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SUBMITTED BY KHUSHBOO BHATT MBA 2009-11 BATCH ROLL NO: - MFO9004
INDIAN INSTITUTE OF MANAGEMENT TRAINING
EL-34/5, MIDC, BHOSARI, PUNE400026.
First of all I am profoundly grateful to INDIAN INSTITUTE OF MANAGEMENT TRAINING for giving me such an opportunity to make a report that has helped me understand the applications of what I have learnt, in professional life.
I would especially like to thank and express my cordial gratitude to Mr. KRUNAL CHAUDHARI and Mr. SATYEN NAIK who provided me this opportunity to work in such a prestigious organization, which enhanced my knowledge base and allowed me to understand the practical application of the various aspect of insurance Sector
I am thankful to SATYEN NAIK and KRUNAL CHAUDHARI who guided me at every step and solved my difficulties at the KOTAK OLD LIFE INSURANCE, during my internship time.
Moreover, I am deeply thankful to my faculty Mr. R.K.RAY. for all his help and support in form of resources sharing, guiding, motivating and helping me to complete and compile my project report.
Last but not least I am extremely thankful to my parents, family members and friends for their help and cooperation to overcome my difficulties during my report preparation.
To be an MBA student is a matter of pride because you are in a field which helps you to develop from a normal human being into a disciplined and dedicated professional. In the management field you cannot create success stories if you are not a good learner. You need to be a good learner to sharpen your knowledge in the particular field to achieve and attain the desired goals and heights. Mere bookish or theoretical knowledge cannot help you in any field whether it is management, technology, research, or any other field. The only thing that can help you is having a sound practical knowledge of the concerned field. As part of my learning in management field and also a requirement of the MBA programme, I have been very fortunate to receive practical knowledge in KOTAK OLD MUTUAL LIFE INSURANCE COMPANY I received my training at Kotak as a requirement of the MBA curriculum. This training has made me clear the difference between the theoretical knowledge and the practical scenario, making me aware of the importance of practical working conditions/situations.
Page 4 . Formalities and procedures needed in settling claims. To give comparative analysis of claim settlement procedure followed by premium insurance company in India. To know the role of IRDA in insurance sector.The objective of my training was to study the insurance company dealing in general insurance and life insurance. DECLARATION I. MS BHATT KHUSHBOO hereby declare that this project report is the record of authentic work carried out by me during the period from 25th MAY 2010 TO 25TH JULY 2010 and has not been submitted to any other University or Institute for the award of any degree / diploma etc.
TABLE OF CONTENTS:
SR NO. 1. TOPIC INSURANCE HISTORY OF INSURANCE INSURANCE IN INDIA 2. REGULATORY BODY OF INSURANCE IN INDIA MISSION OF IRDA EXCEPTION FROM IRDA 3. 4. TYPES OF INSURANCE HISTORY OF LIFE INSURANCE LIFE INSURANCE IN INDIA 5. BASIC TERMS USED IN INSURANCE
PAGE NO. 6 7 8 12 12 13 14 15 17 19
6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26.
INSURANCE SECTOR REFORMS LIST OF COMPANIES REGISTERED WITH IRDA TYPES OF LIFE INSURANCE POLICY KOTAK MAHINDRA OLD MUTUAL KOTAK OLD MUTUAL LIFE INSURANCE TYPES OF PRODUCT DIFFERENCE BETWEEN TRADITIONAL AND ULIP ORGANISATIONAL STRUCTURE AND FLOW OPERATIONS AT KOTAK POLICY MAKING AND RECEIVING PROCEDURE LAPSATION AND REVIVAL PROCEDURE CLAIM SETTLEMENT ISSUES IN CLAIM SETTLEMENT PROCEDURE OF CLAIM SETTLEMENT COMPARATIVE ANALYSIS OF PREMIUM INSURANCE COMPANY IN INDIA RESEARCH METHODOLOGY ANALYSIS FINDINGS RECOMMENDATIONS CONCLUSIONS
29 30 31 34 36 38 41 43 44 46 47 50 55 56 57 61 67 71 92 93 94
27. 28 29
LIMITATIONS BIBLIOGRAPHY ANNEXURE
95 96 97
CHAPTER 1. INSURANCE
Insurance Business is related with securities of monetary value of assets. Every asset has a value for its owner because its owner earns something by using it. This earning may be in monetary terms or may not be. For example a factory owner or a cow owner can earn money by selling their respective production. And a car owner gets facility of easy travelling, the car using cannot return into monetary term. But if a car owner using his car as a taxi then he can earn in monetary term. Every asset has a fix time period in which only they can be productive. After end of their fixed age they will get expire and they will not be productive. The owners of assets know about that thing and therefore he arranges things by which he can earn after expiry of his current assets. But there are chances that the assets can expire before their respective age. This can be happen by accidents or any natural calamities. If assets expire before their life end time than it can be inversely affect their owner and other persons also who are the beneficial of these assets. Insurance is such a system by which the bad results of such type of accidents and natural calamities can be reduced. Insurance is not securing the assets and also it cannot stop any kind of natural calamities or accidents. It only can reduce the burden of loss on their owners and other beneficially. Logically the Insurance procedure is easy. The people who have the same type of risk are get together and decide among themselves that if any one member get loss than all the other member will divide it equally. For example the all persons who transport goods by ship has the risk related to marine like pirates and bad weather etc. But the
markets. in which insurance is part of the financial sphere). Turning to insurance in the modern sense (i. If a merchant received a loan to fund his shipment. the members of the community help build a new one. if a house burns down. respectively. For example. Otherwise. 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 second type is a more ancient form than the first. All businessmen were gathered at Lloyd’s House of London and decided that if their goods. financial instruments and so on).persons who are the owner of factories they are not having any risk from the marine but they are having different risk like fire earthquake theft etc… HISTORY OF INSURANCE In some sense we can say that insurance appears simultaneously with the appearance of human society. This loss can be happen by many reasons like by pirates. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread. will damage. 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.e. the other neighbours must help. The Babylonians developed a system which was recorded in the famous Code of Hammurabi. We know of two types of economies in human societies: money economies (with markets. bad weather etc… Page 8 . insurance in a modern money economy. financial instruments and so on) and non-money or natural economies (without money. than all member will equally divide this loss. In such an economy and community.. neighbours will not receive help in the future. early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC. Insurance business is started by marine business. and practised by early Mediterranean sailing merchants. 1750 BC. Should the same thing happen to one's neighbour. c. we can see insurance in the form of people helping each other. money. which were transported by ship.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870. The story of insurance is probably as old as the story of mankind. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and these companies were not insuring Indian natives. particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. INSURANCE IN INDIA The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. In India an English European Company and Albert Company started the insurance business. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. These companies were doing Life Insurance.The first insurance policy was issued in the year 1583 in England. and covered Indian lives at normal rates. Page 9 . later with the efforts of eminent people like Babu Muttylal Seal. 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. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. the foreign life insurance companies started insuring Indian lives. However. Life Insurance in its modern form came to India from England in the year 1818. Though the concept of insurance is largely a development of the recent past.
From 44 companies with total business-in-force as Rs. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Indian Mercantile. The first two decades of the twentieth century saw lot of growth in insurance business. But the Act discriminated between foreign and Indian companies on many accounts. insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society.298 crore in 1938.22. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. However. house of the great poet Rabindranath Tagore. it was much later on the 19th of Page 10 . In the year 1912. putting the Indian companies at a disadvantage. National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. in Calcutta. Prior to 1912 India had no legislation to regulate insurance business. Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko. and the Provident Fund Act were passed. it rose to 176 companies with total business-inforce as Rs.Starting as Indian enterprise with highly patriotic motives. General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. the Life Insurance Companies Act. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The United India in Madras. In 1907. The Life Insurance Companies Act 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary.44 crore. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly.
00 Crores of New Business in 1957 the corporation crossed 1000. Nationalization was accomplished in two stages. and later. 16 non-Indian companies and 75 provident were operating in India at the time of nationalization.00 crore mark of new business. Today LIC functions with 2048 fully computerized branch offices. providing them adequate financial cover at a reasonable cost. by 1985-86 LIC had already crossed 7000. As a result of reorganization servicing functions were transferred to the branches. LIC’s Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. About 154 Indian insurance companies. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956. Re-organization of LIC took place and large numbers of new branch offices were opened. 7 zonal offices and the corporate office. apart from its corporate office in the year 1956. LIC has tied up with some Page 11 . 100 divisional offices. with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country. Since life insurance contracts are long-term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. 33 divisional offices and 212 branch offices.00 crore Sum Assured on new policies. But with re-organization happening in the early eighties.January 1956 that life insurance in India was nationalized.00 Crores only in the year 1969-70. and branches were made accounting units. and the Life Insurance Corporation of India was created on 1st September. and it took another 10 years for LIC to cross 2000. the ownership too by means of a comprehensive bill. initially the management of the companies was taken over by means of an Ordinance. It may be seen that from about 200. 1956. It worked wonders with the performance of the corporation. LIC had 5 zonal offices.
LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. New Delhi. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message in providing security to their families.Banks and Service providers to offer on-line premium collection facility in selected cities. Apart from on-line Kiosks and IVRS. Chennai. The satellite offices are smaller. LIC has launched its SATELLITE SAMPARK offices. Info Centers have been commissioned at Mumbai. Kolkata. With a vision of providing easy access to its policyholders. Page 12 . LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Hyderabad. leaner and closer to the customer. Pune and many other cities. From then to now. Ahmedabad. Bangalore. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.
promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. and not the market regulator Securities and Exchange Board of India.” Page 13 . It was formed by an act of Indian Parliament known as IRDA Act 1999. based in Hyderabad. MISSION OF IRDA “To protect the interests of the policyholders. to regulate. which was amended in 2002 to incorporate some emerging requirements. In 2010.REGULATORY BODY OF INSURANCE IN INDIA The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India. the Government of India ruled that the Unit Linked Insurance Plans (ULIPs) will be governed by IRDA.
To ensure speedy settlement of genuine claims. To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments). financial soundness. promote. 5. 7. To take action where such standards are inadequate or ineffectively enforced. clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. To set.EXCEPTION FROM IRDA The law of India has following expectations from IRDA 1. Page 14 . To ensure that insurance customers receive precise. transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players. for the benefit of the common man. fair dealing and competence of those it regulates. to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. 2. To protect the interest of and secure fair treatment to policyholders. and to provide long term funds for accelerating growth of the economy. To promote fairness. 6. monitor and enforce high standards of integrity. 3. 4.
Endowment Assurance. Term Assurance. Assurances for Children. It includes Whole Life Assurance. TYPES OF INSURANCE TYPE OF INSURANCE LIFE INSURANCE GENERAL INSURANCE TRADITIONAL ULIPs FIRE MARINE CASULATY TYPES OF INSURANCE: Life Insurance Insurance against risk of loss to one's life is covered under Life Insurance. Money Back Policy etc. Life insurance is also known as long term insurance or life assurance. To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation. Page 15 .8.
➢ Life insurance came into its own in England in the late1600's and became popular from that time on. personal accident insurance etc. One buys life insurance because he or she loves their spouse and children. There are accounts that show that these guilds helped their members with various types of insurance including life insurance and disability insurance. caring for others.500 years ago. groups came together called Fraters (burial clubs). accident etc. ➢ Almost 4. There. HISTORY OF LIFE INSURANCE ➢ Life insurance reflects one of the best parts of human beings. health insurance. General insurance includes fire insurance. motor insurance. marine insurance. These were set up by the poor to pay for the funerals of the members and to help the surviving family members financially. ➢ One of the first records of life insurance was in Rome. Lloyd's whose name came from Lloyd's Coffee House where insurance was transacted by ship owners with the underwriters (backers) who met to put together insurance contracts and other shipping and merchant related business.General Insurance Insurance against risk of loss to assets like car. is covered under General or Non-life Insurance. During this time period Lloyd's of London was growing. house. ➢ The middle ages had guilds for the various types of highly skilled labor. traders used to bear risk of the caravan trade by giving loans that Page 16 . in the ancient land of Babylonia. There are benefits while living but the real reason is to make sure others are financially taken care of. theft insurance.
European maritime nations entered into the earliest known insurance contract and decided to accept marine insurance as a practice. ➢ As European civilization progressed. in Genoa. The first step… ➢ Insurance as we know it today owes its existence to 17th century England. all these revolved around the concept of insurance or risk coverage. was how insurance made its beginning. In fact. Medieval guilds took it upon themselves to protect their member traders from loss on account of fire. In 2100 BC. In 1693. shipwrecks and the like. its social institutions and welfare practices also got more and more refined. With the discovery of new lands. Joseph Dodson reworked the table. ship-owners and underwriters met to discuss and transact business. really. it began taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London.had to be later repaid with interest when the goods arrived safely. astronomer Edmond Halley constructed the first mortality table to provide a link between the life insurance premium and the average life spans based on statistical laws of mortality and compound interest. sea routes and the consequent growth in trade. Insurance & myth… ➢ Back in the 17th century. By the end of the 18th century. So these guilds even offered ransom for members held captive by pirates. In 1756. Essentially. ➢ In 1347. where merchants. linking premium rate to age. Page 17 . there was also the fear of pirates. Burial expenses and support in times of sickness and poverty were other services offered. the Code of Hammurabi granted legal status to the practice. ➢ Since most of the trade took place by sea. That's how old these concepts are. perhaps. Lloyd's had brewed enough business to become one of the first modern insurance companies.
➢ 1928 The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. ➢ 1870 Bombay Mutual Life Assurance society is the first Indian owned life insurer ➢ 1912 The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.Indian and foreign insurers and provident societies taken over by the central government and nationalized. 1956. LIC Act. LIC formed by an Act of Parliament. ➢ 1938 Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. ➢ 1956 -245. Page 18 . viz.MILESTONES IN THE LIFE INSURANCE BUSINESS IN INDIA ARE: ➢ 1850 Non life insurance debuts with triton insurance company.
➢ 1968 The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. and the United India Insurance Company Ltd.. the New India Assurance Company Ltd. the first general insurance company established in the year 1850 in Calcutta by the British. frames a code of conduct for ensuring fair conduct and sound business practices. ➢ 1972 The General Insurance Business (Nationalization) Act. ➢ The General insurance business in India. Page 19 . a wing of the Insurance Association of India. the first company to transact all classes of general insurance business. the Oriental Insurance Company Ltd. can trace its roots to the Triton Insurance Company Ltd. on the other hand.➢ With a capital contribution of Rs. 1972 nationalized the general insurance business in India with effect from 1st January 1973. Some of the important milestones in the general insurance business in India are: ➢ 1907 The Indian Mercantile Insurance Ltd.. 5 Crore from the Government of India. 107 insurers amalgamated and grouped into four companies’ viz. set up.. ➢ 1957 General Insurance Council. the National Insurance Company Ltd. GIC incorporated as a company.
Additional benefit given on accident that called as Accident Death Benefit. Simple meaning:. Simple meaning:. In the context of life insurance.“when sudden & unpredictable happen to policy holder. Accumulation Period Page 20 .BASIC TERMS USED IN INSURANCE Accident A sudden and unintentional happening leading to a loss. it is a sudden and unforeseen happening that causes disability or death of the policyholder. die or causes disability is called as accident” Accidental Death Benefit An add-on benefit in which the benefit is payable in the event of death of the life insured as a result of an accident provided he has opted for this benefit.
Actuary A professional with expertise in technical aspects of insurance. Age limits The maximum and minimum ages above or below which an insurance company will not accept applications for insurance from or will not renew a policy with a person. It is established by the insured.Time duration between starting of policy & benefits are paid out is called as Accumulation period. Actuarial Cost Method A method that determines contributions that would be made under an insurance plan. Agent (Life Advisor) A representative of an insurance company authorized to sell insurance policies. Simple meaning:.contribution determination of insurance plan is done by actuarial cost method.A person expert in technical knowledge of insurance.The time interval between the commencement of the policy and the time when benefits are paid out. An actuary is a statistician and mathematician by training. Simple meaning: . Simple meaning:. Annuitant The person who will receive annuity benefits at stipulated intervals of Page 21 .
Annuity Certain An insurance contract that provides an annuity for a certain number of years. Authority The Insurance Regulatory and Development authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act. 1999. irrespective of whether the insured is alive or dead.time like yearly / half yearly/ quarterly / monthly intervals. Annuity The amount paid under an annuity scheme at stipulated intervals like yearly/half yearly/quarterly/monthly intervals. Assignee The person to whom the benefits of the life insurance policy are assigned. Assignment A transfer of the rights and benefits of an insurance policy from one person to another. Benefit Period Page 22 . Annuity Consideration The payment that an annuitant makes for an annuity.
