A PROJECT STUDY REPORT ON

IMPACT OF KAIZEN APPROACH IN RECRUITMENT AND

SELECTION
Done at
HCL TECHNOLOGIES,LUCKNOW
By
Miss. AISHWARYA CHOWDHARY

Batch: VI, Roll No.:K06005

Submitted to

THE XAVIER INSTITUTE OF MANAGEMENT ENTREPRENEURSHIP

XIME,KOCHI
In partial fulfilment of the requirement for the award of

The Post Graduate Diploma in Management

Under the guidance of

Dr. Rammaswamy Nandgopal

Director

XAVIER INSTITUTE OF MANAGEMENT & ENTREPRENEURSHIP,KOCHI

KINFRA HI-TECH PARK,OFF HMT ROAD ,HMT PO,KALAMASSERY,KOCHI
KERALA- 683503
 XAVIER INSTITUTE OF MANAGEMENT & ENTREPRENEURSHIP, KOCHI
KINFRA HI-TECH PARK, OFF HMT ROAD, HMT PO, KALAMASSERY, KOCHI
KERALA- 683503

CERTIFICATE

This is to certify that the Summer Internship Project entitled ”” done at “IDBI
Federal Life Insurance Co. Ltd. Kolkata” has be successfully completed by
Miss. Aishwarya Chowdhary, in partial fulfilment of the requirements for the
award of the Post Graduate Diploma in Management, PGDM, under my
guidance during the academic year 2018-2019.

Date Dr. Rammaswamy Nandgopal

Director, XIME KOCHI

 DECLARATION

I, Miss. Aishwarya Chowdhary, Roll no. K06005, hereby declare that this report
on” done at” IDBI Federal Life Insurance Co. Ltd, is my original work.

I further declare that this report is based on the information collected by me

and has not been previously submitted in any other University or academic
body.
 ACKNOWLEDGEMENT

It gives me immense pleasure to present this project report on “Impact of kaizen approach in
recruitment and selection” carried out at IDBI Federal Life Insurance Ltd. Co., Kolkata in
partial fulfilment of the PGDM program at Xavier institute of management and
entrepreneurship, Kochi.
No work can be carried out without the help and guidance of various people. I am
happy to take this opportunity to express gratitude to those who have been helpful to me in
completing this project report.
At the outset I would like to thank my company guide Mr. Malay Puri ,Senior Agency Agent
of IDBI Federal Life Insurance Ltd. Co. , Kolkata who allowed me to undertake this project
and helped me at every point throughout the tenure of the project .I would like to thanks HR
Manager of HCL Technologies, lucknow who gave me a opportunity to do my internship in
such a great corporate.
I would also like to express my deep sense of gratitude to my mentor Dr. Nandgopal ,
Director at XIME Kochi, without his guidance it would not have been possible for me to
complete this project work.
Lastly I would also like to thanks Mr. George Paul, Dean Academics of XIME Kochi, who
gave the opportunity to do this project report.
EXECUTIVE SUMMARY
TABLE OF CONTENTS
LIST OF TABLES AND FIGURES
CHAPTER ONE
INTRODUCTION
 INTRODUCTION

1.1 An Introduction to the study

ABOUT INSURANCE:-
It is a means of protection from financial loss. It is a form of risk management primarily used
to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance
carrier or underwriter. A person or entity who buys insurance is known as an insured or
policyholder. The insurance transaction involves the insured assuming a guaranteed and
known relatively small loss in the form of payment to the insurer in exchange for the insurer's
promise to compensate the insured in the event of a covered loss. The loss may or may not be
financial, but it must be reducible to financial terms, and usually involves something in which
the insured has an insurable interest established by ownership, possession, or pre-existing
relationship.
The insured receives a contract called the insurance policy which details the conditions and
circumstances under which the insurer will compensate the insured. The amount of money
charged by the insurer to the insured for the coverage set forth in the insurance policy is
called the premium. If the insured experiences a loss which is potentially covered by the
insurance policy, the insured submits a claim to the insurer for processing by a claims
adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another
insurance company agrees to carry some of the risk, especially if the risk is too large for the
primary insurer to carry.

1.1.1.Modern Method Insurance

It became far more sophisticated in enlightenment era Europe, and specialized varieties
developed. Property insurance as we know it today can be traced to the Great Fire of London,
which in 1666 devoured more than 13,000 houses. The devastating effects of the fire
converted the development of insurance "from a matter of convenience into one of urgency.
A number of attempted fire insurance schemes came to nothing, but in 1681, Economist
Nicholas Barbon and eleven associates established the first fire insurance company, the
"Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame
homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the
first insurance schemes for the underwriting of business ventures became available. By the
end of the seventeenth century, London's growing importance as a centre for trade was
increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee
house, which became the meeting place for parties in the shipping industry wishing to insure
cargoes and ships, and those willing to underwrite such ventures. These informal beginnings
led to the establishment of the insurance market Lloyd's of London and several related
shipping and insurance businesses. The first life insurance policies were taken out in the early
18th century. The first company to offer life insurance was the Amicable Society for a
Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas
Allen. Edward Rowe Mores established the Society for Equitable Assurances on Lives and
Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based
premiums based on mortality rate laying "the framework for scientific insurance practice and
development" and "the basis of modern life assurance upon which all life assurance schemes
were subsequently based". In the late 19th century, "accident insurance" began to become
available. The first company to offer accident insurance was the Railway Passengers
Assurance Company, formed in 4 1848 in England to insure against the rising number of
fatalities on the nascent railway system. By the late 19th century, governments began to
initiate national insurance programs against sickness and old age. Germany built on a
tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the
1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and
medical care that formed the basis for Germany’s welfare state. In Britain more extensive
legislation was introduced by the Liberal government in the 1911 under National Insurance
Act. This gave the British working classes the first contributory system of insurance against
illness and unemployment. This system was greatly expanded after the Second World War
under the influence of the Beverages Report to form the first modern welfare state.

