SUMMER TRAINING PROJECT REPORT

On
“A Study on Perception of Investors Investing In Life
Insurance”

Towards partial fulfillment of

Master of Business Administration (MBA)
School of Management, Babu Banarasi Das University, Lucknow

SUBMITTED BY
AJAY PRASAD
Roll No. – 1220672032
MBA 3rd SEMESTER

Session 2023-2024
School of Management
Babu Banarasi Das University
Sector I, Dr. Akhilesh Das Nagar, Faizabad Road, Lucknow (U.P.) India.
Certificate from the Organization

i
Certificate

ii
 DECLARATION
I do hereby declare that all the work presented in the summer training report

entitled “A study on perception of Investors Investing In Life Insurance” is

carried out and being submitted at the school of management for the award of

Master of Business Administration, is an authentic record of AJAY PRASAD.

The work is carried out under the guidance of Ms. Sujata Shukla (Faculty Guide). It

hasn’t been submitted at any other place for any other academic purpose.

AJAY PRASAD

iii
 ACKNOWLEDGEMENT

In order to accomplish a task, facts, situations and persons integrate together to form a

background. “Greatness lies in being grateful and not in being great.” This

research report is a result of contribution of distinct personalities whose guidance here

made my effort a producing one, as “no task is a single man’s effort”.

I would like to express my deep sense of gratitude to the respectable guide

distinguished personalities for their precious suggestions and encouragement during

the project. The experience which is gained by me during this project is essential for me at

this turning point of my career. I am thankful to my Faculty Guide Ms. Sujata Shukla

(Faculty Guide) for kind support and supervision under whose kind & constant

guidance I had the opportunity to expand my horizons and view the various problems

from different prospective. I am also thanking her for sparing her valuable time to

listen my problems and difficulties faced by me during the completion of this project

report.

AJAY PRASAD

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 PREFACE

It was a privilege for me to work in a reputed organization. This has given us an

opportunity to work in a truly professional environment where team work score over

individual effort, where there is a helpful atmosphere. A well planned, properly

executed and evaluated training helps a lot in inoculating good work culture. The

project on “A study on perception of Investors Investing In Life Insurance” has

been made to facilitate effective understanding about the marketing aspects.

The project training has provided me an opportunity to gain practical experience,

which has helped me to increase my sphere of knowledge to a greater extent. I have

tried to summarize all our experience and knowledge acquired up till now, in this

report. This project is a keen effort to obtain the expected results and fulfill all the

information required.

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 TABLE OF CONTENT

Declaration i

Acknowledgement ii

Preface iii

Chapter No. Particulars Page No.

1. Introduction 1-16

2. Company Profile 17-51

3. Objectives of the study 52-53

4. Research Methodology 54-58

5. Data Analysis & Interpretation 59-74

6. Findings 75-76

7. Suggestions 77-78

8. Conclusion 79-80

9. Limitations of the study 81-82

10. Bibliography 83-84

11. Annexure 85-88

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INTRODUCTION

1
 INTRODUCTION

A study on the perception of investors investing in life insurance aims to understand

how individuals view life insurance as an investment option. Here are key

components of such a study, including objectives, methods, potential findings, and

recommendations:

Objectives:

Assess Investor Knowledge: Evaluate investors' understanding of life insurance, its

types, and its role as an investment vehicle.

Determine Investment Motivations: Investigate the reasons why investors choose life

insurance as an investment, including financial security, tax benefits, or estate

planning.

Explore Risk Perception: Examine how investors perceive the risks associated with

life insurance investments, such as policy performance and market volatility.

Evaluate Satisfaction Levels: Assess investors' satisfaction with their current life

insurance investments, including policy performance and returns on investment.

Identify Information Sources: Determine where investors gather information about

life insurance investments and whether they rely on financial advisors, online

resources, or other sources.

Understand Demographics: Analyze how demographic factors like age, income, and

family status influence investors' perceptions and choices regarding life insurance

investments.

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Methods:

Surveys and Questionnaires: Conduct surveys or administer questionnaires to a

diverse group of investors to collect quantitative data on their perceptions,

motivations, and satisfaction levels.

Interviews: Conduct in-depth interviews with a subset of investors to gain deeper

insights into their perceptions, experiences, and decision-making processes.

Secondary Research: Review existing literature, market reports, and industry

publications related to life insurance investments to provide context and insights.

Data Analysis: Analyze the collected data using statistical tools to identify patterns

and correlations among variables.

Potential Findings:

Diverse Motivations: Investors may have varied motivations for choosing life

insurance, including retirement planning, wealth accumulation, or legacy planning.

Risk Perception: Some investors may perceive life insurance as a low-risk investment

due to guaranteed payouts, while others may have concerns about policy performance

and returns.

Demographic Influences: The study may reveal that different age groups or income

levels have distinct perceptions of life insurance investments.

Satisfaction Levels: Investors' satisfaction with life insurance investments may vary

based on factors such as policy type, insurer reputation, and returns on investment.

Information Sources: Understanding where investors obtain information can help

identify key influencers in their decision-making process, such as financial advisors or

online resources.

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Recommendations:

Education and Awareness: Develop educational materials and campaigns to improve

investor knowledge about life insurance as an investment option.