Bonus Bonus is the amount added to the basic sum assured under a withprofit life insurance policy. And you may want switch between funds. your financial requirements could change. During the term of the plan. Buying price This is the price at which you enter a fund. Beneficiary The person who receives the benefit of a policy in case of death during the term or the policyholder who receives the benefit on maturity. increased by the relevant trading costs associated with buying the assets.The time for which an insurance company covers the designated insured or dependents for the benefits. Claim A request for payment of the contractual benefits by the insurer that is made by the insured or the beneficiary. Benefit Period The time for which an insurance company covers the designated insured or dependents for the benefits. Your units in the fund would be sold at the selling price and other units bought at the buying price as per your instructions. based on the market value per unit. Concealment Page 23 .
firm or company occupying such Page 24 . firm or company is entitled to the management of the whole affairs of a company under the control and direction of the directors unless provided for in the agreement.when a policy holder long live then contract or beneficiary gets after death of policy holder that called as endowment plan.When an applicant withholds critical information from the insurance company. Death Benefit The benefit received by the beneficiary (ies) on the death of the insured. For instance. Simple meaning:.when a person hides some critical information from insurance company that called as concealment. Dating Back Dating Back or Back Dating is an option that allows the assured to get the benefits of lower age by commencing the policy from a date earlier than the date on which the proposal form was signed. he is concealing information. Managing agent An agreement with the company by which a person. Back Dating is permissible only within the same financial year. it is called concealment. and includes any person. Simple meaning:. if the applicant is suffering from a terminal disease and he does not notify the company of this. Endowment Plan A plan in which the amount is paid to a policyholder if he outlives the tenure of the contract or to the beneficiary if the insured person dies before the date on which the policy matures.
stating the reasons for objection. after deducting: proportionate risk premium for the period on cover. Where he disagrees with the terms and conditions stated in the policy. Money Back Plan A plan in which part of the sum assured is paid back to the policyholder at regular intervals. In such a case the Policy would then be cancelled and the premium paid by the client would be refunded to him. Maturity Date The date on which the policy term expires. This group should already be in existence and should not have come together only for the purpose of insurance. he has the option to return the policy. expenses incurred by the Insurance Company on medical examination of the client and stamp duty charges. Free look period A free look period gives the client an option to review the terms and conditions of the policy within 15 days from the date of receipt of the policy document. Human Life Value The present value of the family's share of the breadwinner's future Page 25 . Group Life Insurance Life insurance of a group of people under a policy.position by whatever name called.
consideration refers to premium. on the happening of certain event for the consideration. IRDA The acronym for the Insurance Regulatory and Development Authority of India. sum of money refers to sum assured/benefits. Level Premium Life Insurance Life insurance for which the premium remains unchanged year after year. it is the apex body overseeing the insurance business in India. License Permission granted by IRDA to the applicant for commencement and operation of the insurance business in India. certain event refers to contingent event. It protects the interests of the policyholders.earnings is considered as Human Life Value. regulates. Here. Page 26 . Life Insurance A contract provided for the payment of a sum of money to the person assured or failing him. for purposes of life insurance. Last Birth Day Age at last birthday. Lapse The termination of an insurance policy due to non-payment of premia. to the person entitled to receive the same. promotes and ensures orderly growth of the insurance industry and for matters connected therewith or incidental thereto.
in case of a lapse of policy. a life insurance policy. Nominee A person selected by the policyholder to receive the benefit in case of death of the life insured. Page 27 . These policies are not non-par policies and are entitled for any share in surplus (profits) during the term of the policy. Non Participating policies These are also called "non-par policies" or “policies without participation in profits". in this case. Policyholder The person who owns the policy. This benefit is accorded to policy holders because of higher premia paid during the early years and the interest earned on these premia by the insurance companies. Participating policies These are also called "par policies" or "policies with participation in profits". Non Forfeiture Option A clause whereby the insurers do not generally forfeit all the premia paid. These policies are not entitled for any share in surplus (profits) during the term of the policy Non-Standard Life An individual who cannot be granted a policy under normal rates of premia.Nomination A provision by which a policyholder can designate any person to receive the policy money in the event of his death.
any place under the latest census. Reinsurance The transfer of part or whole of the risk by the original insurance company to one or more reinsures. which has 1) A population of not more than five thousand 2) A density of population of not more than four thousand per square kilometer and 3) At least 75 per cent of the male working population is engaged in agriculture. Reinstatement To restore the policy after the insurance policy has lapsed. Prospect A potential new customer who can be approached for buying an insurance policy. in order to be covered under a policy. Page 28 . 1938.Premium The amount paid by a policyholder to the insurance company. Rural sector In accordance with the Insurance Act. Rider An add-on benefit available at the option of the policyholders that may alter certain features of a policy by increasing or restricting benefits.
Page 29 . based on the market value per unit. Whole Life Insurance A life insurance policy where benefits are payable to a beneficiary on death of the insured. informal sector. Social sector In accordance with the Insurance Act. this includes unorganized sector. Term The tenure of the policy. the contract expires and the premium is not paid back to the insured. whenever that occurs. In the case of survival. 1938. less the relevant trading costs associated with selling the assets. Surrender Value A value payable if you want to surrender the plan before a claim arises. The premium payment can happen for a specified number of years or throughout life. economically vulnerable or backward classes and other categories of persons.Selling price This is the price at which you can sell units. both in rural and urban areas. Term Cover A type of life insurance where the sum assured is payable only in the event of death of the insurer during the specified term.
INSURANCE SECTOR REFORMS In 1993. the committee submitted the report and some of the key recommendations included. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. Page 30 . N. Malhotra. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…” In 1994. Malhotra Committee. headed by former Finance Secretary and RBI Governor R.` ➢ Insurance regulator IRDA set up. was formed to evaluate the Indian insurance industry and recommend its Future direction.
➢ IRDA starts giving licenses to private insurers: Kotak Life Insurance ICICI prudential and HDFC Standard Life insurance first private insurers to sell a policy. LIST OF COMPANIES REGISTERED WITH IRDA Aegon Religare Life Insurance Company Ltd. ➢ Bajaj Allianz Life Insurance Company Limited ➢ Bharti AXA Life Insurance Company Ltd. ➢ Aviva Life Insurance Co. ➢ Future Generali India Life Insurance Company Limited ➢ Page 31 . ➢ Birla Sun Life Insurance Company Ltd. ➢ DLF Pramerica Life Insurance Company Ltd. ➢ Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. India Ltd. ➢ Royal Sundaram Alliance first non life insurer to sell a policy 2002 Banks allowed selling insurance plans.
Page 32 . For instance. Ltd. then he is not entitled to any payment. ➢ Reliance Life Insurance Company Limited. ➢ IDBI Fortis Life Insurance Company Ltd. ➢ Tata AIG Life Insurance Company Ltd. ➢ SBI Life Insurance Company Limited . the insurance company keeps the entire premium paid during the 15-year period.HDFC Standard Life Insurance Company Ltd. Ltd. if a person buys Rs 2 lakh policy for 15-years. ➢ Star Union Dai-ichi Life Insurance Co. Ltd. ➢ TYPES OF LIFE INSURANCE POLICY Term Insurance Policy ➢ A term insurance policy is a pure risk cover for a specified period of time. ➢ What if he survives the 15-year period? Well. ➢ Metlife India Insurance Company Ltd.. ➢ Shriram Life Insurance Company Ltd. What this means is that the sum assured is payable only if the policyholder dies within the policy term. his family is entitled to the money if he dies within that 15-year period. ➢ ING Vysya Life Insurance Company Private Limited ➢ Kotak Mahindra Old Mutual Life Insurance Limited ➢ Life Insurance Corporation of India ➢ Max New York Life Insurance Co. ➢ Sahara India Life Insurance Co. ➢ ICICI Prudential Life Insurance Company Ltd.
Whole Life Policy ➢ As the name suggests. a Whole Life Policy is an insurance cover against death. ➢ If the insured dies during the tenure of the policy.➢ So. He forfeits the amount if he outlives the period of the policy. there is no element of savings or investment in such a policy. whereby if the person covered remains alive beyond the tenure of the policy. ➢ A pure endowment policy is also a form of financial saving. the sum assured is payable even if the insured survives the policy term. endowment policies is the most popular policies in the world of life insurance. ➢ Under this plan. This explains why the Term Insurance Policy comes at the lowest cost. however. As a result of these drawbacks. While the insured buys the policy at a young age. insurance firms now offer either a modified Whole Life Policy or combine in with another type of policy. It simply means that a person pays a certain premium to protect his family against his sudden death. By the time he dies. the insurance firm has to pay the sum assured just as any other pure risk cover. his requirements increase over time. Page 33 . irrespective of when it happens. following which the money is handed over to his family. It is a 100 per cent risk cover. the value of the sum assured is too low to meet his family's needs. ➢ In an Endowment Policy. fails to address the additional needs of the insured during his post-retirement years. Endowment Policy Combining risk cover with financial savings. It doesn't take into account a person's increasing needs either. the policyholder pays regular premiums until his death. This policy. he gets back the sum assured with some other investment benefits.
➢ The premium is payable for a particular period of time. That is why with-profit policies are also being introduced to offset some of the losses incurred on account of inflation. education. ➢ In case of death. With inflation becoming a big issue. companies have realized that sometimes the money value of the policy is eroded. etc) over a stipulated period of time. The cost of such a policy is slightly higher but worth its value.In addition to the basic policy. the insurer agrees to pay the insured a stipulated sum of money periodically. On survival the remainder of the sum assured is payable. Money Back Policy ➢ These policies are structured to provide sums required as anticipated expenses (marriage. ➢ A portion of the sum assured is payable at regular intervals. the full sum assured is payable to the insured. Page 34 . insurers offer various benefits such as double endowment and marriage/ education endowment plans. Annuities and Pension In an annuity. Over the years. The purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals. insurers have added various features to basic insurance policies in order to address specific needs of a cross section of people.