1.1.2 Early method

ago as the 3rd and 2nd millennia BC respectively. Chinese merchants travelling treacherous
river rapids would redistribute their wares across many vessels to limit the loss due to any
single vessel's capsizing. The Babylonians developed a system which practiced by early
Mediterranean sailing merchants. If Methods for transferring or distributing risk were
practiced by Chinese and Babylonian trader as long a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to
cancel the loan should the shipment be stolen, or lost at sea.
Circa 800 BC, the inhabitants of Rhodes created the 'general average'. This allowed groups
of merchants to pay to insure their goods being shipped together. The collected premiums
would be used to reimburse any merchant whose goods were jettisoned during transport,
whether to storm or sinkage Separate insurance contracts (i.e., insurance policies not bundled
with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were
insurance pools backed by pledges of landed estates. The first known insurance contract dates
from Genoa in 1347, and in the next century maritime insurance developed widely and
premiums were intuitively varied with risks. These new insurance contracts allowed
insurance to be separated from investment, a separation of roles that first proved useful in
marine insurance.
1.1.3.Legal Requirement

When a company insures an individual entity, there are basic legal requirements and
regulations. Several commonly cited legal principles of insurance include.
 Indemnity – the insurance company indemnifies, or compensates, the insured
in the case of certain losses only up to the insured's interest.
 Benefit insurance – The insurance company does not have the right of
recovery from the party who caused the injury and is to compensate the Insured
regardless of the fact that Insured had already sued the negligent party for the
damages (for example, personal accident insurance)
 Insurable interest – The insured typically must directly suffer from the loss.
Insurable interest must exist whether property insurance or insurance on a person is
involved. The concept requires that the insured have a "stake" in the loss or damage to
the life or property insured. What that "stake" is will be determined by the kind of
insurance involved and the nature of the property ownership or relationship between
the persons. The requirement of an insurable interest is what distinguishes insurance
from gambling.
 Utmost good faith-The insured and the insurer are bound by a good faith
bond of honesty and fairness. Material facts must be disclosed.
 Contribution – Insurers which have similar obligations to the insured
contribute in the indemnification, according to some method.
 Subrogation – The insurance company acquires legal rights to pursue
recoveries on behalf of the insured; for example, the insurer may sue those liable for
 the insured's loss. The Insurers can waive their subrogation rights by using the special
clauses.
 Proximate cause – the cause of loss (the peril) must be covered under the
insuring agreement of the policy, and the dominant cause must not be excluded
Mitigation – In case of any loss or casualty, the asset owner must attempt to keep loss to a
minimum, as if the asset was not insured

1.1.4 Principles

Insurance involves pooling funds from many insured entities (known as exposures) to pay for
the losses that some may incur. The insured entities are therefore protected from risk for a
fee, with the fee being dependent upon the frequency and severity of the event occurring. In
order to be an insurable risk, the risk insured against must meet certain characteristics. Risk
which can be insured by companies typically shares seven common characteristics.

 Large number of similar exposure units: Since insurance operates through

pooling resources, the majority of insurance policies are provided for individual
members of large classes, allowing insurers to benefit from the law of large numbers
in which predicted losses are similar to the actual losses.

 Definite loss: The loss takes place at a known time, in a known place, and
from a known cause. The classic example is death of an insured person on a life
insurance policy. Fire, automobile accidents, and worker injuries may all easily meet
this criterion. Other types of losses may only be definite in theory. Occupational
disease, for instance, may involve prolonged exposure to injurious conditions where
no specific time, place, or cause is identifiable. Ideally, the time, place, and cause of a
loss should be clear enough that a reasonable person, with sufficient information,
could objectively verify all three elements.

 Accidental loss: The event that constitutes the trigger of a claim should be
fortuitous, or at least outside the control of the beneficiary of the insurance. The loss
should be pure, in the sense that it results from an event for which there is only the
opportunity cost. Events that contain speculative elements such as ordinary business
risks or even purchasing a lottery ticket are generally not considered insurable.
 Large loss: The size of the loss must be meaningful from the perspective of
the insured. Insurance premiums need to cover both the expected cost of losses, plus
the cost of issuing and administering the policy, adjusting losses, and supplying the
capital needed to reasonably assure that the insurer will be able to pay claims. For
small losses, these latter costs may be several times the size of the expected cost of
losses. There is hardly any point in paying such costs unless the protection offered has
real value to a buyer.

 Affordable premium: If the likelihood of an insured event is so high, or the

cost of the event so large, that the resulting premium is large relative to the amount of
protection offered, then it is not likely that the insurance will be purchased, even if on
offer. Furthermore, as the accounting profession formally recognizes in financial
accounting standards, the premium cannot be so large that there is not a reasonable
chance of a significant loss to the insurer. If there is no such chance of loss, then the
transaction may have the form of insurance, but not the substance.

 Calculable loss: There are two elements that must be at least estimable, if not
formally calculable: the probability of loss, and the attendant cost. Probability of loss
is generally an empirical exercise, while cost has more to do with the ability of a
reasonable person in possession of a copy of the insurance policy and a proof of loss
associated with a claim presented under that policy to make a reasonably definite and
objective evaluation of the amount of the loss recoverable as a result of the claim.

 Limited risk of catastrophically large losses: Insurable losses are ideally

independent and non-catastrophic, meaning that the losses do not happen all at once
and individual losses are not severe enough to bankrupt the insurer; insurers may
prefer to limit their exposure to a loss from a single event to some small portion of
their capital base. Capital constrains insurers' ability to sell earthquake insurance as
well as wind insurance in hurricane zones. In the United States, flood risk is insured
by the federal government. In commercial fire insurance, it is possible to find single
properties whose total exposed value is well in excess of any individual insurer's
 capital constraint. Such properties are generally shared among several insurers, or are
insured by a single insurer who syndicates the risk into the reinsurance market.

1.1.5 Methods of insurance

According to the study books of The Chartered Insurance Institute, there are variant methods
of insurance as follows:
 Co-insurance – risks shared between insurers

 Dual insurance – having two or more policies with overlapping coverage of a risk.

 Self-insurance – situations where risk is not transferred to insurance companies and

solely retained by the entities or individuals themselves.
Reinsurance – situations when the insurer passes some part of or all risks to another Insurer,
called the reinsurer.
Insurer’s Business Model

The business model is to collect more in premium and investment income than is paid out in
losses, and to also offer a competitive price which consumers will accept. Profit can be
reduced to a simple equation:

Profit = earned premium + investment income – incurred loss – underwriting

expenses.

Insurers make money in two ways:

 Through underwriting, the process by which insurers select the risks to insure and decide
how much in premiums to charge for accepting those risks
 By investing the premiums they collect from insured parties

The most complicated aspect of the insurance business is the actuarial science of
ratemaking (price-setting) of policies, which uses statistics and probability to
approximate the rate of future claims based on a given risk. After producing rates, the
insurer will use discretion to reject or accept risks through the underwriting process.
At the most basic level, initial ratemaking involves looking at the frequency and severity
of insured perils and the expected average payout resulting from these perils. Thereafter
 an insurance company will collect historical loss data, bring the loss data to present value,
and compare these prior losses to the premium collected in order to assess rate adequacy.

