KOTAK BANK Project

BBA
Sem-VI A Research
Project Report
ON
Kotak life insurance

Prepared Guided
By By
Jaydeep mandani Prof. Yasin Vikyani
Seat No: 65
Submitted To
College Name
BBA SEM 6 HARIVANADANA COLLEGE
RESEARCH PROJECT ON KOTAK MAHINDRA

LIFE INSURANCE COMPANY LTD
PUNE
PREPARED BY
JAYDEEP SANJAYBHAI MANDANI
CIASS: B.B.A.
SEM.-6
ACADEMIC YEAR: - 2021-22
GUIDE BY
PROF. YASHIN VIKYANI

PROF.DEVJI SANKHAT
SUBMITED TO
HARIVANADANA COLLAGE – RAJKOT
PROJECT GUIDE BY: YASIN VIKANI Page | 1

ACKLOWLEDGEMENT
It is said, The most important single word is we and the zero important
single word is I . This true even in today s modern era. It is absolutely
impossible for a single individual to complete the assigned job without
help and assistance from others.
It is my greatest pleasure to acknowledge sincere gratitude towards Mr.

Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance
Company Ltd. Pune, for the completion of the project work.
I would also like to acknowledge to my sincere gratitude to the Director

of my institute prof. yashin vikyani and my project guide Prof. Devji
sankhat for helping me in this project work.
I am thankful to all of my friends and batch mates for their help in

completing this project work. Finally, I am thankful to my entire family
members for their great support and encouragement.
Yours Faithfully
Jaydeep Mandani

Declaration
I, The Undersigned Jaydeep Mandani Student Of BBA Sem – 6 Hereby

Declare That The Project Work Presented In This Report Is My Own Work And
Has Been Carried Out Under The Supervision Of My Guide Mr.Yasin Vikyani
Of Harivandana College, Rajkot.
I Jaydeep Mandani Also Declare That This Work Has Not Been Previously
Submitted Any Other University For Any Examination.
Date:
Place: RAJKOT (Jaydeep Mandani)

1. Industry profile
NO. PERTICULAR PAGE

NO.
1. HISTORY OF INDUSTRY 5
2. INSURANCE SECTOR REFORMS 6
3. ENTRANCE OF PRIVATE PLAYERS IN 8
INSURANCE SECTORS
4. GROWTH AND DEVELOPMENT OF 11
INDUSTRY
5. CHALLENGES FACED BY INDUSTRY 16

1.1 HISTORY OF INDUSTRY
1912: the Indian Life Assurance Companies Act enacted as the first stature to
regulate the life insurance business.
1928: the Indian Insurance Companies Act enacted to the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to the insurance Act with
the objective of protecting the interests of the insuring public.
1956: 245 Indian and Foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz.
LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government of
India.

1.2 INSURANCE SECTOR REFORMS:
1) Structure
Government stake in the insurance companies to be brought down to 50%.
2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be

allowed to enter the industry. No company should deal in both Life and General
Insurance though a single entity. Foreign companies may be allowed to enter
the industry in collection with the domestic companies. Postal Life Insurance
Should be allowed to operate in the rural market. Only One State Life Insurance
Company should be allowed to operate in each state.
3) Regulatory Body
- The Insurance Act should be changed
- An Insurance Regulatory body should be set up
- Controller of Insurance (Currently a part from the Finance Ministry) should be

made independent.
4) Investments
Mandatory Investment of LIC Life Fund in government securities to be reduced

from 75% to 50%.
5) Customer service
LIC should pay interest on delays in payments beyond 30 days. Insurance

companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out in
the insurance industry. The committee emphasized that in order to improve the

customer services and increase the coverage of the insurance; industry should
be opened up to competition.

1.3 ENTRANCE OF PRIVATE PLAYERS IN INSURANCE

SECTORS
India still has low insurance penetration of 1.95 percent, 51st in the world.
Despite the fact that India boosts a saving rate of around 25 percent, less than 5
percent is spent on insurance.
The insurance landscape in India is undergoing major changes. Close to foreign

competition since nationalization in 1956, the life insurance industry had been
protected from competitive pressures. Now, with the reopening of the sector,
several new players have entered the scene.
The acronym for the Insurance Regulatory and Development authority of India,
it overseeing the insurance business in India. It protects the interests of the
policyholders received and ensures orderly growth of the insurance industry and
for matters connected there thereto.
Beside Kotak Mahindra Life Insurance there are other 11 private players
working in life insurance sector, which are as follows.
Allianz Bajaj Life Insurance Company Ltd.
Allianz Bajaj Life Insurance Company Ltd. is a joint venture between
Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on

12th march 2001.
AMP Sanmar Assurance Company Ltd.
AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest
life insurer in Australia and New Zealand, Sanmar is one of the largest

industrial groups in South India dealing in chlorochemicals and shipping and

Engineering.
Aviva Life Insurance Company Ltd.
Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and
CGU, is a wholly subsidiary of Aviva Plc (UK).
BI Life Insurance Company Ltd.
India s largest bank SBI and Cardiff S.A, a leading insurer in France came
together to from SBI Life.
Tata Life Insurance Company Ltd.
Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74%
has been brought in by TATA Sons and the American partner bring the balance
26%.
ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and
Prudential Plc holding 74% and 26% stake respectively.
Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya
Birla Group and sun life financial services of Canada.
HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. was one of the first companies to
be granted license by the IRDA to operate in life insurance sector. It was
incorporated on 14th august 2000. HDFC is the majority stakeholder in
insurance JV with 81.4% stake and Standard life (largest mutual assurance
company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.
ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance
venture in the country. Together they have roped in GMR group, which has
wide-ranging interests in field such as power generation infrastructure,
manufacturing, software and banking. As per JV agreement Vysya bank would
hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold
25% of the stake.
MAX New York Life Insurance Company Ltd.
It s a partnership between MAX India ltd and New York life, a Fortune 100
company.
Met Life India Insurance Company Ltd.
It was incorporated in April 2001 as a joint venture between Met Life

International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and
company private Ltd.

1.4 GROWTH AND DEVELOPMENT OF INDUSTRY
The insurance industry in India was expected to reach US$ 280 billion by 2020.
The life insurance industry is expected to increase at a CAGR of 5.3% between
2019 and 2023. India’s insurance penetration was pegged at 4.2% in FY21, with
life insurance penetration at 3.2% and non-life insurance penetration at 1%. In
terms of insurance density, India’s overall density stood at US$ 78 in FY21.
There are 24 life insurance and 34 non-life insurance companies in the Indian
market who compete on price and services to attract customers, whereas there
are two reinsurance companies. The industry has been spurred by product
innovation and vibrant distribution channels, coupled with targeted publicity
and promotional campaigns by insurers.
The market share of private sector companies in the general and health
insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the
life insurance segment, private players held a market share of 33.78% in
premium underwritten services in FY20.
In the first half of FY22, the life insurance industry recorded growth rate of
5.8% compared with 0.8% in the same period last year.
In September 2021, new premiums of life insurers registered 22.2% growth in

September 2021, up from 2.9% in September 2020.
Between April 2021 and September 2021, gross premiums written off by non-
life insurers reached Rs. 108,705.3 crore (US$ 14.47 billion), an increase of
12.8% over the same period in FY21.
In FY22*, premiums from new businesses of life insurance companies in India

stood at US$ 13.6 billion and renewable premium stood at US$ 53.7 billion.

