward becoming Multi Specialist Bank.
   

Wholesale (Large & Mid Corporates) Urban Retail Small & Medium Enterprises Rural/Agri Business

Under Wholesale Banking the corporate customers are identified as Large and Mid corporates. Companies having annual sales turnover of over Rs. 500 crore are classified as Large Corporate and those having annual sales turnover between Rs 100 crore to 500 crore are classified as Mid Corporate. TREASURY: DomesticOperations Bank of Baroda has set up dedicated desks at the SITB, headed by experienced professionals, for undertaking various types of treasury activities in different financial markets. Apart from activities pertaining to management of funds and liquidity, the domestic treasury also handles financial instruments like:

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y y y y y y

Commercial Papers (CP) Certificate of Deposits (CD) Government Securities Treasury Bills (TB) Bonds and Debentures Equities and various other derivatives.

The products and services offered by SITB cater to the inter-bank market as well as to the Corporate customers of the bank. The Bank is an active participant both in the inter-bank market and the corporates for all the products. The Bank offers its customers, including firms, companies, corporate bodies, institutions, provident funds trusts, Regional Rural Banks, Urban Cooperative Banks and Non-Banking Financial Companies opportunities to invest in Government Securities as allowed by Reserve Bank of India for non-competitive bidding. ForexOperations: Bank of Baroda, one of the major public sector banks in India having a strong global presence with a wide network of 61 overseas offices, including those of subsidiaries, spread over 16 countries, is considered as a market leader in foreign exchange operations in India. At present the Bank is having branches / offices in countries like USA, UK, Belgium, South Africa, Hong Kong, UAE, Oman, Fiji Islands, Mauritius, Seychelles, Bahamas, Guyana, Kenya, Uganda and Zambia The Bank has completed fifty years of operations in overseas territories and is poised to expand its reach to countries like Tanzania and China, apart from consolidating its overseas operations in those countries where the bank has already made its presence felt. The modern state-of-the-art dealing room at its Specialised Integrated Treasury Branch (SITB) at Mumbai provides the necessary wherewithal to its 95 designated branches across the length and breadth of the country authorized to handle foreign exchange business of its clientele. The bank has retained its primacy as a leading market maker both in spot and forward markets, along with foreign exchange swap markets. The forex dealing desk at the SITB is provided with all modern communication facilities and is in the process of linking all its authorized branches via Reuters Automated Dealing System, to provide on-line quotes for foreign exchange transactions. Through its large network of authorized branches, the bank caters to the foreign exchange needs of its clientele engaged in export and import trade and the SITB provides rates for conversion of

26

all major world currencies like U S Dollar, Sterling Pounds, Euro, Swiss Francs, Japanese Yen and other exotic currencies. The services to the customers of the Bank include hedging of foreign currency risks by providing forward covers and various derivatives product. IN RURAL SECTOR :

Banks passion for Rural Development Bank of Baroda, since its inception on 20th July 1908 by the great visionary Maharaja Sayajirao Gaekward III, has been in the forefront for social commitment with its innovative approaches and products. A passion for agriculture and rural development and to serve the common man is ingrained in the Banks philosophy. In the past, the Bank has taken a number of initiatives such as opening of specialized outlets of Gram Vikas Kendras (GVKs) and Multi Service Agencies (MSAs). Baroda Swarojgar Vikas Sansthan (BSVS) is another initiative for capacity building by providing appropriate training for skill upgradation to unemployed youth and women for their gainful employment.