Tailored Offerings: Create customized life insurance products that align with

investors' motivations and risk tolerance.

Transparency: Enhance transparency in communication regarding policy

performance, fees, and potential risks associated with life insurance investments.

Targeted Marketing: Use demographic insights to target marketing efforts more

effectively and reach specific investor segments.

Advisor Training: Provide training for financial advisors to ensure they can offer

well-informed guidance to investors considering life insurance investments.

Regular Communication: Establish ongoing communication channels with investors

to address their concerns, provide updates, and maintain a positive relationship.

Policy Reviews: Encourage investors to regularly review their life insurance policies

to ensure they remain aligned with their financial goals and changing circumstances.

Regulatory Compliance: Ensure compliance with all relevant regulations and

guidelines governing the sale and marketing of life insurance products to protect

investor interests.

By conducting a comprehensive study on the perception of investors investing in life

insurance, financial institutions and insurance providers can gain valuable insights to

better meet the needs and expectations of their clients.

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Life insurance is a financial product that plays a critical role in safeguarding the

financial well-being of individuals and their families. It offers a combination of

protection and savings, making it a unique investment option. Life insurance policies

provide financial security by paying out a lump sum or periodic payments to

beneficiaries upon the policyholder's death or maturity of the policy. Additionally,

some life insurance products offer tax benefits and can serve as a means of wealth

accumulation or estate planning.

Despite its significance, the perception of life insurance as an investment varies

among investors. Understanding how investors perceive life insurance is crucial for

insurance providers, financial institutions, and policymakers. This perception can

influence investment decisions, financial planning strategies, and overall financial

security for individuals and their families.

Several factors contribute to the diverse perceptions of life insurance as an

investment:

Investor Goals: Different investors have varying financial goals, such as retirement

planning, wealth accumulation, or providing for dependents. These goals may

influence their perception of life insurance.

Risk Tolerance: Investors' willingness to accept risk can affect how they view life

insurance investments. Some may see it as a low-risk option, while others may have

concerns about policy performance and market volatility.

Demographics: Age, income level, family status, and other demographic factors can

impact investors' perceptions and preferences regarding life insurance.

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Information Sources: Investors rely on various sources of information, including

financial advisors, online resources, and personal experiences, which can shape their

understanding of life insurance.

Market Dynamics: Economic conditions, industry trends, and changes in insurance

regulations may influence investor perceptions and choices.

Given the significance of life insurance in financial planning and the diversity of

investor perspectives, it is essential to conduct a comprehensive study to gain insights

into these perceptions. Such a study can inform the development of tailored insurance

products, educational initiatives, and marketing strategies that better align with

investors' needs and expectations.

This research aims to explore the perception of investors investing in life insurance,

identify the factors that influence their views, and provide recommendations for

insurance providers and financial institutions to enhance their offerings and

communication strategies. By addressing these perceptions and tailoring products to

meet investor needs, the financial industry can better serve individuals and families in

achieving their long-term financial goals and securing their financial future.

The rationale for conducting a study on the perception of investors investing in life

insurance is based on several important factors and considerations:

Significance of Life Insurance:

Life insurance is a fundamental financial product that plays a crucial role in providing

financial security and protection for individuals and their families. It serves as a safety

net, ensuring that loved ones are financially supported in the event of the

policyholder's death.

Diverse Investment Landscape:

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In today's complex financial landscape, investors have a wide array of investment

options to choose from, including stocks, bonds, real estate, mutual funds, and more.

Life insurance represents a unique investment choice because it combines protection

with savings and investment components.

Varied Investor Perceptions:

Investors' perceptions of life insurance can be diverse and influenced by a multitude

of factors, including their financial goals, risk tolerance, age, income level, and family

status. Some investors may view life insurance as a core component of their financial

planning, while others may have misconceptions or reservations about its value.

Impact on Financial Decision-Making:

How investors perceive life insurance can significantly impact their financial

decision-making. These perceptions can influence whether they choose life insurance

as part of their investment portfolio, how much they invest in it, and the type of life

insurance policies they select.

Evolving Insurance Industry:

The insurance industry is dynamic, with constant changes in products, regulations,

and marketing strategies. Understanding investor perceptions is essential for insurance

providers to adapt and offer products that meet the evolving needs and expectations of

their customers.

Policy Implications:

Insights into investor perceptions of life insurance can have broader policy

implications. Policymakers and regulators may use this information to shape

consumer protection measures, encourage financial literacy, and promote the

responsible sale and marketing of life insurance products.

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Enhancing Financial Well-Being:

Ultimately, the study aims to contribute to the financial well-being of individuals and

families. By gaining a better understanding of investor perceptions, the financial

industry can tailor its offerings and educational efforts to help investors make

informed decisions that align with their financial goals and aspirations.

Strategic Business Insights:

For insurance providers and financial institutions, understanding investor perceptions

is critical for business strategy. It can inform product development, marketing

strategies, and customer engagement efforts, ultimately leading to improved customer

satisfaction and loyalty.

In summary, the study on the perception of investors investing in life insurance is

essential because it addresses a critical aspect of financial decision-making. By

examining and understanding these perceptions, the research can provide valuable

insights that benefit individuals, the insurance industry, and policymakers, ultimately

contributing to a more informed and financially secure society.

