SYNOPSIS
INTRODUCTION
RESEARCH METHODOLOGY
PRODUCT OF LIC
LAST 5 YEARS
FINDINGS
CONCLUSION
RECOMMENDATIONS
BIBLIOGRAPHY
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SYNOPSIS
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The liberalisation of the financial sector was started in
Till now, however, the insurance sector had been left out
December, 2004, the way has been paved for the entry of
pie itself.
will be to the consumer, who till now, has had to put up.
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entrants will look for new channels of distribution for their
4
INTRODUCTION
Regulatory Authority.
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RESEARCH OBJECTIVE
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RESEARCH METHODOLOGY
include;
RESEARCH DESIGN
any research :
1. Exploratory
2. Descriptive
3. Experimental.
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During this research Descriptive and Exploratory
available information.
two source.
SECONDARY DATA
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• Newspapers and Magazines like Economic Times,
• Internet
PRIMARY DATA
9
INTRODUCTION OF THE COMPANY
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abroad in the field of insurance, namely, Ken-India
General Insurance:
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head offices at Calcutta, Bombay, New Delhi and Madras,
spread all over the country. GIC and its subsidiaries have
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NEW INSURANCE SCHEMES
per annum) for an individual, Rs. 1.50 per day for a family
annum), and Rs.2/- per day (i.e. Rs. 730 per annum) for
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of seven. A subsidy of Rs. 100 per year towards annual
hours.
required.
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Main Exclusions:
treatment.
sickness/injury.
abortions etc.
Age Limitations:
65 years.
Floater Basis:
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For further details please refer the Prospectus or the Policy
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Varishtha Pension Bima Yoj ana
Scheme
the pensioner.
Yearly or Yearly.
• Only one person from a family can apply. The family for
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Premium
clearing house.
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OBJECTIVES OF LIC
policyholders.
environment.
courtesy.
Objective.
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PRODUCTS OF LIC
Features:
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will be automatically secured provided the reduced sum
Suitable For:
BENEFITS
BENEFIT ILLUSTRATION
SURVIVAL BENEFIT:
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commencement of the policy whichever is later.
DEATH BENEFIT:
to his/her nominees/heirs.
PROFITS)
Features:
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Bonus Distribution until the death of the Life Assured.
BENEFITS
Survival benefits
required to be paid.
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Death Benefits:
policy.
Plan Parameters:
Minimum Maximum
LIMIT
ceasing age
is 70)
later.
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ENDOWMENT WITH PROFIT PLAN - 014
FEATURES:
• Moderate Premiums
• High bonus
• High liquidity
• Savings oriented
This policy not only makes provisions for the family of the
time.
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Suitable For:
BENEFITS
Disability Benefit:
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further premiums, (the Disability Benefit is available in
Accident Benefit:
Premium Stoppage:
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Bonus:
liabilities.
BENEFITS
Survival benefits:
Death Benefits:
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Payment of full sum assured + Vested Bonus.
Plan Parameters:
Minimum Maximum
Term (years) 5 55
available
Saving Scheme.
BENEFITS
On Maturity : Nil
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RESTRICTIONS
(Inclusive of all
Single premium.
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(G) Rebates:
premium policies.
REQUIREMENTS:
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• No Surrender Value will be available under this plan.
the policy will still be valid and the Sum Assured paid after
REVIVAL :
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insurability to the satisfaction of the Corporation and the
Life Assured.
PAYMENT OF CLAIMS
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BACK-DATING INTEREST
BENEFITS
Survival benefits:
payable.
Death Benefits:
the full sum assured. And, two, the policy continues on the
die during the term of the policy. Vested bonus would also
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GROWTH OF PRIVATE LIFE INSURANCE
COMPANIES IN THE LAST 5 YEARS
21% growth.
The figures for the first two months of the fiscal 2006-07
The share of LIC for this period has further come down to
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75%, while the private players have grabbed over 24%
share.
President.
and now the unit linked policies that have gained much of
said Sanghi.
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Birla Sun life's share has dropped from 2.45% during FY'05
Max New York life and Aviva Life Insurance have captured
FY'05. Others like ING, AMP Sanmar, Met Life and Sahara
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of the customer. Quality customer service and education
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premium income - an annual growth of about 11 percent.
sales. Yet few believe that technology alone will drive the
expansion.
Authority.
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important. Most sales happen after personal interaction."
