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SRMUNIVERSITY

(UNDERSECTION3OFUGCACT1956)

FINAL PROJECT
ON
TOPIC: - A COMPARATIVE MARKET STUDY OF GENERAL INSURANCE WITH
SPECIAL REFERENCE TO TATA AIG GENERAL INSURANCE COMPANY
IN

IN THE PARTIAL FULFILLMENT OF THE REQUIREMENT
FOR THE AWARD OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION

UNDER THE GUIDANCE OF
Asst. Prof. K. D. BALAJI
(B.E, M.B.A)

SUBMITTED BY: -
KAMAL KISHOR ROY
35080225
(2008-2010)

SRM SCHOOL OF MANAGEMENT
FACULTY OF ENGINEERING AND TECHNOLOGY
KATTANKULATHUR - 603203

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S. NO. TITLE PAGE NO.


1. INTRODUCTION 1
2. HISTORY OF INDIAN INSURANCE MARKET 8
3. COMPANY PROFILE 14
4. OBJECTIVE OF THE STUDY 18
5. SCOPE OF THE STUDY 19
6. LIMITATION OF STUDY 20
7. INTRODUCTION OF AUTO SECURE 21
8. STATEMENT OF PROBLEM 23
9. PRODUCT COMPARISON OF MOTOR 24
10. PRODUCT COMPARISON OF ACCIDENT & HEALTH 34
11. RESEARCH METHODOLOGY 42
12. SUGGESTION AND RECOMMENDATION 75
13 BIBLOGRAPHY 80
14. QUESTIONNARIES 81


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LIST OF FIGURES
T. No. LIST OF FIGURES Page No.
1 MARKET SHARE OF GENERAL INSURANCE
COMPANIES
11
2 MARKET SHARE OF PRIVATE & PUBLIC SECTORS
OF INSURANCE COMPANIES
12
3 NO. OF MALE AND FEMALE TAKEN BY THE
SURVEY
42
4 AGE WISE CLASSIFICATION OF THE
RESPONDENTS.
43
5 AWARENESS ABOUT INSURANCE 44
6 INVESTMENT AVENUES CONSIDER FOR SAVING 45
7 FACTOR CONSIDER IMPORTANT WHILE
SELECTING AN INVESTING AVENUE
46
9 ADVERTISEMENT REMEMBER OF TATA AIG
GENERAL INSURANCE
47
10 MEDIA OF ADVERTISEMENT 48
11 THE DIFFERENCE BETWEEN TATA AIG AND
OTHER GENERAL INSURANCE COMPANY
49
12 PLANS TAKEN BY THE RESPONDENTS 50
13 AWARENESS OF THE AUTO SECURE POLICY OF
TATA AIG
51
14 PLANS TAKEN IN AUTO SECURE 52
15 NO. OF POLICIES TAKEN WITH TATA AIG 53
16 ADVISOR TO GO WITH TATA AIG GENERAL
INSURANCE
54
17 PRIORITIES CONSIDER WHILE TAKING A POLICY 55
18 DEGREE OF AGREEABILITY ON THE FOLLOWING
REASONS WHILE SELECTING AN INSURANCE
COMPANY
56
19 SATISFACTION LEVEL WITH TATA AIG IN THE
FOLLOWING AREAS
57
20 EXPERIENCE WITH THE CUSTOMER
RELATIONSHIP EXECUTIVE IN SOLVING
CUSTOMERS QUERIES
58
21 INSURANCE PLAYS AN IMPORTANT ROLE IN LIFE 59
22 TOTAL NUMBER OF THE FAMILY MEMBERS OF
THE RESPONDENTS
60

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List of Tables
T. No. LIST OF TABLES Page No.
1 GENERAL INSURANCE COMPANY IN INDIA 10
2 MARKET SHARE OF GENERAL INSURANCE
COMPANIES
11
3 MARKET SHARE OF PRIVATE & PUBLIC SECTORS
OF INSURANCE COMPANIES
12
4 PRODUCT COMPARISON OF MOTOR BETWEEN
TATA AIG & UNITED INDIA
24
5 PRODUCT COMPARISON OF MOTOR BETWEEN
TATA AIG & ICICI LOMBARD
26
6 PRODUCT COMPARISON OF MOTOR BETWEEN
TATA AIG & RELIANCE GENERAL
29
7 PRODUCT COMPARISON OF MOTOR BETWEEN
TATA AIG & BAJAJ ALLIANZ
31
9 PRODUCT COMPARISON OF ACCIDENT &
HEALTH BETWEEN TATA AIG & RELIANCE
GENERAL
34
10 PRODUCT COMPARISON OF ACCIDENT &
HEALTH BETWEEN TATA AIG & ICICI LOMBARD
36
11 PRODUCT COMPARISON OF ACCIDENT &
HEALTH BETWEEN TATA AIG & UNITED INDIA
38
12 PRODUCT COMPARISON OF ACCIDENT &
HEALTH BETWEEN TATA AIG & BAJAJ ALLIANZ
40
13 NO. OF MALE AND FEMALE RESPONDENTS TAKEN 42
14 AGE WISE CLASSIFICATION OF THE
RESPONDENTS
43
15 AWARENESS ABOUT INSURANCE 44
16 INVESTMENT AVENUES CONSIDER FOR SAVING 45
17 FACTOR CONSIDER IMPORTANT WHILE
SELECTING AN INVESTING AVENUE
46
18 ADVERTISEMENT REMEMBER OF TATA AIG
GENERAL INSURANCE
47
19 MEDIA OF ADVERTISEMENT 48
20 THE DIFFERENCE BETWEEN TATA AIG AND
OTHER GENERAL INSURANCE COMPANY
49
21 PLANS TAKEN BY THE RESPONDENTS 50
22 AWARENESS OF THE AUTO SECURE POLICY OF
TATA AIG
51
23 PLANS TAKEN IN AUTO SECURE 52
24 NO. OF POLICIES TAKEN WITH TATA AIG 53
25 ADVISOR TO GO WITH TATA AIG GENERAL 54
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INSURANCE
26 PRIORITIES CONSIDER WHILE TAKING A POLICY 55
27 DEGREE OF AGREEABILITY ON THE FOLLOWING
REASONS WHILE SELECTING AN INSURANCE
COMPANY
56
28 SATISFACTION LEVEL WITH TATA AIG IN THE
FOLLOWING AREAS
57
29 EXPERIENCE WITH THE CUSTOMER
RELATIONSHIP EXECUTIVE IN SOLVING
CUSTOMERS QUERIES
58
30 INSURANCE PLAYS AN IMPORTANT ROLE IN LIFE 59
31 TOTAL NUMBER OF THE FAMILY MEMBERS OF
THE RESPONDENTS
60
32 TABULATION OF THE INVESTING AVENUE OF THE
RESPONDENT WHILE TAKING A POLICY
63
33 TABULATION FOR DEGREE OF AGREEABILITY OF
THE RESPONDENT ON THE FOLLOWING
REASONS WHILE SELECTING AN INSURANCE
COMPANY
65
34 TABLE SHOWING THE CROSS TABULATION
BETWEEN INCOME AND NUMBER OF POLICIES OF
THE RESPONDENTS HAVE CURRENTLY
67
35 TABULATION BETWEEN THE EDUCATIONAL
LEVEL OF THE RESPONDENTS AND INSURANCE
70
36 TABULATION FOR THE PRIORITIES CONSIDERED
BY THE RESPONDENTS WHILE TAKING A POLICY
71
37 TABULATION FOR THE FACTORS TO BE CONSIDER
BY THE RESPONDENTS WHILE SELECTING AN
INSURANCE
73


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PREFACE
The present era is an era of BRAND MARKETTING. The business of brand marketing
can be compared to the game of chess. In the area of marketing brand name on the board of chess.
To achieve the purpose, I have done my internshipt training from Tata AIG General
Insurance Company Ltd. From Sector 16, NOIDA, on the topic of A comparative market
study of general insurance with special reference to Tata AIG General Insurance
Company
Knowledge attains maturity and perfection in through application in the practical field.
Application of Management principles in all branches whether product, personnel, finance,
marketing etc. results are more efficient and effective utilisation of available resources.
This report has complied firstly in partial fulfilment of the requirement for MBA Degree,
secondary to share the practical knowledge and experience gained as the result of continued
association with companys branch. The all details which are mentioned in this report are based on
real situations.
Since the reader would like to know the general details of all Individual product, therefore a
chapter includes a discussion on theoretical aspects of comparative study and its application for the
industry in marketing is also include. Further to help the reader in understanding the findings,
graphical representations, conclusion and suggestions are also includes, which very much helps
Tata AIG General Insurance Company Ltd. to know where it stands in the insurance market.
What is the market share of Tata AIG General Insurance Company Ltd. and what Tata AIG
General Insurance Company Ltd. is doing against the others.
I frequently hope that, this project report would be considerable help to the management for
developing strategies in those areas.



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1.1 Introduction
About Insurance
Insurance, in law and economics, is a form of risk management primarily used to hedge against the
risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from
one entity to another, in exchange for a premium, and can be thought of as a guaranteed and
known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the
insurance; an insured or policyholder is the person or entity buying the insurance. The insurance
rate is a factor used to determine the amount to be charged for a certain amount of insurance
coverage, called the premium. Risk management, the practice of appraising and controlling risk, has
evolved as a discrete field of study and practice
What is an Insurance
Insurance defined insurance is a provision for the distribution of risks, that is to say, it is a
financial provision against loss from disasters, the protection which it affords take the from of a
guaranty to indemnity the insured if the certain specified losses occur. The principle of insurance,
so far as the undertaking of the obligation is concerned, is that for the payment of a certain sum the
guaranty will be given to reimburse the insured. The insurer in accepting risks, so the distributes
them that the sum total of all the amounts paid for this insurance protection will be sufficient to
meet the losses over.
Insurance, then indicate divided responsibility. This principle is introduced in most stores where a
division is made between the sales clerk and the cashiers department, the arrangement dividing the
risk of loss. The insurance principle is similarly applied in many other cases of divided
responsibility. As a business, however insurance is usually recognize as some form of securing a
promise of indemnity by the payment of a premium and the fulfilment of certain other stipulations.
Present forms of Insurance
Marine insurance antedates every other form, its history dating back over seven centuries. It
appears to have been practiced in the Mediterranean, and at least one old policy has come down
from the thirteenth century proving that marine insurance was an established practiced among the
commercial countries of that time. A broad gap exists between that period and the continuous
history running back now some four hundred years, but since that time insurance has been an
established business among those engaged in maritime adventures.
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Fire insurance, the second oldest form to become permanently established, dates from the great
London fire of 1666.
Insurance provides:-
Protection to investor
Accumulation of savings
General Insurance
What is General Insurance?

Insurance other than Life Insurance falls under the category of General Insurance. General
Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as
Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also
other covers such as Errors and Omissions insurance for professionals, credit insurance etc.

Non-life insurance companies have products that cover property against Fire and allied perils, flood
storm and inundation, earthquake and so on. There are products that cover property against
burglary, theft etc. The non-life companies also offer policies covering machinery against
breakdown, there are policies that cover the hull of ships and so on. A Marine Cargo policy covers
goods in transit including by sea, air and road. Further, insurance of motor vehicles against
damages and theft forms a major chunk of non-life insurance business.