An analysis of the perception of investors investing in life insurance involves

examining various aspects of how investors view life insurance as an investment

option. This analysis can provide insights into investor attitudes, motivations, and

concerns related to life insurance. Here's a breakdown of key elements to consider in

such an analysis:

1. Investor Demographics:

Age: Analyze how different age groups perceive life insurance. Younger investors

might prioritize long-term financial goals, while older investors may view it as a

means of estate planning.

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Income Levels: Consider how income levels impact perceptions. High-income

investors may have different motivations and expectations compared to those with

lower incomes.

Family Status: Assess how family status, such as marital status and the presence of

dependents, influences perceptions. Families may prioritize life insurance for income

replacement and protection.

2. Motivations for Investing in Life Insurance:

Financial Security: Evaluate the extent to which investors see life insurance as a tool

for providing financial security to their loved ones in case of premature death.

Wealth Accumulation: Analyze whether investors view life insurance as a means of

accumulating wealth or as an alternative investment option.

Tax Benefits: Explore whether investors are aware of and consider tax advantages

associated with certain life insurance policies.

3. Risk Perception:

Risk Tolerance: Assess how investors perceive the risks associated with life insurance

investments. Some may consider it low-risk due to guaranteed payouts, while others

might have concerns about policy performance.

Market Volatility: Analyze whether investors view life insurance as a stable

investment option in comparison to other more volatile investment vehicles.

4. Knowledge and Information Sources:Information Channels: Identify where

investors gather information about life insurance. Evaluate the influence of financial

advisors, online resources, family and friends, and personal experiences.

Knowledge Gaps: Determine if investors have misconceptions or knowledge gaps

regarding life insurance. Are there common misunderstandings that need to be

addressed?

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5. Satisfaction Levels and Experiences:

Policy Performance: Investigate investors' satisfaction with the performance of their

life insurance policies, including returns on investment and benefits received.

Claims Process: Assess the ease and effectiveness of the claims process and whether

it meets investors' expectations.

6. Market Dynamics and External Factors:

Economic Conditions: Consider how economic conditions, such as interest rates and

inflation, affect investor perceptions of life insurance.

Regulatory Changes: Analyze how changes in insurance regulations or industry

practices impact investor attitudes.

7. Comparison with Other Investments:

Investment Portfolio: Explore how life insurance fits into investors' overall

investment portfolios. Determine whether it competes with or complements other

investment options.

Risk-Return Tradeoff: Evaluate how investors weigh the risk and return of life

insurance compared to alternative investments like stocks, bonds, or real estate.

8. Recommendations and Implications:

Based on the analysis, provide recommendations for insurance providers, financial

institutions, and policymakers to address investor perceptions and enhance their

offerings and communication strategies.

9. Long-Term Trends and Changes:

Consider any trends or shifts in investor perceptions over time and whether these

changes have led to adjustments in industry practices.

An in-depth analysis of investor perceptions of life insurance should aim to uncover

patterns, trends, and disparities in how different segments of investors view this

10
financial product. By understanding these perceptions, stakeholders in the insurance

industry and financial services sector can make informed decisions to better meet the

needs of investors and enhance their financial well-being.

“The Business of Insurance is related to the protection of the economic values of the

assets”.

Every human being has the tendency to save to protect him from risks or events of

future. Insurance is one form of savings where in people try to assure themselves

against risks or uncertainties of future. It is assurance against risks or events or losses.

People can save their earnings either in the form gold, fixed assets like property or in

banking and insurances. All the savings of people of a country account for gross

domestic savings. In India, although savings rate is high but people prefer to invest

either in gold or fixed assets so that they can make money out of it. Hence insurance

sector is still untapped in India.The world of finance and investment is a dynamic

realm, continually shaped by evolving economic conditions, changing demographics,

and shifting investor preferences. Within this landscape, life insurance has long stood

as a multifaceted financial instrument, offering both protection and investment

opportunities. This study delves into the perceptions of investors who choose life

insurance as an investment vehicle, seeking to unravel the motivations, preferences,

and concerns that underlie their decisions.

The life insurance industry has long been a cornerstone of financial planning and risk

management for individuals and families. Life insurance products not only provide a

safety net for loved ones in the event of the policyholder's death but also offer

potential investment opportunities. Understanding the perceptions of investors who

choose life insurance as an investment vehicle is of paramount importance in today's

ever-evolving financial landscape. This background section provides context for the

11
study by highlighting key aspects of the life insurance market, its historical

development, and the motivations driving individuals to invest in life insurance.

EVOLUTION OF THE LIFE INSURANCE INDUSTRY:

The concept of life insurance dates back centuries, with early forms emerging in

ancient civilizations such as Rome and China. However, modern life insurance as we

know it began to take shape in the 18th and 19th centuries. The growth of

industrialization, increased life expectancy, and changing family structures

necessitated new financial instruments to provide financial security in times of

adversity.

In the late 19th and early 20th centuries, life insurance companies proliferated,

offering various policy options to meet the diverse needs of policyholders. These

policies typically fall into two broad categories:

Term Life Insurance: Provides coverage for a specific term or period, often with

lower premiums, making it accessible to a wide range of individuals. It offers a death

benefit but does not accumulate cash value.

