(SESSION 2015-2018)

A project Report
On
Customer perception towards IDBI federal life insurance

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF

BACHELOR OF BUSINESS ADMINISTRATION
SUBMITTED BY:
Sachin gupta
BBA-3RD YEAR
ROLL NO.: 43590101715
TRAINING SUPERVISION SUBMITTED TO:
MISS NEERU MEHRA
FACULTY OF BBA
 STUDENT DECLARATION
I hereby declare that this Summer training project report titled Customer perception towards
IDBI federal life insurance submitted by me to Fairfield Institute of Management and
Technology, Kapashera is a bonafide work undertaken during the Vth semester by me and has
not been submitted to any other University or Institution for the award of any degree diploma/
certificate or published any time and before.

Date:
Name: Sachin gupta
Enroll. No. 43590101715
Course: BBA-G

(Signature of the student)

 CERTIFICATE FROM GUIDE

This is to certify that as per best of my belief the project entitled Customer perception
towards IDBI federal life insurance is the bonafide research work carried out by
SACHIN GUPTA student of BBA, FIMT( Fairfield institute of management and technology ),
Kapashera New Delhi, in partial fulfillment of the requirements for the Summer Training Report
of the degree of Bachelor of Business Administration. She has worked under my guidance.

(Signature of Guide)
 ACKNOWLEDGEMENT
I offer my sincere thanks and humble regard to Fairfield Institute of Management and
Technology, GGSIPU University, New Delhi for imparting us very valuable professional
training in BBA. I pay my gratitude and sincere regards to Ms. Neeru Mehra, my project Guide
for giving me the cream of his knowledge. I am thankful to her as she has been a constant source
of advice, motivation and inspiration. I am also thankful to her for giving her suggestions and
encouragement throughout the project work.
I take the opportunity to express my gratitude and thanks to our computer Lab staff and library
staff for providing me opportunity to utilize their resources for the competition of the project. I
am also thankful to my family and friends for constant motivating me to complete the project and
providing me an environment, which enhance my knowledge.

Date:
Name: Sachin gupta
Enroll. No. : 43590101715
Course: BBA-G

(Signature of the Student)

 Table of Content

Contents Page

Cover I

Certificate Ii

Declaration.. Iii

Acknowledgement . Iv

Contents .............. V

List of Figures. viii

List of Tables. Ix

Abstract X

1
1. Profile of the company ..
1.1Introduction to Insurance Sector. 2

1.2 Introduction about the Company.. 3

1.3 Nature of Business. 5

1.4 Mission, Vision and Values. 5

1.5 Product Range of IDBI Federal. 6

1.5.1 Endowment Plans..

1.5.1.1Incomesurance Guaranteed Money Back 6

Insurance Plan 6 Pay..
1.5.1.2Childsurance Savings Protection Plan... 7

1.5.1.3Lifesurance Savings Insurance Plan. 8

1.5.2 Unit Linked Insurance Plan (ULIP).. 9

1.5.2.1Wealthsurance Growth Insurance Plan .. 9

 1.5.2.2Wealthsurance Future Star Insurance Plan 10

1.6 Size of the Company.. 11

1.6.1 In terms of manpower 11

1.6.2 In terms of turnover. 11

1.7 Organizational Structure. 11

1.8 Market Share and Position of the Company 12

1.8.1 Market Share.. 12

1.8.2 Position of the company.. 12

1.9 Objective of the study.. 13

1.10Sources of Data Collection.. 13

1.10.1 Primary Data 13

1.10.2 Secondary Data. 14

15
2. SWOT Analysis ..
2.1 Introduction to SWOT Analysis 16

2.2 SWOT Analysis of IDBI Federal Life Insurance.. 17

18
3. Promotional Strategies Of IDBI Federal
3.1 Introduction 19

3.2 Promotional Strategy of IDBI Federal. 19

3.2.1 Advertising 19

3.2.2 Print Media. 20

3.2.3 Sponsorship/Events 20

3.2.4 Branded Promotional Gifts/Social media 21

 22
4. HR Policies Of IDBI Federal.
4.1 HR Initiatives of IDBI Federal Life Insurance. 23

4.2 Recruitment Process 23

25
5. CRM Policies Of IDBI Federal...............................................................
5.1 Introduction to CRM.. 26

5.2 CRM policies of IDBI Federal 27

5.2.1 Objective of the study . 27

5.2.2 Scope of the study 27

5.2.3 Limitations of the study 28

29
6. DATA ANALYSIS AND INTERPRETATION. ..
6.1 Research Methodology 30

6.2 B2B Questionnaire. 30

6.2.1 Analysis of B2B Questionnaire 32

6.3 B2C Questionnaire.. 33

6.3.1 Analysis of B2C Questionnaire 35

6.4 Findings 45

6.5 Recommendations.. 47

References... 48
 List of Figures

Figure Page

1.1 Graph showing the share percentage of three companies in IDBI Federal 6

1.2 Incomesurance plan of IDBI Federal 8

1.3 Functioning of Childsurance plan 10

1.4 Functioning of Lifesurance plan 11

1.5 Organizational structure of IDBI Federal 13

1.6 Major companies market share in terms of premium collected (FY16) 14

3.1 Logo of Kochi Marathon 22

3.2 Logo of New Delhi and Mumbai Marathon 23

6.1 Number of respondents in different Age Groups 38

6.2 Preference of respondents in different investment plan 38

6.3 Preference of respondents in different life insurance companies 39

6.4 Preferred company feature while choosing life insurance company 40

6.5 Percentage of respondents owning life insurance policy 41

6.6 Life Insurance Companies respondents are associated with 41

6.7 Responses of potential customers 42

6.8 Percentage of respondents who have heard about IDBI Federal 43

6.9 Different sources of brand awareness 44

6.10 Time frame preferred by customers for company to contact them 45

6.11 Preferred mode of communication from companies side 46

6.12 Preferred mode of communication by customers 46

 List of Tables

Table Page
1.1 Different product ranges offered by IDBI Federal 6
1.2 Ranking of Life Insurance companies 13
2.1 SWOT Analysis 17

Page ix
 ABSTRACT

Insurance is a system to ease financial losses by transferring risk of loss from one entity to
another. It is a legal contract that protects people from the financial costs that result from
loss of life, loss of health, lawsuits, or property damage. Insurance has emerged as a
booming sector in India.

The focus of this project is on life insurance sector. The different tools and strategies
adopted by IDBI Federal in order to accomplish a strong and lasting relationship with the
customers are studied in depth. This project is an attempt to find out customers preferences
while choosing a life insurance company and based on the results what are the changes that
needs to be incorporated by IDBI Federal. The project also focuses on different HR policies
adopted by IDBI Federal.

Page x