Functions of Insurance
The functions of Insurance will give you an idea on how to go ahead with the approach of insurance
and what type of insurance to choose. In a layman's words, insurance means, a guard against
pecuniary loss arising on the happening of an unforeseen event. In developing economies, the
insurance sector still holds a lot of potential which can be tapped. Majority of the people in the
developing countries remains unaware of the functions and benefits of insurance and it is for this
reason that the insurance sector is still to grow.
Tangible or intangible an individual can insure anything! Be it a house, car, factory, or the voice
of a singer, leg of a footballer, and the hand of an author, etc. It is possible to insure all these as
they have the possibility of becoming non functional by any disaster or an accident.
Basic functions of Insurance

Functionsof
Insurance
Primary
Function
Secondary
Function
Other
Function
Primary functions of insurance
Providing protection The elementary purpose of insurance is to allow security against
future risk, accidents and uncertainty. Insurance cannot arrest the risk from taking place,
but can for sure allow for the losses arising with the risk. Insurance is in reality a protective
cover against economic loss, by apportioning the risk with others.
Collective risk bearing Insurance is an instrument to share the financial loss. It is a
medium through which few losses are divided among larger number of people. All the
insured add the premiums towards a fund and out of which the persons facing a specific
risk is paid.
Evaluating risk Insurance fixes the likely volume of risk by assessing diverse factors that
give rise to risk. Risk is the basis for ascertaining the premium rate as well.
Provide Certainty Insurance is a device, which assists in changing uncertainty to
certainty.
Small capital to cover larger risk insurance determines the probable volume of risk by
evaluating various factors that give rise to risk. Risk is the basis for determining the
premium rate also.
Contribute towards the development of industries industries provides development
opportunity to those larger industries having more risks in their setting up.
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Secondary functions of insurance


Preventing losses Insurance warns individuals and businessmen to embrace appropriate
device to prevent unfortunate aftermaths of risk by observing safety instructions;
installation of automatic sparkler or alarm systems, etc.
Covering larger risks with small capital Insurance assuages the businessmen from
security investments. This is done by paying small amount of premium against larger risks
and dubiety.
Helps in the development of larger industries Insurance provides an opportunity to
develop to those larger industries which have more risks in their setting up.
Other functions of insurance
Is a savings and investment tool Insurance is the best savings and investment option,
restricting unnecessary expenses by the insured. Also to take the benefit of income tax
exemptions, people take up insurance as a good investment option.
Medium of earning foreign exchange Being an international business, any country can
earn foreign exchange by way of issue of marine insurance policies and a different other
ways.
Risk Free trade Insurance boosts exports insurance, making foreign trade risk free with
the help of different types of policies under marine insurance cover.
Insurance provides indemnity, or reimbursement, in the event of an unanticipated loss or disaster.
There are different types of insurance policies under
the sun cover almost anything that one might think of.
There are loads of companies who are providing
such customized insurance policies.
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Importance of Insurance
Policy Renewal/Change Options/Application
The Insurance Cycle begins each year with the
insurance offer. Actuarial documents are published
annually by the Risk Management Agency (RMA). The actuarial documents list the plan of

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insurance, crop, type, variety, and practice that may be insured in a state and county, and show the
amounts of insurance, available insurance options, levels of coverage, price elections, applicable
premium rates, and subsidy amounts. The Special Provisions of Insurance list program calendar
dates, and general and special statements which may further define, limit, or modify coverage.
Sales Closing/Cancellation/Termination Dates
Insurance applications must be completed and signed no later than the sales closing date specified
in the crop actuarial documents. Applications signed after the crop sales closing date may be
rejected by the insurance provider.
Insurance coverage is continuous and can be cancelled by either the insurance provider or the
policyholder for the following crop year by providing a written notice to the other party no later
than the cancellation date specified in the crop policy. For a policyholder insured the previous crop
year, any changes he or she wishes to make to the policy coverage must be made on or before the
crop sales closing date. The policy will automatically renew for the subsequent crop year unless the
policyholder cancels the policy in writing on or before the crop cancellation date.
Insurance coverage may be terminated by the insurance provider for the following crop year for
non-payment of outstanding debt by providing a written notice to the policyholder no later than the
termination date specified in the crop policy. The insurance provider may terminate coverage on a
crop if no premium is earned for three consecutive years.
Acceptance
Upon receipt of a properly completed and timely submitted insurance application, the insurance
provider will accept and process the application, unless the applicant is determined to be ineligible
under the contract or Federal statute or regulation. The insurance provider will issue a summary of
coverage and the appropriate policy documents to the applicant. After the application is accepted,
the policyholder may not cancel the policy for the initial crop year.
Insurance Attaches
For annual crops, insurance attaches annually when planting begins on the insurance unit. The crop
must be planted on or before the crop's published final planting date unless late or prevented
planting provisions apply. If prevented planting provisions apply, and the crop cannot be timely
planted due to the causes specified in the crop provisions, such acreage may be eligible for a
prevented planting payment.
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For perennial crops, insurance attaches each crop year on the calendar date specified in the crop
provisions.
Acreage Reports
The policyholder must annually report for each insured crop in the county the number of insurable
and uninsurable acres planted or prevented from being planted if prevented planting is available for
the crop, the date the acreage was planted, share in the crop, the acreage location, farming practices
used, and types or varieties planted to the insurance provider on or before the applicable acreage
reporting date specified in the crop actuarial documents. This report is used by the insurance
provider to establish the amount of coverage and premium for the crop. Insurance providers may
deny coverage if the acreage report is filed after the applicable crop acreage reporting date.

Summary of Coverage
The insurance provider will process a properly completed and timely filed acreage report, and issue
to the policyholder a summary of coverage that specifies the insured crop, the insured acres and
amount of insurance or guarantee for each insurance unit. The policyholder may make changes to
the filed acreage report, if permitted by the insurance provider.
Premium Billing
The annual premium is earned and payable at the time insurance coverage begins. The insurance
provider shall issue a premium billing based upon the information contained in the acreage report
no earlier than the premium billing date specified in the crop actuarial documents. The premium
billing will specify the amount of premium and any administrative fees that may be due. If the
premium or administrative fees are not paid by the date specified in the actuarial documents or
policy, the insurance provider may assess interest on the outstanding premium balance.
Notice of Damage or Loss
A written notice of damage or loss for each unit is to be filed by the policyholder within 72 hours of
the policyholder's initial discovery of damage or loss but not later than 15 days after the calendar
date for the end of the insurance period unless otherwise stated in the individual crop policy. The
policyholder should refer to the individual crop provisions for additional requirements in the event
of damage or loss. These notifications provide the opportunity for the insurance provider to inspect
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the crop and determine the extent of damage or potential production before the crop is harvested or
otherwise disposed of.
Inspection
After the insurance provider receives the written notice of damage or loss, it will be processed and,
if necessary, a loss adjuster will be sent to inspect the damaged crop and gather pertinent
information concerning the damage. If the policyholder wishes to destroy or not harvest the crop,
the loss adjuster will gather the appropriate information, conduct an appraisal to establish the crop's
remaining value and complete any forms needed. If the crop has been harvested or will not be
harvested by the end of the insurance period, and the policyholder wishes to file a claim for
indemnity, the loss adjuster will gather the appropriate information and assist the policyholder in
filing the claim for indemnity. It is the policyholder's responsibility to establish the time, location,
cause, and amount of any loss.

Indemnity Claim
After the claim for indemnity is processed by the insurance provider, an indemnity check and a
summary of indemnity payment will be issued showing any deductions to the amount of indemnity
for outstanding premium, interest, or administrative fees.
Contract Change Date
Changes to the insurance program may be made by RMA from one year to the next. The insurance
provider will notify the policyholder in writing of any changes to the policy, actuarial documents,
or the Special Provisions of Insurance prior to the calendar date for contract changes specified in
the crop policy. The policyholder will have the opportunity to review the changes and, if he/she
desires, continue the insurance coverage for the following crop year, change the policy coverage, or
cancel the insurance coverage. Any changes to the policy coverage that the policyholder makes
must be made no later than the crop sales closing date. If the policyholder wishes to cancel the
policy, a written notice must be submitted to the insurance provider on or before the crop
cancellation date.

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Indian Insurance market (History)


History of insurance sector
The insurance sector in India has completed all the facets of competition from being an open
competitive market to being nationalized and then getting back to the form of a liberalized market
once again. The history of the insurance sector in India reveals that it has witnessed complete
dynamism for the past two centuries approximately.

With the establishment of the Oriental Life Insurance Company in Kolkata, the business of Indian
life insurance started in the year 1818.
Important milestones in the Indian life insurance business
1912: The Indian Life Assurance Companies Act came into force for regulating the life
insurance business.
1928: The Indian Insurance Companies Act was enacted for enabling the government to
collect statistical information on both life and non-life insurance businesses.
1938: The earlier legislation consolidated the Insurance Act with the aim of safeguarding
the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies were taken over by the central
government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC
Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of
India.
The history of general insurance business in India can be traced back to Triton Insurance Company
Ltd. (the first general insurance company) which was formed in the year 1850 in Kolkata by the
British.






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Important milestones in the Indian general insurance business
1907: The Indian Mercantile Insurance Ltd. was set up which was the first company of its
type to transact all general insurance business.
1957: General Insurance Council, an arm of the Insurance Association of India, framed a
code of conduct for guaranteeing fair conduct and sound business patterns.
1968: The Insurance Act improved for regulating investments and set minimal solvency
levels and the Tariff Advisory Committee was set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general
insurance business in India. It was with effect from 1st January 1973.
107 insurers integrated and grouped into four companies viz. the National Insurance company Ltd.,
The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and The United
India Insurance Company Ltd. GIC was incorporated as a company.

Insurance companies in India
IRDA has till now provided registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are considered then there
are presently 13 insurance companies in the life side and 13 companies functioning in general
insurance business. General Insurance Corporation has been sanctioned as the "Indian
reinsurer" for underwriting only reinsurance business.











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General Insurance Company in India



GENERAL INSURERS
Public Sector
National Insurance Company Limited www.nationalinsuranceindia.com
New India Assurance Company Limited www.niacl.com
Oriental Insurance Company Limited www.orientalinsurance.nic.in
United India Insurance Company Limited www.uiic.co.in
Private Sector
Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in
ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com
IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in
Reliance General Insurance Co. Limited www.ril.com
Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com
TATA AIG General Insurance Co. Limited www.tata-aiggeneral.com
Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com
Export Credit Guarantee Corporation www.ecgcindia.com
HDFC Chubb General Insurance Co. Ltd.