AGRICULTURE: AGRICULTURAL FINANCE SCHEMES : Agriculture being the backbone of the Indian Economy, Bank of Baroda, is contributing significantly in accelerating the pace of rural development by providing finance to farmers by way of following agriculture products. y Baroda Kisan Credit Card (BKCC)- Empowering the farmer : The BKCC facility designed exclusively for the benefit of the farmers aims to provide them the opportunity to manage and utilise their funds in the manner they deem fit. BKCC provide adequate and timely support to farmers for their production needs e.g. purchase of quality inputs, investment requirements like purchase of agriculture implements/tractor etc, farming expenses towards farm maintenance, unforeseen family expenses (consumption) and maintenance of non-farm activities.
27

Purchase of agricultural implements including indigenous improved ones being utilised for field operations including harvesting/sorting/grading, for not only to farmers, but also for land-less labourers.

y y

Small Scale Industries A Small Scale Industrial Unit, is one which is engaged in the manufacture, processing or preservation of goods or is a servicing and repair workshop undertaking repairs of machinery used for production, mining or quarrying or custom service unit (except water service units), having investments in plant and machinery (original cost) not exceeding Rs. 1 Crore. Bank of Baroda has special Loans and Advances for the purpose of fixed capital investment and also for working capital requirement.

Baroda General Credit Card Scheme (BGCC): Bank of Baroda presents a tailor-made Credit Card Scheme for the citizens belonging to the rural and semi-urban parts of India. Baroda General Credit Card Scheme (BGCC) is designed to provide hassle free and easy credit access to people in the rural and semi-urban areas. Key Benefits
y y y

No insistence on security, purpose or end-use of credit Upto a maximum limit of Rs.25000/Unlimited number of withdrawals and repayments (within the credit limit)

Bank of Baroda Next Has Miles to go!

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ABOUT US Bank of Baroda, one of India's oldest and largest PSU banks, has always made a concerted effort to stay in tune with changing times and consumer preferences. BARODA NEXT STATE-OF-THE-ART- STRAIGHT FROM THE HEART Baroda Next is Bank of Baroda's initiative to offer high-tech banking solutions without losing the human touch. It aims to bring in new technologies, systems and processes to offer fast, prompt and paperless banking solutions. At the same time, it also focuses on nurturing long term relationships and superior customer service. STICKMAN The protagonist Stickman is our customer who discovers the joy of technology in banking with Bank of Baroda. In a series of ads, stick man faces a number of tricky situations which he resolves using Bank of Barodas services in a humorous and endearing manner. You will experience the magic as you further surf the pages of this site PRODUCT OF BARODA NEXT: ONLINE PAYMENT OF INSURANCE PREMIUMS To unleash the power of technology for the convenience of our customers, we have devised a series of e-banking products and services. Through Baroda Connect internet banking facility, we let you pay your insurance premium online so that you don't have to run around to pay your premiums. Because at Bank of Baroda, we understand time is very precious to you, and we are committed to compliment your effort to do things faster with less strain or stress to you.

HOME LOAN: MOVE INTO DREAM HOME IN 6 DAYS: You don't have to wait for your dream home for long. Through simplified processing systems, we offer you home loan in just 6 days. The loan is available for construction of new house, purchase of new/old house/flat/residential plot and extension/renovation of existing house/flat. Loans are also available for those who wish to transfer their existing home loan from another financial institution/bank to Bank of Baroda.

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INDIAFIRST LIFE INSURANCE: Joint venture on bank of baroda & Legal & General & Andhra Bank GOLD COIN:

Bank of Baroda offers sale of 24 Karat 999.9 pure Swiss made gold coins with Assay Certification in the denomination of 2, 4, 5 & 8 grams in round shape and 10 grams bar. These coins are available for sale at select POS Branches. Baroda Vidyasthali Loan Baroda Vidyasthali Loan is a special scheme for financing Educational Institutions. PURPOSE To meet the financial requirements for setting up the institutions which includes construction of building, purchase of equipment etc. for the new set up as also renovation of the existing facilities, purchase of instruments for imparting education training to the students. CREDIT CARD: BOBCARD EXCLUSIVE WOMAN

DESCRIPTION BOBCARD Exclusive Woman Card is a tribute to the glorious women of India who are acclaimed for their contributions to the human civilization. BOBCARDS presents this Card to offer its gratitude to the great women souls of the land This card is welcomed at over 29 million Merchant Establishments and over 8,00,000 ATMs

