Professional Documents
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I d e c l a r e t ha t t he p r o j e c t e nt it l e d A S T U D Y O N A I N S U R A N C E COMPANY (Conducted on behalf of KOTAK LIFE INSURANCE LTD,civil line kanpur ) under the guidance of Mr. Amit kumar tripathi submittedin partial fulfillment of the requirement for the award of the degree of Mastersi n B u s i n e s s A d m i n i s t r a t i o n t o G a u t a m b u d h t e c h n i c a l uni versityLucknow is my original work carried out during 1June, 2010 to1agust, 2010, and not submitted for the award of any other degree, diploma,f e l l o w s h i p o r o t h e r s i m i l a r o r p r iz e t o a n y o t he r i n s t it u t e , o r g a n i z a t io n o r university by any other person.
Executive summary I was given the orrortunity to pursue my training in KOTAK LIFE INSURANCE for a period of 2 months. My project is titled Consumer Investment & Buying Behaviour at Kotak Life Insurance. The basic project objectives are as follows: To study consumer investment behaviour To study brand a
required to carry out two surveys.The following vital conclusions were derived:
Trust needs to be developed among the customers both as far as the ULIPas a product is concerned
Some respondents despite of knowing about ULIP were hesitant to talk onit
because they were not too confident about their knowledge. This very factcompletely declines the concept of
providing switches as a lucrative featurein ULIP (which is done by most of the companies). The reason is that veryrarely people
have the ability or time to use these features.Importan t Recommendation s that were suggested are:
Building trust by providing the customers with adequate knowledge aboutthe company and then the product.
then the product and special emphasis among the female chunk of the population.8
companies as is done in the case of mutual Funds. The Insurance Regulatory and Development Authority (IRDA)
The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as astrong and powerful
supervisory and regulatory authority for insurance. Post nationalization,th e role of Controller of Insurance
the scenario changed with the private and foreign companiesforayi ng in to the insurance sector. This necessitated
the need for a strong, independent andautonomous Insurance Regulatory Authority was felt. As the
enacting of legislation wouldhave taken time, the then Government constituted through a Government
resolution anInterim Insura nce Regulatory Authority pendin g the enactment of a comprehen sivelegislation.Th e Insurance
Regulatory and Development Authority Act, 1999 is anact to provide for the establishment of an Authority to protect the
interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance
industryand for matters connected therewith or incidental thereto and further to amend the InsuranceAct,
1938, the Life Insurance Corporation Act, 1956 and the General insurance Business(Nation alization) Act,
1972 to end the monopoly of the Life Insurance Corporation of India(for life insurance business) and General
Insurance Corporation and its subsidiaries (for general insurance business).The act extends to the whole of India
and will come into force on such dateas the Central Government may, by notification in the Official
Gazette specify. Differentdates may be appointed for different provisions of this Act.9
The Act has defined certain terms; some of the most important ones are asfollows: Appoi nted day means
the date on which the Authority is established under the act.Authority means the established under this Act.Interim Insurance
Regulatory Authority means the Insurance Regulatory Authority set up bythe Central Government through
Resolution No. 17(2)/ 94-lns-V dated the 23rd January,1996.W ords and expressions used and not defined in this Act but
defined in theInsurance Act, 1938 or the Life Insurance Corporation Act, 1956 or the General InsuranceBusines
s (Nationalization) Act, 1972 shall have the meanings respectively assigned to themin those
ActsA new definition of "Indian Insurance Company" has beeninserted. "Indian insurance company" means
any insurer being a company (a) Which is forme d and registered under the Co mpanies Act, 1 956
(b) in which the aggregate holdings of equity shares by a foreign company, either by itself or through its
subsidiary companies or its nominees, do not exceed twentysix percent, Paid upcapital in such Indian insurance company . 10