Markket share oof Generaal Insurannce Comp panies
Serial N
01
02
03
04
05
06
07
08
09
10
11
12
13

No. C
N
N
U
O
I
B
I
T
E
R
C
H
R
T

Company
New India I
National Ins
United Insur
Oriental Insu
ICICI Lomb
Bajaj Allian
IFFCO To
Tata AIG
ECGC
Royal Sunda
Cholamanda
HDFC Chub
Reliance Ge
Total
1
7%
6%
17%
4%
3%
4%
Cholaman
1%
nsurance
surance
rance
urance
bard
nz
okyo
aram
alam
bb
eneral
M
21
17
17
17
07
06
04
02
02
02
01
00
00
10
1
%
2%
dlam
1% 1%
M
Market Shar
1.41
7.11
7.11
7.02
7.04
6.09
4.00
2.89
2.50
2.17
1.02
0.89
0.75
00.00
21
17%
%
MarketS
1%
17%
hare
re (in perceentage)
NewIndia
National
UnitedIn
OrientalI
ICICILom
BajajAllia
IFFCOTok
Tata AIG
ECGC
RoyalSun
Cholaman
HDFCChu
RelianceG
aInsurance
Insurance
dia
nsurance
bard
anz
kyo
G
ndaram
ndalam
ubb
General

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Markket share oof privatee & publicc sectors of insurannce comppanies
Sector
Private
Public S








Sector
Sector
Market S
27.35
72.65
hare (in pe
73%
Sha
ercentage)
areofP

Private&
27%
&PubliccSectorr
PublicSec
PrivateSe
ctor
ector

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Growth of General Insurance
The general insurance industry grew by 12 per cent during the first quarter of this fiscal as private
players continue their impressive performance with Reliance General emerging as the fastest
growing insurer.
The 12 non-life insurers collected Rs 7,428.46 crore in premium during April-June of 2007-08
against the Rs 6,630.54 crore collected during the same period a year-ago.
During the quarter, the four public sector non-life insurance companies collected Rs 4,535.91 crore
against Rs 4,336.80 in the corresponding quarter a year ago.
The private players increased their business from Rs 2,293.74 crore to Rs 2,892.55 crore, according
to data collected by regulator the Insurance Regulatory Development Authority (IRDA).












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Tata Group
The Tata Group is a multinational conglomerate based in Mumbai, India. In terms of market
capitalization and revenues, Tata Group is the largest private corporate group in India and has been
recognized as one of the most respected companies in the world. It has interests in steel,
automobiles, information technology, communication, power, tea and hospitality. The Tata Group
has operations in more than 85 countries across six continents and its companies export products
and services to 80 nations. The Tata Group comprises 114 companies and subsidiaries in seven
business sectors, 27 of which are publicly listed. 65.8% of the ownership of Tata Group is held in
charitable trusts. Companies which form a major part of the group include Tata Steel, Corus Steel,
Tata Motors, Tata Consultancy Services, Tata Technologies, Tata Tea, Titan Industries, Tata
Power, Tata Communications, Tata Teleservices and the Taj Hotels.
The group takes the name of its founder, Jamsetji Tata, a member of whose family has almost
invariably been the chairman of the group. The current chairman of the Tata group is Ratan Tata,
who took over from J. R. D. Tata in 1991 and is currently one of the major international business
figures in the age of globalists. The company is currently in its fifth generation of family
stewardship.
The 2009 annual survey by the Reputation Institute ranked Tata Group as the 11th most reputable
company in the world. The survey included 600 global companies.
Tata Group in Insurance
The Tata Group is one of India's largest and most respected business conglomerates, with revenues
in 2004-05 of $17.8 billion (Rs 799,118 million), the equivalent of about 2.8 per cent of the
country's GDP. Tata companies together employ some 215,000 people. The Group's 32 publicly
listed enterprises among them standout names such as Tata Steel, Tata Consultancy Services, Tata
Motors and Tata Tea have a combined market capitalisation that is the highest among Indian
business houses in the private sector, and a shareholder base of over 2 million. The Tata Group has
operations in more than 40 countries across six continents, and its companies export products and
services to 140 nations. American International Group, Inc (AIG), world leaders in insurance and
financial services, is the leading international insurance organisation with operations in more than
130 countries and jurisdictions. AIG companies serve commercial, institutional and individual
customers through the most extensive worldwide property-casualty and life insurance networks of
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any insurer. In addition, AIG companies are leading providers of retirement services, financial
services and asset management around the world. AIG's common stock is listed in the U.S. on the
New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris,
Switzerland and Tokyo.
AIG (American International Group)
American International Group, Inc. (AIG) (NYSE: AIG) is an American insurance corporation. Its
corporate headquarters are located in the American International Building in New York City. The
British headquarters office is on Fenchurch Street in London; continental Europe operations are
based in La Defence, Paris, and its Asian headquarters office is in Hong Kong. According to the
2008 Forbes Global 2000 list, AIG was once the 18th-largest public company in the world. It was
listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008.
History
AIG history dates back to 1919, when Cornelius Vander Starr established an insurance agency in
Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese, which
he continued to do until AIG left China in early 1949as Mao Zedong led the advance of the
Communist People's Liberation Army on Shanghai. Starr then moved the company headquarters to
its current home in New York City. The company went on to expand, often through subsidiaries,
into other markets, including other parts of Asia, Latin America, Europe, and the Middle East.
In 1962, Starr gave management of the company's lagging U.S. holdings to Maurice R. "Hank"
Greenberg, who shifted its focus from personal insurance to high-margin corporate coverage.
Greenberg focused on selling insurance through independent brokers rather than agents to eliminate
agent salaries. Using brokers, AIG could price insurance according to its potential return even if it
suffered decreased sales of certain products for great lengths of time with very little extra expense.
In 1968, Starr named Greenberg his successor. The company went public in 1969.
Beginning in 2005, AIG became embroiled in a series of fraud investigations conducted by the
Securities and Exchange Commission, U.S. Justice Department, and New York State Attorney
General's Office. Greenberg was ousted amid an accounting scandal in February 2005. He is still
fighting civil charges being pursued by New York State. The New York Attorney General's
investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives.
22|P a g e

Greenberg was succeeded as CEO by Martin J. Sullivan, who had begun his career at AIG as a
clerk in its London office in 1970.
On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price,
Sullivan resigned and was replaced by Robert B. Willumstad, Chairman of the AIG Board of
Directors since 2006. Willumstad was forced by the US government to step down and was replaced
by Edward M. Liddy on September 17, 2008.
The joint venture of Tata & AIG
Tata AIG General Insurance Company Limited (Tata AIG General or TAGIC) is a joint venture
company, formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG
General combines the Tata Group's pre-eminent leadership position in India and AIG's global
presence as the world's leading international insurance and financial services organization. The Tata
Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent.
Tata AIG General Insurance Company, which started its operations in India on January 22, 2001,
provides insurance solutions to individuals and corporate. It offers a complete range of general
insurance products including insurance for automobile, home, personal accident, travel, energy,
marine, property and casualty as well as several specialized financial lines. The Company believes
in offering innovative and relevant insurance solutions in the retail and commercial space. Each
product offering is backed by expertise and an unparalleled claims service. The Company's
products are available through various channels of distribution like agents, brokers, banks (through
banc assurance tie ups) and direct channels like Tele Marketing, Digital Marketing, worksite etc.

About Tata AIG
Tata AIG Life Insurance Company (Tata AIG Life) is a joint venture company, formed by the Tata
Group and American International Group, Inc (AIG). Tata AIG Life combines the Tata Group's
pre-eminent leadership position in India and AIG's global presence as the world's leading
international insurance and financial services organisation. The Tata Group holds 74 per cent stake
in the insurance venture with AIG holding the balance 26 per cent. Tata AIG Life provides
insurance solutions to individual and corporate. Tata AIG Life Insurance Company was licensed to
operate in India on February 12, 2001 and started operations on April 1, 2001.

23|P a g e

Distribution channels in insurance


An insurance cover is an intangible product evidenced by a written contract known as the policy.
Insurers market various insurance covers either directly or through various distribution channels
individual agents, corporate agents (including Bancassurance) and Brokers. The marketer in the
distribution network is in direct interface with the prospect and the customer.
Life insurance products are sold through individual agents and many of them have this as their only
career occupation. General insurance products are sold through individual agents, corporate agents
and brokers.
Distribution channels such as agents are licensed by the IRDA. To get an agency licence, one has to
have certain minimum qualifications; practical training in insurance subjects and pass an
examination conducted by the Insurance Institute of India.
Organisational structure of Tata AIG
The structure of the insurance companies build in the light of current legislation and the most
subordinate territorial principle.
If a company is a joint stock company, its supreme authority is the shareholders' meeting. The
executive functions confer on the board of directors elected assembly and its chairman, who are
nominated by the Director from among themselves.
Chairman of the insurance company may also hold the CEO, but often has little powers and
perform representational functions, and coordinates the interaction with the legislative and
executive bodies.
President - the supreme leader of the insurance company after the chairman of the board. However,
if it is, and chief executive officer, the rank sometimes surpasses chairman.
Vice President - Chief Financial Officer of an insurance company, because it is dominated financial
activities.
Secretariat t is a permanent body under the Board of Directors, President and Vice-President for the
execution of their decisions. The Secretariat is composed of Public Relations.
The Executive Director led the major activities of the company, headed by the department or office
for each type of insurance. The president, vice-president, the executive director has in his
subordination of certain services. Thus, the president report directly to human resources and legal
departments, vice-president - the actuarial calculations, economic analysis, accounting.
24|P a g e



OBJECTIVE OF THE STUDY
Primary objectives
A comparative market study of general insurance with special reference to TATA AIG
general insurance.

Secondary objective
To determine the important factors to be considered by the respondents for selecting Tata
AIG
To study the most preferred plans for insurance among the respondents
To find the top 5 general insurance company
To introduce AUTO SECURE to new customers
To study the type of advertisement which to preferred for Tata AIG












25|P a g e


SCOPE OF THE STUDY

1. The research work was conducted in different areas in NOIDA, (U.P.) conveniently selecting
200 customers. The study was done with the aim of understanding customers perception
towards general insurance of Tata AIG.
2. The result of the study will help the company to identify the satisfaction level of the customers
on various benefits provided by the company.
3. The result of the study will help the company to identify the areas where the company should
focus in order to increase their customer base.
4. The result of the study will help the company to bring out with a new plan which the existing
customer prefer.



















26|P a g e


LIMITATION OF THE STUDY


A project is a work that an executive or the personnel does by their efforts in research. There
are many advantages that we can easily find and recommend in the company but like all
projects this project also have some limitations, such as:-

1. Personal interview It consists a question and answer session, so most of the people
avoid it and thats why we gets few wrong response in questionnaire.
2. Field survey This method is also a key factor, but generally belong to that place where
it has been done, because the result varies when we change the area.
3. Personal visit to the company This is also a good technique, but most of them dont
disclose their insurance data because of the privacy.
4. Questionnaire Because of the fast life of the respondents, most of them do not give the
time that is needed, so that affects the result as well as analysis.
5. Secondary sources such as company data makes in the favour of the company, so
problem occurs.














27|P a g e


Auto Secure
The law in the country makes it compulsory for you to insure your motor vehicle. The compulsory
nature of the law protects you against third party liability. While insuring against third party
liability is important, it also makes good sense to buy a comprehensive cover to give you all round
protection.

Private Car Insurance
In India one of out of every three car is damaged in an accident. TATA AIG brings you the
comprehensive insurance cover, which not only covers you for the liability arising out of the Third
party but covers you against the loss or damage to your vehicle.