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MARKETING STRATEGY OF THIRD PARTY PRODUCT IN GENERAL AND NON LIFE PRODUCT : History of insurance Insurance began as a way of reducing the risk of traders, as early as 5000 BC in China and 4500 BC in Babylon. Life insurance dates only to ancient Rome; "burial clubs" covered the cost of members' funeral expenses and helped survivors monetarily. Modern life insurance started in 17th century England, originally as insurance for traders[7] : merchants, ship owners and underwriters met to discuss deals at Lloyd's Coffee House, predecessor to the famous Lloyd's of London. The first insurance company in the United States was formed in Charleston, South Carolina in 1732, but it provided only fire insurance. The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and New York created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. Prior to the American Civil War, many insurance companies in the United States insured the lives of slaves for their owners. In response to bills passed in California in 2001 and in Illinois in 2003, the companies have been required to search their records for such policies. New York Life for example reported that Nautilus sold 485 slaveholder life insurance policies during a two-year period in the 1840s; they added that their trustees voted to end the sale of such policies 15 years before the Emancipation Proclamation.

Insurance developed from the fourteenth century as a means of spreading huge risks attendant on early maritime enterprises; life and fire insurance developed later. The main classes of insurance are life and other personal insurance, marine insurance, accident or property insurance and liability insurance when the sum becomes payable when legal liability is incurred as for personal injuries or professional negligence to another. LIFE INSURANCE : life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy. In return, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral
31

expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise. Life-based contracts tend to fall into two major categories:
y y

Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance. Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.

y y

Types of life insurance Life insurance may be divided into two basic classes temporary and permanent or following subclasses - term, universal, whole life and endowment life insurance. There are three key factors to be considered in term insurance:

y y y

Face amount (protection or death benefit), Premium to be paid (cost to the insured) Length of coverage (term)

Various insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase. Common types of term insurance include Level, Annual Renewable and Mortgage insurance. Level Term policy has the premium fixed for a period of time longer than a year. These terms are commonly 5, 10, 15, 20, 25, 30 and even 35 years. Level term is often used for long term planning and asset management because premiums remain consistent year to year and can be budgeted long term. At the end of the term, some policies contain a renewal or conversion option. Guaranteed Renewal, the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time. Some companies however do not guarantee renewal, and require proof of insurability to mitigate their risk and decline renewing higher risk clients (for instance those that may be terminal). Renewal that requires proof of insurability often includes a conversion options that allows the insured to convert the term program to a permanent one that the insurance company makes available. This can force clients into a more expensive permanent program because of anti selection if they need to continue coverage. Renewal and conversion options can be very important when selecting a program.

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What is General Insurance? Insurance other than Life Insurance falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc. Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown, there are policies that cover the hull of ships and so on. In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes of insurance, the insured will have to bear a ratable proportion of the loss There are general insurance products that are in the nature of package policies offering a combination of the covers mentioned above. For instance, there are package policies available for householders, shop keepers and also for professionals such as doctors, chartered accountants etc. Apart from offering standard covers, insurers also offer customized or tailor-made ones. Insuring anything other than human life is called general insurance. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalization for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance. THIRD PARTY INSURANCE: There are two quite different kinds of insurance involved in the damages system. One is Third Party liability insurance, which is just called liability insurance by insurance companies and the other one is first party insurance. A third party insurance policy is a policy under which the insurance company agrees to indemnify the insured person, if he is sued or held legally liable for injuries or damage done to a third party. The insured is one party, the insurance company is the second party, and the person you (the insured) injure who claims damages against you is the third party. Salient Features of Third Party Insurance Third party insurance is compulsory for all motor vehicles. In G. Govindan v. New India Assurance Co. Ltd.[2],Third party risks insurance is mandatory under the statute .This provision cannot be overridden by any clause in the insurance policy. Third party insurance does not cover injuries to the insured himself but to the rest of the world who is injured by the insured.