In July 2021, non-life insurance premium stood at Rs. 20,171 crore (US$ 2.71
billion), an increase of 19.5% YoY, as compared with Rs. 16,885 crore (US$
2.26 billion) in July 2020. The growth was driven by strong performance from
health and motor segments.
In July 2021, standalone private health issuers registered a premium growth of

Rs. 1,753 crore (US$ 235.11 million), an increase of 27.5% YoY.
In India, gross premiums written of non-life insurers reached US$ 26.52 billion
in FY21 (between April 2020 and March 2021), from US$ 26.49 billion in
FY20 (between April 2019 and March 2020), driven by strong growth from
general insurance companies. The general insurance industry is expected to
increase by 7-9% in terms of gross direct premium income in FY22, backed by
healthy growth from the health and motor segments.
In August 2021, the premium in the general insurance industry increased by

24% YoY.
In March 2021, health insurance companies in the non-life insurance sector

increased by 41%, driven by rising demand for health insurance products amid
COVID-19 surge.
The total benefit amount claimed from private life insurance companies was Rs.
5,725 crore (US$ 780 million), whereas LIC had a total benefit claim amount of
Rs. 13,694 crore (US$ 1,866 million) in FY20. With such a huge base, LIC has
performed well to maintain a settlement ratio of 96.69% by number of policies
and 93.45% by benefit amount.
Union Budget 2021 increased FDI limit in insurance from 49% to 74%. India's
Insurance Regulatory and Development Authority (IRDAI) has announced the
issuance, through Digilocker, of digital insurance policies by insurance firms.

Under the Union Budget 2021, Finance Minister Nirmala Sitharaman

announced that the initial public offering (IPO) of LIC will be implemented in
FY22, as part of the consolidation in the banking and insurance sector. Though
no formal market valuation has been undertaken, LIC’s IPO has the potential to
raise Rs. 1 lakh crore (US$ 13.62 billion).
In FY21, LIC achieved a record first-year premium income of Rs. 56,406 crore
(US$ 7.75 billion) under individual assurance business with a 10.11% growth
over last year.
In February 2021, the Finance Ministry announced to infuse Rs. 3,000 crore
(US$ 413.13 million) into state-owned general insurance companies to improve
the overall financial health of companies.
According to data from the Insurance Regulatory and Development Authority of

India (IRDAI), 25 general insurance companies recorded a 10.8% increase in
their collective premium in January 2021 to Rs. 16,247.24 crore (US$ 2.24
billion) compared with Rs. 14,663.40 crore (US$ 2.02 billion) in January 2020.
In September 2021, ZestMoney raised US$ 50 million to enter new business

opportunities in the insurance sector.
In August 2021, PhonePe announced that it has received preliminary approval

from IRDAI to act as a broker for life and general insurance products. As a
result, the company can now offer insurance advice to its 300+ million users.
In FY21, motor third-party premium increased by 4.4% to Rs. 106.5 billion

(US$ 1.4 billion) and is likely to expand in FY22.
In July 2021, non-life insurers’ premium, which include general, standalone and
specialised public-sector, recorded 19.46% YoY growth and reached Rs.
20,171.15 crore (US$ 2.71 billion) against Rs. 16,885 crore (US$ 2.27 billion)
in the same month last year.

On July 1, 2021, the LIC introduced its Saral Pension Scheme, which is a non-
linked, non-participating, single premium, individual immediate annuity plan.
In June 2021, Aditya Birla Sun Life Insurance announced the launch of a new
Vision LifeIncome Plus Plan that will provide guaranteed regular income plus
flexible bonus payouts to policyholders.
In May 2021, Max Life Insurance Co. Ltd. launched ‘Max Life Saral Pension’,
a non-linked, individual immediate annuity plan.
In April 2021, Life Insurance Corporation of India (LIC) collaborated with

Paytm to facilitate digital insurance payments.
In April 2021, Bharti AXA Life Insurance announced a bancassurance

partnership with Fincare Small Finance Bank to offer life insurance products to
>26.5 lakh customers.
In April 2021, Life Insurance Corporation of India (LIC) collaborated with

Paytm to facilitate digital insurance payments.
In September 2021, the Union Cabinet approved an investment of Rs. 6,000

crore (US$ 804.71 million) into entities, offering export insurance cover to
facilitate additional exports worth Rs. 5.6 lakh crore (US$ 75.11 billion) over
the next five years.
Going forward, increasing life expectancy, favourable savings and greater

employment in the private sector is expected to fuel demand for pension plans.
Likewise, strong growth in the automotive industry over the next decade would
be a key driver for the motor insurance market. Motor insurance accounted for
32.59% of the non-life insurance premiums earned, followed by health
insurance at 28.9%, in November 2020.
The public and private sectors have been actively working towards crop
insurance. For instance, in October 2020, the Andhra Pradesh rolled out free of

cost crop insurance scheme for the state farmers while the Reliance General
Insurance and SatSure partnered to launch the satellite-based crop monitoring
and predictive analytics support for better risk management and to improve
efficiency of its crop insurance business operations. On January 13, 2021, Crop
Insurance Scheme, the Pradhan Mantri Fasal Bima Yajana (PMFBY),
completed five years of operations towards strengthening risk coverage of crops
for farmers of India.