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products such as mutual funds. But last October, the
currently underway.
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CURRENT STANDING OF PRIVATE LIFE
INSURANCE COMPANIES IN URBAN
SECTOR
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ROLE OF FOREIGN COMPANIES IN INDIA
this will not change their outlook for India. After all no
board;
company;
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premium for their existing distribution network, we will see
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partner in the venture will feel increasingly uncomfortable
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FINDINGS
QUESTIONNAIRE ANALYSIS
Respondents = 80
Respondents Responded = 60
business sectors.
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1. According to you, which have played a major
role in the field of life-insurance companies.
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12
10
No. of Respondents
8 Pvt. Employees
Govt. Employees
6 Business Man
0
LIC HDFC ICICI Others
48
2. Which insurance companies have been
successful to make strong public base by
advertisement?
16
14
12
10
Pvt. Employees
No. of Respondents
8
Govt. Employees
6 Business Man
0
LIC HDFC ICICI Others
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3. Which insurance company has gained massive
public support in the current fiscal year?
16
14
12
10
Pvt. Employees
No. of Respondents
8 Govt. Employees
Business Man
6
0
LIC HDFC ICICI Others
From the above table, it is found that from the given three
sector Private, Govt. and Business 12 out of 20 (36%), 14
out of 20 (42%), 10 out of 20 (30%), are in the favour of
LIC 3 out of 20 (9%), 2 out of 20 (6%) and 4 out of 20
(12%) are in favour of ICICI, whereas only 2 out of 20
(6%), 2 out of 20 (6%) 1 and out of 20 (3%) favour others
company.
50
4. Do you think insurance policy is in the direction
of public welfare?
18
16
14
12
10
No. of Respondents
Yes
8 No
0
Pvt. Sector Govt. Sector Business M an
51
5. Is retirement bond or pension policy launched
by the number of private player as well as
public sector company in the direction of
secured old age?
20
18
16
14
12
No. of respondents
Yes
10
No
8
6
4
2
0
Pvt. Sector Govt. Sector Business Man
52
6. Do you think that risk coverage factor included
in Insurance policy attracts general public
towards the policy?
18
16
14
12
No. of respondents
10 Yes
8 No
0
Pvt. Sector Govt. Sector Business M an
53
7. What according to you, the term plan that only
covers risk and doesn’t cover maturity benefit
on survival at the end of the term provides
security cover over policy holders or a smart
way of accumulative money from policy
holders?
16
14
12
10
No. of Respondents
8 Security Cover
Accumulative Money
6
0
Pvt. Sector Govt. Sector Business Man
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accumulating money insurance company.
20
18
16
14
12
No. of Respondents
Yes
10
No
8
0
Pvt. Sector Govt. Sector Business M an
55
9. Do you agree that customer-centricity and
transparency are the buzzwords for success in
this evolving industry?
25
20
15
No. of Respondents
Yes
No
10
0
Pvt. Sector Govt. Sector Business M an
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IMPORTANCE OF JOINT VENTURES
HDFC
Standard Life
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insurance business for the past 175 years, is a modern
businesses.
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Standard Life manage their asset base of Rs. 15,000 Cr
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HDFC Standard Life Insurance Company Ltd was
• Money Back
• Endowment
• Flexible Bond
ICICI
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Since inception, ICICI has grown from a development bank
Prudential plc.
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United Kingdom (Source: S&P's UK Life Financial Digest,
Branch agencies.
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ICICI Pru Life Insurance Products
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The flagship companies of the Group - Grasim, Hindalco,
and the U.K. Its major lines of business are life insurance,
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The Joint Venture
Group.
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company plans to leverage the network of the Aditya Birla
• Money Back
• Endowment
• Whole Life
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CONCLUSION
conclusion that
Customers.
advertisement.
the customers.
customers.
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5) LIC has vast market and very firm grip on its
insurance products.
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CONCLUSIONS GOT BY THE CONSUMER
SURVEY ANALYSIS
fire Insurance.
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RECOMMENDATIONS
policy holders.
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insurance sector by determining some standard. It should
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BIBLIOGRAPHY
• Report/Acts
Bill, 1999.
Newspapers / Magazines
• Insurance Post
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Books
Websites
• w.w.w.licoflndia.com
• www.lrdaindia.org.com
• www.indiainfoline.com
• www.icici.com
• www.hdfc.com
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ACKNOWLEDGMENT
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