1.1.6.Insurance Industry Profile

History

The history of insurance is probably as old as the story of mankind. In India, insurance has a
deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya
(Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources
that could be re-distributed in times of calamities such as fire, floods, epidemics and famine.
This was probably a pre-cursor to modern day insurance. The same instinct that prompts
modern business person today to secure themselves against loss and disaster existed in
primitive men also. They too sought to avert the evil consequences of fire and flood and loss
of life and were willing to make some sort of sacrifice in order to achieve security. In the
year 1818, the Oriental Life Insurance Company was established in Calcutta. However
Oriental Life Insurance Company was failed in 1834. In the year 1829, Madras Equitable
started operating in the field of life insurance sector in the Madras Presidency. 1870 saw the
enactment of the British Insurance Act and in the last three decades of the nineteenth century,
the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the
Bombay Residency. This era, however, was dominated by foreign insurance offices which
did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and
London Globe Insurance and the Indian companies were up for hard competition from the
foreign companies. In 1912 the Life Insurance Act and Provident Act were passed. Life
Insurance Act was the first regulatory authority in life insurance industry in India. In the year
1928, the Indian Insurance Companies Act was passed. This act has given right to the
government of India, to get statistical information from the insurance companies, operating in
life as well as non-life insurance fields. In the year 1938, subsequent insurance act was
passed. The main objective of this act was to keep control over the insurance industry and to
stop failures of unsound ventures. In the year 1944, a bill was presented in legislative
assembly of India to nationalize the whole Indian insurance industry. On 1st September 1956
the Life Insurance Corporation of India came into force. Life Insurance Corporation of India
was created by nationalizing 245 private life insurance players and other entities which were
involved in life insurance business. As a result of Industrial Policy Resolution of 1956, the
whole insurance industry was nationalized in India. The life insurance industry become stable
and started growing rapidly after nationalization. Life Insurance Corporation of India started
working with 5 zonal offices, 33 divisional offices and 212 branch offices in India. Life
Insurance Corporation was the only life insurance player in India before the entry of various
private life insurance players. Life Insurance Corporation of India has enjoyed monopoly in
the life insurance industry for a long time. General Insurance has started operating in India
with the establishment of Triton Insurance Company Ltd., by British in Calcutta in the year
1850. The Indian Mercantile Insurance Ltd was set up in the year 1907. In the year 1957 the
General Insurance Council was formed, which was a wing of Insurance Association of India.
Insurance Act was amended in the year 1968 to regulate the investments and then the Tariff
Advisory Committee was set up. General Insurance Business (Nationalization) Act was
passed in the year 1972. With effect from 1st January, 1973, the general insurance business
was nationalized. After nationalizing 107 insurers, four general insurance companies were
formed namely National Insurance Company Ltd., New India Assurance Company Ltd.,
Oriental Insurance Company Ltd. and United India Insurance Company Ltd. In the year
1971, the General Insurance Corporation of India was incorporated and it started business
from 1st January 1973. In the year 1993, a committee was set up by the Government of India,
under the chairmanship of R.N. Malhotra, former Governor of RBI. This committee was
formed to regulate the insurance sector in India. Malhotra committee submitted its report in
the year 1994. As per the report of Malhotra Committee, it was suggested that the private
sector insurance companies should be allowed to enter in the insurance sector of India.
Malhotra Committee recommended to constitute an autonomous body to regulate the
insurance sector in India, thus in the year 2000 Insurance Regulatory and Development
Authority (IRDA) was incorporated. The main objective of the Insurance Regulatory and
Development Authority was to regulate the insurance sector in India and to increase the
competition in the field of insurance. In the year 2000, the Indian insurance industry was
opened for private insurance players. Foreign companies were allowed ownership of up to
26%. The Authority has the power to frame regulations under Section 114A of the Insurance
Act, 1938 and has from 2000 onwards framed various regulations ranging from registration
of companies for carrying on insurance business to protection of policyholder’s interests. The
insurance sector is growing at a speedy rate of 15- 20%. Together with banking services,
insurance services add about 7% to the country’s GDP. A well-developed and evolved
insurance sector is a boon for economic development as it provides long- term funds for
infrastructure development at the same time strengthening the risk taking ability of the
country.

Insurance Market in India

The Indian Insurance Sector is basically divided into two categories – Life Insurance and
Non-life Insurance. The Non-life Insurance sector is also termed as General Insurance. Both
the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance
Regulatory and Development Authority of India).

This government organization thoroughly monitors the entire insurance sector in India and
also acts like a custodian of all the insurance consumer rights. This is the reason all the
insurers have to abide by the rules and regulations of the IRDAI.
The Insurance sector in India consists of total 57 insurance companies. Out of which 24
companies are the life insurance providers and the remaining 33 are non-life insurers. Out
which there are seven public sector companies. Life insurance companies offer coverage to
the life of the individuals, whereas the non-life insurance companies offer coverage with our
day-to-day living like travel, health, our car and bikes, and home insurance. Not only this, but
the non-life insurance companies provide coverage for our industrial equipment’s as well.
Crop insurance for our farmers, gadget insurance for mobiles, pet insurance etc. are some
more insurance products being made available by the general insurance companies in India.
The life insurance companies have gained an investment prospectus in the recent times with
an idea of providing insurance along with a growth of your savings. But, the general
insurance companies remain reluctant to offer pure risk cover to the individuals.

1.1.7. List of all Life Insurance Company

S No Name of Life Insurance Company

1. Bajaj Allianz Life Insurance Co.Ltd
2. Aditya Birla Sunlife Insurance Co. Ltd
3 HDFC Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd
5 Exide Life Insurance Co. Ltd
6 Life Insurance Corporation Of India
 7 Max Life Insurance Co.Ltd
8 Pnb MetLife India Insurance Co. Ltd
9 Kotak Mahindra Life Insurance Co.Ltd
10 SBI Life Insurance Co. Ltd
11 Tata AIA Life Insurance Co. Ltd
12 Reliance Nippon Life Insurance Co. Ltd
13 Aviva Life Insurance India Co.Ltd
14 Sahara India Life Insurance Co. Ltd
15 Shriram Life Insurance Co. Ltd
16 Bharti AXA Life Insurance Co. Ltd
17 Future Generali India Life Insurance Co. Ltd
18 IDBI Federal Life Insurance Co. Ltd
19 Canara HSBC Oriental Bank Of Commerce Life

Insurance Co. Ltd

20 AEGON Life Insurance Co. Ltd
21 DHFL PR America Life Insurance Co.Ltd
22 Star Union Daichi Life Insurance Co.Ltd
23 India First Life Insurance Co. Ltd
24 Edelweiss Tokio Life Insurance Co Ltd

Important events in the History of Indian Insurance Industry

1912 - First piece of insurance regulation promulgated —Indian Life Insurance Company

Act, 1912.