33

Beneficiary of third party insurance is the injured third party, the insured or the policy holder is only nominally the beneficiary of the policy. In practice the money is always paid direct by the insurance company to the third party (or his solicitor) and does not even pass through the hands of the insured person. In third party policies the premiums do not vary with the value of what is being insured because what is insured is the legal liability and it is not possible to know in advance what that liability will be. Third party insurance is almost entirely fault-based. (means you have to prove the fault of the insured first and also that injury occurred from the fault of the insured to claim damages from him) Third party insurance involves lawyers aid The third party insurance is unpopular with insurance companies as compared to first party insurance, because they never know the maximum amounts they will have to pay under third party policies.

34

THIRD PARTY PRODUCT : LIFE INSURANCE: - INDIAFIRST LIFE INSURANCE

JOINT VENTURE OF:

&

&

Vision: Become a life insurance and pensions business leader in providing significant value for all stakeholders through true customer delight IndiaFirst Life Insurance is the youngest life insurance company in India with a rich legacy of over 360 years of combined service of its promoters - Bank of Baroda, Andhra Bank and Legal & General. This joint venture brings together a real understanding of the Indian consumers by the promoter banks with international best practices developed by Legal & General. Shri. Pranab Mukherjee, Honorable Finance Minister, Government of India launched our nationwide operations in Delhi in March, 2010. Headquartered in Mumbai, with a capital base of Rs. 455 crore we are one of the most capital efficient life insurance companies in the industry today. Bank of Baroda holds a 44 per cent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 per cent and 26 per cent stake respectively. We have already achieved substantial progress during our first year of operation. We set up new benchmarks in bancassurance in terms of branch activisation, productivity and customer friendly sales processes. We aim to place our customers First in everything we do and believe we can differentiate ourselves through simple, easy to understand products, fair price, high quality service and honest advice.

35

We have initially focused on the bancassurance model leveraging the existing branch network of over 4,800 branches of our promoter banks across the country. We plan to further strengthen our distribution reach by launching our alternate channel of distribution. This combination of domain expertise, customer knowledge, product innovation and nationwide reach has helped us cross the Rs. 500 crore mark in new business premium within 500 days of our operations and cover over 1.2 million lives across more than 1000 cities and towns in India. Our initial product range covers the typical needs of protection (term insurance), savings, education and retirement. We also have a wide range of group insurance products ranging from credit life, term and employee liability (gratuity and leave enchasement) plans. We will follow this with a whole range of health, pension and wealth accumulation plans shortly. Bank of Baroda is one of the largest public sector banks in the country with an enviable network of over 3050 branches that spreads across the geography of India and over 70 branches across 22 countries globally. This behemoth financial institution is over 100 years old and has been built on financial prudence, corporate governance and most importantly the trust of valuable customers like you. Andhra Bank has been serving the Indian customer for over 85 years and currently has a network of over 1557 branches. The bank has developed best in class deposit and lending schemes for its valued customers. Both the banks are nationalized and provide best in class products and services to their customers. Legal & General is one of UK's leading financial institutions with a heritage of over 150 years. It provides life assurance, pensions, investments and general insurance plans to over 5.5 million customers across UK. It brings rich fund management and insurance experience to India. SALIENT FEATURES AND BENEFITS: y y y y y y y y You can build your savings corpus systematically, through investments in various funds. You secure the future of your family, as they get an assured lump sum benefit immediately, in case of your untimely death. You have the option to invest in debt, equity or a balanced fund, where you choose the proportion of your investment into each! You can make the most of your investments by switching from one fund to another. You have the option to build up your corpus through additional deposits. You get easy access to your money by being able to withdraw partially. Under Section 80C you can enjoy Tax Benefits on the premium you invest. You also get tax benefits on the benefits you receive at maturity of your payment.