Pinto and Kotak & Company. Page 35 . Sidney A. KOTAK MAHINDRA One of India's leading financial institutions was born in 1985 as Kotak Capital Management Finance Limited.Uday Kotak. A. and that's when the company changed its name to Kotak Mahindra Finance Limited. Industrialists Mr. Kotak Group acquired the 40% stake in Kotak Prime held by Ford Credit International (FCI) and FCI acquired the stake in Ford Credit Kotak Mahindra (FCKM) held by Kotak Group.CHAPTER 2. Mr. Harish Mahindra and Mr. It's been a steady and confident journey to growth and success. In October 2005. This company was promoted by Mr. Anand Mahindra took a stake in 1986.
employs around 8. the group caters to the financial needs of individuals and corporates. to stock broking. Kotak Group bought 25% stake held by Goldman Sachs in Kotak Capital and Kotak Securities. to life insurance. offering complete financial solutions that encompass every sphere of life. to investment banking. to mutual funds. Page 36 . Kotak Mahindra is one of India's leading financial institutions.800 people in its various businesses and has a distribution network of branches.900 crore. From commercial banking. The group has a net worth of over Rs.In May 2006. 2.
OLD MUTUAL Old Mutual was established more than 150 years ago and has developed into an International financial services group whose activities are focused on asset gathering and asset management. In the 2003 rankings of the World's 500 largest corporations by Fortune magazine.franchisees. representative offices and satellite offices across 282 cities and towns in India and offices in New York. London. Old Mutual climbed 87 places to position number 366 and was also listed as the 14th largest insurance company in the world. Page 37 . the United States and the United Kingdom. Dubai and Mauritius. The company is listed on the London Stock Exchange with a market capitalization of approximately $6 billion and is a member of the elite FTSE 100 index. The Old Mutual Group offers a diverse range of financial services in three principal geographies: South Africa. The Group services around 2 million customer accounts.
The company’s US Life business recorded sales of $4 billion at the end of 2002. asset management. banking and general insurance operations. through its life insurance. Page 38 . Operations in the United Kingdom are focused on wealth management. The Old Mutual Group has the ability to cater for a variety of consumer segments and offers a comprehensive and innovative range of products for all income groups. In the USA. Old Mutual is one of the top ten fixed annuity businesses offering an array of specialist asset management skills through its 23 asset management businesses. The company serves 4 million life insurance policyholders and employs over 13 000 South Africans in its local operations.Old Mutual is the largest financial services business in South Africa. through Gerrard as one of the leading private client stock broking businesses in the UK.
KOTAK OLD MUTUAL LIFE INSURANCE
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. At Kotak Life Insurance, we aim to help customers take important financial decisions at every stage in life by offering them a wide range of innovative life insurance products, to make them financially independent. Kotak Mahindra Old Mutual Life Insurance is the 74:26 joint ventures between Kotak Mahindra Bank Ltd. and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001.
Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its customers, employees and stakeholders. We aim at improving the long term value in our relationship by continuous innovation and improvements. We do this by our three-prong effort which strives to make Kotak Life Insurance a corporate with values. Increase Customer Value
Kotak Life Insurance has gone to the heart of its customer's requirements and developed products which are unique and serve the customer needs perfectly. We built a relationship of mutual trust and benefit to serve the Indian customer. At Kotak Life Insurance the customer always comes first.
Cohesive Work Environment We form long-term partnership with our employees by offering them an invigorating work experience. We not only demand loyalty, sincerity and values but also give it back in equal measures. Kotak Life Insurance will like to offer its employees space to grow, innovate and build a long-term career.
Work with Honor Kotak Life Insurance delivers everyday services in the marketplace with the high sense of duty and commitment. Our employees strive to build the longterm value for all those come in contact with Kotak Life Insurance. Our consumers, distributors, employees, shareholders and the nation have our commitment that we will uphold the values of trust, integrity and a Sense of Honor in every thought, act and deed in order to positively contribute to individual, society and nation growth.
GROUP COMPANIES ➢ Kotak Mahindra Bank Ltd. trust and loyalty by offering a wide range of innovative insurance solutions. ➢ Kotak’s International Business ➢ Kotak Mahindra Prime Ltd.MISSION ➢ We focus on the needs of our customers and create confidence. ➢ Strengthened by our commitment to professional management. ➢ Kotak Mahindra Asset Management Company ➢ Kotak Mahindra Old Mutual Life Insurance Ltd ➢ Kotak Private Equity Group (KPEG) ➢ Kotak Realty Fund TYPES OF PRODUCT Page 42 . ➢ Kotak Mahindra Capital Company Ltd. we ensure the continued growth and advancement of our employees. ➢ Kotak Securities Ltd.
These categories are as follows: • Traditional plans – Traditional life insurance plans make sure that the investments made by the policy holders are not exposed to equities. allows for the investments made by the policyholders to get exposed to equities. • Unit Linked Insurance plans (ULIPs) –ULIPs. They are also called as non-unit linked insurance plans. Such plans are suited for customers looking for pure risk protection. TRADITIONAL PLANS IN KOTAK LIFE INSURANCE • Kotak preferred term plan. These plans are also suitable for those who are totally risk averse and want complete safety of their investments. Page 43 . ULIPs are suited for customers who aim for wealth creation over a long term.There two major categories under which all life insurance plans can be categorized. The level of equity exposure can be as per your risk appetite thus making ULIPs highly flexible. They may also be called as market linked life insurance plans. • Kotak money back plan. as the name suggests.
• Kotak capital multiplier. • Kotak head start future protect.• Kotak internal life. • Kotak pension retirement plan. DIFFERENCE BETWEEN TRADITIONAL AND ULIP PRODUCT ULIPs TRADITIONAL PLANS Page 44 . • Kotak platinum advantage. • Kotak guaranteed pension builder. • Kotak long life secure plan. • Kotak endowment plan. • Kotak super advantage plan. • Kotak second inning plan. UNIT LINKED PLANS OF KOTAK LIFE INSURANCE • Kotak single investment plan.
except loyalty bonus in some cases. the insurer bears the investment risk. Loans is not allowed. Withdrawals are allowed. The amount of the The premium amount used for insurance premium used for coverage. Benefits are variable. Loss.The premiums. other are bundled and not known. nonguaranteed benefits. policyholder. Gains likely depending on market movements. if any depends on NAV. The investment return may vary depending on the market movements and the investment risk is borne entirely by the policyholder. Loans may be provided. There are no bonuses. Gains unlikely except through bonuses. depends on the performance of the insurer. For guaranteed benefits. However. Benefits are pre-determined. other charges and investment insurance coverage. Surrender are allowed but at a loss. charges and the purchases of units are unbundled and transparent. in excess All the premiums go into a common of risk cover. ORGANISATIONAL STRUCTURE AND FLOW Page 45 . is invested as fund and are invested at the insurer’s desired by the discretion. bonuses are payable. Loss is likely. Loss in unlikely. There are two categories of benefits – guaranteed and non-guaranteed. For participating policies.
MANAGER SALES MANAGER AGENCY MANAGER CORPORATE EXECUTIVES CORPORATE LIFE ADVISORS BANK ORGANIZATIONAL FLOW: Page 46 . Br.AREA MANAGER BRANCH MANAGER Asst.
MD NATIONAL HEAD VICE HEAD AREA MANAGER BRANCH SALES MANAGER SALES MANAGER LIFE ADVISORS AGENCY MANAGER LIFE ADVISIORS OPERATIONS AT KOTAK Page 47 LIFE ADVISOR .
POLICY MAKING AND RECEIVING PROCEDURE Page 48 . age of the applicant. if required any more details he asks for such details like medical certificate. ➢ At the head office. details are entered in computer and it is send to verification at branch level.➢ Life advisors meet the prospects and make them understand the policy plan. policy is issued in name of applicant and it is send to the required branch in name of the life advisor. his income etc. ➢ The advisor collects it from the branch and hand it over to the prospect. ➢ Branch manager check the required details and if everything proper. may declare life as sub standard and demand more premium etc. it is forwarded to head office for the verification. ➢ After verification. actuary checks the required details like premium to be paid. When they are ready to take the policy form is filled up by them. ➢ After that.
They ask people about what type of policy they would like to buy. The branches get the name. As the policy product has been made the information related with the product will send to different branches by mail. Like this. actuaries and experts of insurance industry. the branches receive information about new product to be launch in future. and BOD for their final approval. After the survey they do mutual discussion with different marketing mangers. As they give final approval to this most preferred policy by people. After this they send guidelines of making policy product to head office at Bombay to chief marketing manager. They all do discussion about how they can make the best policy as people want. financial managers. chief financial manager. DOCUMENTS NECESSARY FOR TAKING POLICY IN KOTAK LIFE INSURANCE Kotak life insurance take documents for KYC which is short form of “Know Your Customer” to know that whether the person who wants to take policy is eligible to pay premium or not. they first conduct survey to know preferences of people about policy they would like to take. features and the date when the new product will be launched. They make the questionnaire of question related with insurance policy. The documents necessary to take policy for any person are as follows: ➢ Photo of the Person who wants to take policy ➢ PAN Card of the Person who wants to take policy ➢ Address Proof of the Person who wants to take policy ➢ Identity Card of the Person who wants to take policy FORMAT OF RECEIPT OF POLICY TAKING AND PAYMENT OF RENEWAL PREMIUM IN KOTAK LIFE INSURANCE Page 49 . They make policy product to give satisfaction to people.In Kotak life insurance. As this the policy making is done.