Whole Life Insurance: Offers lifelong coverage and includes a cash value component

that grows over time. Policyholders can access this cash value or use it to pay

premiums.

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MOTIVATIONS FOR INVESTING IN LIFE INSURANCE:

Investors choose life insurance for a multitude of reasons, which have evolved over

time:

Financial Security: One of the primary motivations for investing in life insurance is to

provide financial protection for loved ones in the event of the policyholder's death.

This ensures that beneficiaries receive a death benefit, helping them maintain their

financial stability.

Tax Advantages: Life insurance often comes with tax benefits, making it an attractive

option for those looking to minimize their tax liabilities, particularly in estate

planning.

Cash Value Accumulation: Whole life insurance policies accumulate cash value over

time, which can be accessed or borrowed against. Some investors view this as a way

to build a tax-advantaged savings vehicle.

Estate Planning: Life insurance can be a crucial tool in estate planning, allowing for

the transfer of wealth to heirs while minimizing estate taxes.

Risk Mitigation: Investors perceive life insurance as a lower-risk investment

compared to the volatility of the stock market or real estate, making it an attractive

option for risk-averse individuals.

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THE ROLE OF FINANCIAL ADVISORS:

Financial advisors play a pivotal role in shaping investor perceptions and decisions

regarding life insurance. Their expertise and guidance can significantly influence an

investor's choice of insurance products, risk tolerance, and overall financial strategy.

In recent years, the financial services landscape has witnessed technological

advancements and changing demographics, influencing investor behavior and

expectations. As such, a comprehensive study on the perception of investors investing

in life insurance is essential to gain insights into these dynamics, thereby helping

insurance companies, financial advisors, and policymakers adapt to meet the evolving

needs of investors and safeguard their financial futures.

Rationale of the Study: Perception of Investors Investing in Life Insurancen The

rationale behind conducting a study on the perception of investors investing in life

insurance stems from several key factors that underscore the importance and

timeliness of this research endeavor:

Evolving Financial Landscape: The financial landscape is constantly evolving, with

new investment opportunities and challenges emerging regularly. Life insurance has

traditionally served as a stable and essential component of financial planning, but the

nature of investments is changing. As such, understanding how investors perceive life

insurance in this evolving context is vital.

Shift in Investor Behavior: Investor behavior and preferences have shifted over time.

Younger generations, in particular, have different financial goals and risk tolerances

compared to their predecessors. This study seeks to uncover how these shifts impact

the perception of life insurance as an investment vehicle.

Financial Literacy and Decision-Making: Investors' financial literacy and decision-

making processes play a significant role in determining their investment choices. A

14
study on investor perceptions in the life insurance market can shed light on the extent

to which individuals are making informed decisions and whether financial literacy

initiatives are effective.

Influence of Financial Advisors: Financial advisors are instrumental in guiding

individuals through their investment choices, including life insurance. Understanding

how financial advisors influence investor perceptions can inform the industry on the

role of advisory services and the importance of advisor training and education.

Policy Implications: The findings of this study can have far-reaching policy

implications. Policymakers can use this information to design regulations and

incentives that promote responsible and informed investing in life insurance,

potentially benefiting both individuals and society as a whole.

Market Competitiveness: Life insurance companies operate in a highly competitive

market. To remain competitive and meet the diverse needs of investors, these

companies must adapt their product offerings and marketing strategies based on

investor preferences and perceptions.

Financial Security: Life insurance is not only an investment but also a means of

ensuring financial security for loved ones in the event of the policyholder's death.

Understanding how individuals perceive this dual role of life insurance is crucial for

ensuring that individuals and families are adequately protected.

Tax and Estate Planning: Life insurance can offer significant tax advantages and serve

as a valuable tool in estate planning. Investor perceptions of these benefits can impact

their overall financial planning strategies.

Academic and Practical Interest: The study of investor perceptions in the life

insurance market is of interest to both academia and industry professionals.

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Academics can contribute to the existing body of knowledge, while industry

stakeholders can gain actionable insights to better serve their clients.

Long-term Financial Well-being: Life insurance is often a long-term financial

commitment. Therefore, understanding how investors perceive the long-term benefits

and risks associated with these products is essential for ensuring their financial well-

being over time.

In conclusion, this study is driven by the need to comprehensively examine how

investors perceive life insurance as an investment in a dynamic financial landscape.

The insights gained from this research will inform industry practices, regulatory

policies, and investor education initiatives, ultimately contributing to better-informed

investment decisions and greater financial security for individuals and their families.

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RESEARCH QUESTIONS:

To address our research objectives, we will investigate the following key questions:

What motivates individuals to include life insurance as an investment in their

financial portfolio?

How do investor demographics, financial goals, and risk attitudes influence their

choice of life insurance products?

What is the perceived level of risk associated with investing in life insurance, and

how does this compare to other investment options?

To what extent do financial advisors influence investor perceptions and choices

regarding life insurance as an investment?

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SIGNIFICANCE OF THE STUDY:

Understanding the perceptions of investors investing in life insurance holds

significant implications for various stakeholders:

Insurance Companies: Insights gained from this study can help insurance companies

tailor their product offerings to align with investor preferences and needs, ultimately

enhancing market competitiveness.

Financial Advisors: Financial advisors play a crucial role in guiding investors'

decisions. Knowledge of how they influence investor perceptions can inform training

and advisory practices.