1.5 CHALLENGES FACED BY INDUSTRY
1. Low penetration and density rates
Lack of penetration in most of the rural geographies has been a decade-long

problem as a large section of their population remains uninsured. Due to
relatively few buyers and sellers of insurance in rural areas, market power shifts
to insurers and results in high prices, which further leads to lower penetration.
Additionally, due to lower volume of services delivered, the fixed costs remain
relatively high, making insurance companies less willing to negotiate lower
prices, thereby putting the insurance market at a disadvantage. As per a 2018
Lloyd’s report, there is an insurance gap of $27 billion in India, with rural areas
contributing greatly to this gap.
2. Poor rural participation and low household investment
As per the IRDAI, lack of awareness about health insurance remains one of the
major hurdles. Not surprisingly, less than 15 percent of the populace purchase a
health insurance policy. Despite liberalisation, insurance companies have
consistently ignored rural markets.
Increasingly, there has been a reduction in the number of private life insurers in
rural areas even while the concentration of insurance providers in urban areas
has consistently gone up. Additionally, only about five percent of Indian
household savings are held in financial assets.
Rather than investing in ex-ante insurance against risks, households rely on ex-
post high-cost borrowing, keeping the penetration rates of insurance low,
especially in rural India.
3. Lack of adequate capital investments

Partly, low insurance penetration can be attributed to inadequate capital with

insurers. The expansion to the unpenetrated markets of the country remains a
challenge due to insufficient capital that needs to be invested. A 2018 IMF
technical note had indicated that the IRDAI would have to concentrate
resources on public sector companies like the LIC and NIC to maintain
adequate solvency levels.
Additionally, the COVID-19 pandemic only made things worse. The insurance
sector saw its profits plummet significantly through 2020.
While some PSU insurers saw an increase in their net profits in FY21, resulting
in a decline in underwriting losses, most are still reeling from the aftermath of
the pandemic. The sector has lost its pricing discipline, and even less attention
is being paid to the rural insurance market, given its lower potential to generate
profits.
4. Accessibility and lack of financial literacy
The insurance sector is less accessible to people in rural areas for a number of
reasons, including pricing and lack of awareness. An important step in the right
direction would involve increasing access to low cost and simple products,
given the gap between pricing and affordability. There is also a need to build
trust and improve financial literacy among rural populace to improve
penetration.
Government insurance schemes such as the Pradhan Mantri Jan Arogya Yojana,
the Pradhan Mantri Fasal Bima Yojana, the Pradhan Mantri Suraksha Bima
Yojana, and the Pradhan Mantri Jeevan Jyoti Bima Yojana have played a
significant role on this front, and have led to better coverage, especially in terms
of non-life insurance.
5. Predominance of traditional products and distribution channels

As it has been observed over the years, insurance products are offered and
marketed in traditional ways that make it tougher for advanced insurance plans
to gain traction, especially with regard to rural India. While online and point of
sale channels are slowly gaining popularity, supported by regulations by the
IRDAI, the insurance sector also continues to rely heavily on traditional
distribution channels.
Alternate capital and insurance-linked securities like catastrophe bonds are

opportunities that the insurance sector is often unable to explore in rural areas
given capital deficits.
There is a huge domain of untapped market that gets neglected; even though
insurance players have opened Tier II and III branches in cities, they have no
presence in the rural hinterlands. Despite the various legal reforms put in place
to buttress the insurance sector in rural India, there is much room for growth.
In order to make the market more competitive and inclusive, regulators and
insurers alike will have to reform their approach to penetration and face these
challenges head on to overcome and make a footprint in this industry.

2. Company Overview
NO. PERTICULAR PAGE

NO.
1. HISTORY OF COMPANY 20
2. VISION AND MISSION OF COMPANY 22
3. PURPOSE AND VALUES OF COMPANY 23
4. LIST OF COMAPNY 25
5. SWOT ANALYSIS OF COMPANY 28

2.1 HISTORY OF COMPANY
The Kotak Mahindra Group was founded in 1985 as a provider of financial

services. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's
flagship company, received banking license from the Reserve Bank of India
(RBI) to conduct banking operations in the country and was renamed as Kotak
Mahindra Bank Ltd, the parent company of Kotak Life Insurance.
The company started operations in 2001 on a 74:26 joint venture between

Kotak Mahindra Bank Ltd and Old Mutual plc and is one of the fastest-growing
insurance companies in India trusted by over 4 million policyholders
nationwide. Old Mutual Plc is a South African based Group engaged in
providing International long-term savings, protection and investment services
operating from 1845, and its products are in the field of life assurance, asset
management, banking and general insurance in countries based in Europe, the
Americas, Africa and Asia and also listed on the London Stock Exchange and
the JSE, among others.
However, in 2017, Kotak Mahindra Bank bought Old Mutual's 26 per cent
stake in the life insurance joint venture for Rs 1,293 crore, subject to approvals,
making life insurance business fully owned by Kotak Mahindra Group.
Kotak Mahindra Life Insurance Company is 100% subsidiary of Kotak Bank

and a leading private life insurance company in India covering more than 20
million members in country by 2020.
In 2019, Kotak Life Insurance and Instant pay collaborated to introduce

insurance to first-time consumers and also digitally empower the semi-urban
sections of the society on various insurance products. Instant Pay, is one of
India's largest inclusive and neo Banking platform and had received the
Corporate Agency license from the Insurance Regulatory Development

Authority (IRDA) and plans to develop innovative and relevant insurance

products for the customers in tier-2 and 3 cities. As per the agreement the latter
company will use its vast network of more than 1 lakh merchants to introduce
Kotak Life Insurance's products through its InstantPay portal or app, which
currently has an annual premium as low as Rs 200.

2.2 VISION AND MISSION OF COMPANY
Vision
To become India's best life insurance company
Mission
To bring assurance to people's lives

2.3 PURPOSE AND VALUES OF COMPANY
Purpose
To deliver VALUE to our Customers through Protection & Long-term savings

(PALTS)
Values
1. Professional Approach
Recognized as having the highest professional standards. Our employees and

advisors will possess superior knowledge & skill, for the benefit of our
customers.
2. Innovation
We create an environment that encourages all employees to innovate,

experiment and try out new things without fear of failure.
3. Continuous Improvement
We relentlessly strive for improvement. Every achievement becomes a

milestone for the next level of performance.
4. Financial Prudence
Customers depend on us to be there in the future to meet promises. We will

achieve by efficient cost management, uncompromised claim payments &
superior investment management.
5. Real Value To Customers
Satisfy our customers. By providing quality products, services, advice

sustainable value, and ensure our customers receive excellent solutions to meet
their needs.

6. People Friendly
Employees will determine our future success. We will treat people with dignity.
We will invest in the development of our human resources and reward superior
performance.
7. Integrity
Our dealings are characterized by the highest levels of trust, honesty and
fairness.

