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a project on analysis of ulips in india

a project on analysis of ulips in india

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Published by Nadeem Naddu
this is the final year MBA project...might be help full to you guys..
this is the final year MBA project...might be help full to you guys..

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Published by: Nadeem Naddu on Apr 04, 2011
Copyright:Attribution Non-commercial


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In the commercial arena, the choice of an effective strategy is perhaps the mostimportant and the toughest decision to take. The decision to select among the grandstrategies and deciding upon which strategy will best meet the enterprise’sobjectives is rendered complex by multiple considerations.The same is also true with the insurance companies in India who are constantlyrevamping their strategies and coming out with innovative options to stay in thecompetition. There were days when Life Insurance Corporation of India (LIC) wasthe only insurance company available to people in India and where peoplesynonymised Insurance to LIC. Also since it was a Public Sector Undertaking(PSU) it has a great support from people. But now times have changed a lot of private players have entered into the fray. There have been a lot of Indiancompanies collaborating with foreign insurance giants like ICICI Prudential, BajajAllianz etc who have already made their presence felt in the Indian Insuranceindustry.Even though LIC is still the market leader with more than over 60% of the marketshare, the private players are giving it a tough time. Since the last decade themarket share of LIC had fallen down by about more than 20%.The new private players have started offering a variety of unlimited schemes rightfrom insurance plans for a 30 day old baby to that of a 70 year old senior citizen.Also the private companies have started creating the importance and need of 
insurance in today’s life. They have started positioning their brands and aremarketing their products in such a way the people have started feeling the need of security in their lives.Taking into account the huge population and growing per capita income besidesseveral other driving factors, a huge opportunity is in store for the insurancecompanies in India. According to the latest research findings, nearly 80% of Indianpopulation are without life insurance cover while health insurance and non-lifeinsurance continues to be below international standards. And this part of thepopulation is also subjected to weak social security and pension systems withhardly any old age income security. As per our findings, insurance in India isprimarily usedas a means to improve personal finances and for income tax planning; Indians havea tendency to invest in properties and gold followed by bank deposits. Theyselectively invest in shares also but the percentage is very small (4-5%). This initself is an indicator that growth potential for the insurance sector is immense. It's abusiness growing at the rate of 15-20% per annum and presently is of the order of around more than $55 billion.India is a vast market for life insurance that is directly proportional to the growth inpremiums and an increase in life density. With the entry of private sector playersbacked by foreign expertise, Indian insurance market has become more vibrant.Competition in this market is increasing
company’s continuous effort to lurethe customers with new product offerings. However, the market share of privateinsurance companies remains low in the 25-35% range. Even to this day, LifeInsurance Corporation (LIC) of India dominates Indian insurance sector. The
heavy hand of government still dominates the market, with price controls, limits onownership, and other restraints. They private players are still in their initial daysand would take some more time to capture a good market share. At present theyare coming up with new and innovative ideas.Since the last decade the life insurance industry in India has been growing very fastand many new companies have entered this business insurance. The Indian lifeinsurance industry has recorded a robust growth of more than 16 % for the nine-month period which ended on December 31, 2009.It is expected to grow at anamazing rate of 20 per cent this year Also in the present scenario the most soughtafter insurance plans are the Unit Linked insurance Plans (ULIPs).
Most of you might have heard of ULIPs? Rather most of you might have heardyour parents talking about an insurance cover? If your answer is yes, you are at theRIGHT place!Unit-linked insurance plans, ULIPs, are distinct from the more familiar ‘withprofits’ policies sold for decades by the Life Insurance Corporation. ‘With profits’policies are called so because investment gains (profits) are distributed topolicyholders in the form of a bonus announced every year.In other words A ULIP is a life insurance policy which provides a combination of risk cover and investment. ULIPs have gained high acceptance due to attractivefeatures they offer like flexibility, transparency, liquidity and a vast variety of fundoption. Unit linked plans are suitable for all customer profiles; however as ageneral belief the risk averse investors tend to choose traditional plans and aninformed customer prefers a ULIP.

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