Features:
Incorporates all the features as per the Motor Vehicle tariff
o Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils and theft.
o Discount (NCB) for claim free experience
o Discount for Anti theft devise, member of Automobile Association etc
o Predefined depreciation for the parts needing replacement on account of accident.
Benefits:
All the benefits covered under the motor vehicle tariff are passed on the customer, few
unique to TATA AIG are:
o No deduction on count of Salvage value.
o All India Service network and uniform service parameters.
o Green Channel Settlement - Green Channel Settlement is another first in the motor insurance
industry. This innovation promises to make accident claims and repairs easier than never
before! Auto Secure customers can simply call Tata AIG's Contact centre to avail of this
service, at no additional cost. (insert link for details on Green Channel settlement)
o Auto Restore Warranty: Tata AIG Auto Secure policyholders can enjoy 'Warranty on
Accident Repairs' when a customer opts for the 'Green Channel Settlement'.
o Direct Payment facility at garages across the country. (Link of the List of garages to be
provided)
o Faster Claim Settlement
o 24 X 7 Contact centre for lodging claims and all queries.
o Convenient & multiple ways of reporting claims. You can report claims via phone, fax, SMS
and email any time of the day or night. SMS "CLAIMS" to 8888 and intimate the claim.
28|P a g e


Two Wheeler Insurance
TATA AIG brings you the comprehensive insurance cover, which not only covers you for the
liability arising out of the Third party but covers you against the loss or damage to your own 2-
wheeler.
(Note:-Features & Benefits are almost same as Private Car Insurance)

Commercial Vehicle Insurance
TATA AIG brings you the comprehensive insurance cover, which not only covers you for the
liability arising out of the Third party but covers you against the loss or damage to your vehicle.
(Note:-Features & Benefits are almost same as Private Car Insurance)





















29|P a g e


STATEMENT OF PROBLEM

Tata AIG Life Insurance Company is the no. 1 company among the private players. Apart
from other companies have come out with the version of insurance products available in
international market, which are quite different from other convent plans. These plans have very
popular because of the transparency and the flexibility it offer to the client.

In todays time, general insurance plan of TATA AIG provide solution for all the need of
a client heath insurance, car insurance, two wheeler insurance, life insurance etc.

The company wants to find how the target the competitive market. When the competition
is very high and all the competitors are very active. Comparison between other insurance
companies and its products. find the solution for this problem.



















30|P a g e

Product Comparison of Motor between Tata AIG & United India



S.
No.
Particulars Tata AIG General United India
01. Name of
policies
Auto Secure Motor
02. Types of
Vehicle
Private Car,
Two Wheeler,
Commercial Vehicle
Private Car,
Two Wheeler,
Commercial Vehicle
03. Coverage Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide
Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide
04. Discount NCB
(No Claim
Bonus)
Yes Yes
05. Discount (Anti
theft devices)
Yes Yes
06. Member of
Automobile
Association
Yes Yes
07. Preferred
depreciation
Yes Not Specified
08. Salvage Value No deduction Count (not for
commercial vehicle)
Not Specified
09. Service
Network
Across India Across India
10. Green Channel
Settlement
Yes Not Specified
11. Auto Restore
Warranty
Yes Not Specified
31|P a g e

12. Direct
Payment
Facility
Yes (not for commercial vehicle) Not Specified
13. Faster claim
settlement
Yes (not for commercial vehicle) Not Specified
14. 24X7 Claim
& Query
Yes Yes
15. Continent &
Multiple ways
of query,
Phone
Fax
SMS
e-mail


Yes
Yes
Yes
Yes


Not Specified
16. Third party
legal liability
Private Car
Two Wheeler
Commercial
Vehicle

Yes
Yes
Yes

Yes
Yes
Yes
17. Owner/Rider
Liability
Private Car
Two
Wheeler
Commercial
Vehicle


Yes
Yes
Yes

Yes
Yes
Yes
18. On line policy
issuance
(For
Commercial
Yes
Not Specified
32|P a g e

Vehicle only)
19. A to Z claim
settlement
(For
Commercial
Vehicle only)
Yes
Not Specified
20. Towing
Charges
Yes Yes




Product Comparison of Motor between Tata AIG & ICICI Lombard

S.
No.
Particulars Tata AIG General ICICI Lombard
01. Name of
policies
Auto Secure Car Insurance
Two Wheeler Insurance
02. Types of
Vehicle
Private Car,
Two Wheeler,
Commercial Vehicle
Private Car,
Two Wheeler
03. Coverage Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide

Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide

04. Discount NCB
(No Claim
Bonus)
Yes Yes
05. Discount (Anti Yes Yes
33|P a g e

theft devices)
06. Member of
Automobile
Association
Yes Yes
07. Preferred
depreciation
Yes Not Specified
08. Salvage Value No deduction Count (not for
commercial vehicle)
Not Specified
09. Service
Network
Across India Across India
10. Green Channel
Settlement
Yes Yes
11. Auto Restore
Warranty
Yes Not Specified
12. Direct
Payment
Facility
Yes (not for commercial vehicle) Not Specified
13. Faster claim
settlement
Yes (not for commercial vehicle) No
14. 24X7 Claim
& Query
Yes Yes
15. Continent &
Multiple ways
of query,
Phone
Fax
SMS
e-mail


Yes
Yes
Yes
Yes


Yes
No
No
Yes
16. Third party
legal liability
Private Car
Two Wheeler

Yes
Yes
Yes

Yes
Yes
34|P a g e

Commercial
Vehicle
17. Owner/Rider
Liability
Private Car
Two
Wheeler
Commercial
Vehicle


Yes
Yes
Yes

Yes
Yes
18. On line policy
issuance
(For
Commercial
Vehicle only)
Yes
Not Specified
19. A to Z claim
settlement
(For
Commercial
Vehicle only)
Yes
Not Specified
20. Towing
Charges
Yes Yes















35|P a g e

Product Comparison of Motor between Tata AIG & Reliance General



S.
No.
Particulars Tata AIG General Reliance General
01. Name of
policies
Auto Secure Private Car Insurance Policy
Two Wheeler Insurance Policy
02. Types of
Vehicle
Private Car,
Two Wheeler,
Commercial Vehicle
Private Car,
Two Wheeler
03. Coverage Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide

Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide
04. Discount NCB
(No Claim
Bonus)
Yes Not Specified
05. Discount (Anti
theft devices)
Yes Yes
06. Member of
Automobile
Association
Yes Yes
07. Preferred
depreciation
Yes Not Specified
08. Salvage Value No deduction Count (not for
commercial vehicle)
Not specified
09. Service
Network
Across India Across India
10. Green Channel Yes Not Specified
36|P a g e

Settlement
11. Auto Restore
Warranty
Yes Not Specified
12. Direct
Payment
Facility
Yes (not for commercial vehicle) Not Specified
13. Faster claim
settlement
Yes (not for commercial vehicle) No
14. 24X7 Claim
& Query
Yes Yes
15. Continent &
Multiple ways
of query,
Phone
Fax
SMS
e-mail


Yes
Yes
Yes
Yes


Yes
No
No
No
16. Third party
legal liability
Private Car
Two Wheeler
Commercial
Vehicle

Yes
Yes
Yes

Yes
Yes
No
17. Owner/Rider
Liability
Private Car
Two
Wheeler
Commercial
Vehicle


Yes
Yes
Yes

Yes
Yes
No
37|P a g e

18. On line policy


issuance
(For
Commercial
Vehicle only)
Yes
No
19. A to Z claim
settlement
(For
Commercial
Vehicle only)
Yes
No
20. Towing
Charges
Yes Yes





Product Comparison of Motor between Tata AIG & Bajaj Allianz

S.
No.
Particulars Tata AIG General Bajaj Allianz
01. Name of
policies
Auto Secure Car Insurance
Two Wheeler Insurance
02. Types of
Vehicle
Private Car,
Two Wheeler,
Commercial Vehicle
Private Car,
Two Wheeler
03. Coverage Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide

Accidental, Fire, Self ignition,
lightning, Burglary, house breaking
or theft, Terrorist activity, Riot,
Strike and Malicious Damage,
Earthquake, Flood, cyclone and
Inundation etc, While in transit by
rail, road, air, elevator, lift or inland
waterways Landslide or work slide

38|P a g e

04. Discount NCB


(No Claim
Bonus)
Yes Yes
05. Discount (Anti
theft devices)
Yes Yes
06. Member of
Automobile
Association
Yes Yes
07. Preferred
depreciation
Yes Yes
08. Salvage Value No deduction Count (not for
commercial vehicle)
Not Specified
09. Service
Network
Across India Not Specified
10. Green Channel
Settlement
Yes Yes
11. Auto Restore
Warranty
Yes Not Specified
12. Direct
Payment
Facility
Yes (not for commercial vehicle) Not Specified
13. Faster claim
settlement
Yes (not for commercial vehicle) Not Specified
14. 24X7 Claim
& Query
Yes Yes
15. Continent &
Multiple ways
of query,
Phone
Fax
SMS
e-mail


Yes
Yes
Yes
Yes


Yes
16. Third party
39|P a g e

legal liability
Private Car
Two Wheeler
Commercial
Vehicle
Yes
Yes
Yes
Yes
Yes

17. Owner/Rider
Liability
Private Car
Two
Wheeler
Commercial
Vehicle



Yes
Yes
Yes


Yes
Yes

18. On line policy
issuance
(For
Commercial
Vehicle only)
Yes Not Specified
19. A to Z claim
settlement
(For
Commercial
Vehicle only)
Yes Not Specified
20. Towing
Charges
Yes Yes







40|P a g e

Product Comparison of Accident & Health between Tata AIG &


Reliance General
S. No. Particulars
Tata AIG
General

Reliance
General
01 Types of policies
1. Hospital Care
2. Health Care
3. Critic Care
1. Standard
2. Silver
3. Gold
02 Cash less benefit Yes Yes
03 Cash benefit
10k-35k/month
for 5- 20 years
Minor Rs. 250
(7days),
Critical Rs. 250
(14 days)
04
Pre- hospitalisation
amount
Not specified Not Specified
05
Pre hospitalisation
period
Not specified 30 60 days
06
Post hospitalisation
amount
Not specified No limit
07
Post hospitalisation
period
Not specified 60 90 days
08 Age limit
8-70 years & (6
month-18 years)
3 months 65
years
09 Sum insured Not Specified 1 lacks to 5 lacks
10 Premium
Rs. 1017-11593
or Rs.867-12061
Rs. 900 15886
11 No claim bonus
Not Specified
5% - 25%
12
Family floater
discount
Not Specified
10%
13
Family floater
premium
2798-11593
(100% for
spouse & 25%
for 4 children)
Rs. 1248 3996
14 Ambulance charges
Rs. 2000 to 4000
(as per SI)
Rs. 500 STD, Rs.
750 Silver,
Rs. 1000 Gold
15
Disease waiting
(period congenital)
Not Specified
2 years
16 Health check-up
Not Specified 1% SI (for 4
years of NCB)
17 Income tax reduction Sec 80d
Sec 80d

18 Income tax amount Not Specified Rs. 15000
19 Pre existing disease Not covered After 4
th
year
41|P a g e

20 E-opinion Not Specified


Covered
(Conditions)
21 126 days care facility No Yes (conditions)
22 Critical illness Not Specified
Covered
(conditions)
23 Attendants expenses Not Specified
Rs. 200 300 for
5 days
24 Donor expenses Not Specified Covered up to SI
25 Nursing allowances Not Specified
Rs. 200 300 for
5 10 days
26 ICU Benefits
Double 5
days
Double
27
Non-Allopathic
Treatment
Not Specified
Covered (limit
not specified)
28 Add-on cover Not Specified Yes
29 Maternity Benefit Not Specified Not covered
30 Physiotherapy
Rs. 5,000, Rs.
10,000