2.4 LIST OF COMPANY
a) Kotak Flexi plan
Advantages:
1. Choice of 5 professionally managed funds included Gilt Fund, Floating Rate

Fund, Bond Fund, Balanced Fund, Growth Fund.
2. Add lump sum injections as and when suitable
3. Premium holiday facility
4. Riders options for enhanced protection
5. Loan facilities in case of emergencies
6. Simplified documentation and procedures
b) Kotak Retirement Income Plan
The Kotak Retirement Income Plan is a savings plan designed to meet your post
retirement needs. It is a plan that gives you jeene Ki azaadi by giving you the
choice to remain independent even after retirement.
Advantages:
1. In this plan minimum age of 18 years of old and maximum age is 60 years.
2. You may buy an annuity either from Kotak Life Insurance.
3. You can make lump sum injections into your policy at any time before
retirement.
4. For a with cover plan you have the facility of Automatic cover Maintenance,
which ensures that the cover remains in force even when you miss the premium
payments. This facility is available after the first 3 years of the term.
5. You may exercise the option of paying premium from the Supplementary
Accumulation Account, created from will be created from lump sum injections,
if the need arises.
c) Kotak Endowment Plan
An Endowment policy is a combination of savings along with risk cover.
These policies designed to accumulate wealth and at the same time cover your
life. In simple words, issued for specific time periods during which you pay a
regular premium. If you die during policy, your beneficiaries will receive the
sum assured along with the accumulated bonus a outlive the policy tenure you
will receive the sum assured along with accumulated bonus.
Advantages:
2. You can take a loan against your policy has been in force for at least three
years.
3. You have the option of paying premiums quarterly, half yearly or yearly.
4. You have the benefit of a 15-day free look period.
d) Kotak Capital Multiplier Plan
The Kotak Capital Multiplier Plan is a participating plan that is built in such a
way that it allows your money to multiply, and gives you the flexibility of using
this money the way you need it, in regular and irregular withdrawals. This is an
endowment plan, which is very flexible and has a lot of in-built benefits.

Advantages:
2. At the start of your withdrawals period, you can draw the full proceeds or you
can draw up to 50% of your basic sum assured or accumulation account,
whichever is higher.
3. In addition to the regular premiums, you can make lum sum injection into
your plan during the premium paying period. A Supplementary Accumulation
Account will be created.
4. You have the facility of Automatic Cover Maintenance, which ensures that
the policy remains in force even when you miss the premium payments. This
facility is available after the first 3 years of the term.
e) Kotak Child Advantage Plan
The Kotak Child Advantage Plan is an investment plan designed to meet your
child s future needs. It is a plan that gives your child the azaadi to realise his/her
dreams. This is an endowment plan where the life insured is the child. This is a
participating plan.
Advantages:
2. You may take a loan against this plan, after the policy has been in force for at
least three years.
3. You have the option of paying premiums quarterly, half yearly or yearly.
4. You have the benefit of a 15-day free look period.

2.5 SWOT ANALYSIS OF COMPANY
Strengths:
1. State of art Actuarial I.T Infrastructure.
2. Has network across 300 towns.
3. Innovative Product range with transparent practices.
4. The company covers over 3 million customers and is one of the fastest
growing insurance companies in India.
Weaknesses
1. Lack of presence in various parts of country.
2. Limited Advertising and low brand visibility as compared to leading

competitors.
Opportunities
1. Growing potential in the semi-urban and rural market.
2. Better investment awareness amongst the younger generation.
Threats
1. Fluctuating economic scenarios.
2. Entry of new NBFCs in the sector increasing competition.

3. DEPARTMENTAL OVERVIEW
NO. PERTICULAR PAGE

NO.
1. OVERVIEW OF MARKETING 30
2. MARKETING SEGMENTATION 31
3. DEPARTMENT CHART 32
4. COMPETITORS 33
5. PRODUCT MIX 34
6. PRICE MIX 36
7. PROMOTION MIX 38
8. PLACE MIX 37
9. CHANNEL OF DISTRIBUTION 39
10. PHYSICAL EVIDENCE 40

3.1 OVERVIEW OF MARKETING
Marketing refers to business activities associated with communicating,

advertising, delivering, or selling products or services to customers. A company
undertakes the activities to promote the sale of a product or service to the target
audience.
Marketing involves getting consumers interested in the product offerings by

conducting marketing research and gaining a better understanding of the
customer’s interests, tastes, and preferences. In the process, the marketing
personnel creates a marketing plan, which entails all the activities and channels
that the company will use to draw the customer’s attention to the products or
services offered.
A well-thought-out and focused marketing plan will help the company keep its
marketing efforts centered on the target market and consistently bring in more
sales. It should cover the entire process from product creation, distribution
methods, sales, and advertising methods.
Evolution of Marketing
The history of modern marketing can be traced to the 1950s when companies
used various marketing methods to draw the customers’ attention to a product.
Before then, companies used print media to place ads that enticed consumers to
buy their products and services.
With the introduction of TV and the internet, companies became more creative
in how they communicated product information to consumers. They conducted
marketing campaigns across multiple platforms as advertisers competed to
outdo other competing products in the market and get customers interested in
their products. The marketing information should not only be promotional but
also educational to convert more potential customers into successful lead.

3.2 MARKETING SEGMENTATION
Segment: Personal and Group Insurance
Target Group: Urban and Rural Investors
Positioning: Complete Insurance and financial solutions

3.3 DEPARTMENTAL CHART

3.4 COMPETITORS
 SBI Life
 Bajaj Allianz Life Insurance
 HDFC Life Insurance
 Religare Life Insurance
 Tata AIA Life Insurance
 ICICI Prudential Life Insurance
 Max Life Insurance

3.5 PRODUCT MIX
Here we will discuss the product strategy and product mix in the Kotak Life
Insurance marketing strategy.
Kotak Life Insurance has a customer-centric approach. The organization has

long term savings and protection plans for different stages of life. The company
has cost-effective products, good customer support, consistent growth in
investments, and a fast claim settlement process.
Various policies under the umbrella of Kotak Life insurance are:
Term Insurance Plan
 Kotak e-Term Plan

 Kotak Term Plan
Money Back Plan
 Kotak Life Premier Moneyback Plan
Pension Plans
 Kotak Lifetime Income Plan

 Kotak Premier Pension Plan
Endowment Plans
 Kotak Smart Life Plan

 Kotak Life Classic Endowment Plan
 Kotak Life Premier Endowment Plan
 Kotak Life Premier Income Plan
Unit Linked Insurance Plans – ULIPs
 Kotak Ace Investment Plan

 Kotak Single Invest Advantage Plan

 Kotak Platinum Plan
 Kotak Headstart Child Assure Plan
 Kotak Invest Maxima
Whole Life Plan
 Kotak Premier Life Plan

3.6 PRICE MIX
By offering value for money, Kotak Life Insurance was a trend-setter in the
insurance industry. The organization is committed to provide its customers with
the best and highest value products at minimum prices. It has kept the premium
insurance policy prices at normal level so that large number of people can take
advantage of its insurance plans. Kotak is fairly faces strong competition from
other existing well established insurance companies. To build its own loyal
customer base, it has introduced fair pricing strategies and has kept its premium
rate affordable and pocket-friendly. The company has introduced penetration
strategy to penetrate India’s expanding insurance market.