1928 - Promulgation of the Indian Insurance Companies Act.

1938 - Insurance Act 1938 introduced the first comprehensive legislation to regulate
insurance business in India.
1956 - Nationalization of life insurance business in India.

1972 - Nationalization of general insurance business in India.

1993 - Setting-up of the Malhotra committee.

1994 - Recommendations of Malhotra Committee released.

1995 - Setting-up of Mukherjee committee.

1996 - Setting-up of an (interim) Insurance Regulatory Authority (IRA).

1997 - Mukherjee committee Report submitted but not made public.

1997 - The government gives greater autonomy to LIC, GIC and its subsidiaries with
regard to the restructuring of boards and flexibility in investment norms aimed at channelling
funds to the infrastructure sector.
1998 - The cabinet decides to allow 40% foreign equity in private sector companies - 26%
to foreign companies and 14% to non-resident Indians, overseas corporate Bodies and
foreign institutional investors.
1999 - The standing committee headed by Murali Deora decides that foreign equity in
private insurance should be limited to 26%. The IRA Act was renamed the Insurance
Regulatory and Development Authority (IRDA) Act.
1999 - Cabinet clears IRDA Act.

2000 - President gives assent to the IRDA Act.

2002 - Delinking of four Public Sector General Insurance companies from the holding
Company General Insurance Corporation of India.
2007 – Detariffication.

1.1.8.Future of insurance sector in India

Though LIC continues to dominate the Insurance sector in India, the introduction of the new
private insurers will see a vibrant expansion and growth of both life and non-life sectors in
2017. The demands for new insurance policies with pocket-friendly premiums are sky high.
Since the domestic economy cannot grow drastically, the insurance sector in India is
controlled for a strong growth.

With the increase in income and exponential growth of purchasing power as well as
household savings, the insurance sector in India would introduce emerging trends like
product innovation, multi-distribution, better claims management and regulatory trends in the
Indian market.
The government also strives hard to provide insurance to individuals in a below poverty line
by introducing schemes like the
• Pradhan Mantri Suraksha Bima Yojana (PMSBY),
 • Rashtriya Swasthya Bima Yojana (RSBY) and

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Introduction of these schemes would help the lower and lower-middle income categories to
utilize the new policies with lower premiums in India.
With several regulatory changes in the insurance sector in India, the future looks pretty
awesome and promising for the life insurance industry. This would further lead to a change in
the way insurers take care of the business and engage proactively with its genuine buyers.
Some demographic factors like the growing insurance awareness of the insurance, retirement
planning, growing middle class and young insurable crowd will substantially increase the
growth of the Insurance sector in India.
1.2.Statement of problem

With the beginning of this business environment, development of insurance industry seen a
rapid rise in new products and distribution channels which promoted rapid growth of the
industry.

Today digital disruption, regulatory pressures, changing customer behavior, and competitive
marketplace are forcing insurers to change their business strategy. The insurers around the
world are facing various internal and external growth-related challenges— from low-
interest rates, soft pricing conditions to technology advancements

India is a developing nation with one of the most populated nations in the world. Because of
its population, Indian insurance industry has got many opportunities to expand and introduce
different products which attract the individuals to invest. Private insurance companies have
joint ventures with foreign insurance companies which have their presence across the world.
One of the joint venture is between IDBI bank, Federal bank and Ageas which has resulted in
IDBI Federal insurance Co. ltd. Because of the awareness people are now more inclined
towards saving and optimum utilization of their wealth through various investment options.
Many private institutions are giving various investment options like mutual funds, insurance,
equity market etc. Today people are looking towards the good investment options where they
pay less and get good amount of return from their long term investment.

After interacting with various customers and also the staff at IDBI, I came to know that many
people lacks trust in the new institutions they prefer mostly investing in the market player
who is in the existence much before than IDBI Federal Life Insurance Co. Ltd. Which gives
them tax benefit, a good return, life coverage and a good platform to invest with trust and
reliability. These factors are present in mostly all the companies i.e. Tax Benefit, Life
Coverage, Guaranteed Returns. The only difference is the RATE OF RETURN which varies
company to company. Being a new player in the market IDBI, faced a stiff competition by
various well established companies like Life Insurance Corporation (LIC).

1.3.Objective of study

1.4.Methodology
 CHAPTER TWO

COMPANY PROFILE
2.1.Company Profile

2.1.1 About IDBI Federal Life Insurance Company Ltd

IDBI Federal Life insurance company limited is a three way joint-venture of IDBI Bank,
Federal Bank, Aegis. IDBI Federal distributes its products through a multi-channel network
consisting of Insurance agents, Banc assurance partners (IDBI Bank, Federal Bank) Direct
channel, and Insurance Brokers. In this joint-venture; IDBI Bank owns 48% equity while
Federal Bank and Ageas own 26 % equity each. Having started in March 2008, in just five
month of inception, IDBI Federal becomes one of the fastest growing new insurance
companies by garnering Rs. 100 Cr in premiums. Through a continuous process of innovation
in product and service delivery IDBI Federal aims to deliver world class wealth management,
protection and retirement solutions that provide value and convenience to the Indian
customer. In 2012-13, it declared its maiden profits in record 5 years, thus was one of the
fastest to do so in the industry. It again clocked Rs. 80 crore profits for the financial year
2013-14 and has maintained its profitable trajectory from thereon.

IDBI Bank
IDBI Bank Ltd. is today one of India's largest commercial Banks. For over 40 years, IDBI
Bank has essayed a key nation-building role, first as the apex Development Financial
Institution (DFI) (July 1, 1964 to September 30, 2004) in the realm of industry and thereafter
as a full-service commercial Bank (October 1, 2004 onwards). Post the mergers of the
erstwhile IDBI Bank with its parent company (IDBI Ltd.) on April 2, 2005 (appointed date:
October 1, 2004) and the subsequent merger of the erstwhile United Western Bank Ltd. with
IDBI Bank on October 3, 2006, the tech-savvy, new generation Bank with majority
Government shareholding today touches the lives of millions of Indians through an array of
corporate, retail, SME and Agri products and services.

Federal Bank

Federal Bank Limited is a major Indian commercial bank in the private sector headquartered
at Aluva, Kerala. The Bank is a pioneer among traditional banks in India in the area of using
technology to leverage its operations and was among the first banks in India to computerize
all its branches. The history of Federal Bank dates back to the pre-independence era. The
Bank was incorporated on April 23, 1931 as the Travancore Federal Bank Limited,
Nedumpuram under the Travancore Companies Regulation, 1916.The Bank's name was
changed to The Federal Bank Limited on December 2, 1949. The Bank was licensed under
the Banking Regulation Act, 1949, on July 11, 1959 and became a scheduled commercial
bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970. Today
the bank is present in 25 States, Delhi NCT and 4 Union Territories and the bank is listed in
BSE, NSE and London Stock Exchange.