Actual expenses
31
Accident death
benefit
100 times daily
cash benefit
Not Specified
32 Anaesthetists fee
Rs. 5,000, Rs.
10,000 , or Rs.
10,000 (as per
SI)
No limit
33
Operation theatre
charges
Rs. 5,000, Rs.
10,000 , or Rs.
10,000 (as per
SI)
Covered
34 Surgeons fees
Rs. 10,000, Rs.
20,000 , or Rs.
20,000 (as per SI)
Covered
35 Physicians fee Not Specified Covered
36 Policy period 1 year 1 year & 2 year
37 TPA Not Specified Yes
38 Domiciliary expenses Not covered
Covered up to
10%
39 Additional discounts
Not Specified Not Specified



42|P a g e



Product Comparison of Accident & Health between Tata AIG & ICICI
Lombard
S.
No.
Particulars
Tata AIG General

ICICI Lombard
01 Types of policies
1. Hospital Care
2. Health Care
3. Critic Care
1. Family Floater policy
2. Critical Care
3. 10K Tax Saver Health
Policy

02 Cash less benefit Yes Yes
03 Cash benefit
10k-35k/month for 5-
20 years
Rs. 10000 for 10 days(in
case of any bodily
injury/illness)
04
Pre-
hospitalisation
amount
Not specified Not Specified
05
Pre hospitalisation
period
Not specified 30 days
06
Post
hospitalisation
amount
Not specified Not Specified
07
Post
hospitalisation
period
Not specified 60 days
08 Age limit
8-70 years & (6 month-
18 years)
5 yrs to 60 & 3 months to
5 years
09 Sum insured Not Specified 2 lacks to 3 lacks
10 Premium
Rs. 1017-11593 or
Rs.867-12061
Rs. 2078 18032/32182
11 No claim bonus
Not Specified Not Specified
12
Family floater
discount
Not Specified Not Specified
13
Family floater
premium
2798-11593 (100% for
spouse & 25% for 4
children)
Rs. 7619 32182
14
Ambulance
charges
Rs. 2000 to 4000 (as per
SI)
Not Specified
15
Disease waiting
(period
congenital)
Not Specified
2 years
43|P a g e

16 Health check-up
Not Specified Free (only for two year
family floater plan)
17
Income tax
reduction
Sec 80d Sec 80d
18
Income tax
amount
Not Specified No limit
19
Pre existing
disease
Not covered After 4
th
year
20 E-opinion Not Specified Not covered
21
126 days care
facility
No Yes (conditions)
22 Critical illness
Not Specified
Not covered
23
Attendants
expenses
Not Specified Not Specified
24 Donor expenses
Not Specified Not Specified
25
Nursing
allowances
Not Specified Not Specified
26 ICU Benefits Double 5 days
Not Specified
27
Non-Allopathic
Treatment
Not Specified
Not covered
28 Add-on cover
Not Specified
Not covered
29 Maternity Benefit
Not Specified
Not covered
30 Physiotherapy
Rs. 5,000, Rs. 10,000

Not covered
31
Accident death
benefit
100 times daily cash
benefit
Not Specified
32 Anaesthetists fee
Rs. 5,000, Rs. 10,000 ,
or Rs. 10,000 (as per SI)
Not covered
33
Operation theatre
charges
Rs. 5,000, Rs. 10,000 ,
or Rs. 10,000 (as per SI)
Not covered
34 Surgeons fees
Rs. 10,000, Rs. 20,000 , or
Rs. 20,000 (as per SI)
Not covered
35 Physicians fee Not Specified Not covered
36 Policy period 1 year 1 year & 2 year
37 TPA Not Specified Yes
38
Domiciliary
expenses
Not covered Covered
39
Additional
discounts
Not Specified Covered


44|P a g e


Product Comparison of Accident & Health between Tata AIG &
United India
S. No. Particulars Tata AIG General United India
01 Types of policies
1. Hospital Care
2. Health Care
3. Critic Care
1. Mediclaim
2. Uni
Mediclaim
02 Cash less benefit Yes Yes
03 Cash benefit
10k-35k/month for 5-
20 years
Actual expenses or
80% SI
04
Pre- hospitalisation
amount
Not specified Not Specified
05
Pre hospitalisation
period
Not specified 30 days
06
Post hospitalisation
amount
Not specified No limit
07
Post hospitalisation
period
Not specified 60 days
08 Age limit
8-70 years & (6
month-18 years)
3 months to 75yrs
09 Sum insured
Not Specified Not Specified
10 Premium
Rs. 1017-11593 or
Rs.867-12061
Not Specified
11 No claim bonus
Not Specified
5% inc. SI
12
Family floater
discount
Not Specified
10%
13
Family floater
premium
2798-11593 (100%
for spouse & 25% for
4 children)
Not Specified
14 Ambulance charges
Rs. 2000 to 4000 (as
per SI)
Up to Rs. 1000
15
Disease waiting
(period congenital)
Not Specified
2 years
16 Health check-up
Not Specified 1% SI (for 4 years of
NCB)
17 Income tax reduction Sec 80d Sec 80d
18 Income tax amount Not Specified Rs. 15,000
19 Pre existing disease Not covered Not covered
20 E-opinion Not Specified Not covered
21 126 days care facility No Not covered
45|P a g e

22 Critical illness
Not Specified
Not Specified
23 Attendants expenses
Not Specified
Not covered
24 Donor expenses
Not Specified
Covered up to SI
25 Nursing allowances Not Specified Covered
26 ICU Benefits Double 5 days Limit not specified
27
Non-Allopathic
Treatment
Not Specified
Covered (limit no
28 Add-on cover
Not Specified
Yes
29 Maternity Benefit
Not Specified Rs. 50000 or actual
WEL
30 Physiotherapy
Rs. 5,000, Rs. 10,000

Not specified
31
Accident death
benefit
100 times daily cash
benefit
Not Specified
32 Anaesthetists fee
Rs. 5,000, Rs. 10,000
, or Rs. 10,000 (as
per SI)
Covered
33
Operation theatre
charges
Rs. 5,000, Rs. 10,000
, or Rs. 10,000 (as
per SI)
Up to 15% SI
34 Surgeons fees
Rs. 10,000, Rs. 20,000 ,
or Rs. 20,000 (as per SI)
Up to 15% SI
35 Physicians fee Not Specified Up to 15% SI
36 Policy period 1 year 1 year
37 TPA Not Specified Not Specified
38 Domiciliary expenses Not covered Rs. 3000 - 50000
39 Additional discounts Not Specified Not Specified






46|P a g e


Product Comparison of Accident & Health between Tata AIG &
Bajaj Allianz
S. No. Particulars Tata AIG General Bajaj Allianz
01 Types of policies
1. Hospital Care
2. Health Care
3. Critic Care
1. Health Guard
2. Critical
Illness
3. Hospital
Care
4. Silver Health
5. E Opinion
6. Star Package
7. Personal
Guard
02 Cash less benefit Yes Yes
03 Cash benefit
10k-35k/month for 5-
20 years
Rs. 500 2500/day (in
Health Guard & Silver
Health)
04
Pre- hospitalisation
amount
Not specified No limit
05
Pre hospitalisation
period
Not specified 60 days
06
Post hospitalisation
amount
Not specified No limit
07
Post hospitalisation
period
Not specified 90 days
08 Age limit
8-70 years & (6
month-18 years)
5 yrs to 75 yrs (0 to 5
yrs)
09 Sum insured Not Specified 5k to 10 lacks
10 Premium
Rs. 1017-11593 or
Rs.867-12061
Rs. 798 to 12697 (varies
b/w ages)
11 No claim bonus
Not Specified 5% to 25% for claim free
year
12
Family floater
discount
Not Specified
5% to 10% (Varies)
13
Family floater
premium
2798-11593 (100%
for spouse & 25% for
4 children)
5% spouse, 25%
children, of annual
rate (in star
packages)
14 Ambulance charges
Rs. 2000 to 4000 (as
per SI)
Max up to 1000
15
Disease waiting
(period congenital)
Not Specified
2 years
16 Health check-up
Not Specified
1000
47|P a g e

17 Income tax reduction Sec 80d Sec 80d


18 Income tax amount Not Specified Rs. 15,000
19 Pre existing disease Not covered
Covered up to 50% after
1 yr of policy
20 E-opinion Not Specified
For SI 5 lacks, 7.5 lacks,
& 10 lacks
21 126 days care facility No Yes
22 Critical illness
Not Specified Yes ( seprate plan
with 10 sections)
23 Attendants expenses
Not Specified Rs. 500/day (for 10
days), extra premium
24 Donor expenses
Not Specified
Rs. 1 lacks (add-on)
25 Nursing allowances
Not Specified
No limit
26 ICU Benefits Double 5 days Double (7 days)
27
Non-Allopathic
Treatment
Not Specified
Not Specified
28 Add-on cover
Not Specified
Separate plans
29 Maternity Benefit
Not Specified
No
30 Physiotherapy
Rs. 5,000, Rs. 10,000

Rs. 50,000(add- on)
in star package only
31
Accident death
benefit
100 times daily cash
benefit
125 (PA)
32 Anaesthetists fee
Rs. 5,000, Rs. 10,000
, or Rs. 10,000 (as
per SI)
No limit
33
Operation theatre
charges
Rs. 5,000, Rs. 10,000
, or Rs. 10,000 (as
per SI)
No limit
34 Surgeons fees
Rs. 10,000, Rs. 20,000 ,
or Rs. 20,000 (as per SI)
No limit
35 Physicians fee Not Specified No limit
36 Policy period 1 year 1 year
37 TPA Not Specified No
38 Domiciliary expenses Not covered Not covered
39 Additional discounts Not Specified Not specified




Graphical pressentation of questionnaire
1. No. of Male annd Female rrespondentts taken (to otal no. of respondent 200) while survey.

Responde
Male
Female
Total

RESU
It has f
survey.

nts
e
No.
ULT
found that, 156 respon
22%
of respond
156
44
200
dents Resp
ndents are M
Gender
Male and 4
rclassif
44 responde
78%
fication
pondents (%
78%
22%
100
%)
ents are Fe
M
male (out o
F
Male
emale

of 200 )in the
48|P a gg e

2. Age wise classsificationn of the reespondent ts.
A

Age ( in ye
Below 25
25 to 35
36 to 45
46 & abo
Total
ars)
5
5
5
ve
No.

RESU
It is bee




ULT
en found th
18.5% of c
34% of cus
28.5% of c
19.0% of c
2
hat
customers ar
stomers are
customers ar
customers ar
8.50%
19.00%
Agew
of respond
37
68
57
38
200
dents
re below 25
between 25
re between
re between
wiseclas
5 years.
5 to 35 year
36 to 45 ye
46 years &
18.50%
34
ssificatio
rs.
ears.
& above.
%
4.00%
on
Respoondents (in
18.5 %
34.0 %
28.5 %
19.0 %
100
%)
Below25
25to35
36to45
46&abo
5
ove

49|P a gg e



3. Awwareness aabout insuurance

Awarene
Yes
No
Total
ess No.