Policymakers: The study's findings can inform policy decisions related to the

regulation of life insurance products, tax incentives, and consumer protection

measures.

Investors: This study can empower investors with knowledge to make informed

decisions about incorporating life insurance into their investment strategies.

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STRUCTURE OF THE STUDY:

The remainder of this study is organized into several sections, each contributing to a

comprehensive exploration of investor perceptions in the context of life insurance as

an investment. We will begin with a detailed literature review, examining historical

developments, investment motives, risk perceptions, and the role of financial advisors.

Subsequently, we will elucidate the methodology used to gather and analyze data,

followed by a presentation of key findings. The discussion section will delve into the

implications of these findings, both practical and policy-related. Finally, we will

conclude with recommendations for future research, recognizing the evolving nature

of the financial landscape.

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OVERVIEW OF CURRENT INSURANCE INDUSTRY

1. WHAT IS INSURANCE?

Insurance is a tool by which fatalities of a small number are compensated out of funds

(premium payment) collected from plenteous. Insurance is a safeguard against

uncertain events that may occur in the future.

It is an arrangement where the losses experienced by a few are extended over several

who are exposed to similar risks. It is a protection against financial loss arising on the

happening of an unexpected event. Insurance companies collect premium to provide

security for the purpose. Loss is paid out of the premium collected from people and

the insurance companies act as trustees to the amount so collected. These companies

have proposal forms which are filled to give details of insurance required. Depending

upon the answers in the proposal form insurance companies assess the risk and decide

on the premium.

Insurance companies are risk bearers. They underwrite the risk in return for an

insurance premium. the function of insurance is to provide protection, prevent losses,

capital formation etc. hence insurance can be defined as a tool in which a sum of

money as a premium is paid by the insured in consideration of the insurer’s bearing

the risk of paying a large sum .it may also be defined as a contract wherein one party

(insurer) agrees to pay the other party (insured) or his beneficiary, a certain sum upon

a given contingency against which insurance is required.

Insurance industry commands massive funds through sales of insurance products to

large number of clients. Insurers also create liabilities and commit themselves to

compensate for losses occurring to the policyholders on future date. It also plays an

important role in process of capital formation.

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2. NATURE OF INSURANCE

a) Risk sharing and risk transfer: Insurance is used to share the financial losses that

might occur to an individual or his family on the happening of specified events. The

loss arising from such events are shared by all the insured in the form of premium.

Example: suppose in a village, there are 250 houses, each valued at Rs.200000.Every

year one house gets burnt, resulting into a total loss of Rs 200000.If all the 250

owners come together and contribute Rs.800 each, the common fund would be

Rs200000.This is enough to pay to the owner whose house gets burnt. Thus the risk of

one owner is spread over 250 house owners of the village.

b) Risk assessment in advance: Insurance companies are risk bearers. They assess

the risk before insuring to charge the amount of premium.

c) Its not gambling or charity: The uncertainty is changed to certainty by insuring

property and life because the insurer promises to pay a definite sum at damage or

death. Insurance is antithesis of gambling. Failure of insurance amounts to gambling

because the uncertainty of loss is always looming. Moreover insurance is not possible

without premium. So it is different from charity because charity is given without

consideration.

d) Huge number of insured people: It is essential to insure larger number of people

or property to make cost of insurance less consequently premium would also be less.

e) Assists in capital formation: Insurance provides capital to society. Accumulative

funds are invested in productive channels.

3. SEMANTICS

1. Risk: It is defined as an uncertainty of a financial loss. It is the unintentional

decline in or disappearance of value arising from contingency.

2. Policy: It is the document which embodies the insurance contract

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3. Whole life policy: It is the policy under which the amount of policy will be paid

only on death of the insured. Premiums may be payable throughout the life or for

a limited period.

4. Endowment policy: Endowment policies entitle the insured to receive the amount

of the policy on his reaching a certain age and premiums also stops. If death

occurs earlier, amount of the policy will be paid at that time and payment of

premium will also stop at that time.

5. Claim: It is the amount which an insurer has to pay against a policy.

6. Reinsurance: It refers to placing a part of the risk by an insurer with another

insurer. The object is to reduce the possible loss to be borne by the original

insurer, who pays premiums at the ordinary rates to the reinsurer. Reinsure must

pay commission to the original insurer.

7. Premium: A periodic payment made on an insurance policy.

8. Insurance penetration: It is defined as insurance premium as a share of gross

domestic product.

9. Insurance density: Insurance density is defined as per capita expenditure on

insurance premium i.e. premium per capita.

10. Actuary: The actuary is a specialist who combines an understanding of risks and

mathematical technique to develop financial products to manage these risks, price

these products. He helps in designing insurance plans and then evaluates the

financial risk of the company which it takes while selling an insurance policy.

4. TYPES OF INSURANCE

Insurance is broadly divided in two segments, based on the nature of insurance, those

are:

1. Life Insurance &

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2. Non-Life Insurance or General Insurance. It can be again subdivided into the

following categories:

a) Fire Insurance.

b) Marine Insurance.

c) Social Insurance &

d) Miscellaneous Insurance. (Health insurance, Liability Insurance etc….)