As this the Kotak Life Insurance also gives one slip for payment of premium in cash.The receipt of policy taking is a confidential document which is dispatch with the documents of policy. Page 50 .
[FORMAT OF RECEIPT OF POLICY TAKING Page 51 .
Lapsation of a life insurance policy is discontinuation of premium payment by the policyholder during the period of operation of the policy. WHEN DOES A POLICY LAPSE? For a unit-linked policy. the policy assumes a paid-up value. the nominee would still be able to get the benefit. the insurer will send a letter saying the policy has lapsed. This would mean that even as further premium flow stops. Once the policy becomes paid up. The length of life of a lapsed policy can be defined as the period between the month when the last premium installment was paid and the month the policy was issued. the chance of a lapse begins as soon as you skip a premium. once the grace period is over. it will continue to be in force as long as the fund value is sufficient to meet the expenses specified of the policy.LAPSATION AND REVIVAL PROCEDURE INTRODUCTION A life insurance policy lapses when the subscriber does not pay the premium within the grace period. the insurer sends a reminder and gives a grace period of a month. the policy would continue to be in force. due to any reason other than the death of the policyholder. Typically. Fund value is the total money invested minus charges. It also impacts the growth of the insurance business and solvency margins of the insurer. The agent loses the renewal commission. since the entire amount is. which is more than three years old. paid upfront. When a policy lapses. For a policy. During this time the life insurance cover would continue. the holder forfeits the premium paid and the insurance cover. so if the policyholder died during the grace period. However. But this threat does not hold water for a single-premium policy. which is less than three years old. by definition. the insurer dips into this corpus to meet its Page 52 .
After that grace days of 30 days is given to pay the due premium to avoid lapsation.75% is charged on payment of premium till 6 months. then a good idea would be to continue paying up premiums since the charges would eat into your fund value.expenses if the policyholder does not pay fresh premiums. This ratio is multiplied by a scaling factor of 100. if you have the money. Ordinary life policies include the following types of insurance plans: level term life. Interest in lapse rate determinants has become more prominent in recent years as some financial service firms have applied securitization techniques to life insurance policies held by individuals. It’s the role of advisor to inform their clients about premium and save their client’s policy from lapsation. and graded-premium whole life. Page 53 . the value of lapsed policies for ordinary life products is divided by the average total life insurance in force during the time period. interest sensitive whole or universal life. DETERMINANTS OF LAPSE RATE To form the lapse rate for a specific life insurer. If premium is not paid till the end of six months than policy will be lapsed. In kotak as per the data available 80% of clients who have not paid premium on due date have paid their premium within grace days. However. One of the major causes for the growing lapsation ratio is forced selling by agents to achieve their targets. then notice is being sent to the policy holder. pulling the returns down. PROCEDURE OF LAPSATION: Suppose if policy is taken on 1st Jan 2009 premium renewal is on 1st Jan 2010 but the person fails to pay premium on that date. Agents also sell policies without taking customers’ needs into account. renewable term. traditional whole life. If premium is not paid within these grace days also than 0 . decreasing term.
Insurance companies. the insured person conveys the payment rights of the policy to the firm structuring the securitization product. too. may engage in the securitization of their life insurance liabilities by transferring life policies and the assets that back them. mode of premium payment. the insured person receives a onetime cash payment. ➢ It was observed that the trends in lapse rate with respect to both number and premiums were almost similar to each other. FINDINGS ON LAPSE POLICIES As per IRDA findings the lapse rates for the non-linked products and linked products over the last three years were as follows: ➢ Lapse rate for seven companies out of sixteen exceeded the industry average (simple arithmetic mean) of 18% (lapse rate by number) and 11. policy type and type of underwriting are found to be the most significant factors affecting the lapse rates. ➢ Lapse rate with respect to age at entry showed a decreasing trend from age group 18-22 to around 60 years and lapse rate tended to increase from the range below 18 to age group 18-22. ➢ Lapse rate (by number of policies) with respect to mode of premium payment tended to be higher with the frequency of premium payment and lower for monthly and salary deduction modes.Under securitization arrangements. However. using them as the basis for asset-backed securities. In return. Page 54 . The securitizing firm pools these policies. duration elapsed since policy inception. ➢ Age at entry.9% (lapse rate by premium amount). majority of the companies exceeded the industry average rate (weighted average with weights being premium exposed to risk) by a considerable margin.
by making an application to Kotak Life Insurance. In case you forgot to pay your premiums. but may also have to undergo a medical check-up as per the insurer’s specifications.REVIVAL OF LAPSED POLICIES For a lapsed policy. you will have to undergo medical tests. would be paid at the end of the third policy year. with the charges subtracted from it. The later you revive. the contract shall terminate and the fund value. the older you get. Page 55 . the insurer gives up to four years to revive the policy. which may be 1218 per cent of the premium or a charge of up to Rs 500. It is in your best interests to pay your premiums regularly. After the revival period is over. the policyholder becomes a greater risk with the passage of years. The revival process is easy up to six months from the date of lapsation— all you have to do is pay the premiums. within a period of five years from the due date of the first unpaid premium and before the maturity of the policy. revival becomes difficult because. Also. for the insurer. PROCEDURE OF REVIVAL: You can revive your lapsed policy. However. This is paid for by the policyholder. pay them as soon as possible. But after six months you will not only have to pay a specified amount as interest. which naturally increases the risk for the insurer. whichever is later. or at the expiry of the revival period. And remember: the cover is no longer active when the policy is lapsed.
The revival of the policy will be effective after Kotak Life Insurance’s approval is communicated in writing to you. proof of good health will have to be submitted and evidence of that there is no adverse change in the personal or family history or occupation will also have to be given.Any request for revival after this may be accepted or declined at Kotak Life Insurance’s discretion or subject to such terms and conditions as it deems fit. ➢ If the request is made after 6 months but within 5 years from the due date of the first unpaid premium. In such event. premiums will be re-calculated. Page 56 . Terms and conditions The policy may be revived on the following terms: ➢ If the request is made within six months from the due date of the first unpaid premium then evidence of good health will not be required but is subject to a payment of the premiums in arrears and 6% of the premiums in arrears as administration charges.
Adjusting liability insurance claims is particularly difficult because there is a third party involved. and if so. usually in close cooperation with the insured. and authorizes payment. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes a thorough investigation of each claim. monitor litigation that Page 57 . Claims may be filed by insureds directly with the insurer or through brokers or agents. though one hopes it will never need to be used.CLAIM SETTLEMENT Claims and loss handling is the materialized utility of insurance. Insurance company claims departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket. the reasonable monetary value of the claim. The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel). The insurer may require that the claim be filed on its own proprietary forms. the plaintiff. determines if coverage is available under the terms of the insurance contract. it is the actual "product" paid for. or may accept claims on a standard industry form such as those produced by ACORD.
survival benefit. Page 58 . settle the claim after satisfying himself that all the conditions and requirements for settlement of claim have been complied with. if any legal requirement such as MWP Act ( Married Women’s Property Act). the condition of average may come into play to limit the insurance company's exposure. age admission. ISSUES IN CLAIM SETTLEMENT The claim is the demand that the insurer should redeem the promise made in the contract. payment of sum assured in installments. • What are the obligation assumed under the contract. and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge. In managing the claims handling function. which are required to be performed. and claims overpayment leakages. The insurer has then to perform his part of the contract i. These may be payment of bonus. police reports. • Whether the policyholder has performed his part. waiver of future premiums. fraudulent insurance practices are a major business risk that must be managed and overcome.e. foreign exchange regulations. etc.. As part of this balancing act. report of investigations. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation. etc. insurers seek to balance the elements of customer satisfaction.may take years to complete. If a claims adjuster suspects underinsurance. outstanding loan and interest. In particular he should check • Whether insured event has taken place. administrative handling expenses. The policy status with regard to premium position.
g. • From the Beneficiary : Photo ID with Date of Birth with relationship with the Insured. legal succession paper. prohibitory orders. Nomination. assignment deed) Page 59 . officials assignee notice – are all relevant. PROCEDURE OF CLAIM SETTLEMENT Death Claim In case of unfortunate event of the death of the Life Insured the following standard documents need to be submitted to the Claims Department : • Duly filled Claim Intimation Form[please ensure all the fields are completely filled up]. income tax notice. • Last Attending Physician's Certificate in original. • Original Death certificate issued by the requisite authority. assignment.• Who are the person entitled to demand performance. • Original policy document. • Past & Present Hospitalisation / Medical Documents. • Cremation / Burial Certificate. Proof of legal title to the claim proceeds (e.