3.7 PLACE MIX
Kotak has about 20 million customers nationwide. Kotak Life Insurance has
marked its presence in 167 cities and towns. It has a wide distribution chain that
allows its consumers all over the world to supply their services. This covers
insurance agent services, online insurance websites, insurance agents, direct
networks and banking partner services. Kotak Life Insurance has about 99275
Insurance agents in India in 232 branches.
Kotak Life has multiple channels for selling its policies. Kotak Life is selling its
policies through its branches. Insurance Advisors are also recruited by the
company. Bancassurance is also a channel for selling its policies. Kotak Life
has branches all over the country to market its products. Marketing Executives
are trained to explain the features and benefits of Kotak Life Insurance. Kotak
Life is also selling its policies through Online Channel. Kotak Life has a simple
claim settlement process.

3.8 PROMOTION MIX
Kotak Life Insurance differentiates itself as one of India’s most trusted brands.
Kotak Life has taken several initiatives for creating positive awareness of the
brand. Successful advertising campaigns have been launched on radio and
several television channels through electrical media. Its advertisements appear
in magazines, hoardings, and newspapers. It has an official website that
provides interested parties with the related information.
Kotak Life is taking every possible measure to promote its policies. Kotak Life
Insurance is using modern techniques for promoting its products and services.
For Online advertisements the company is using Google Ad Network and other
Ad Networks. The company is using Facebook Marketing, Whatsapp
Marketing, and other online Marketing platforms for its promotion. Kotak Life
is also advertising its products on Television, Print Media, and Magazines. It is
also using Hoardings for promoting its products throughout the country. It is
also promoting its products on various Social Media Platforms. These
aggressive techniques are developing a good image among the customers of the
company.
Insurance Advisors and Insurance executives are also promoting its insurance
policies to the customers. Kotak is having a good customer centric approach and
try to maintain good customer relations to retain customers.

3.9 CHANNEL OF DISTRIBUTION
Kotak has its own proprietary distribution channel called TIED Agency
channel, which has life advisors, spread across different parts of the country.
These advisors are responsible for providing customers' insurance advice and
selling KLI's insurance plans based on client requirement.

3.10 PHYSICAL EVIDENCE
Physical evidence includes facility design, equipment signage, employee dress,

tangibles, reports and statements.
Signage
Signage personifies the insurance company. It gives a identity by which users

recognize the company. A signage depicts the company's philosophy and policy.
Tangibles
Following are some of the examples Tangibles Insurance companies give their
customers and agents various tangible items like pen, letter pad, calendars. Such
things try to reduce the intangibility characteristics of this industry.
Statements
The statements are punch line which briefly depicts the vision and attitude of a
insurance company towards its users/potentials. It also indicates their business
motive.

4. RESEARCH METHODOLOGY
NO. PERTICULAR PAGE

NO.
1. MEANING OF RESEARCH 42
2. TYPES OF RESEARCH 43
3. RESEARCH TITLE OR PROBLEM 46
4. LITERATE REVIEW 47
5. OBJECTIVE OF THE STUDY 48
6. RESEARCH DESIGN 50
7. DATA COLLECTION METHOD 51
8. SAMPLE SIZE 54

4.1 MEANING OF RESEARCH
Every business organization that comes into contact with the customer develops
a perception in the mind of the customer. Today, in this Competitive world
every organization needs to know the perception in the mind of the customers.
In order to gain mind share or heart share of customers along with the market
share is the main lookout for the organizations. Especially in consumer banking
sector, where the Products are more or less same, the only way to leave positive
impact on customer’s mind and to gain competitive advantage is providing Best
possible services to the customers. After sales service should be an integral part
of any companies’ sales strategy. A good After Sales service can with its
excellence help you gain market share. Most customers will not make a repeat
purchase or continue with a company’s services in case of a bad experience.
 “Research refers to search for knowledge.”

 “Research means systemized affort to gain new knowledge.”
 “A movement from unknown to known.”
 "Any creative systematic activity undertaken in order to increase the
stock of knowledge, including knowledge of man, culture and society,
and the use of this knowledge to devise new applications."
 "Research is a process of steps used to collect and analyze information to
increase our understanding of a topic or issue".

4.2 TYPES OF RESEARCH
1. Descriptive Research:
It is a fact minding investigation with describe characteristic of individual

situation any event or a group.
Ex: the research on consumer preferences product or service.
2. Exploratory Research:
It is preliminary of unfamiliar problem about which researcher as deter

knowledge or no knowledge.
Ex: social media marketing, helps in brand awareness
3. Causal Research:
It is used by researcher to fine caused and effective of variable in this types of

research research of try to understand effect of manipulating independent
variable one effected variable.
Ex : what will happened to sell of my product if changed packaging of product,

change advertising media etc.
4. Fundamental research:
Fundamental, or basic, research is designed to help researchers better

understand certain phenomena in the world; it looks at how things work. This
research attempts to broaden your understanding and expand scientific theories
and explanations. For example, fundamental research could include a company's
study of how different product placements affect product sales. This study
provides information and is knowledge-based.
5. Applied research:

Applied research is designed to identify solutions to specific problems or find

answers to specific questions. The research is meant to offer knowledge that is
applicable and implementable. For instance, applied research may include a
study on ways to increase student involvement in the classroom. This research
focuses on a defined problem and is solution-based.
6. Mixed research:
Mixed research includes both qualitative and quantitative data. Consider the car
manufacturer comparing sedan sales. The company could also ask car buyers to
complete a survey after buying a red or white sedan that asks how much the
color impacted their decision and other opinion-based questions.
7. Laboratory research:
Laboratory research takes place in a controlled laboratory setting rather than in

the field. Often, the study demands strict adherence to certain conditions, such
as elimination of variables or timing conditions. Laboratory research includes
chemical experimentation and pharmacological research.
8. Action research
Action research refers to the process of examining your actions, assessing their
effectiveness in bringing about the desired outcome and choosing a course of
action based on your results. Action research is typically used in educational
settings for teachers and principals to perform a type of self-assessment and
course correction.
9. Policy research:
Policy research is designed to examine the effects of current government or

social policies or predict the potential effects of proposed policies as those
effects relate to the distribution or redistribution of resources. Policy researchers
often work within government agencies and conduct the following types of
studies:
 Cost analysis
 Cost-benefit analysis
 Program evaluation
 Needs analysis
10. Comparative research:
Comparative research is designed to identify similarities and differences

between two individuals, subjects or groups. For instance, an owner may review
new hire training documentation and discover that new employees are receiving
much of the same training at orientation and their initial departmental training.
The owner may decide to incorporate all of the similar training into orientation
documents to allow more time for department-specific training.
11. Deductive research:
Deductive, or theory-testing, research is the opposite of inductive research and

moves from the broad to the specific. Researchers choose a hypothesis and test
its accuracy through experimentation or observation.
12. Classification research:
Classification research seeks to identify and classify individual elements of a

group into larger groups or subgroups. For example, biologists research animals
and place them in defined categories based on shared characteristics, such as:
Body segmentation
Type of habitat
Reproductive methods

4.3 RESEARCH TITLE OR PROBLEM
Customer satisfaction is customer's positive or negative feeling about the value

that was perceived as a result of using particular organization's offering in
specific used reaction to a series of use situation experience. According to peter
F. Ducker, “The purpose of business is to create and then retain a satisfied
customer. A society supports business because they serve its member's by
catering to their needs and leave them satisfied. If the business dissatisfied its
customer's and not only these customers stop availing service, but society at
large will condemn the firm and may even penalize it to the point of its
extinction.”
Research problem is one which required to find out best solution for that
problem before the conducting Research it is necessary to decide what is
Research problem. A right selection of problem is half success of problem. It
leads to less wastage of time and money.
 Factor behind brand switching in banking industry.