AGEAS
Ageas is a Belgian multinational insurance company co-headquartered in Brussels. Ageas is
Belgium's largest insurer and operates in 14 countries worldwide. The company was renamed
from Fortis Holding in April 2010 and consists of those insurance activities remaining after
the breakup and sale of the financial services group Fortis during the financial crisis of 2007-
2010

MISSION
Reaching out to customers, through empowered & engaged employees and distributors
facilitated by cutting-edge technology, right selling & seamless service to meet their ever
evolving needs.
Values
 Passion
 Integrity
 Execution Ambition
 Transparency

PURPOSE
Empowering you to create the life and lifestyle of your choice.
GUIDING PRINCIPLES
Think Different Display Ownership Be Solution Focused Be Agile Embrace Openness
Most Recent Awards and Accolades
 Top 10 Most Trusted Life Insurance brands of India
in the Economic Times' Brand Equity Survey
 Life Insurance company of the year 2017 o at the
India Insurance Summit and Awards
 Insurance Company of the year 2017 o at Assocham
Insurance Excellence Awards
 Vision Awards 2015-16 Gold Award

 For excellence within its industry on the development of the organisation’s

annual report for 201516
 Life Insurance Company Of The Year 2017

 IDBI Federal bagged this honor at the India Insurance Summit and Awards
2017

 Insurance Company Of The Year 2017

 Received at the Assocham Insurance Excellence Awards

 Life Insurance Company of the Year - Medium &

Small (Private Sector)

 at the Fintelekt Insurance Awards

2017
 Insurance Company of the year 2017

 at Assocham Insurance Excellence

Awards
 Life Insurance company of the year 2017

 at the India Insurance Summit and

Awards

KEY MILESTONES
 December 2007 Licence received from IRDAI
 March 2008 First Policy Sold
 March 2013 Breaks even within 5 years; among the fastest in the
industry
 March 2014 Records a profit of Rs. 80 crore
 March 2015 IDBI Federal crosses Rs. 1000 crore in total business.
 October 2016 Moves to a bigger, modern office
March 2017 With Rs. 1,565 crore in total premium, we registered 27%
growth
2.1.2. IDBI FEDERAL IN NUMBER

>10 lakh Total > 58,000 crore >6,090 crore

policies issued Total sum Assets under
2,900+ assured management
branches pan
India
(includes Rs 800 crore 1,972 7,915 Advisors
IDBI Bank Capital base Employees
and
Federal Bank
branch)

Product Portfolio

 Term Plan
 insurance Flexi Term Plan
 Termsurance Sampoorn Suraksha Micro-
insurance Plan
 Termsurance Life Protection Insurance Plan
 Child Plan
 Childsurance Savings Protection Insurance
Plan
 Wealthsurance Future Star Insurance Plan
 ULIP Plan
 Wealth Gain Insurance Plan
 Wealthsurance Growth Insurance Plan
 Wealthsurance Growth Insurance Plan SP
 Wealthsurance Future Star Insurance Plan
 Saving Plan
 Lifesurance Saving Insurance Plan
 POS Guaranteed Plan
 POS Guaranteed Income Plan
 Incomesurance Guaranteed Money Back
Insurance Plan
  Incomesurance Guaranteed Money Back
Insurance Plan 7 pay
 Incomesurance Guaranteed Money Back
Insurance Plan 6 pay
 Secured Income Plan
 Guaranteed Wealth Plan
 Wealth Gain Insurance Plan
 Wealthsurance Growth Insurance Plan
 Wealthsurance Growth Insurance Plan SP
 Retirement Solutions
 Lifesurance Saving Insurance Plan o Wealth
Gain Insurance Plan
 Wealthsurance Growth Insurance Plan SP
 Wealthsurance Growth Insurance Plan
 Group Plans

 Loansurance Group Insurance Plan SP

 Retiresurance Group Insurance Plan
 Termsurance Group Insurance Plan
 Termsurance Group Protection Insurance
Plan
 Loansurance Group Insurance Plan
 Group Employee Benefit Plan
 Group Loan Secure Plan
 Group Microsurance Plan
 2.2 Business Canvas Model

KP KA VP CR CS
Joint venture Wealth management Provides investment Personal Customers who want
opportunities investment opportunities
Protection by Through Online
providing life .
insurance policies .

Retirement solutions

KR CH
Employees and Website, newspaper
agents

Premium by
customers

C$ R$
Remuneration / Salary Premium earned

Tax paid Income from investment

An Elaborated Canvas Model

(CS) Customer Segments:

 IDBI Federal provide investment opportunities to its customers

 They also provide retirement solution, to the individuals who are retired.
 Their target segments are people who want life insurance policy.

(CR) Customer Relationship:

 On a personal basis, they reach to customers directly to meet their requirements.

 Through website also customers can buy policies according to their needs.
  They have a dedicated personal assistance service through toll-free helpline number in
which customers can ask queries related to their products .
(CH) Channels:

 IDBI Federal life insurance in media channels like newspaper, online medium, it’s
the most efficient

(VP) Value Proposition:

 IDBI Federal life Insurance provides value to its customers by meeting customer’s
requirements.
 They have transparency in their services, which provides them strong customer
base
 They provide customer friendly services, like dedicated 24hrs tollfree customer
service helpline number.
(KP) Key Partnerships:

Joint venture

(KA) Key activities:

 Provide Wealth management solutions.

 Sells life insurance policies
 Provides better retirement solutions to individuals.

(KR) Key Resources:

 Premium by customers

(C$) Cost Structure:

The cost incurred for their activities are the remuneration / salary, tax paid, deposits

(R$) Revenue Structure:

The main sources of revenue for IDBI Federal life insurance are premium earned by
customers
 CHAPTER THREE
LITERATURE REVIEW
 3.1 LITERATURE REVIEW
1. Mishra (1986) in his study titled “Analysis of working of Life Insurance Corporation

of India” has worked on objective to study the effect of working of LIC, how this

affects the financial aspect and the impact of LIC’s working on the customer

satisfaction. It was concluded that being the only company providing best services to the

customers by satisfying their needs, is running successfully by earning sufficient

revenues and by providing extended services to the customers. The study examined that

LIC is managing its customer base basically with agency channel. With the wide spread

work force of LIC in every part of the country, the customers are provided with variety

of life insurance products at their door steps according to their requirements.