○ Angiography Reports & Plates. ○ Laboratory test reports. the following documents should also be submitted : • Duly Certified Police Report • Duly Certified Police Inquest Report / Panchnama Report • Duly Certified Post Mortem Report • Duly Certified Chemical Analysis (Viscera) report. in addition to the above. Page 60 . • Newspaper Cuttings with the photograph of the Accident. e. ○ Ultrasonography Report. Critical Illness Claim In case of a Critical Illness Claim. • All related Medical Examination Reports in Original*.g. if any If the death has occurred due to any Unnatural cause. the rider amount will be paid if the Life Insured is diagnosed to be suffering from any one of the twelve illnesses as specified in the Policy contract and the criteria as laid down for claiming the rider is satisfied. ○ Histopathology Report. ○ X-Ray / CT Scan / MRI Reports & Plates. if available. ○ Clinical / Hospital Reports.Reason for delay in intimation. if any. The following documents need to be submitted : • Duly Filled Claim Intimation Form • Original Policy Contract • Questionnaire to be completed by the Doctor / Hospital treating the Life Insured.
The Claim for Critical Illness Rider benefit has to be lodged by the Life Insured within 30 days from the date of diagnosis. Laboratory test reports. 6. Note: 1. * these can be returned back on request. The Rider is subject to the conditions and the exclusions as laid down in the "Annexure CIB" to the policy contract. 3. "Annexure CIB" to the policy contract. Surgery Reports. 2. 5.○ Others (as may be required for the particular illnesses). Clinical / Hospital Reports.g. The CIB Rider gets terminated automatically on admittance of the CIB claim. The Company has a right to require medical examination of the Life Insured and confirmation of the diagnosis of an Insured Critical Condition by a medical practitioner appointed by the Company. if any X-Ray / CT Scan / MRI Reports & Plates. Permanent Disability Claim In case of Disability Claims. 4. • All related Medical Examination Reports in Original*. The Rider is subject to the conditions and the exclusions as laid down in the "Annexure CIB" to the policy contract. Page 61 . e. the entire Rider Amount will be paid to the Life Insured where the Life Insured becomes Totally and Permanently Disabled and satisfies the disability criteria as laid down in the Annexure to the Policy Contract. The following documents need to be submitted : • Duly Filled Claim Intimation Form • Original Policy Contract • Questionnaire to be completed by the Doctor / Hospital treating the Life Insured.
2.e. as mentioned in the contract. Others (as may be required for the particular illnesses). Notes: 1. The Company should be intimated with the relevant details : ○ within 30 days of the accident and ○ within 120 days after the happening of disability with proof. Death of the Policy Holder In case of Claims for Waiver of Premiums i. The PDB Rider gets terminated automatically on admittance of the PDB claim. if availed. will be waived. The Life Insured will have to undergo the required Medical Tests by the Company specified Doctors. Page 62 . The Company should be intimated of the death within one year of the occurrence of death. where the Policy Holder has availed of the Life Guardian Benefit and the policy holder has passed away the future premiums. Waiver of Premium Claim A. 3. 4. The Rider is subject to the conditions and the exclusions as laid down in the "Annexure PDB" to the policy contract. 2. The following documents need to be submitted : • As mentioned above in Death Claims Notes: 1. will cease automatically on the admittance of the Claim under the Life Guardian Benefit. The Accidental Disability Guardian Benefit.
3.e. where the Policy Holder has availed of the Accidental Disability Guardian Benefit and the policy holder has become totally and permanently disabled the Basic Premium amount will be waived. Disability of the Policy Holder In case of Claims for Waiver of Premiums i. sets of data. for example. CHAPTER 21. The Rider is subject to the conditions and the exclusions as laid down in the "Annexure LG" to the policy contract. COMPARATIVE ANALYSIS OF PREMIUM INSURANCE COMPANY IN INDIA COMPARATIVE ANALYSIS Definition Item by item comparison of two or more comparable alternatives. The Company should be intimated with the relevant details : ○ within 30 days of the accident and ○ within 120 days after the happening of disability with proof. The Life Insured will have to undergo the required Medical Tests by the Company specified Doctors. In accounting. The Life Guardian Benefit. B. qualifications. The following documents need to be submitted : • As mentioned above in Permanent Disability Claims Notes: 1. processes. changes in a financial statement's items over several accounting periods may be Page 63 . systems. etc. will cease automatically on the admittance of the Claim under the Life Guardian Benefit. if availed. products. 2. 3.
CLAIMS REPUDIATION OF LIFE INSURERS Source: Annual Report .43 19. • To know the loopholes of company function and work on it.35 44.37 30 5.47 No Claims 6.81 9.01 25.57 14.42 71.32 9.02 38.96 13. Purpose • The foremost purpose of comparative analysis is to set a benchmark for a company. • To set a strategy to overcome a gap that is created.46 7.77 22.23 7.42 21.83 10.2 7.IRDA Life insurer Aegon Religare Aviva Bajaj Allianz Bharti Axa Birla Sunlife Future Generali ICICIPru ING Vysa Kotak Mahindra Max New York MetLife Repudiation Ratio % 2007-08 2008-09 No Claims 23.77 Page 64 . • To know the status of company.presented together to detect the emerging trends in the firm's operations and results.33 8.
09 24.27 27.22 1.1 19.53% less than lic and bajaj is having 11.47 4.Reliance Life Sahara Life SBI Life Shriram Tata AIG HDFC SL LIC 8.13 5.84 7. BAJAJ ALLIANCE LIFE INSURANCE AND KOTAK OLD MUTUAL LIFE INSURANCE OUTSTANDSING CLAIMS LIC 13058 BAJAJ 7097 KOTAK 200 INTERPRETATION: Lic is having 13058 claims outstanding. Kotak is having 1.83% less than lic.67 12. Page 65 .4 COMPARATIVE ANALYSIS IS CARRIED OUT BETWEEN THREE INSURANCE COMPANIES LIFE INSURANCE CORPORATION OF INDIA.19 24.82 4.3 15.78 4.8 3.
As lic deals in traditional plans so claims repudiation case in lic will be almost nil.73% more than kotak life insurance.CLAIMS REPUDIATED BAJAJ 549 KOTAK 165 INTERPRETATION: the claim repudiation in terms of percentage bajaj is 332. CLAIMS SETTLED AND PAID LIC BAJAJ Page 66 KOTAK .
ADDITIONAL INFORMATION ACQUIRED • Total claims booked with LIC are 661083 in 2009-10 578795 in 2008-09 and 547919 in 2007-08.664619 11626 3100 INTERPRETATION: It is clearly indicated that lic has largely settled claims than others. • Total claims payable with LIC are 674141 in 200910 590392 in 2008-09 and 547419 in 2007-08. • Claims intimated with BAJAJ ALLIANCE is 6624. Page 67 .
98% of claims are paid in 15 days. This indicates that 91 crores are paid in this year i.5%. And lastly 100% claims are settled in 3 weeks. CHAPTER 3.• Claim settlement ratio of BAJAJ ALLIANCE is 95. Primary Objective: Page 68 . • KOTAK paid 93 crores rupees claims in 2008-09 and 191 crores in total. 2009-10. RESEARCH METHODOLOGY RESEARCH OBJECTIVES: 1. • 75% of claims are paid in 7 days.e.
nature and format of questionnaire. Research method contains at least five parts. Formalities and procedures needed in settling claims. 2. To know the role of IRDA in insurance sector. sample design. ➢ Descriptive research:Page 69 . Research design. Generally the following types of research are conducted. Secondary Objective: The objective of my training was to study the insurance company dealing in general insurance and life insurance.Main objective of the study is to know the perspective of investors towards Investments and Insurance in special Regards with ULIPS. My survey had 21 questions. The research is conducted to collect the needed information and develop a research plan. ➢ Exploratory research:An exploratory research focuses on the discovery of ideas and is generally based on secondary data. data analysis and limitations of the study. To give comparative analysis of claim settlement procedure followed by premium insurance company in India. data collection. REASEARCH METHOD: The method includes the data collection method.
as name suggest. education level. This type of method is also called “accidental sampling” as the respondents are included merely on account of being available on the spot where the survey was in progress. First of all. a broad choice is to be made between probability sampling and non-probability sampling. is based on the convenience of the researchers who is to select a sample. I have chosen Nonprobability sampling. Such studies are base on reasoning along where tested lines. sex. further I have selected convenient sampling for my survey. Sources of data: There are basically two types of data used for the project study: Page 70 . one has to decide whether it is to be a census or sampling survey. occupation. ➢ Causal research:A causal research is undertaken when the researcher is interested in knowing the cause and effect relationship between two or more variables. In Non-probability sampling. SAMPLING DESIGN When the researcher has decided to carry out a field survey. I used sample and my sample size is 200 investors of Surat city.A descriptive study is undertaken when the researcher wants to know the characteristics of certain group such as age. census survey was almost impossible within time span of two months. etc. In my case. In my study. Hence. I have used exploratory research design. Convenient sampling. income.