 Consumer behaviour in out of stock product at retail outlet.
 Consumer perception about social media advertising product.
 Employee satisfaction to word their job.
 Comparative analysis of mutual fund performance sector wise.
 Comparison of insurance services between LIC and ICICI, prudential
LIC.
 PROFITABILITY
 CRYPTO CURRENCY

4.4 LITERATE REVIEW
If you have to write an undergraduate dissertation, you may be required to begin

by writing a literature review. A literature review is a search and evaluation of
the available literature in your given subject or chosen topic area. It documents
the state of the art with respect to the subject or topic you are writing about.
A literature review has four main objectives:
 It surveys the literature in your chosen area of study.

 It synthesizes the information in that literature into a summary.
 It critically analyses the information gathered by identifying gaps in
current knowledge; by showing limitations of theories and points of view;
and by formulating areas for further research and reviewing areas of
controversy.
 It presents the literature in an organized way.
 It is on overview of previously publish work on specific topic.
 Literate review is survey of books, scholar, articles and other sources
relevant to particular issue of topic.

4.5 OBJECTIVE OF THE STUDY:
1) To determine the present position and satisfaction of customer in Kotak

Mahindra Life Insurance.
The main objective of the project was to analyze consumer satisfaction of Kotak
Mahindra Life Insurance with other services in Pune. And also present position
of the company.
2) To determine the market share of different brands.
The second objective of the project was to determine the market share of
different brands available in the market. There was a tough competition for the
brand in the market. Therefore to get establish, company had to make its
competitors analysis and need to determine where do they stand.
3) Responses of customer
Responses from them were collected through survey and for the questionnaire
were prepared for both of them.
4) Benefits derived by assessing consumer satisfaction are:
 Feedback to organization regarding product.

 Understanding customer s requirements.
 Providing superior service to customer.
 Strengthen the relationship with customers.
 Formulating sales strategies.
5) Identify pros and cons of the brand.

This was a fundamental objective of the whole research. Company wants to

identify that where does the brand lack. In other words, what are the brands so
that it can rectify them in order to establish the brand in the market.
6) Suggestions and recommendations.
The objective of the research was not only to find out the problem but also the
identification of solutions or suggestions of the problems.

4.6 RESEARCH DESIGN
Research design is blue print of research that how we are going to conducts
research the reason.
Descriptive research is also called Statistical Research. The main goal of this
type of research is to describe the data and characteristics about what is being
studied. The idea behind this type of research is to study frequencies, averages,
and other statistical calculations. Although this research is highly accurate, it
does not gather the causes behind a situation.
The regular interaction with the Customers and the Line Managers revealed
about the various strategies involved in performing business activities and
gathering data using various techniques and software applications Descriptive
research includes Surveys and fact-finding enquiries of different kinds. The
main characteristic of this method is that the researcher has no control over the
variables; he can only report what has happened or what is happening.

4.7 DATA COLLECTION METHOD
There are two types of collecting data
1. Primary data collection method
2. Secondary data collection method
1. Primary Data :
Refers to the data that the investigator collects for the very first time. This
type of data has not been collected either by this or any other investigator
before. A primary data will provide the investigator with the most reliable first-
hand information about the respondents. The investigator would have a clear
idea about the terminologies uses, the statistical units employed, the research
methodology and the size of the sample. Primary data may either be internal or
external to the
organization.
2. Secondary Data :
Refers to the data that the investigator collects from another source. Past
investigators or agents collect data required for their study. The investigator is
the first researcher or statistician to collect this data. Moreover, the investigator
does not have a clear idea about the intricacies of the data. There may be
ambiguity in terms of the sample size and sample technique. There may also be
unreliability with respect to the accuracy of the data.
❖ Methods of primary Data collection:
1. Survey methods:

Survey means ‘to look at in a comprehensive way’. There are numerous survey
research methods, including in-person and telephone interviews, mailed and
online questionnaires.
2. Person interviews:
Getting information in person may be the most personal approach and most
effective way of gaining trust and cooperation from the respondent.
3. Mailed questionnaires:
More people may be reached by paper surveys than any other method, although
up to date mailing lists may be difficult to come by and postage can be
expensive.
4. Telephone interviews:
Telephone interviews are less expensive than in-person interviews and may be
more or less expensive than mailings, depending on the numbers involved.
Access to some people is easier by telephone. However, not everyone has one.
5. Observation Method:
Observational research is defined as the method of viewing and recording the

actions and behaviors of participants. It is described as being a systematic
observation method, which implies that the observation techniques are sensible
and replicable procedures so that the research could be reproduced. Observation
carried out by the properly selected, trained, capable, and experienced observer
can provide an objective information. A lot depends upon ability of observer.
Various tools used for observing behavior may include camera, movie camera,
close-circuit camera, printed forms, etc.
 Lives v/s Record Observation:

 Direct v/s Indirect Observation
 Human v/s Mechanical Observation:
6. Experimental Method:
Under this method of data collection, a cause and effect (i.e., causal)
relationship is established. The independent variables are manipulated to
measure the effects of such manipulation on the dependent variables.
7. Panel Method:
Panel method is a hybrid method. All aforesaid methods are used to collect data
from the panel. Panel can be defined as: The fixed and relatively permanent
sample/group of respondents to obtain information continuously or
intermittently (periodical) basis. In case of panel method, data are collected only
from panels of response groups or respondents. Panel is relatively fixed and
permanent sample of respondents. However, changes in terms of size, type, and
location are made to suits the company’s requirements.
 Consumer Panel:
 Dealer Panel
 Supplier Panel
Sources of secondary Data collection:
 Financial data
 Sales data
 Transport data
 Government statistical data
 Trade association
 Commercial services
 National and international Institution

4.8 SAMPLE SIZE
Sampling method refers to the rules and procedures by which some elements of
the population are included in the sample. Some common sampling methods are
simple random sampling, stratified sampling, and cluster sampling.
Estimator. The estimation process for calculating sample statistics is called the
estimator.
The details of the selected samples for the survey are as under:
 City chosen for Sample Survey: - Rajkot

 Sample size: - 60 Samples

5. DATA ANALYSIS AND INTERPRETATION
NO. PERTICULAR PAGE

NO.
1. DATA ANALYSIS AND INTERPRETATION 56
2. OBSERVATION AND FINDING 69
3. LIMITATION AND RECOMMENDATIONS 70
4. CONCLUSION 71
5. BIBLIOGRAPHY 72
6. ANNEXURE 73
7. QUESTIONNAIRE 73

1. Personal detail
Classes (Age) No of Respondents

18-24 4
24-35 19
35-45 16
45-55 8
55-65 1
No. Of Respondant
20
18
16
14
12 No. Of Respondant
10
ANALYSIS
Above diagram consist five classes of different age groups. Here customer 19
customer biloges to 25-35 age groups, 16 customers fall in the age group 35-45
years. Other 8 customer comes are in the class 45-55 years the age group of
1824 consists four customer reaming customer is in age group 55-65 years.
Here majority of customer belong to the group 25-35 years.