36

PRODUCT OF INDIAFIRST INSURANCE:

1. IndiaFirst Smart Save Plan You dream, you aspire. And we help you achieve. Each of us aspires to own a house, dreams of exotic overseas vacations, wishes to secure our family IndiaFirst Smart Save Plan offers you a life insurance cover on your life and additionally helps you grow and develop a body of wealth through market linked instruments. We help you save systematically and provide you different options to invest your savings in funds, on the basis of your risk appetite. The life cover promises the sum assured in case of the life assureds unfortunate demise. What is IndiaFirst Smart Save Plan? IndiaFirst Smart Save Plan is a unit linked, non participating savings plan. You can build your savings systematically, through investments in various funds. The plan offers a life cover in case of the life assureds untimely death. You have the option to invest in five funds across different asset classes, where you can choose the proportion of your investment into each. You can make the most of your investments by switching or redirecting your premium from one fund to another. You can get access to your money by being able to withdraw partially. Under Section 80C you can enjoy tax benefits on the premium you invest. You also get tax benefits on the benefits you receive at maturity of your plan, under Section 10 (10D). Who can be a life assured? Any Indian citizen can be the life assured, as long as he/she is atleast 5 years and below 60 years at the time of applying for the plan. A policyholder is a person who holds the plan. The policyholder may or may not be the life assured. To be a policyholder, you must be at least 18 years as on your last birthday at the time of applying for the plan.

37

2. IndiaFirst Young India Plan Your loved ones, Your pride ...Our joy! We understand that, as a parent or a spouse, you want to give nothing but the best to your loved ones. Be it your childs education or any dream. You will not allow anything to come in the way of the success of your near and dear ones. IndiaFirst Young India Plan is a unit linked savings plan that offers you an insurance cover on your life and additionally helps you to grow your money through market linked instruments. We help you save systematically and provide you different options to invest your savings in funds, on the basis of your risk appetite. The life cover promises the sum assured in case of the life assureds unfortunate demise. What is IndiaFirst Young India Plan ? IndiaFirst Young India Plan is a unit linked, non participating plan. Your child or loved one will receive funds at every important occasion in his/her life as planned by you - be it high school/college/professional course and any other life events! You have an insurance cover on your life which ensures that your loved ones are taken care off. The beneficiary receives a lump sum amount (sum assured) in case any unfortunate event results in the life assureds death. The family gets financial security even if any unfortunate event results in the life assureds death/disability. We will do this by paying the remaining premiums into the plan or directly to you. The beneficiary may receive the fund value at maturity even if the sum assured has been paid out, in the unfortunate event of the life assureds demise, if opted for. You have the option to invest in five funds across different asset classes, where you choose the proportion of your investment into each. You can make the most of your investments by switching or redirecting your premium from one fund to another You get easy access to your money by being able to withdraw partially Tax benefits are available on the premiums paid, maturity benefits as well as death benefits under the current tax laws.

38

3. IndiaFirst High Life Plan Your wealth, your prosperity...and our efforts in building them for you! We all wish for the best from life both for ourselves as well as for our loved ones. This includes securing their dreams through building a robust financial corpus. However, while we work hard to achieve this goal, are we sure that we are ensuring that our money is also working as hard? Our IndiaFirst High Life Plan now helps you ensure that you not only secure your family but also achieve your financial goals through investing your savings in a Dynamic Asset Allocation Fund that strives to make the most out of your money. You also have the option to invest in Debt1 & Liquid1 Fund. The IndiaFirst High Life Plan offers you an insurance cover on your life and additionally helps you grow and build your wealth through market linked investment. The life cover promises the sum assured in case of the life assureds unfortunate demise and the funds strive to make the most out of the money that you invest with us. With IndiaFirst High Life Plan, you can now be happy to see your wealth account grow by the day! What is the IndiaFirst High Life Plan? IndiaFirst High Life Plan is a unit linked savings plan. This will cater to your need of investing in an actively managed market linked plan with a high upside potential. Key Features You can build your savings over a period of time, through investments in any of the 3 funds, including the Dynamic Asset Allocation Fund. You may pay your premium(s) either for a limited period of time or through a single payment. The plan offers a life cover in case of untimely/ unfortunate demise of the Life Assured. We provide you the opportunity to enjoy benefits from market linked instruments, by investing in our Dynamic Asset Allocation Fund that is based on Price Earning (PE) ratio. You get easy access to your money by being able to withdraw partially. Under Section 80C you can enjoy Tax Benefits on the premium that you invest. You also get tax benefits on the benefits that you receive on maturity of your policy, under Section 10(10D).

