EXECUTIVE SUMMARY

Monopoly of LIC has been broken to make Indian Insurance to change its faceand pace to tap the market and to make the new challenges in it. Insurance inIndia is not about India only; it is an open sector for the private players. Thename which you would see in Indian insurance market is something like: -BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian company) +Aig (foreign player) and so many like them. Companies now are tapping a lotof ways to capture the market and hence adopting different ways to hold thelarge portion of the market. My project was to understand the differentmarketing strategies adopted by the companies to increase their market shareand along with it meeting their own targets to achieve the position of no.1 inrespective field or segment of the market. My summer training learning helpedme a lot to complete my project in order to learn a lot of things of the corporate.As a project trainee the first task given to me was to understand the basic behaviour of the consumer in order to manipulate the market according tothe our target competition. For this we did developed a questionnaire and I didmy survey in important location of Jodhpur, Jaipur.

ABOUT INSURANCE

Insurance may be defines as social device to protect the economic valueof the Life and other assets. Under the plan of Insurance a group of people are brought together and their share of money is pooled to manage the loss suffered by any of them.in its basic form is defined as “ A contract between two parties whereby one party called Insurance insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on thehappening of a certain event."In simple terms it is a contract between the person who buys Insurance and anInsurance company who sold the Policy. By entering into contract the InsuranceCompany agrees to pay the Policy holder or his family members a predetermined sum of money in case of any unfortunate event for a predetermined fixed sum payable which is in normal term called InsurancePremiums.Insurance is basically a protection against a financial loss which can arise onthe happening of an unexpected event. Insurance companies collect premiumsto provide for this protection. By paying a very small sum of money a personcan safeguard himself and his family financially from an unfortunate event.

For Example if a person buys a Life Insurance Policy by paying a premium tothe Insurance company , the family members of insured person receive a fixedcompensation in case of any unfortunate event like death.There are different kinds of Insurance Products available such as LifeInsurance, Vehicle Insurance, Home Insurance, Travel Insurance, Health or Mediclaim Insurance etc.Insurance, in law and economics, is a form of risk management primarily usedto hedge against the risk of potential financial loss. Insurance is defined as theequitable transfer of the risk of a potential loss, from one entity to another, inexchange for a premium and duty of care.