Q-2 Gender?
Option No. of Response Response in %

Male 43/60 71.7%
Female 17/60 28.3%
 Interpretation:
Out of 60 responses, 43 respondent have gender of kotak bank from Male
and 17 respondent have gender of kotak bank from Femal.

Q-3 Occupation?

Student 36/60 60%
Business 12/60 20%
Service 7/60 11.7%
Profession 5/60 8.3%
 Interpretation:
Out of 60 responses, 36 respondent have a student and 12 respondent
have a business and 7 respondent have a service while 5 respondent have
a Profession.

Q-4 Monthly income?

Less than 25000 31/60 51.7%
Less than 75000 15/60 25%
Less than 200000 5/60 8.3%
Above 200000 9/60 15%
 Interpretation:
Out of 60 responses, 31 respondent have monthly income of less than
250000 and 15 respondent have monthly income of less than 750000 and
5 respondent have monthly income of less than 200000, while 9
respondent have monthly income of above 200000.

Q.5. Do you think is it essential to have Life Insurance?
 Yes
 No
Yes No Total
No. of Respondents 45 5 50
% of Respondents 90 10 100
ANALYSIS
To this question 45 consumers reported YES and 5 consumers reported

NO .

Q.6. Which are the companies you invested your money for Life Insurance?
Companies No. of % of
Respondents Respondents
Kotak Mahindra Life Insurance 50 37.04
LIC 30 22.22
Bajaj Allianz - -
Tata AIG 10 7.41
Max New York Life Insurance 5 3.70
HDFC Life Insurance 10 7.41
ICICI Prudential Life Insurance 25 18.52
SBI 5 3.70
No. of Respondents
Kotak Mahindra Life Insurance

LIC
Bajaj Allianz
Tata AIG
Max New York Life Insurance
HDFC Life Insurance
ICICI Prudential Life Insurance
SBI
ANALYSIS
From the above figure we come to know that customer are also investing
money in other life insurance companies. The major player in insurance is LIC
holding 22.22% of total sample. The second major player ICICI is holding
18.52%. HDFC and AIG are having equal share of 7.41% & the Max New York
& SBI are having 3.70%.

Q.7. Why did you choose Kotak Life Insurance?
No of % Of
ROI 18 36
Peer Pressure 15 30
Tax Benefit 10 20
Security /safety 2 24
Low Premium 5 10
TOTAL 50 100
No of Respondents
ROI
Peer Pressure
Tax Benefit
Security /safety
Low Premium
TOTAL
ANALYSIS
The above diagram shows 36% of respondents choose because of good

returns, 30% because of peer pressure and remaining 24% opt. Because of tax
benefit, safety and 100 premium respectively

Q.8. Which of the following planed you is insured?
No o % Of
Kotak Flexi plan 25 40
Kotak Retirement Plan 19 30
Kotak Endowment Plan 3 5
Kotak Capital Multiplier Plan 6 10
Child Advantage Plan 10 15
No o Respondents
Kotak Flexi plan

Kotak Retirement Plan
Kotak Endowment Plan
Kotak Capital Multiplier Plan
Child Advantage Plan
ANALYSIS
From the total 63 respondents maximum i.e. 40% customers have opted for
Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30%
have customer are having endowment, multiplier and child advantage
respectively.

Q.9. What kind of services you expect from insurance provides?
No of % Of
Easy access ability to Deposit Center 20 31
Time to time premium collection 12 19
Provision in case of Dues 8 13
Bonus & other schemes 24 37
TOTAL 64 100
No of Respondents
Easy access ability to Deposit

Center
Time to time premium collection
Provision in case of Dues
Bonus & other schemes
Note:
Some of customer are expecting more than single service.
ANALYSIS
Out of total 50 respondents 37% like to have bonus and other service as a prime
concern, 13% like to have provision in case of dues and remaining 31% & 12%
respondents say. They need time-to-time premium collection and easy
accessibility to deposit center as a concern before choosing insurance provider.

Q.10. How will you rate the services given by Kotak Mahindra Life
Insurance?
No of % Of
Poor - -
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100
No of Respondents
Poor
Average
Good
Excellent
ANALYSIS
Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance

services as good and 32% have ratted as average. And remaining 12% have
ratted as Excellent

Q.11. What difference you find between Kotak & your previous Insurance
provider?
No of % Of
Good Returns 16 21
Effective Service/liquidity 12 15
Tax Planning 28 36
Security/ Safety Benefit 22 28
TOTAL 50 100
No of Respondents
Good Returns
Effective Service/liquidity
Tax Planning
Security/ Safety Benefit
Note:
Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are 50.

Q.12. Do have any suggestion for Kotak Mahindra Life Insurance?
YES NO TOTAL
No of Respondents 39 11 50
% Of Respondents 78 22 100
No of Respondents
% Of Respondents
ANALYSIS
To this question 39 consumers reported YES and 11 consumers reported NO .

Q.13. In future, will you purchase policies from Kotak Mahindra Life
Insurance?
YES NO TOTAL
No of Respondents 32 18 50
% Of Respondents 64 36 100
No of Respondents
% Of Respondents
ANALYSIS
To this question 32 consumers reported YES and 18 consumers reported NO.

5.2 OBSERVATION AND FINDINGS
 Majority of the customer s belonged to age group of 25-35 years that is

19 consumers.
 45 consumers think Life Insurance is essential for them.
 135 respondents are investing in life insurance companies like Kotak
Life Insurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and
SBI.
 36 percentages of the total respondents invest in Kotak
Mahindra Life Insurance for getting high ROI.
 Most of respondent s preferred kotak Flexi Plan.
 37.5 percentage respondents expect bonus and other schemes from
Kotak Mahindra Life Insurance.
 56 percentage respondents satisfied with services given by Kotak
Mahindra Life Insurance.
 As per 28% of despondence Kotak Mahindra Life Insurance providers
good tax benefits to the Investors.
 64% of respondents are willing to purchased policies from Kotak
Mahindra Life Insurance in future.