2. Chaudhary (2000) in the study entitled “Indian Insurance Industry and

Privatization” made an attempt on the roles which private companies can play. The

objectives of the paper were to find out whether private insurance companies can serve

as one stop shop covering all insurance needs, to know whether private companies can

offer value added services beyond premium collection and claim settlement or not. It

was concluded that for the first time in the history of Indian Insurance, the concept of

intermediary is being upgraded on a full scale. The reach of intermediaries will become

deeper and their impact on the conduct of insurance business will be wider than before.

The insurance companies can become one stop shop for providing all insurance products

and services to the customers.

3. Tripathi. S (2009) in his dissertation titled “A comparative analysis of LIC and

private life insurance companies” reported the objective to compare the performance

of LIC and private life insurance companies. Comparison between LIC and private life

insurers has been done on the basis of size, growth, productivity and grievances

handling mechanism. Private companies are giving direct competition to LIC. LIC is a
 dominating player even after privatization and at present there is an abundance scope of

insurance expansion in the Indian market. LIC is having a huge customer base being old

giant findings of this study. He concluded that LIC is a most popular and leading brand

but with aggressive marketing approach. It was also examined in the study that private

companies are giving direct competition to LIC.

4. Dr. Harish (2014) studied the product offerings of largest public sector life insurance

Company of India Life Insurance Corporation of India and the private giant ICICI

prudential life insurance company Ltd on the aspects of applicability of SERVQUAL

dimensions to current product offering and to study and compare the perception of

customers in terms of service quality. The study also attempts to compare perceived

quality of product offerings of the selected life insurance companies on SERVQUAL

dimensions

5. Basu and Hollway (2002) in their study titled “Distribution of Insurance” indicated

the background of new entrants, their business strategies and various developments

that are likely to influence the market. After the opening of insurance sector in India,

many insurance companies have entered the market with new distribution strategies.

These companies are offering different saving plans, term benefits, riders and a wider

range of products. From the study, it is evident that private life insurers will have to

concentrate on their distribution strategies in order to capture the untapped insurance

market.

6. Sharma and Chowhan (2013) in the research paper "A Comparative Study of Public

& Private Life Insurance", made an attempt to analyse the performance of public

and private life insurance companies in India. Researchers concluded that with the

entry of private players, the competition is becoming intense. In order to satisfy the
 customers, every company is trying to implement new creations and innovative

product characteristics to attract customers.

7. Gupta (1977) analysed in his study titled “Investment Policy of Life Insurance

Corporation of India” that how LIC is working with its policies, can it provide quality

and variety of products to its customers and lastly, is there any scope for private

participation in coming few years. It was found that presently, the only captain of ship

insurance is Life Insurance Corporation of India but scenario will change when the

doors will be opened for private sector. No doubt, LIC is working well with its policies

but still it will have to be ready for entry of private sector.

8. Krishnamurthy and Jhaveri (2005) in the paper titled “Insurance industry in India-

Structure, Performance and future challenges” has clearly explained the status and

growth of Indian insurance industry after liberalization and also presents future

challenges and opportunities linked with the insurance. Insurance is the backbone of

country’s risk management system and influence growth of an economy in several

ways. Penetration of insurance largely depends on availability of insurance products,

insurance awareness and quality of services. The future growth of this sector will

depend on how effectively the insurers are meeting the expectations of their customers

and able to change the perceptions of the Indian consumers and make them aware of the

insurable risks. The study indicated that on demand side, the rise in income will trigger

the growth of insurance. The process of reforms has enhanced competition, provided a

choice to the customers and improved the efficiency level of the industry. LIC continues

to remain strong in rural areas while in urban areas and metros, the private life insurers

have made their presence.

9. Subramanian (2005) examined in his study titled “Banc assurance model has a

potential to mobilize” that the average collection of insurance companies would rise by
 50% in 5 years from now, if the companies take up to banc assurance model. Even in

US, the largest life market in the world is opening up the banc assurance. Success of

banc assurance model in other parts of the world has shown us that banks and insurance

companies have taken focused steps in developing this model. There is an established

marketing and distribution network and a huge data base which both can harness for

their benefits. Although banc assurance was slow in picking up pace, it has finally taken

off as a successful distribution channel.

10. Aggarwal (2005) in his study “Distributing Insurance in India” has explained his

research experience about location and channels used to supply services to target

customers. Place and environment in which service is delivered also plays an important

role. Traditionally, insurance service providers have been going to the customer through

their direct selling agents. In India, the selling model is basically dependent upon

agency sales force. Even in U.S, most of the insurance policies are sold through direct

contact, as insurance is a complicated product and it needs personal guidance,

suggestions and options to analyze before making investment in life insurance policies.

11. Thakur (2010) in the study titled “Competition in life insurance sector in India”

examined the present scenario of life insurance sector in India and issues relating to

competition in this sector. As it is a growing sector, it is important that life insurers

get a level playing field to encourage competition in market. Through this study she

concluded that LIC as a State owned enterprise enjoys a dominant position in two

market. The life insurance sector is highly lucrative and as a result increasing FDI cap

would be a step to enhance competition in this sector, Exclusive networking,

sovereign guarantee and entry barriers like limited FDI creates an anti-competitive

environment in market.
12. Alok Mittal and Akash Kumar (2003) in their study “An Exploratory Study of Factors

Affecting Selection of Life Insurance Products” have attempted to identify the factors

which are affecting the consumers in taking into consideration before selecting a life

insurance product and determining the extent to which these factors are taken into

consideration for choosing life insurance products. The study highlighted that

consumers take into consideration factors like product attributes, customer delight,

payment mode, product flexibility, risk coverage, grace period, professional advisor, and

maturity period as important before making a decision on selection of a life insurance

product but most important factors which are of vital importance was product attributes,

and the least important was maturity period.

13. Upadhyay (2013) Identified that the present era is paving its way through the fast

emerging competitive scenario in the investment in insurance sector. And finance

industry and its rapidly progressing towards the universal policy holder, i.e., protection

based. This study is presented in policyholder’s protection in insurance and risk

management sector. It highlights the policyholders’ protection in insurance sector and

finance society. And policyholders’ perception regarding the insurance sector and the

problem being has been faced by them. Through this study an effort is made to remove

the wrong perceptions. The overall analysis is the whole protection of the every policy

holder which is invests in the insurance.

14. Kumar and Priyan (2012) state the objective to compare the performance of public and

private life insurance companies in their study titled “A Comparative Study of public

and private life insurance companies in India”. It was further examined in the paper

that insurance sector along with the other elements of marketing influenced the process

of liberalization and globalization in India. It was concluded in the study that life

insurance has today become a main story of any market economy since it offers plenty
 of scope for garnering large sums of money for long periods of time. Though

privatization of the insurance sector is feared to affect the prospects of Life Insurance

Corporation of India, the study shows that LIC continues to dominate the sector. Private

sector insurance companies are also trying to increase their market share with their

unending efforts, variety in products and sound distribution network.