Primary data: Primary data are those which are collected afresh and for the first time. and thus they are original data. BENEFITS OF THE STUDY: Page 71 . which is filled by respondents. they are following • Websites • Magazines Research instrument: Questionnaire: Research instrument is concerned with how sampling units be approached for obtaining the desire information. Here close ended questions are used.. Here research instrument is questionnaire. Questionnaire is a set of questions with or without blank space for recording the answers. magazine etc various secondary data which are used for the study. newspaper. Primary data are collected through questionnaire method. Secondary data: Secondary data means data which is readily available from television.
constrains all the areas of the city were not covered for carrying out the survey.➢ Study helps to know the interest of people towards ULIPS ➢ Study helps to know the investor’s portfolio according to their age group and occupation. ➢ An exhaustive analysis could not be done due to unwillingness of the investors to divulge information about their perception and needs due to some reason. I have not covered sub parts of the investment avenues. Page 72 . ➢ As the topic is very vast. LIMITATIONS OF THE STUDY: ➢ Because of time. ➢ Study helps to gain in-depth knowledge about the various investment avenues available to the investors and the psyche of the investors regarding the investments in the same.
from which 70 % were male. while the number of female was 30% 2)AGE: Objective: To Find out the Preferences in different investment avenues on the basis of age group Freque ncy 114 60 Page 73 AGE Group 18 . I have surveyed 200 people.CHAPTER 4.30 31 . : DATA ANALYSIS 1) Gender: Gender Male Female Total Interpretation: Frequency Percentage 160 40 200 80 20 100 As shown in table.45 Percent age 57 30 .
While senior citizens are defensive investors in terms of fix returns from their investments.46 .. Particulars Self Employed Businessman Professional Salaried Total Frequenc y 20 46 54 80 200 Percenta ge 10 23 27 40 100 3)Occupat ion: Objective : To Find out the Preferences in different investment avenues on the basis of age occupations Page 74 .59 60 and above Total 16 10 200 8 5 100 Interpretation:With the view of investment. the age group of 18 – 30 and 31 – 45 are the most actively investing group.
000 more than 7.00. Particulars Less 1.000 5.00.000 to 7. 4)Annual Income: Objective: To Find out the Preferences in different investment avenues on the basis of Investors Income Group. ➢ 23% have income of more than 7.000 1.000 to 7.00.00. ➢ 40% have income of 1. from that ➢ 7% have annual income of less than 1.00.00.000 to 5.000 Total Frequenc y 14 80 60 46 200 Percenta ge 7 40 30 23 100 Interpretation: The respondents who were surveyed.00.000.00.00. Page 75 .00.00. ➢ 30% have income of 5.000.000.Interpretation: The Graph depicts that the respondents are from diversified occupation. Each groups more or les invests their earnings in certain investment avenues.000.00.000 to 5.
Percenta ge 25 Particulars Insurance Page 76 . Objective: To See Clients perceptive about his/her investing habits.5) investor education about Investment. Objective: To find out whether the people have idea about what investment is or they are still unaware for the same? Particulars Yes No Cant Say Total Frequenc y 78 98 24 200 Percenta ge 39 49 12 100 Interpretation: It could be known that majority of the people are confused about what investment actually is and how can one do proper investments. 6)Priority of investment in preferred sector.
Majority of the people prefer investing in equity based instruments such as Direct Stocks. Mutual Funds and Insurances. 7)Kindly mention proportion of investment that you are investing in different sectors? (In %) Objective: To check out the proportion of investments of different investors based on their appetite.Equity Commodity PPF Mutual Funds Fixed Deposits Real Estate Others Particulars Total Insurance Equity Commodity PPF Mutual Funds Fixed Deposits Real Estate Others Total 12 5 9 35 8 3 3 Percenta ge 100 14 15 6 11 32 8 10 4 100 Interpretation: As we can see from table. Page 77 .
Interpretation: Again. Particulars Yes No Total Frequenc y 170 30 200 Percenta ge 85 15 100 8) Do you have knowledge about Life Insurance? Objective: To Check out the awareness amongst people regarding the concept of Life Insurance. Page 78 . a clear trend can be visible whereby clients prefer equity instruments over debt instruments.
9) IF yes.Interpretation: Majority of the People are aware about what the concept of Life Insurance is. As per the survey around 85% people agreed that they had a clear idea about Life Insurance. Hence a huge demand – supply gap is visible easily. Frequenc y 114 30 Total 200 Percenta ge 57 43 100 Particulars Yes No Interpretation: Out of the 85% that has knowledge about Life Insurance product. than have you invested in Life Insurance Products? Objective: To see the gap between the people who know about life insurance and people who have invested in Life Insurance. Page 79 . only 57% has made investment in Life Insurance Product.
Particulars Traditional Safe Invest Endowment Plan ULIPS Others Total Frequency 76 34 44 30 16 200 Percentage 38 17 22 15 8 100 Interpretation: Even today. do the investors still prefer to buy. Hence. majority of the people prefer buying Traditional plans as compared to other insurance products. it is quite visible that the main focus is on saving instead of investing.10) Which plan in Insurance do you mostly prefer? Objective: To study what sort of plan. 11) What amount you pay for premium per year? Objective: Just to know the willingness to invest in Insurance against their yearly income Page 80 .
000 .000 to 25. 52% pay premium of 25.000 – 75.000 25. Page 81 .000. 12) Which reference group affects your decision in buying insurance? Objective: To see the source of the client in buying an insurance product.25.000.000 .75.Amount of Premium 5.000 75.000 or more Total Reference Friends Relatives Insurance Agents Office Staff Total Freque ncy 20 40 104 36 200 Frequenc y 78 60 22 40 200 Percent age 10 20 52 18 100 Percenta ge 39 30 11 20 100 Interpretation: ➢ ➢ ➢ ➢ 10% of the respondents pay premium of 5000 – 10. 18% pay premium of 75. 20 % pay premium of 10.000.000 .000 10.000 or more.10.
13)Do you have any idea about Private Life Insurance Companies? Objective: To see if the people know the difference between Private and Public Life Insurance Company Page 82 .Interpretation: Particulars Yes Frequenc y 196 Percenta ge 98 2 100 Majority of the 4 people from the No Total 200 survey rely on either friends or relatives while making a decision.
Frequenc y 84 18 16 14 16 20 10 6 14 2 200 Percenta ge 42 9 8 7 8 10 5 3 7 1 100 L.Interpretation: From the survey I found that 98% have knowledge of private life insurance companies and 2% don’t have idea about private life insurance companies.I. Companies LIC ICICI Pru Birla Sunlife Max Newyork Bajaj allianz Kotak Tata AIG Reliance HDFC Standard Life Others Total Interpretation: Page 83 . 14) Which company’s Life Insurance Policy do you have? Objective: To check the trend going on in the market regarding different companies.
Page 84 . even today the maximum investment is done through LIC only. Particulars Yes No Total Frequenc y 184 16 200 Percenta ge 92 8 100 Interpretation: From the above graph. it is seen that 92% of the people surveyed had an idea about Kotak Life Insurance Company and 8% people did not had any idea. 16) Rank the factors which affect your investment from 1 to 3 in respect with 1 as highest and 3 as the lowest? Objective: To study the factors which influence the client the most while investing.As per the graph. followed by Kotak and ICICI Prudential. 15) Do you have any idea about Kotak Life Insurance Company? Objective: To Know the awareness amongst people regarding Kotak Life Insurance Company.
Page 85 . then it is the behaviour of the representative (33%) and lastly aggressive marketing (22%) plays role. 17) What is your objective behind purchasing this Insurance policy? Objective: To Study the main purpose behind buying an insurance product.Particulars Reputation Aggressive Marketing Behaviour or representative Total Percentag e 45 22 33 100 Interpretation: It is seen from the graph that the most important factor among the three which affects the investment is Reputation (45%).
it is observed that the main objective behind purchasing insurance policy is investment purpose (28%) and then it moves on to tax benefit contributing 25%. 18) Which is your preferred mode or time period for paying premium amount? Objective: To check out the preference of the client as compared to their earnings. Retirement planning and Provision for higher studies both (13%) being the fourth important objective and lastly repayment of loan contributing just 7%. Then the objective of Protection for Marriage expense (14%) comes into the picture. Page 86 .Particulars Tax benefit Provision for higher studies Investments Protection for Marriage expenses Repayment of Loan Retirement Planning Total Frequenc y 50 26 56 28 14 26 200 Percenta ge 25 13 28 14 7 13 100 Interpretation: From the above graph.