Re
All






esult
l the 200 res
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
spondents a
A
of respond
200
0
200
dents Resp
are aware of
Yes
Yes,200
Awarene
f the insuran
essofin
nce..
No
No,
nsuranc
pondents (%
100
0
100
%)
0
e

50|P a gg e



4. Inveestment aavenues coonsider foor saving

Bon
Fixe
Gol
Insu
Oth
Bon
Investmen
nds
edDeposits
ld
urance
hers
nds
nt avenues


Re
In a
esult
all the 200 r
Insuran
Bonds
Fixed d
N
42
32
17
105
4
200
No. of respo
respondents
nce is the fi
are the seco
deposit is th
52.50%
Inv
s
rst investme
ond investm
he third type
2%
estmen
ndents
ent avenue
ment (21.00%
e of investm
21%
8.50%
ntAvenu
Resp
21
16
8.5
52.5
2
100
pondents (
(52.50%)
%)
ment (16.00%
16%
ues
%)
%)
Bonds
FidedD
Gold
Insuran
Others
Deposits
nce
s
51|P a gg e
Fourth


5. Fact
Fa
Sa
Re
Tax
T
Re
In a

Then a
h is gold (8.5
all the things
50%)
s comes othher (2.00%)
tor consid
actors
I
afety
eturn
benefit
Total


esult
all the 200 r
Factors
Safety
Return
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
er importa
Highly
Important
95
35
28
158
respondents
Highly
Importa
47.50%
17.50%
Safety
47.50%
30%
22.50%
ant while s
Importan
60
85
90
235
s, the follow
y
ant
Impor
30%
42.50%
17.50
42
%
0 0
selecting a
nt Neit
impo
no
unimp
4
6
3
14
wing are fac
rtant N
im
unim
22.5
% 30%
Return
%
.50%
30%
10%
0
an investin
ther
rtant
ot
portant
Un
5
0
5
40
tors (in %ag
Neither
mportant
not
mportant
50%
%
Taxbene
14%
45%
17.50%
9
ng avenue
nimportant
---
20
18
38
ge) conside
Unimportan

10%
efit
%
9%
14.50%
t High
unimpo
---
---
29
29
ered importa
nt High
unimpo

0
HighlyImp
Important
Neitherim
unimporta
Unimporta
Highlyunim
hly
rtant
tot
20
20
20
60
52|P a g
ant.
hly
ortant
portant
portantnot
nt
ant
mportant
tal
00
00
00
00

g e
Tax benefi



6a). A
Re
it 14% 14.50%
Advertisem
Awarene
Yes
No
Total


esult
Out of 200
forget that o




ment reme
ess
0, 86% resp
or did not s
45%
ember of
No.
pondents re
een any adv
14
Advert
17.5
Tata AI
of respond
172
28
200
emember th
vertisement
4%
tisemen
50%
IG Gener
dents
he recent a
.
86%
tremem
9%
ral Insura
Resp
advertiseme
mber
ance
pondents (%
86
14
100
ent and 14%
53|P a g
%)
% responde
Yes
No

ents
g e




6b) MMedia of addvertisemment
Mod

e of Advert
TV
Newspap
Magazin
Radio
Hoarding
Others
Total
tisement
er
ne
gs


Reesult
Out of the 1
New
Mag
Hoa
172 respond
wspaper is l
gazines are
arding is on
2
M
TV News
No. of respond
34
52
44
10
40
20
200
dents Resp
dents, the m
leading the a
second way
n third place
22
5%
20%
10
Modeof
spaper Ma
mode of adve
advertiseme
y by 22%
e by reachin
17
2%
0%
adverti
agazines R
ertisement a
ent source b
ng 20%
7%
26%
sement
Radio Hoa
pondents (%
17
26
22
5
20
10
100
%)
are as follow
by 26%.
t
ardings Otthers

ws:-
54|P a gg e
TV is on fourthh place by 117%
Othhers are on ffifth place bby having ad dvertisemennt share of 110%
Raddio is the lasst way of addvertisemen nt by 5%


7. T
Result

The differ

Tata AIG
ICICI Lomba
Bajaj Allian
Reliance Gen
United India
t
Out of the
companies
Measures
Tata AIG
ICICI Lombar
Bajaj Allianz
Reliance Gen
United India
0
2
4
6
8
10
12
14
16
18
Tat
rence betw
Saf
G
2
ard
3
nz
5
n.
4
a
1
200 respon
are as follo
Safet
2
rd
3
z
5
n.
4
1
ta AIG
Lo
2
4
3
1
5
ween Tata
fety
2
3
5
4
1
ndents, the d
ows:-
ty Re
ICICI
ombard
Baja
3
2
1
2
4
a AIG a
Returns
4
2
3
5
1
difference a
eturns
4
2
3
5
1
ajAllianz R
5
3
4
4
2
and other
Servic
3
1
4
2
5
among Tata
Service
3
1
4
2
5
eliance
Gen.
U
4
5
2
3
1
r general i
ce Fle
a AIG and
Flexibili
1
2
4
3
5
United
India
1
1
5
5
3
insurance
exibility
1
2
4
3
5
d other gen
ity Inves
Inves
Flexib
Servic
Retur
Safet
e company
55|P a g
Investigati
5
4
2
1
3

neral insuran
stigation
5
4
2
1
3
y
ion
stigation
bility
ce
rns
y
g e
nce

8. Plan
A

Re
The


ns taken b
Policy Tak
ccident & H
Motor
Home
Travel
Total

esult
e following
Accide
Motor
Home
Travel
0%
10%
20%
30%
40%
50%
60%
A
by the res
ken
Health
g policies are
ent & Health
is on secon
is on third b
is the rest 6
Accident&
Health
Accident&
Health,56%
spondents
No.
e preferred
h is leading
nd by 23%
by 15%
6%
Motor
Motor,2
Polic
s
of respond
112
46
30
12
200
by the resp
g with 56%
Hom
23%
Hom
ciesTak
dents
ondents:-
me
me,15%
ken
Resp
Travel
Travel,6%
pondents (%
56
23
15
6
100
56|P a g
%)

g e

9. Awa
Awaren
Yes
No
Total

Re
areness o
ness

esult
Out of 200
aware abou






f the Au
respondent
ut it.
uto Secure
No. of re
192
8
200
ts, 96% peop
Auto
e policy o
espondents
ple are awa
No
4%
osecure
of Tata
are about Au
Yes
96%
eaware
AIG
Responde
96
4
100
uto Secure
eness
nt (in %)
e policy, an
57|P a g
nd 4% are n

not
g e
9b). PPlans takeen in autoo Secure
Plan ta
Private
Two W
Comme
Total
aken
Car
Wheeler
ercial Vehic


Re





esult
33.33%
51.04%
15.62%
cle
No. of re
64
98
30
192
espondents
% of 192 res
% of 192 res
% of the resp
PrivateC
spondents a
spondents a
pondents ar
51%
16%
Types
Car Two
are having p
are having T
re having co
sofveh
Wheeler
Responde
33.33
51.04
15.63
100
nt (in %)
rivate car in
Two whee
ommercial v
33%
icle
Commercial
nsurance.
ler insuranc
vehicle insu
%
lVehicle

ce.
urance.
58|P a gg e

10. No
No. of p
One
Two
Three
Four &
Total


Re
Ou




o. of polic
policies

Above
esult
ut of 200 res
6% are hav
35% respon
47% respon
12% respon


ies taken
spondents:
ving one pol
ndents are h
ndents are h
ndents are h
Pol
O
with Tata
No. of re
12
70
94
24
200
licy
having two p
having three
having four
47%
12%
liciesTa
One Two
a AIG
espondents
policies
e policies
& above po
6%
%
akenfro
Three
olicies
35%
mTAGI
Four&Above
Responde
6
35
47
12
100
C
e
nt (in %)

59|P a gg e

11. Ad
Adviso
Family
Friends
Colleag
Other
Total

Result
It has fo




dvisor to g
r
y
s
gues
t
ound by the
38% come
26% come
21% come
15% come




go with T
e survey, tha
by the advi
by the advi
by the advi
by the advi
21%
Tata AIG
No. of re
76
52
42
30
200
at out of 200
ice of their f
ice of their f
ice of their c
ice of others
26%
15%
Adviso
G Genera
espondents
0 responden
families.
friends.
colleagues.
s
38%
or
al Insuran
nts:-
%
nce
Responde
38
26
21
15
100
nt (in %)
Family
Friends
Colleagu
others
60|P a g

ues
g e

12. Pr
Factors
Protecti
pre mat
Protect
disabilit
Hospita
Total
Result
It has fo
Factors
Protecti
against
Protect
disabilit
Hospita

riorities co
ing family a
ture death
the income
ty/sickness/
al expense
t
ound by the
ing family
pre mature
the income
ty/sickness/
al expense
0
10
20
30
40
50
60
70
80
90
100
onsider w
Hi
Im
against
e from
/illness
e survey, tha
Hi
im
death
e from
/illness
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2
17
while takin
ighly
mportant
Im
88
66
28
182
at out of 200
ighly
mportant
44%
33%
14%
44%
11%
2.50%
7.50%
5%
ng a polic
mportant N
22
58
45
125
0 responden
Important
11%
29%
22.50%
33%
29%
28%
10%
0
y
Normal N
im
45
56
35
136
nts consider
Norma
22.5
28
% 17.5
14%
22.50
17.50
20%
26%
Not so
mportant

i
35
20
40
95
r the factors
al No
im
50%
8%
50%
%
0%
0%
%
%
Least
important
10
----
52
62
s are as follo
ot so
mportant
17.50%
10%
20%
Leastimport
Notsoimpor
Normal
Important
Highlyimpor
61|P a g
total
200
200
200
600

ows:-
Least
important
5%
0
26%
ant
rtant
rtant
g e

13. De
compa
Facto
Compa
Image
Policy
Special
scheme
Flexibi
Total
Result
It has f
Degree
agreeab
Compan
Image
Policy
Special
schemes
Flexibil

0
20
40
60
80
100
120
gree of a
any
ors Hi
Imp
any 103
135
l
es
25
lity 72
335
t
found by th
of
bility
H
im
ny
s
ity
%
%
%
%
%
%
%
Compa
Image
52%
37.5
11%
0%
greeabilit
ighly
portant
Im
75
65
63
65
26
he survey, t
Highly
mportant
52%
67.50%
12.50%
36%
ny
e
Polic
%
67.5
0%
32.5
%
0 % 0
ty on the
mportant
5
5
3
5
68
that out of 2
Import
37.
32.
31.
32.
cy Spec
sche
50%
12
50%
31
%
4
%
1
following
Neither
importan
nor
unimport
22
---
90
50
162
200 respon
ant
N
im
u
50%
50%
50%
50%
cial
mes
Flex
.50%
.50%
32
45%
11%
6
g reasons
r
nt
tant
No
Impo
---
---
22
13
35
ndents cons
Neither
mportant no
unimportant
11%
0%
45%
25%
ibility
36%
2.50%
25%
6.50%
s while se
ot so
ortant im
---
---
---
---
---
ider the fac
or
t
Not so
import
0
0
1
6.5
leasti
notso
neithe
unimp
impor
Highly
electing an
Least
mportant

ctors are a
o
tant
L
i
0%
0%
1%
50%
mportant
oimportant
erimportantn
portant
rtant
yimportant
n insuran
62|P a g
total
200
200
200
200
800