15. Monika, Halan Renuka & Sane Susan Thomas (2013), in their research article on

“Estimating losses to customers on account of mis-selling life insurance policies in

India” have tried to determine the loss to investors from mis-selling of insurance

products. The approaches used was analysing the number of lapsed policies from the

annual reports of the insurance regulator, IRDA &the second method used the

persistence of premium payments that are reported in the annual reports of individual

insurance companies. The research has found out that the estimated loss was Rs.1.5

trillion, or $28 billion, to investors owing to mis-selling over the 2004-05 to 2011-12

periods. The authors concluded that there will be adverse economic consequence for

consumers if financial law and regulation does not focus upon consumer protection, the

existing policy environment has swung from a lack of focus on the consumer interests

where actually these interests are the foundation of policy recommendations and

regulatory changes .

16. Rajesh K. Yadav and Sarvesh Mohania (2015) conducted a study on Claim settlement of

life insurance policies in insurance services – A comparative study of LIC of India

and ICICI Prudential Life Insurance Company. For the purpose of covering up

financial risk along with better return on the investment, Life insurance coverage is

taken up. Claims are filed at the time of maturity or in case of death/disability. The

study focuses on the claim settlement process of life insurance services of LIC of India

and ICICI prudential life insurance company. With the increasing market due to
 increasing number of policies, numbers of claims are also increasing in both the

companies. Therefore it is very much essential to have simple and clear claim settlement

process. The research study is descriptive in nature. The study is based on the primary

data collected through 3 different closed – ended questionnaires designed to focus 3

different groups of respondents from Bhopal city and secondary data collected from

IRDA and research papers from various journals. The primary data is further tabulated

and analyzed with the help contingency table and Chi-Square Test. The study concluded

that in both LIC of India and ICICI prudential life insurance company are following

proper claim settlement process. LIC of India claim settlement process is very much

efficient but not that transparent and approachable as claim settlement process of ICICI

Prudential Life Insurance Company. ICICI Prudential Life Insurance Company with

their preference to customers, setting standards by claim settlement process and

continues to lead private life insurance sector.

17. Sumathi Kumaraswamy (2012), in her research, “Swot Analysis for Bancassurance:

Application of Confirmatory Factor Analysis: Review Of Research” has stated that

Bank places highest priority on customer service and satisfaction has a competitive edge

over its competitors. But Customer satisfaction is an important strategy for banks in

insurance selling as the bank refers their customers to the insurance company. In her

research she has examined the prospects of banc assurance based on the respondents'

perception towards the strengths, weaknesses, opportunities and threat factors pertaining

to the banc assurance venture. This research has concluded that The banc assurance

venture will benefits the customer in terms of better service quality, advice on financial

planning, diversification, quality products, doorstep service, credibility, transparency

dealing, ease of renewals, electronic banking. Customer will also derive satisfaction of

the brand strength of the bank, his relationship and trust on the bank. Finally the
 products sold through banc assurance can give better value and offer lesser premiums

for customers due to lower distribution costs.

18. Manjit Singh and Rohit Kumar (2008), in the paper, “Indian Insurance Industry

Outlook in the Post Reform period”, highlight that insurance penetration and density

has witnessed an increasing trend in the post- reform period, but has a long way to go to

even come close to the developed nations. The study also indicates huge unexplored and

untapped market in India and shows huge opportunities for insurance companies to

capture the business from competitive market; the survival of companies will depend on

their strategies and efforts to increase their penetration levels and tap the new business

positions especially in rural India.

19. Upadhyaya and Badlani (2011), in their research, attempt to identify the key success

factors in the life insurance industry, in terms of customer satisfaction so as to survive

intense competition and to increase the market share. The objectives of the study are to

identify the factors of customer satisfaction in retail life Insurance in India and to study

the importance of technology in fulfilling Customer Satisfaction. Data was collected

from 206 insurance customers of the ten public and private sector life insurance

companies from the major cities of Rajasthan and Maharashtra state in India. The study

concludes that despite high satisfaction levels, there remains a lot to be done by the

management of the retail life Insurance companies to maximise their customer

satisfaction and improve the quality of service. The satisfaction of the customer with the

services of the Life Insurance Companies was found to be linked with the performance

of the service.

20. Sinha and Tapen (2005), in their research article “The Indian Insurance Industry:

Challenges and Prospects” have stated that India is among the most promising

emerging insurance markets in the world. But out of total insurance premium market in
 India particularly life insurance currently makes up 80% of premiums. The research also

highlighted that when India undertook to open the domestic insurance market to private-

sector and foreign companies since then, 13 private life insurers and eight general

insurers have joined the Indian market. But speaking about major hurdles this research

spoke on the obsolete regulations on insurance prices which have to be replaced by risk-

differentiated pricing structures. . Furthermore it said that both the life and non-life

insurance sectors would benefit from less invasive regulations. The author also

suggested that Price liberalisation will be needed to improve underwriting efficiency and

risk management and the Private insurers will have a key role to play in serving the

large number of informal sector workers.

21. Aggarwal (2007) discussed in his paper titled “Distribution of life insurance products

in India” focused on the change in the existing distribution channels and to study

whether they are technology oriented or not. The study pointed out the objective to

analyze whether there is a potential for new companies or not after privatization. The

companies are giving an opportunity to direct selling agents to market their polices

while many are adopting banc assurance channel for distribution. The other channel

which is already established is agency. Banc assurance is able to penetrate the market

more successfully because banking and insurance industry shares a common target of

providing financial services to the customers. In conclusion of the study, Aggarwal

emphasized that private life insurers are exploring new techniques of distribution. The

study further pointed out that technology advancement is resulting in more awareness

and sophistication. On the other hand, web is exclusively used for getting information

and offline mode is followed while taking the policy.

 CHAPTER FOUR

DATA COLLECTION AND ANALYSIS

4.1 Method of Data Collection

The primary source of data is Google form which was floated among various groups and
secondary source of data is annual report and Bloomberg.
Data is also collected through personal inquiries and physical questionnaire which were
distributed at various places in Kolkata.
It was noticed that people were now less interested in purchasing life insurance through an
agent, people have shifted towards digital purchase of all these products.
LIC being the market leader for life insurance, it is very hard as an agent to sell a non – LIC
insurance product.