5. HISTORY OF INSURANCE GLOBAL

For now we know the meaning of insurance, different types of insurance. Now let us

know the history and reasons for and behind different types of insurance.

Insurance has existed for thousands of years. The first ever type of insurance was

Property Insurance. It became popular about 3000 BC in China. It all started when

Chinese merchants, as well as their investors, wanted to ensure that they would see a

profit from their goods that they shipped overseas. In the event that a ship was lost at

sea, an insuring partner would reimburse the owners of the ship and goods. To pay for

the loss the merchant would be sold into slavery to the insurer until the debt was

repaid. This was so because, a merchant could not afford to pay for the lost goods or

even to buy a ship unless someone invested.

Property insurance was also seen in Babylon as well. In Babylon, merchants and

investors entered into a contract, in which the supplier of money for a trade agreed to

cancel the loan if the trader was robbed of his goods. The trader who borrowed the

money paid an extra amount for this protection in addition to the usual interest. As for

the lender, collecting these premiums from many traders made it possible for him to

absorb the losses of the few. Later this contract was extended to include provisions for

a family's home and even the death of the insured, where life insurance came into

23
existence. Slowly this concept started to spread across other places like Greek,

Roman.

Since ancient times, communities have pooled some of their resources to help

individuals who suffer loss. Like, about 3500 years ago, Moses instructed the nation

of Israel to contribute a portion of their produce periodically for "the alien resident

and the fatherless boy and the widow."

Later the origin of credit insurance, which was included in the Code of Hammurabi, a

collection of Babylonian laws said to predate the Law of Moses. Credit insurance

means, in ancient times the ship owners obtained loans from investors to finance their

trading expeditions. In case, if a ship was lost, the owners were not responsible to pay

back the loans to the investors. The risk to the lenders was covered by the interest

paid by numerous ship owners, since many ships returned safely.

By the middle of the 14th century, marine insurance was one of the most popular

types of insurance among nations of Europe. Things changed dramatically in the 17th

century in Europe. In 1666, the Great Fire of London bought the need for fire

insurance .The Great Fire of London burned for four days and nights. It destroyed 436

acres, 13,200 houses, 89 churches (including Saint Paul's Cathedral), the Custom

House, the Royal Exchange and dozens of other public buildings. Only six people

were victims in the flames, but hundreds died from shock and exposure.

By 1688, Edward Lloyd was running a coffeehouse in London. Where, London

merchants and bankers met informally to do business. There financiers who offered

insurance contracts to seafarers wrote their names under the specific amount of risk

that they would accept in exchange for a certain payment, called premium. These

insurers came to be known as underwriters. Finally, in 1769, Lloyd's became a formal

group of underwriters that in time grew as an insurance company.

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The concept of insurance developed at a fast pace with the growth of British

commerce in the 17th and 18th century. The first stock companies to engage in

insurance were chartered in England in the year 1720.

In 1735, the first insurance company in the American colonies was founded at

Charleston. Later in the year 1787, fire insurance corporations were formed in New

York. Then later in the year 1759, the life insurance corporation was started in

Philadelphia, America.

The New York fire which occurred in the year 1835 was the main reason to draw

attention to create reserves to meet unexpected losses. In the year 1837,

Massachusetts was the first state to require companies by law to maintain such

reserves. After 1840, life insurance entered a boom period.

The Workmen's Compensation Act of 1897 in Britain required employers to insure

their employees against industrial accidents. Public liability insurance, fostered by

legislation, made its appearance in the 1880s.It attained major importance with the

advent of the automobile.

Until the 1950s, most insurance companies in the United States were restricted to

provide only one type of insurance, but then legislation was passed to permit fire and

casualty companies to underwrite several classes of insurance. Many firms have since

expanded and also were responsible for many mergers.

From this brief accounting of history we can see how insurance came into existence.

Fortunately for us we no longer have to sell ourselves into slavery if our car is stolen

nor we have to be scared of losses due to absence of reserves. However we can be

confident that we will be compensated for our loss. Without people wanting to secure

their investments and great tragedies throughout history we may not have insurance as

we know it today resulting in peace of mind.

25
6. HISTORY OF INSURANCE INDUSTRY IN INDIA

The insurance industry in India over the past century has gone through big changes. In

India this industry reveals the 360 degree turn. 360 degree turn means that it started in

India from being an open competitive market to nationalization and back to a

liberalized market again.

Insurance industry in India started as a fully private system with no restriction on

foreign participation in the Nineteenth Century. Before independence, a few British

insurance companies dominated the Market. Life insurance was first set up in India

through a British company called the Oriental Life Insurance Company in 1818,

followed by the Bombay Assurance Company in 1823 and the Madras Equitable Life

Insurance Society in 1829.All of these companies operated in India but did not insure

the lives of Indians. They were there insuring the lives of Europeans living in India.

Some of the companies that started later did provide insurance for Indians. But, they

were treated as "substandard" and therefore had to pay an extra premium of 20% or

more. The first company that had policies that could be bought by Indians with "fair

value" was the Bombay Mutual Life Assurance Society starting in 1871.

The first general insurance company, Triton Insurance Company Ltd., was established

in 1850. It was owned and operated by the British. The first general insurance

company was the Indian Mercantile Insurance Company Limited set up in Bombay in

1907.By 1938; the insurance market in India had nearly 176 companies (both life and

non-life).