s follows:-
Least
important
0%
0%
0%
0%
nor
g e
nce

14. Sat
Rea
Ser
Cove
acci
Sa
Pre
ch
T
Result
It has f
Co
a
Prem

0
20
40
60
80
100
120
tisfaction
asons
rvice
rage on
idents
afety
mium
harge
otal
t
found by th
Reasons
Service
overage on
accidents
Safety
mium charge
0%
0%
0%
0%
0%
0%
0%
Service
11%
17.50
58.10
12.50
1.50
level with
Highly
satisfied
22
43
37
45
147
he survey, t
Highl
satisfi
11%
21.50%
18.50%
e 22.50%
e Coverag
on
accident
%
21.50%
0%
29.00%
0%
45.50%
0%
4%
%
0%
h Tata A
Satisfied
35
58
53
53
199
that out of 2
ly
ed
Satisf
% 17.50
% 29.00
% 26.50
% 26.50
ge
ts
Safety
%
18.50%
%
26.50%
%
44%
11%
%
0%
AIG in th
Neither
satisfied
nor
dissatisfied
117
91
88
87
383
200 respon
fied
Nei
0%
0%
0%
0%
Premium
charge
%
22.50%
%
26.50%
43.50%
5.50%
2%
he followin
d
Dissatisfi
23
8
22
11
64
ndents cons
ither satisfied
dissatisfied
58.10%
45.50%
44%
43.50%
%
%
%
H
D
N
S
H
ng areas
ied Highl
dissatis
3
0
0
4
7
ider the fac
d nor
d
Di
Highlydissatis
Dissatisfied
Neithersatisfi
Satisfied
Highlysatisfied
ly
fied
Tota
200
200
200
200
800
ctors are a
issatisfied
12.50%
4%
11%
5.50%
fied
ednordissati
d
63|P a g
al
0
0
0
0
0

s follows:-
Highly
dissatisfied
1.50%
0%
0
2%
sfied
d
g e

15. Ex
querie
Cu
Result


xperience
es
ustomer Se
Excellen
Good
Average
Fair
Poor
Total
t
In service o

22
Cu
e with the
ervice
nt
e
of TAGIC w

N
3
2%
13%
ustomer
e custom
No.
we found tha
Highly sati
Satisfie
Neither satisf
dissatisf
Dissatisf
Highly dissa
7%
2
30%
rservice
er relatio
of respond
14
56
60
44
13
200
at, out of th
isfied
ed
fied nor
fied
fied
atisfied
28%
esatisfa
onship ex
dents
he 200 respo
Service Sat
%
7
28
30
22
13
actionle
xecutive i
No. of re
ondents :-
tisfaction (in
%)
7%
8%
0%
2%
3%
evel
Highlysatisf
Satisfied
Neithersatis
dissatisfied
Dissatisfied
Highlydissat
in solving
spondents
7
28
30
22
13
100

n
g custome
ied
sfiednor
tisfied
64|P a g
(in %)
g e
ers

16. Ins
Respon
Yes
No
Total


Result
We foun
agree wi






surance p
nse
nd that, out o
ith this.
I
plays an im
of 200 respon
Insuran
mportant
No. of re
196
4
200
ndents, 98%
ceplays
t role in li
espondents
think insuran
No
2%
sanimp
ife
nce plays an
Yes
98%
portant
No. of resp
98
2
100
important ro
s
%
role?
pondents (i
ole in life, an
65|P a g
in %)

nd 2% are noot
g e

17. To
F


Result
Out of 2




otal numb
Family mem
Only 2
3 5
Above 5
Total
t
200 respond
37% are ha
25% are ha
38% are ha
ber of the
mber
5
dents:-
aving only 2
aving 3 5 m
aving more t
Abo
3
Family
family m
No.
2 members i
members in
than 5 mem
t
ove5
8%
ymemb
members o
of respond
74
50
76
200
in the family
n the family
mbers in the
hreetofive
25%
ber/sof
of the resp
dents
y
family
Only2
37%
respond
pondents
No. of re
dent
spondents
37
25
38
100
66|P a g
(in %)

g e
67|P a g e

TABULATION & CALCULATION


STATISTICAL TOOL USED
1. ANOVA One Way
2. ANOVA Two Way
3. Chi square test
ANNOVA (One way analysis)
One way analysis, data is classified according to one criterion. The formula which
determines the frequency ratio is as follows

Sum of all the items of various samples, T = X + X. n

Correction factor =
T`
Tutal nu. uI vartables (N)


Sum square total = X + X + X - T


ANNOVA (Two way analysis)
Two way analysis, data is classified according to two criterion. The formula
which determines the frequency ratio is as follows


Sum of all the items of various samples, T = X + X. n

Correction factor =
T`
Tutal nu. uI vartables (N)


Sum square total = X + X + X - T


68|P a g e


Chi square test
Test statistics that is commonly we use in research works. for the given variable if there
are k categories are 01, 02, 03..Ek or (Ei such that i = 1, 2 k), then,
X` =
(0i -Ei)
2
E
k
=1

Where,
O = Observed frequency and
E = Expected frequency
Hence,
Chi square, ` =
(O-E)
2
E

E = (c - 1) (r - 1)
Where,
c = no. of columns
r = no. of rows


69|P a g e

ANNOVA ONE WAY TEST



Q.1. Tabulation of the investing avenue of the respondent while taking a
policy
1 2 3 4 5 Total
A 95 60 45 --- --- 200
B 35 85 60 20 --- 200
C 28 90 35 18 29 200
Total 158 235 140 38 29 600

Ho Considering the importance of insurance for taking a policy
Ha No need of considering any importance before taking any policy

x1 x1
2
x2 x2
2
x3 x3
2
x4 x4
2
x5 x5
2

95 9025 60 3600 45 2025 --- --- --- ---
35 1225 85 7225 60 3600 20 400 --- ---
28 784 90 8 0 1 0 35 1225 18 324 29 841
Total x1
2
=11034 x2
2
=18925 x3
2
=6858 x4
2
=724 x5
2
=841


CF =
()2
12
= 30,000

SSB =
(158)2
3
+
(235)2
3
+
(14)2
3
+
(38)2
2
+
(29)2
2
= 30,000

= 8321.33 + 18408.33 + 6533.33 + 722 + 841 30000

= 4825.99

SST = 8382



70|P a g e

SSW = SST SSB



= 8382 4825.99

= 3556.01

Source of
variance
Sum Square Degree of
freedom
Mean square Variance Ratio

SSB

4825.99

4
4825. 99
4

=1206.49

F=
12.49
444.5



SSW

3556.01

8
355. 1
8

=444.50



= 2.71

At 5% significant level,
Ftab(4,8) =3.8378
Ftab > Fcal
So, null hypothesis is accepted








71|P a g e

Q.2. Tabulation for degree of agreeability of the respondent on the


following reasons while selecting an insurance company

1 2 3 4 5 Total
A 103 75 22 --- --- 200
B 135 65 --- --- --- 200
C 25 63 90 22 --- 200
D 72 65 50 13 --- 200
Total 335 268 162 35 --- 800

Ho Company image is important for selecting any policy
Ha There is no need of company image for selecting any insurance

x1 x1
2
x2 x2
2
x3 x3
2
x4 x4
2

103 10609 75 5625 22 484 --- ---
135 18225 65 4225 --- --- --- ---
25 625 63 3969 90 8100 22 484
72 5184 65 4225 50 2500 13 169
x1
2
= 3443 x2
2
=18044 x3
2
=11084 x4
2
=653


SSB =
(335)2
4
+
(28)2
4
+
(12)2
3
+
(35)2
2
= 49,230
= 28056.25 + 17956 + 8748 + 612.5 49230

= 6151.75

SST = 15185

SSW = SST SSB

= 15185 6151.75
SSW = 9033.25
72|P a g e

Source of
variance
Sum Square Degree of
freedom
Mean square Variance Ratio

SSB

6151.75

3
151. 75
3

= 2050.58




F=
25.58
93.25



SSW

9033.25

10
933. 25
1

= 903.225


= 2.27

At 5% significant level,
Ftab (3,10) = 3.7083
Here, Ftab > Fcal
So, null hypothesis is accepted.













73|P a g e

ANOVA TWO WAY


Q. 3. Table showing the cross tabulation between income and number of policies of the
respondents have currently
Policies

1

2

3

Above 3

Total
Income (in
lacks)
Up to 1.5 4 3 3 --- 10
1.5 3 6 41 45 2 94
3 4.5 1 21 40 12 74
Above 5 1 5 6 10 20
Total 12 70 94 24 200

Ho1 There is no significant difference between the income level of the respondents.
Ho2 There is no significant difference between the number of policies taken by the
respondents.

Ha1 There is a significant difference between the income level of the respondents.
Ha2 There is a significant difference between the number of policies taken by the
respondents.


x1 x1
2
x2 x2
2
x3 x3
2
x4 x4
2

4
16
3
9
3
9
--- ---
6
36
41
1681
45
2025
2 4
1
1
21
441
40
1600
12 144
1
1
5
25
6
36
10 100
Total x1
2
= 54 x2
2
=2156 x3
2
=3670 x4
2
= 248



74|P a g e

C.F. =
(2)2
1
= 2500

SSC =
(12)2
4
+
(7)2
4
+
(94)2
4
+
(24)2
4
2500

= 36 + 1225 + 2209 + 144 2500

= 1114

SSR =
(1)2
3
+
(94)2
4
+
(74)2
4
+
(22)2
4
2500

= 33.33 + 2209 + 1369 + 121 2500

= 1232.33

SST = 3628

SSE = SST (SSC + SSR)

= 3628 (1114 + 1232.33)

SSE = 1281.67






75|P a g e

Source of
variance
Sum Square Degree of
freedom
Mean square Variance Ratio

SSR

1232

(4 1)
= 3

12S2
S

= 410.66

F1=
41.
142.4

= 2.88

SSC

1114

(4 1)
= 3

1114
S

= 371.33

F2=
371.33
142.4



SSE

1281.67

(3x3)
= 9

1281.67
9

= 142.40














= 2.60


At 5% significant level
F1tab(3,9) = 3.8626
F2tab(3,9) = 3.8626
In both cases ftab > fcal
So, null hypothesis is accepted.







76|P a g e

2 TEST
Q.4. Tabulation between the educational level of the respondents and
insurance
Educational level of the
respondent
No. of respondent
10
th
12
12
th
17
Diploma 8
Graduate 35
Post Graduate 16
PG (Professional) 75
Others 37

Ho - Because of Education Level, Insurance differs
Ha - There is no difference in insurance because of Education level

O E (O -E)
2
(O -E)
2
E
12 28.57 274.56 9.61
17 28.57 133.86 4.68
08 28.57 423.12 14.81
35 28.57 41.34 1.44
16 28.57 158.00 5.5
75 28.57 2155.74 75.45
37 28.57 71.06 2.48
(O -E)
2
E=113.98

Degree of freedom = (7-1) = 6
At 5% significant level,
2tab= 12.6
2tab < 2cal
77|P a g e

So, Null Hypothesis rejected


Q.5. Tabulation for the priorities considered by the respondents while taking
a policy

A B C Total
1 88 66 28 182
2 22 58 45 125
3 45 56 35 136
4 35 20 40 95
5 10 --- 52 62
Total 200 200 200 600


Ho Priorities in policy is important for the buyer

Ha There is no priority needed for taking any policy



O E (O -E)
2
(O -E)
2
E
88 60.66 747.47 12.32
22 41.66 386.51 9.27
45 45.33 0.108 0.002
35 31.66 11.15 0.352
10 20.66 113.63 5.5
66 60.66 44.35 0.73
58 41.66 266.99 6.4
56 45.33 106.91 2.57
20 31.66 135.96 4.29
28 60.66 1066.68 17.58
45 41.66 11.16 0.27
35 45.33 113.64 2.5
40 31.66 69.55 2.1
52 20.66 982.19 47.74
Total (O -E)
2
E=111.62

78|P a g e




Degree of freedom = (c-1) (r-1)

= (3-1) (5-1)

= 2 4

= 8


At 5% significant level,
2tab= 15.5
2tab < 2cal
So, Null hypothesis rejected.


