Yearly Yearly Total Frequenc y 70 60 40 30 200 Percenta ge 35 30 20 15 100 Particulars Very Secured Secured unsecured Very Unsecured Total Frequenc y 74 94 30 2 200 Percenta ge 37 47 15 1 100 Interpretation: Here it is seen that the most preferred time period for paying premium amount is Monthly(35%) then it goes to quarterly(30%). halfyearly(20%) and then finally Yearly(15%). Page 87 . is your money secured in Insurance (ULIPS)? Objective: To see how much does the customer trust the insurance product.Mode of Payment Monthly Quarterly Half . 19) What do you think.
Frequenc y Percenta ge 20) Are you getting timely reminder of your premium paying from your agents? Objective: To check out the services provided by the Life Advisors. 15% of the respondents feel that their money is Unsecured and only 1% respondents feel that it is very unsecured. once the policy has been issued. Page 88 .Interpretation: From the survey conducted. it is observed Particulars that 47% of the people Yes 164 82 surveyed think that their money is secured in No 36 18 Insurance(47%) and Total 200 100 37% people think that their money is Very secured.
Level of Satisfaction Excellent Very Good Good Satisfactory Poor Very Poor Total Frequenc y 16 30 54 64 24 12 200 Percenta ge 8 15 27 32 12 6 100 21) What is your overall satisfaction level in respect to investment in ULIPS? Objective: To see how much is the client satisfied with the investment in ULIPS Page 89 .Interpretation: From the survey conducted. 82% respondents agreed that they are getting timely reminder for paying premium by agents and only 18% did not agree to it.
➢ Despite Surat being a developed city. ➢ The most reliable source of information is Family and Friends. Direct Stocks Etc. it seems that people are quite satisfied with their investment in ULIPS. ➢ Business class people are seems to be more indulged towards Real Estate and Commodities. showing a clear indication that the salaried are the one who put their investment into insurance. ➢ Majority of the Income group are between 1 to 5 Lacs or 5 to 7 lacs. it was observed that people still prefer to invest through govt backed companies like LIC instead of going for the Pvt. CHAPTER 5: FINDINGS & SUMMARY FINDINGS ➢ The young investors generally prefer putting their investments into Equity and Equity Based Instruments. however as compared to the annual income. Page 90 . PPF.Interpretation: Overall. ➢ The Investors with above the age of 46 prefer a safer investment avenue as compared to the young investors. ➢ Majority of the respondent preferred paying premium on monthly basis. the investment towards Insurance is too less. ➢ It was also observed that majority of investors included bank Deposits in their investments portfolio. Insurance Companies. however the salaried class are more indulged towards Mutual Fund. only a small number of people seem to be dissatisfied with ULIPS.
So the private companies like Kotak need to create confidence among masses regarding the private Page 91 .C dominates the market and people have more faith on it. the amount invested in insurance is not adequate. ➢ Proper education regarding ULIPS should be spreaded across so that the common man can be aware about ULIPS and its benefits ➢ Compared to the annual income.➢ One of the major reasons for buying an insurance policy is to take the benefit of Income Tax under Sec 80C. ➢ It is been said that higher the risk.I. So one needs to convince the people to start investing in different Equity Related Products (Specially ULIPS) so that they can achieve a higher return in a short time span as compared to traditional investments. RECOMMENDATIONS RECOMMENDATIONS: ➢ Women need to be more aware and should actively participate in the investment process ➢ More transparency should be kept from the side of the Pvt insurance companies so that people can start trusting them and invest with them. so the life advisors should explain people the concept of “human life value” (HLV) and should convince them to take insurance of adequate amount as calculated by HLV. higher the return. ➢ Still L.
details study and pros and cons of ULIPS plan with Traditional plan. impact of private insurance companies on people views. Muslim community are not so much interested in insurance sector. Instead of keeping the savings idle one may like to use savings in order to generate returns on it in the future. so some efforts need to be made to attract those people. CONCLUSIONS CONCLUSION: ➢ The money one earns is partly spent and the rest saved for meeting future expenses. They need to felt their presence in the market. ➢ During the survey I found that. Page 92 .players. ➢ Study can be conducted on different topic like ULIPS Vs MUTUAL FUND. ➢ Thus we can conclude that the investors of Surat City are very cautious about their future and make their investments very carefully ➢ The various investment avenues available in the market are known to majority of the customers ➢ The investors of Surat city are very far – sighted and so they plan their future uncertainties beforehand only. so they must go for media advertisement or any other way of publicity. provided their religious sentiments should not be hurt.
• Staff use to quote everything is on website but in actual nothing was there on site. ➢ Insurance awareness is found in population of surat but not exactly what is insurance. • According to IRDA rule no individual can have details of clients dealing with particular company. Page 93 . CHAPTER 27.➢ The investors are very reliable they pass on all the positive and negative news to friends and relatives as the graph suggested. Two months are not enough to carry out a project on huge topic. Hence special care should be taken as this mode can be very useful to develop the business. LIMITATION • The basic limitation was time duration. • Many a times it so happened that guide was busy and proper information was not gathered.
FINWINONLINE.WIKIPEDIA.COM • WWW. • WWW. PARITOSH DESAI WHO PROVIDE ME THE DETAILS OF BAJAJ ALLIANCE PERTANING TO CLAIMS SETTLEMENT PROCEDURE.COM • A BOOK THAT IS PRINTED FOR ADIVISOR NAMELY IC33 LIFE INSURANCE BOOK.IRDA.IN • WWW.COM • EVEN I AM THANKFUL TO MRS SKRUTI VAIDYA WHO PROVIDE ME THE INFORMATION OF LIFE INSURANCE CORPORATION AND MR.IN • WWW.GOOGLE.GOV. • Page 94 .CO.LICINDIA.KOTAKLIFEINSURANCE.BIBLIOGRAPHY WWW.COM • WWW.
Name: Contact No.”.ANNEXURE Questionnaire To study the “Awareness regarding Insurance and Investment in people and customers thinking regarding the investment in ULIPS.: 1) Gender: Page 95 .
000 [ ] [ ] 5) Do you have any idea about Investment? [ ] Yes [ ] No [ ] Can’t say Page 96 .00.00.000 [ ] B) 1.000 [ ] C) 5.A) Male [ ] B) Female [ ] 1) Age: A) 18 – 30 B) 31 – 45 C) 46 – 59 [ ] [ ] [ ] D) 60 & Above [ ] 3) Occupation: A) Self Employed [ ] B) Salaried C) Professional D) Businessman [ ] [ ] [ ] 4) Annual Income: A) Less than 1.00.00.000 D) above 7.00.00.000 to 5.000 to 7.
6) If yes. rank them Chronologically? [ ] Insurance [ ] Equity [ ] Mutual Funds [ ] Fixed Deposits [ ] Commodities [ ] Real Estate [ ] PPF [ ] Others 7) Kindly mention proportion of investment that you are investing in different sectors? (In %) [ [ [ [ ] Insurance ] Equity ] Commodities ] PPF [ [ [ ] Mutual Funds ] Fixed Deposits [ ] Real Estate ] Others 8) Do you have about Life Insurance? [ ] Yes [ ] No 9) IF yes. than have you invested in Life Insurance Products? [ ] yes [ ] no 10) Which plan in Insurance do you mostly prefer? [ ] Traditional [ ] Safe investment plan [ ] Endowment plan [ ] ULIP [ ] Others ___________ 11) What amount you pay for premium per year? Page 97 . then in which sector are you investing.
000 [ ] 75.000 [ ] 10.000-25.000 & above 12) Which reference group affects your decision in buying insurance Policy? [ ] Friends [ ] Relatives 13)Do you have Companies? [ ] Yes [ ] Insurance agents [ ] office group any idea [ ] No about Private Life Insurance 14)Which company’s Life Insurance Policy do you have? [ ] LIC [ ] ICICI Pru [ ] Max Newyork [ ] Bajaj Allianz [ ] Tata AIG [ ] Reliance Mention others.[ ] 5.000 [ ] 25.000-10.000-75. if any : [ ] Birla Sun Life [ ] Kotak Life Insurance [ ] HDFC Standard Life 15) Do you have any idea about Kotak Life Insurance Company? [ ] Yes [ ] No 16)Rank the factors which affect your investment from 1 to 3 in respect with 1 as highest and 3 as the lowest? [ ] Reputation of the company [ ] Knowledge and behavior of the representatives [ ] Aggressive Marketing 17) What is your objective behind purchasing this Insurance policy? [ [ [ [ [ [ ] Tax benefit ] Provision for higher studies ] Investment ] Retirement Planning ] Repayment of loan ] Protection for marriage expenses Page 98 .
is your money secured in Insurance (ULIPS)? [ ] Very secured [ ] Unsecured [ ] Secured [ ] Very unsecured 20) Are you getting timely reminder of your premium paying from your agents? [ ] Yes [ ] No 21) What is your overall satisfaction level in respect to investment in ULIPS? [ [ [ [ [ [ ] Excellent ] Very Good ] Good ] satisfactory ] poor ] very poor Thank You Page 99 .18) Which is your preferred mode or time period for paying premium amount? [ ] Monthly [ ] Half-yearly [ ] Quarterly [ ] Yearly 19) What do you think.
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