After the independence, the industry went to the other extreme. It became a state-

owned monopoly. The industry started to witness a problem like fraud. Hence many

regulations were put in place to reduce and control the problems in the industry. After

which Insurance was nationalized. In 1956, the then finance minister S. D. Deshmukh

26
announced nationalization of the life insurance business and then the general

insurance business was nationalized in 1972. Only in 1999 private insurance

companies have been allowed back into the business of insurance with a maximum of

26% of foreign holding.

27
7. INDIAN SCENARIO

INDIAN
INSURANCE INDUSTRY

LIFE NON LIFE

INSURANCE INSURANCE

Public Private Public Private

Sector (1) Sector (15) Sector (4) Sector (9)

28
COMPANY PROFILE

29
 COMPANY PROFILE

Agile Capital Services is the choice of many reputed Multinational Organizations and

businesses because of its commitment to deliver best results. ACS pride itself with the

reputation of being the trusted and reliable talent acquisition partner as well as

providing expert guidance towards achieving financial independence to its clients.

We are having experts who are providing consultancy services regarding financial and

investment sector to individual so that they can secure financial future of themselves

and their family. Providing the professional and expert advice in wealth

maximization, career planning and bridging the gap between the job seeker and talent

seeker. Our experts provide financial advice in the simplest way possible because we

believe in managing wealth in less complicated way. ACS is your one-stop shop for

all of your financial requirements. Our goal is to provide thegreatest solution for

consumers to direct their finances in the most beneficial way possible.Financial

planning is a dynamic process, and financial goals can alter over time as

people'slifestyles change. ACS is a privately held financial services

organisation dedicated toassisting you in achieving long-term financial success. We

offer specialised advising servicesto affluent clientele that require investment

management. Our aim is to provide excellentreturns to our clients by leveraging our

relationships with Indian government-owned banks.Agile Capital Services is the

choice of many reputed Multinational Organizations andbusinesses because

of its commitment to deliver best results. ACS pride itself with

thereputation of being the trusted and reliable talent acquisition partner as well as

providingexpert guidance towards achieving financial independence to its clients. We

have specialistswho provide financial and investment consulting services to

individuals so that they cansafeguard their financial future and that of their

30
families. Agile Capital Services is anupcoming consulting firm in India. We

provide wealth management services to high- andultra-high-net-worth individuals at

Agile Capital.

An insurer, insurance business, insurance carrier, or underwriter is a company that

sellsinsurance. An insured or policyholder is a person or entity who purchases

insurance. Inexchange for the insurer's pledge to compensate the insured in the case of

a covered loss,the insured assumes a guaranteed and known relatively small loss in

the form of payment tothe insurer. The loss might be financial or non-

financial, but it must be reducible tomonetary terms and usually involves

something in which the insured has an insurableinterest based on ownership,

possession, or a prior relationship.The insured is given a document, known as an

insurance policy, that outlines the terms andconditions under which the insurer will

compensate them. The premium is the amount ofmoney charged by the insurer to the

Policyholder for the coverage specified in the insurancepolicy. If the insured suffers a

loss that may be covered by the insurance policy, the insuredfiles a claim with the

insurer, which is then processed by a claims adjuster. The insurer canreduce its risk by

purchasing reinsurance, in which another insurance company agrees totake on a

portion of the risk, especially if the primary insurer considers the risk to be toogreat

for it to bear.Insurance entails pooling funds from a number of insured businesses

(known as exposures)to cover losses incurred by some. The insured entities

are thus shielded from risk inexchange for a cost, which is determined by the

frequency and severity of the event. Therisk insured against must have specific

qualities in order to be insurable. Insurance as afinancial intermediary is a

commercial activity and a significant element of the financialservices industry, but

31
individuals and businesses can also self-insure by putting money asideto cover any

losses in the future.

Agile Capital Services Is One Of India's Emerging Consulting Firm. At Agile

Capital, We Provide Wealth Management Services To High And Ultra High-Net-

Worth Individuals (Hnis & Uhnis).

Our highly trained and specialized team engage with clients from across the country

as well as those based abroad. in addition to our custom-designed solutions, we focus

on 'un complicating' the entire process of investment for each client. our focus on

building long-term relationships defines our business. our advisory backed by a strong

product and research team, underscores the unmatched value of the ACS proposition.

AT AGILE CAPITAL, WE CATER TO FINANCIAL NEEDS OF

INDIVIDUAL AND CORPORATE CLIENTS.

32
OUR VISION

Our Vision is to significantly increase the Wealth of our Clients by providing them

the best Financial Services as well as the most valuable recruitment services.

OUR MISSION

Our Mission We thrive to provide the best and the simplest Wealth Management

advice through Honest Financial Solutions as well as inspire the candidates to explore

job opportunities across various Industrial Sector.

OUR IDENTITY

Our professionals and experts working round the clock to provide best HR and

financial solutions to our clients and organizations in order to give them edge over

their competitor. We are committed to provide best opportunities for the job seekers.