39

4. IndiaFirst Money Back Health Insurance Plan Your Health, Our Dependability Health is the most important asset you have. Every aspect of your life is dependent on your good health. When you work hard to meet your aspirations, sometimes you tend to forget about your health. The modern day stress, eating habits, sedate life style and family conditions all cause serious damage to your health. You should always be careful about your health. Take simple and effective steps to ensure your wellness. But should something happen, do you have enough money to meet the raising health care costs? Most of us ignore health insurance because we just dont want to incur premium costs when we get nothing in return except when there is a serious health problem. We think we are healthy and dont need health insurance until we get old or sick. But how about a Health Insurance Plan that helps you earn returns even if you dont have a claim? And in case you have a claim, it not only gives you comprehensive hospital benefits but also additional cash you saved extra for a rainy day like this? Our IndiaFirst Money Back Health Insurance plan provides you both - a wide, comprehensive health insurance cover for you and your family; and also an excellent investment opportunity to systematically save, earn market returns to pool up the money which you may need for anything including health care..

What is the IndiaFirst Money Back Health Insurance Plan? IndiaFirst Money Back Health Insurance Plan is a unit linked health plan, with an inbuilt savings component attached to it. This provides an indemnity based health cover that can be used by the policyholder and his family Key Features The cost of health cover will be guaranteed for the first year and thereafter will be reviewed every year. Reimbursement of all other medical expenses not covered in the hospitalization benefit, by creating a fund for you and your family You have the option to invest in 5 funds across different asset classes, where you choose the proportion of your investment based on your risk appetite. You can make the most of your investments by switching or redirecting your premium from one fund to another. Under Section 80D you can enjoy tax benefits on the morbidity charge you paid and also get a benefit under Section 80C for premium contribution allocated towards your market linked fund. You can also get tax benefits on the benefits you receive at maturity of your policy, under Section 10 (10D).

40

IndiaFirst Annuity Plan: This is a traditional Immediate Annuity plan, which can be purchased by paying a lump sum amount. You get the choice to select your retirement age, and we pay you a fixed annuity on a Monthly basis for life. Key Features You can choose your retirement age as per your need; You can reap the returns starting anytime between 40 and 80 years. You can receive a definite regular monthly income through your years of retirement. 1. WHAT IS THE ELIGIBILITY FOR ENTERING THE PLAN? The eligibility criterion is as under: Minimum age at entry 40 years (attained) Maximum age at entry 80 years (attained) 2.WHAT IS THE MODE FOR PAYMENT OF PREMIUMS? This is like a single premium policy. You make a single lump sum payment to enter the plan. This payment is called the purchase price paid through cheque, DD or ECS. 3.WHAT IS THE TERM FOR ANNUITY PAYOUTS? The term for annuity payouts is as follows: Term for Annuity payouts Single Life Annuity i.e. we will pay you the annuity till as long as you live.

IN GENERAL INSURANCE WE HAVE TIE UP WITH NATIONAL INSURANCE COMPANY LIMITED WHICH PROVIDE BARODA HEALTH POLICY :

COMPANY PROFILE:

41

National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7thAugust 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking. National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal. Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance requirements of its 14 million policyholders. Innovative and customized policies ensure that even specialized insurance requirements are fully taken care of. National Insurance Co Ltd awarded "Most Preferred Non Life Insurer" by CNBC AWAAZ Consumer Awards 2009

WE ARE: The fastest growing Non-life Insurance Company in India The second largest Non-life Insurance Company in India Internationally recognized as one of the top 5 General Insurance Companies in the Asia Pacific.

