Mahatma Gandhi Missions

Institute of Management Studies & Research

At Junction NH 4, Sion Panvel Expressway, Kamothe, Navi Mumbai 410 209

PROJECT REPORT ON
COMPARATIVE ANALYSIS OF INSURANCE PLANS OF LIC, HDFC LIFE, ICICI PRUDENTIAL SUBMITTED TO MGMS INSTITUTE OF MANAGEMENT STUDIES & RESEARCH, NAVI MUMBAI BY

MAHESH ARJUN SHINGADE 14 2010-11

IN PARTIAL FULFILLMENT OF MASTER OF MANAGEMENT STUDIES (MMS), UNIVERSITY OF MUMBAI

Table of C O N T E N T S
Chapter No. Title Declaration from student Certificate from Company/Organisation Certificate from Guide Acknowledgement Chapter Scheme List of Tables List of Graphs List of Charts List if Abbreviations Executive Summary Introduction Background of the study Background of the topic Company profile Statement of the problem Need of the study Scope of the study Objectives of the study Research Methodology Research design Primary data Secondary data Sample design Population Sample size Sampling method Method of data collection Limitations Data Processing and Analysis Findings Conclusions Recommendations Bibliography Page No. iii iv
V

vi vii viii ix
X

xi xii'
1- 19 2 3 10 18 18 18 19 20 - 25 21 21 23 25 25 25 25 25 25 26 50 51 52 53 54 55 - 56 57

I 1.1 1.2 1.3 1.4 1.5 1.6 1.7 II 2.1 2.2 2.3 2.4 2.4.1 2.4.2 2.4.3 2.4.4 2.7 III IV V VI

DECLARATION

I, Mr. MAHESH ARJUN SHINGADE hereby declare that this project report is the record of authentic work carried out by me during the period from 02 MAY 2011 to 30 JUNE 2011 and has not been submitted to any other University or Institute for the award of any degree / diploma etc.

(Mahesh A. Shingade) Date

CERTIFICATE

This is to certify that Mr. Mahesh Arjun Shingade of MGMs Institute of Management Studies & Research has successfully completed the project work titled Comparative Analysis Of Insurance Plans Of LIC, HDFC Life, ICICI Prudential in partial fulfilment of requirement for the completion MMS as prescribed by the University of Mumbai. This project report is the record of authentic work carried out by him during the period from 2 May 2011 to 30 June 2011.

He has worked under my guidance.

(Prof. Dr. Latha S.K Murthy) Project Guide (Internal) Date:

(Dr. Ritu Bhattacharya) (Director) Date:

ACKNOWLEDGEMENT
My sincere thanks to the LIC OF INDIA, Br. 895 for having provided the summer internship opportunity.

I take this opportunity to express my sincere gratitude and profound regards to Mrs. Prof. Dr. Latha S.K. Murthy my faculty guide, who has always given me motivational boost to go and perform. I would further like to thank him for his persistence to listen to my problems and to give apart solutions.

I extend a whole hearted thanks to Mrs. Dr. Ritu Bhattacharya (Director) because of whom I worked and learned a lot and for enlightening me with their knowledge and giving me the opportunities to prove my management skills.

I would like to thank my company guide Mr. H.D. Sule (Development Officer) who in spite of his busy schedule has co-operated with me continuously and indeed, his valuable contribution and guidance have been certainly indispensable for my project work.

I would also like to thank Mr. T.S. Mane (Sr. Branch Manager), for their invaluable advice and enlightening my path at every stage of my project and all the Agents and every associate of LIC OF INDIA, Br.895 without their cooperation this project would have been impossible. Last but not the least, I feel indebted to all those person and organization who have provided help directly or indirectly in successful Completion of this study.

Chapter Scheme
Sr. No 1. 2. 3. Title Introduction Research Methodology

Page No. 1 20 26 51 53 55

Data Processing and Analysis Findings Conclusions Recommendations

4. 5. 6.

List of Tables
Sr. No 1. Title Death Claim Analysis For the Year 2009-10
CLAIMS REPORT

Page No. 38
39 42

2. 3.

A Detailed comparison of ULIPs

List of Graphs
Sr. No 1. 2. 3. Title Claims Report No. of Respondents Awareness about Insurance

Page No. 39 48 50

List of Chart
Sr.No 1. 2. 3. 4. 5. Title Total Investment Leading Children Plans - A Comparison Pension Plan Comparison Chart Term Plan Comparison Chart Money Back Plan Comparison Chart Children Plan ComparisonChart Preference of Life Insurer Preference of Life Insurance Preference of Service & Self Employment Satisfaction Level of Respondents

Page No. 12 40
43 45 46 47 48 49 49

6. 7. 8. 9. 10.

50

List of Abbreviations
Sr.No 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Title How to choose Insurance co. Company Profile Current status of Lic of India

Page No. 4 10 11

Ulips equity share in Indian 29 co. Revised guidelines: The game 30 changer Analysis of ruling of IRDA 31 HDFC Standard Life Leading Children Plans Leading Children Plans A Detailed comparison of ULIPs

36 40 41 42

EXECUTIVE SUMMARY
Summer Internship Program is conducted by every business school as a part of their curriculum so that the students get an exposure to the real corporate world. The internship enables the student to get a feel of the working environment of big corporate houses. This report provides the outline of my work till now as a part of the Summer Internship Program, which corroborate the application of my theoretical knowledge to the practical business world. For my industrial spotlight and a first exposure to the corporate world, I had selected LIC OF INDIA.

I joined LIC Of India on 2nd May 2011. I have been given chance to work in the D.O Wingt. On my first day I met my company guide Mr. H.D. Sule who is the Development Officer. I had initial discussion about my project with him. He explained me in brief the workings of the department.

The project is all about comparative analysis of different insurance products of three companies. The objective of the project was to check the why LICs Products are better than HDFC Standard Life and ICICI Prudential. Literature Survey was also done regarding the preference of insurance company.

In the beginning, we gain an insight about the company and its values and inherit them in our life, and then studied different types of insurance plans like ULIPs, term plan, endowment plan, and various other plans. Now, on to the statistical part, we compared the best insurance plans of each company that will provide a base for studying the awareness level and perception of the life insurance. The project helped me in developing my communication skill and interpersonal skills.