Link for the Google Form –

https://forms.gle/vLovHQU5Tk6y45PZ8

4.1.1 IDBI Federal Life Insurance - Study

 Name

 Age

 Earning Individual / Student

1. Student
2. Earning Individual

 Are you aware of IDBI Federal Life Insurance?

1. Yes
2. NO

 Do you have any Life Insurance policy?

1. Yes
2. No
  Which companies, Life Insurance would you prefer?
1. HDFC
2. ICICI Prudential
3. LIC
4. IDBI Federal

 What kind of premium do you prefer?

1. Lump-sum
2. Annually
3. Monthly
4. Quarterly

 Which is best investment according to you?

1. FD
2. Mutual Fund
3. SIP
4. Insurance Product

4.2. Analysis of Data

Are you Which

aware of Do you companies, What Which is
IDBI have any Life kind of best
Earning Federal Life Insurance premium investment
Individual Life Insurance would you do you according
Name Age / Student Insurance? policy? prefer? prefer? to you ?
IDBI Mutual
Sumaiyya Taj 23 Student Yes No Federal Monthly Fund
Daraksha Earning Mutual
khan 23 Individual Yes No LIC Monthly Fund
IDBI Mutual
Bipin kumar 20 Student Yes No Federal Annually Fund
Chitranshi 24 Student Yes Yes LIC Annually FD
Mutual
Tanya Singh 22 Student NO Yes LIC Monthly Fund
Vivek 22 Student Yes Yes HDFC Lump- SIP
Digwani sum
Earning IDBI Mutual
Nidhi hardia 23 Individual Yes No Federal Quaterly Fund
Utkarsh Earning
Mishra 26 Individual Yes No LIC Annually SIP
IDBI
Shipra Nigam 22 Student Yes No Federal Monthly FD
Lily 22 Student Yes No LIC Quaterly FD
IDBI Mutual
Parimal 24 Student NO No Federal Annually Fund
Mutual
Naina Gupta 21 Student NO No LIC Monthly Fund
Priyanka
Namdev 22 Student Yes No LIC Monthly FD
Prasad 24 Student NO No LIC Annually SIP
Mukesh
Kanna T 23 Student Yes No LIC Annually FD
Earning Mutual
Ahmad 28 Individual Yes Yes LIC Annually Fund
Earning
Aamir 34 Individual NO Yes LIC Annually SIP
Aastika ICICI
Gautam 23 Student NO No Prudential Quaterly FD
Swapnil sahu 24 Student Yes Yes LIC Quaterly FD
Lakshya
Dembla 23 Student Yes Yes LIC Annually SIP
Deeksha
kumari
pandey 23 Student NO No LIC Annually FD
Deeksha
kumari
pandey 23 Student NO No LIC Annually FD
Pratik agarwal 25 Student Yes Yes LIC Annually SIP
Radhe Earning Mutual
Shayam 35 Individual Yes Yes HDFC Annually Fund
Earning ICICI
Gopalakrishna 42 Individual Yes Yes Prudential Quaterly FD
Mahesh Earning IDBI Insurance
kumar 29 Individual NO No Federal Monthly Product
Rakesh Earning Insurance
Chowdhary 52 Individual Yes No LIC Annually Product
Earning ICICI Lump- Insurance
Narayan Das 59 Individual NO Yes Prudential sum Product
Rani 26 Student NO No LIC Monthly FD
Mutual
arpita singh 22 Student NO No LIC Annually Fund
ICICI Mutual
Arnav 23 Student Yes Yes Prudential Quaterly Fund
Lump- Mutual
Priya Vidhuri 22 Student Yes No HDFC sum Fund
Ashutosh Mutual
Kumar Singh 25 Student Yes Yes LIC Quaterly Fund
Lump-
Akshay Batra 23 Student Yes Yes LIC sum FD
Deeksha
Risbood 22 Student Yes Yes LIC Monthly SIP
Vimal Mutual
Raghunath 26 Student Yes Yes LIC Annually Fund
arushika Earning
srivastava 25 Individual NO No LIC Monthly SIP
Lump-
Riya Agarwal 17 Student Yes No HDFC sum FD
Latika 19 Student Yes No LIC Annually FD
Mariyam
Fatima 22 Student NO No HDFC Monthly FD
Shaziya Mutual
Anjum 22 Student NO No LIC Quaterly Fund
Mutual
Soumya 22 Student Yes No LIC Annually Fund
Lump-
Veer Sikarwar 22 Student NO Yes LIC sum SIP
Mohd Earning ICICI Insurance
Armaan 34 Individual Yes Yes Prudential Monthly Product
Pragati 22 Student Yes Yes LIC Quaterly SIP
Earning
Udit kumar 30 Individual Yes No LIC Quaterly SIP
Mutual
Garvita 22 Student Yes No LIC Annually Fund
Vaishnavi 21 Student NO Yes LIC Quaterly FD
Mahesh
Rathore 23 Student Yes Yes LIC Quaterly SIP
Deepak IDBI Lump-
Sharma 24 Student Yes No Federal sum SIP
Prescilla Earning Lump-
Rajput 22 Individual NO No LIC sum FD
Vartika 22 Student Yes No LIC Quaterly FD
 IDBI
Priya Gosh 27 Student Yes No Federal Monthly FD
Vanshika 20 Student Yes No LIC Monthly FD
Mutual
Soumya 22 Student Yes No LIC Annually Fund
 CHAPTER FIVE

FINDING LEARNING AND

CONCLUSION

5.1 Observation and Finding / Learning

Fig. 1

Fig. 2
Fig. 3

Fig. 4
Fig. 5

Fig. 6
Fig. 7
5.2 Suggestion and Conclusion
Fig. 6 – 36.4% of the respondent preferred annual instalment and rest had different equal
opinion.

Fig. 7 – 36.4% of the respondent preferred FD as their primary investment over all other
investment. Fig. 1 – The average age of the respondent is 25 years.

Fig. 2 – 74.5% of the respondent are student and rest of them are working individuals.

Fig. 3 – 32.7% of the respondent were not aware about the IDBI Federal Life Insurance.

Fig. 4 – 61.8% of the respondent does not have insurance policy and rest of them had.

Fig. 5 – 67.3% of the respondent preferred LIC over all other Insurance Companies.

5.3 Limitation and Future Scope of Study

01. The study does not revolve around comparison between various schemes which
encompasses under Insurance product.
02. Study ignores, how we can improve the sales of IDBI products and only focus upon
educated people.
03. LIC has a huge market in rural India where as IDBI lacks in the same, Study can be
further conducted in rural India.
04. Study ignore focus, focus can be done on specific heads such as age, salary, location
and various other.
05. Form was not through any official mechanism, which creates lack of seriousness
among the respondent.
REFERENCES