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ANALYSIS
Q1.Do you know about the insurance? Response No of respondents Percentage% Yes 285 95 No 15 5 Total 300 100

No of respondents
5%

Yes No 95%

Every one knows about insurance 95% people are aware about insurance policy of different company,and they know that insurance give security to family so that children education go ahead and make life easy and financially strong.

43

Q2. Are you aware about the insurance policy provided by the bank? Response No respondents Percentage Yes of 216 No 84 Total 300

72

28

100

5%

Yes No 95%

72% people are aware about the insurance provided by banks and only 28% are dont know about it.

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Q3. Which life insurance or general insurance you are using? (Multiple answers are possible)

Name of the company LIC Reliance life insurance Bajaj insurance HDFC insurance India first life insurance General insurance Other Total

No of respondent 117 19 26 12 29 122 31 356

Percentage 32.86 5.33 7.30 3.37 8.14 34.26 8.70 100

9% 33% 34% 5% 8% 4% 7%

LIC Reliance life insurance Bajaj insurance HDFC insurance India first life insurance General insurance Other

45

Q4. What is time interval of your premium payment? Premium No of respondents % Monthly 40 11.23 Quarterly Annually 302 84.31
Half yearly

Half yearly 14 3.93

Total 356 100

Monthly

Quarterly

Annually

0% 4% 11%

85%

84% people pay their premium payment by annually according to their annual income,11% pay monthly and only 4% pay their premium half yearly and no one pay quaterly accoording to survey report.

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Q5 .Are you aware about the insurance policy of bank of Baroda? Response Yes No 210 Total 300

No of 90 respondents Percentage 30

70

100

Yes

No

30%

70%

Only 30% people know about Indiafirst which is the joint venture of Bank of Baroda & legal & general & Andhra bank and 70% people dont know about the Indiafirst insurannce due to lack of awareness , lack of marketing strategy and the most important thing is Indiafirst in started in 2009 in November so, it is very new company in compare to LIC.Reliance,Bajaj Allianz etc it takes time to capture the market.

47

Q6. If yes then which insurance policy you are using? Name of the policy Indiafirst life insurance NICL Total No. of respondents 21 08 29

Indiafirst life insurance

NICL

28%

72%

Most of the people have opted for Indiafirst insurance and few people goes for NICL.

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Q7. Have you taken insurance for your children? Response No of respondant Percentage Yes 55 18.33 No 245 81.6 Total 300 100

Yes

No

28%

72%

18% people have taken insurance for their children for betterment of their future and 82% people have not taken insurance for their children according to their income ,people who have age above 35 have taken insurance for their children.

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Q8. Why insurance is so important for you?

Feature security rebate on tax life cover children education go ahead financial support to family Total

No of respondant 109 32 48 35 61 285

Percentage 38.24 11.22 16.84 12.28 21.40 100

security 22% 38% 12% 17% 11% rebate on tax life cover children education go ahead financial support to family

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Q9 What are the problem face by bank of baroda (in terms of insurance) if any please specify ? Reason lack of awareness lack of marketing strategy less door to door service less advertisement no one there to tell about the Indiafirt insurance. No of Respondents 45 62 43 125 25 Persentage 15 20.66 14.33 41.66 8.33

lack of awareness 8% 15% 21% 42% 14% less door to door service less advertisement no one there to tell about the Indiafirt insurance. lack of marketing strategy

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Q10 . Do you want to give any suggestion to bank of baroda in respect of service provide in isurance? Ans- More aggressive marketing strategy is required beacause very few people know about the Indiafirst life insurance even the customer who has account in Bank of Baroda from 20 years they even dont kow about the Indiafirst.Door to door service should be there , more advertisement and more awareness is required .