79|P a g e

Q. 6. Tabulation for the factors to be consider by the respondents while


selecting an insurance.


Safety Return Tax Benefits Total
1 95 35 28 158
2 60 85 90 235
3 45 60 35 140
4 --- 20 18 38
5 --- --- 29 29
200 200 200 600



Ho People consider the various factors (safety, returns, tax-benefits, etc.)

Ha People dont consider any factor/s like safety, returns, tax-benefits, etc.


O E (O -E)
2
(O -E)
2
E
95 52.66 1792.6 34.04
60 78.33 335.98 4.28
45 46.66 2.75 0.05
35 52.66 311.87 5.9
85 78.33 44.49 0.57
60 46.66 177.95 3.8
20 12.66 53.87 4.2
28 52.66 608.11 11.54
90 78.33 136.18 1.73
35 46.66 135.95 2.91
18 12.66 28.51 2.25
29 9.66 374.03 38.72
(O -E)
2
E =109.99








80|P a g e


Degree of freedom = (5 1) (3 1)

Degree of freedom = 8

At 5% significant level

2tab = 15.5
2cal = 109.99
2tab < 2cal

Here the table value is less than calculated value so, Null hypothesis is rejected.




















81|P a g e

Findings

1. It has found that, 156 respondents are Male and 44 respondents are Female (out of 200 )in the
survey.
2. It has been found that:-
18.5% of customers are below 25 years.
34% of customers are between 25 to 35 years.
28.5% of customers are between 36 to 45 years.
19.0% of customers are between 46 years & above.
3. It has been found that, All the 200 respondents are aware of the insurance.

4. It has been found that, In all the 200 respondents:-
Insurance is the first investment avenue (52.50%)
Bonds are the second investment (21.00%)
Fixed deposit is the third type of investment (16.00%)
Fourth is gold (8.50%)
Then all the things comes other (2.00%)

5. It has been found that, In all the 200 respondents:-
In all the 200 respondents, the following are factors (in %age) considered important.

Factors Highly
Important
Important Neither
important
not
unimportant
Unimportant Highly
unimportant
Safety 47.50% 30% 22.50%
Return 17.50% 42.50% 30% 10% 0
Tax benefit 14% 45% 17.50% 9% 14.50%

6.a). It has been found that, In all the 200 respondents:-
Out of 200, 86% respondents remember the recent advertisement and 14% respondents
forget that or did not seen any advertisement.


82|P a g e

6.b) It has been found that, In all the 200 respondents:-


Out of the 172 respondents, the mode of advertisement are as follows:-
Newspaper is leading the advertisement source by 26%.
Magazines are second way by 22%
Hoarding is on third place by reaching 20%
TV is on fourth place by 17%
Others are on fifth place by having advertisement share of 10%
Radio is the last way of advertisement by 5%

7. It has been found that, In all the 200 respondents:-
The difference among Tata AIG and other general insurance companies are as follows:-
Measures Safety Returns Service Flexibility Investigation
Tata AIG
2 4 3 1 5
ICICI Lombard
3 2 1 2 4
Bajaj Allianz
5 3 4 4 2
Reliance Gen.
4 5 2 3 1
United India
1 1 5 5 3

8. It has been found that, In all the 200 respondents:-
The following policies are preferred by the respondents:-
Accident & Health is leading with 56%
Motor is on second by 23%
Home is on third by 15%
Travel is the rest 6%

9. It has been found that, In all the 200 respondents:-
Out of 200 respondents, 96% people are aware about Auto Secure policy, and 4% are not
aware about it.

9.b). It has been found that, In all the 200 respondents:-
33.33% of 192 respondents are having private car insurance.
51.04% of 192 respondents are having Two wheeler insurance.
15.62% of the respondents are having commercial vehicle insurance.
83|P a g e

10. It has been found that, In all the 200 respondents:-


6% are having one policy
35% respondents are having two policies
47% respondents are having three policies
12% respondents are having four & above policies
11. It has found by the survey, that out of 200 respondents:-
38% come by the advise of their families.
26% come by the advise of their friends.
21% come by the advise of their colleagues.
15% come by the advise of others

12. It has found by the survey, that out of 200 respondents consider the factors are as follows:-
Factors Highly
important
Important Normal Not so
important
Least
important
Protecting family
against pre mature death
44% 11% 22.50% 17.50% 5%
Protect the income from
disability/sickness/illness
33% 29% 28% 10% 0
Hospital expense 14% 22.50% 17.50% 20% 26%

13. It has found by the survey, that out of 200 respondents consider the factors are as follows:-
Degree of
agreeability
Highly
important Important
Neither
important nor
unimportant
Not so
important
Least
important
Company
Image 52% 37.50% 11% 0% 0%
Policy 67.50% 32.50% 0% 0% 0%
Special
schemes 12.50% 31.50% 45% 11% 0%
Flexibility 36% 32.50% 25% 6.50% 0%






84|P a g e

14. It has found by the survey, that out of 200 respondents consider the factors are as follows:-
Reasons Highly satisfied Satisfied Neither
satisfied nor
dissatisfied
Dissatisfied Highly
dissatisfied
Service 11% 17.50% 58.10% 12.50% 1.50%
Coverage on
accidents
21.50% 29.00% 45.50% 4% 0%
Safety 18.50% 26.50% 44% 11% 0
Premium
charge
22.50% 26.50% 43.50% 5.50% 2%

15. In service of TAGIC we found that, out of the 200 respondents :-
Service Satisfaction (in %)
Highly satisfied 7%
Satisfied 28%
Neither satisfied nor dissatisfied 30%
Dissatisfied 22%
Highly dissatisfied 13%

16. We found that, out of 200 respondents, 98% think insurance plays an important role in life, and
2% are not agree with this.

17. It has been found that, In all the 200 respondents:-
37% are having only 2 members in the family
25% are having 3 5 members in the family
38% are having more than 5 members in the family








85|P a g e

Suggestion & Recommendation



1. Among other factors focus may be made on 25 45 years segment as it has 62.5%
respondents.
2. Design of the general insurance policies may be done with safety, return and tax benefit
as strategic features. Marketing communication too may emphasise safety, return and
tax benefit.
3. Efforts may be made to take Tata AIG to the second rank and on to the first rank.
4. The poor ranking of Tata AIG safety, return and service may be rectified.
5. The company should plan to conquer the segments of Accident & Health, Motor, Home
and Travel.
6. The high awareness of Auto Secure policy may be converted into sales.
7. The customer with one or two policies, the company may sell one or two other policies.
8. The product (policy) as well as image, policy premium and safety being rated high,
advantage may be taken of them.
9. Satisfaction level of customer on Tata AIG may be improved.
10. As 63% of respondents have 5 or more family members , advantage may be taken on
large family size.

Conclusion

The result and findings of the study clearly exemplifies that fact that an in depth market
research has been conducted and all the objectives set for the research work has been fully
accomplished.
The analysis clearly differentiate the satisfaction level of the customer on various
benefits provided by the company.
From the analysis it has been found that some dissatisfaction exists among the
customers an certain areas like, sum assured, assistance of insurance advisor and the premium
amount.




86|P a g e



BIBLIOGRAPHY

C.R.Kothari ResearchMethodology3
rd
edition
S.P.GuptaStatisticalMethods
www.tataaig.com
www.google.com
www.insuranceindia.com










87|P a g e

QUESTIONNAIRE

Dear Sir/Madam,
Im Aditya Kumar, undergoing MBA in SRM Arts and Science College, Kattankulathur,
Chennai. As a part of MBA program of study Im carrying out a project entitled A comparative
market study of General Insurance with Special Reference to Tata AIG General Insurance
Company (TAGIC). Concerning this I request you to give your direct, real opinion for the
following questions. Hereby I declare that the facts collected through this permitted opinion poll
will not be disclosed.

1. Name :
Gender : a) Male b) Female
Age (in years) : a) 20-30 b) 31-40 c) 41-50 d) 50 and above
Marital status : a) Single b) Married
Age of the respondents.:
Below 25 25- 35 36- 45 Above 45
Educational level of the respondents.
10
th
12
th
Diploma Graduate Post graduate
PG (Professional) others
Current income level of the respondents.
< 1.5 lacks 1.5 3 lacks 3 5 lacks 5 Lacks & above
Experience (in years) : 1-10 11-20 21-30 31 & above
2. Are you aware of Insurance?
a) Yes b) No
3. Which of the following investment avenues would you consider for saving?
Bonds Fixed deposits Gold Insurance Others (specify)_____




88|P a g e


4. What factor do you consider important while selecting an investing avenue ?
Factors
Highly
Important
Important Neither important
not unimportant
Unimportant Highly
unimportant
Safety

Return

Tax benefit

Liquidity

Capital appreciation



5. Among these what are the top 5 General insurance company (Please rate 1 for top
& 5 for the bottom).
a) Tata AIG ( )
b) ICICI Lombard ( )
c) Bajaj Allianz ( )
d) Reliance General ( )
e) United India ( )

6. a). Do you remember any advertisement of Tata AIG General Insurance?
a) Yes b) No (if no skip to the next question)
6. b) Where did you see the advertisement?
TV Newspaper Magazines Radio Hording other_________

7. Do you think that there is any difference between Tata AIG and other general
insurance company (rate)?
Safety Returns Service Flexibility Investigation
Tata AIG

ICICI Lombard

Bajaj Allianz

Reliance Gen.

United India



89|P a g e


8. What are the plans that you have insured in?
Accident & Health Motor Home Travel

9. Are you aware about the Auto Secure policy of Tata AIG ?
Yes No
b). Mention what plan do you know about auto Secure ?
Private Car Two Wheeler Commercial Vehicle

10. How many policy(s) have you taken with Tata AIG ?
One Two Three Four & Above

11. Who advised you to go with Tata AIG General Insurance ?
Family Friends Colleagues Other (specify)______________

12. What priorities do you generally consider while taking a policy ? (please tick)
Factors Highly
Important
Important Normal Not so
important
Least
important
Protesting family against pre
mature death

Protect the income from
disability/sickness/illness

Hospital expense


13. Mention your degree of agreeability on the following reasons while selecting an
insurance company ? (Please tick)
Factors Highly Important Important Neither important
nor unimportant
Not so
Important
Least important

Company Image

Policy

Special schemes

Flexibility

Grace period



90|P a g e


14. What is your satisfaction level with Tata AIG in the following areas ? (please
tick).
Reasons Highly satisfied Satisfied Neither
satisfied nor
dissatisfied
Dissatisfied Highly
dissatisfied
Service
Coverage on
accidents

Safety
Premium
charge


15. How is the experience with the customer relationship executive in solving your
queries ?
Highly satisfied Satisfied Neither satisfied nor dissatisfied
Dissatisfied Highly dissatisfied

16. Do you believe that insurance plays an important role in life ?
Yes No
17. Total number of the family members of the respondents
only 2 3 5 above 5
18. We would like to appreciate and accept your any suggestion/s to TAGIC, please:-
......................................................................................................................................................
......................................................................................................................................................
......................................................................................................................................................
......................................................................................................................................................
......................................................................................................................................................
We are really obliged for giving your precious time to us.
Thank You
Date :-.
Place:-

91|P a g e