5.3 LIMITATION AND RECOMMENDATIONS
1) There is scope to sale insurance policy by concentrating on age group 18-

24 years here potential of customers are there.(Example. Software professional,
BPO employees, and professionals) Flexi plan can be sold by concentrating on
age group 35-45 years. (Example. Government employees, executives and
businessman)
2) As major respondents think to have life insurance policy is very essential

there is lot of scope for insurance company.
3) Kotak Mahindra Life Insurance should try to build trust among the public
by making people aware of their investment is safe, high return on investment,
Tax Benefits.
4) As more respondents are investing in Kotak Mahindra Life Insurance for

getting high return on investment the company should try to provide attractive
returns on investments in future.
5) Kotak Mahindra Life Insurance should introduce attractive policies &

also attractive bonus on policies to attractive more potential customers.
6) Approx 36% of respondents differ with there previous insurance provider,

they field that Kotak Mahindra Life Insurance providing good tax benefit for
there investment so Kotak Mahindra Life Insurance if possible try to provided
more tax benefit customer.
7) 64% respondents are willing to purchases Kotak Mahindra Life Insurance

policies in future this benefit Kotak Mahindra Life Insurance as mort potential
customer in future.

5.4 CONCLUSION
After conducting market research for Kotak Mahindra Life Insurance

Company we came to know different needs of consumers, their valuable
suggestions, responses to the different questions. With this information we can
conclude that there is good market awareness about Kotak Mahindra Life
Insurance Company in the market.
Customer satisfaction level of most respondents is higher for Kotak Mahindra

Life Insurance Company, which is provided by survey. Higher satisfaction level
of Kotak Mahindra life insurance company was monthly due to Kotak provides
good tax benefit for the consumers also ROI, security etc.
Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak Mahindra
Life Insurance. This conveys that the customer s are switching to retirement
plan.

5.5 BIBLIOGRAPHY
REFERENCES
BOOK
MAGAZINE
Business & Economy Magazine
COMPUTER WEBSITE
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com

ANNEXURE
QUESTIONNAIRE
1. Personal detail
Name:
2. Age :
18-24 25-35 35-45
45-55 55 and above
Phone No.
Email.
Office Address: -
Residential Address: -
3. Do you think is it essential to haveLife Insurance?

YES NO
4. Which are the companies you invested your money for Life Insurance?
a) Kotak Mahindra Life Insurance
b) LIC
c) Bajaj Allianz
d) Tata AIG
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) SBI

5. Why did you choose Kotak Life Insurance?

a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security /safety
e) Low Premium
6. Which of the following planed you is insured?

a) Kotak Flexi plan
b) Kotak retirement Plan
c) Kotak Endowment Plan
d) Kotak Capital Multiplier Plan
e) Kotak Child Advantage Plan
7. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center
b) Time to time premium collection
c) Provision in case of Dues (Policy Lapse)
d) Bonus & other schemes
8. How will you rate the services given by Kotak Mahindra Life Insurance?
a) Poor
b) Average
c) Good
d) Excellent

9. What difference you find between Kotak & your previous Insurance
provider.
a) Good Returns (HIGHEST)
b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital
10. Do have any suggestion for Kotak Mahindra Life Insurance

YES NO
11. In future, will you purchase policies from Kotak Mahindra Life
Insurance?
YES NO

KOTAK BANK Project

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Kotak life insurance

RESEARCH PROJECT ON KOTAK MAHINDRA

JAYDEEP SANJAYBHAI MANDANI

ACADEMIC YEAR: - 2021-22

PROF. YASHIN VIKYANI

HARIVANADANA COLLAGE – RAJKOT

PROJECT GUIDE BY: YASIN VIKANI Page | 1

It is my greatest pleasure to acknowledge sincere gratitude towards Mr.

I would also like to acknowledge to my sincere gratitude to the Director

I am thankful to all of my friends and batch mates for their help in

PROJECT GUIDE BY: YASIN VIKANI Page | 2

I, The Undersigned Jaydeep Mandani Student Of BBA Sem – 6 Hereby

Place: RAJKOT (Jaydeep Mandani)

PROJECT GUIDE BY: YASIN VIKANI Page | 3

NO. PERTICULAR PAGE

PROJECT GUIDE BY: YASIN VIKANI Page | 4

1.1 HISTORY OF INDUSTRY

PROJECT GUIDE BY: YASIN VIKANI Page | 5

1.2 INSURANCE SECTOR REFORMS:

Government stake in the insurance companies to be brought down to 50%.

Private companies with a minimum paid up capital of Rs. 1bn should be

- The Insurance Act should be changed

- An Insurance Regulatory body should be set up

- Controller of Insurance (Currently a part from the Finance Ministry) should be

Mandatory Investment of LIC Life Fund in government securities to be reduced

LIC should pay interest on delays in payments beyond 30 days. Insurance

PROJECT GUIDE BY: YASIN VIKANI Page | 6

PROJECT GUIDE BY: YASIN VIKANI Page | 7

1.3 ENTRANCE OF PRIVATE PLAYERS IN INSURANCE

The insurance landscape in India is undergoing major changes. Close to foreign

Allianz Bajaj Life Insurance Company Ltd.

Allianz Bajaj Life Insurance Company Ltd. is a joint venture between

Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on

AMP Sanmar Assurance Company Ltd.

PROJECT GUIDE BY: YASIN VIKANI Page | 8

industrial groups in South India dealing in chlorochemicals and shipping and

Aviva Life Insurance Company Ltd.

BI Life Insurance Company Ltd.

Tata Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company Ltd.

Birla Sun Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd.

PROJECT GUIDE BY: YASIN VIKANI Page | 9

ING Vysya Life Insurance Company Ltd.

MAX New York Life Insurance Company Ltd.

Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life

PROJECT GUIDE BY: YASIN VIKANI Page | 10

1.4 GROWTH AND DEVELOPMENT OF INDUSTRY

In September 2021, new premiums of life insurers registered 22.2% growth in

In FY22*, premiums from new businesses of life insurance companies in India

PROJECT GUIDE BY: YASIN VIKANI Page | 11

In July 2021, standalone private health issuers registered a premium growth of

In August 2021, the premium in the general insurance industry increased by

In March 2021, health insurance companies in the non-life insurance sector

PROJECT GUIDE BY: YASIN VIKANI Page | 12

Under the Union Budget 2021, Finance Minister Nirmala Sitharaman

According to data from the Insurance Regulatory and Development Authority of

In September 2021, ZestMoney raised US$ 50 million to enter new business

In August 2021, PhonePe announced that it has received preliminary approval

In FY21, motor third-party premium increased by 4.4% to Rs. 106.5 billion