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FINDINGS
y Most of the people know about the insurance policy provide by the bank .Many people have done LIC, Reliance, Bajaj Allianz insurance. According to their income people have choose insurance policy. People opt for insurance due to : It make family secure Risk cover Tax benefits Financial support Investment According to survey very few people know about third party product. Age of above 35 years they have opt insurance policy for their children. I found that very few people have taken INDIAFIRST life insurance policy due to less marketing, less advertisement. Another reason is that INDIAFIRST is very new if we compare from other insurance company like LIC, RELIANCE. No facility of door to door service.

y y

y y y

Plan is good but marketing is not appropriate. No special sales force is appointed who take care of INDIAFIRST OR NICL in different branches of city

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SUGGESTIONS
y y y They should create more awareness of insurance policy of BANK OF BARODA. Door to door service must be provided. More advertisement by distributing pamphlets, hoardings, commercial add on T.V like India first Money back health insurance plan. Proper marketing should be done for insurance policy of Bank of Baroda. First Bank of Baroda has to convince the old customer of Bank. Then they have to catch others. They should identify the threats and challenges prevailing in the market and according to that they should form strategy. As we all know that BANK OF BARODA is third largest public sector bank, they have more customer as compare to other bank they can easily attract more people for insurance ,by using the goodwill of bank. Service of BANK OF BARODA is very good this feature can also use for convincing the people. It does not take any commission to customer for policy like LIC takes, this point can be used for convincing the people. INDIAFIRST insurance plans cover different class of people. Like savings plan is good for business Service people go for future plan; they can also take education plan for their children. Such things can be suggested.

y y

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CONCLUSIONS:
Today organization are knowledge based and their success and survival depend on creativity and innovation.An effective reaction to these demands lead to innovative change in the organisation in order to ensure their existence.Creativity and innovation have a bigger role in this change process for survival. Today the life insurance is growing at CAGR of 35% and private player are growing at a CAGR of 125% . There are total 23 insurance players in the market selling insurance policy. In the developed countries life insurance contributes 8% to GDP , while in India it is less than 2% of GDP.As you see there is huge potential in the market to cover lives through life insurance . Indias population is more than 1.2 billion Insured population : 6.73% In the era of globalisation ,INDIAFIRST life insurance need aggressive marketing strategy because there is already major player exist in market like LIC ,RELIANCE , BAJAJ ALLIANZ etc,which are very old also .INDIAFIRST is started recently in Nov 2009 joint venture of bank of baroda & legal & general & andhra bank .It need more innovative idea for marketing. Very few people know about INDIAFIRST insurance policy due to lack of awareness.People know more about LIC because it is very old and trustworthy company. As we know that insurance give y y y y Family security Systematic savings Tax benefits Investment

I would like to conclude that third party product of BANK OF BARODA really needs aggressive marketing strategy , more advertisement to create more awareness among people atleast those who have account in bank of baroda because already the big company is running in market like LIC.Good things about this insurance is it is associated with brand name BANK OF BARODA which is 100 years old bank people have faith on it.

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REFRENCES
y y y y www.Bank Of Baroda.Com Business Line news papaer www indiafirst.com www wekepidia .com

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ANNEXURE

QUESTIONNAIRE

ON

MARKETING STRATEGY OF THIRD PARTY IN GENERAL & NON LIFE PARTICULARS PRODUCT NAME-_________________________________ GENDER-_______________________________ PROFFESSION-___________________________ DESIGNATION-___________________________ AGE-_____________________ 1. Do know about the insurance? a) Yes b) no

2. Are you aware about the insurance policy provide by the bank? a) Yes b) no 3. If yes then which life insurance or general insurance you are using?

4. What is time interval of your premium payment? A) Monthly b) quarterly c) annually d) half yearly 5. Are you aware about the insurance of policy of bank of Baroda? a) Yes b) no

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6. If yes then which insurance policy you are using? a) India first line insurance 7. Have you taken insurance for your children? A) Yes 8. Why insurance is so important for you? a) security b) rebate on tax c) life cover d) children education go ahead e) financial support to family 9. What are the problem face by bank of baroda (in terms of insurance) if any please specify ? a) Lack of awareness b) Lack of marketing strategy c) Less door to door service d) Less advertisement e) No one there to tell about the Indiafirst insurance. B) No b) NICL (general insurance)

10.Do you want to give any suggestion to bank of baroda in respect of service provider in insurance?

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