Agile Capital Services Pvt. Ltd. is a conglomerate company in the contemporary

human capital/staffing arena, Vocational Training and SAP IT Support with an aim to

lead the way endowing with comprehensive solutions for growing organizations. We,

at Agile Capital Services Pvt. Ltd. seek to venture a trustworthy drive providing the

most reliable professional custom key in the areas such as recruitment, Manpower

Outsourcing, Vocational Training and SAP IT Support. Agile Capital Services Pvt.

Ltd. solely focuses on the enhancement of client organizations by providing quality

33
 services on various aspects of their human resources, Training and IT Support and by

letting the organization focus on its core issues.'

ON THE RECRUITMENT’S SIDE WE FOLLOW A THREE

PRONGED APPROACH DURING THE SEARCH PROCESS

WHICH IS CUSTOMIZED FOR EVERY CLIENT:

 Understanding our client’s need and customizing our search process and resources

deployed accordingly

 A two layer vetting process (Telephonic and face-to-face) before short listing profiles

for the client’s requirement

 Providing a detailed tracker to the client with our assessment and flagged information

During entire process of recruitment’s, from search to joining, our clients have full

access to the entire management team and recruitment’s team deployed to trouble

shoot and re-calibrate their specific solution.

34
 EXECUTIVE SEARCH AND SELECTION

 Recruitment mandates across levels, across Industry

 Volume / bulk hiring

 Recruitments for contract/temporary hiring

 Support staff hiring

 Advertizing / job posting

 Candidate screening

 Resume short-listing and analysis

 Interview scheduling

 Interview candidates

 Negotiations and offer management

 Offer letter generation

35
 AGILE CAPITAL SERVICES PVT. LTD. VALUE PROPOSITION

 Outsourced HR services (e.g. recruitment process outsourcing, employee benefits)

 Manpower Outsourcing on contract

 Outsourced Finance & Accounting (e.g. payroll, Time reporting, payables, expense

claims)

 General Administration Services (e.g. office administration, procurement)

 Workforce management

 Managed employee lifecycle services

 New hire/existing network on-boarding and induction

 Time and attendance management

 Payroll processing

 Benefits administration

 Compliances

 Settlements

 Insurance

 HR Helpdesk/Contact center

 Claims administration

India is one of the youngest nations in the world with more than 62% of its population in

the working age group (15-59 years), and more than 54% of its total population below 25

years of age. This presents a formidable opportunity as well as a huge challenge. Every

year, out of 15 million youth entering the job-market, over 75% are not job-ready. This

stark difference is due to lack of technical and soft skills. Paucity of highly trained

workforce, as well as non-employ-ability of large sections of the conventionally educated

youth, who possess limited job skills are the dual challenges to be addressed to reap the

demographic dividend.

36
Agile Capital Services Pvt. Ltd. is supporting to enhance the skills of millions of youth

across the country and empower them with livelihood linked skilling programs. It aims to

build an inclusive, enabled and skilled society by skilling youth and providing

employment in identified core sectors including Education, Retail, Automobile,

Hospitality, Health Care, Building and Construction, Telecom and Beauty & Wellness to

name a few.

Agile Capital Services Pvt. Ltd. offers employability programmes to unemployed rural

youth, poor urban youth, Persons with Disabilities (PwDs), youth with below poverty line

demographics, women including adolescent girls and youth from socially disadvantaged

groups and creates corporate ready workforce. It bridges the gap between millions of jobs

opportunities across multiple sectors and the skills of the available workforce.

VARIOUS TYPE OF TRAINING’S CONDUCTED ARE:

 Vocational Skills Training

 Digital Literacy

 Up-skilling Programmes

 Soft Skills Training

 Behavioral Training

 Customized Training Programmes

37
KEY SECTORS

OUR APPROACH

38
COMMUNITY MOBILIZATION

Agile Capital Services Pvt. Ltd. reaches out to youth to sensitize and convince them,

answer their queries and successfully enroll them in relevant programmes.

Appropriate communication tools are used to showcase the success stories pertaining

to region specific skilling programs and information on the exact job roles is

disseminated with an objective to create a demand for the skilling initiatives.

TRAINING & CERTIFICATION

The candidates are then screened, batches are formed and training is conducted by

Certified Vocational Skill Instructors on approved Qualification Packs (QPs). The

training is a blend of both classroom and practical exposure. Industrial visit are an

integral part of the training and helps the candidates in gaining an exposure of the

actual work environment Candidates are assessed and certified on successful

completion of training.

Quality is paramount for Agile Capital Services Pvt. Ltd.. The same is ascertained

through training the candidates using the best in class training methodology as well as

through conducting rigorous training for the skill instructors. From mandatory boot

camps to periodic refresher workshops to functional training & specialized training

like Instructional Design boot camps, the skill instructors at Agile Capital Services

Pvt. Ltd. are nurtured with continuous learning & development opportunities.

Instructional Design Workshops are also organized for the skill instructors at regular

intervals for their skill up gradation.

39
 PLACEMENT SUPPORT & SETTLEMENT

Agile Capital Services Pvt. Ltd. works on a backward integration approach. Once the

schemes are announced by the government, Agile Capital Services Pvt. Ltd. reaches

out to corporate across different geographical locations of India. Basis the

geographical spread of candidates, Agile Capital Services Pvt. Ltd. sets up centrally

located centers and starts the process from mobilization to certification. Once the

candidates are certified, job fairs are organized which are attended by leading

companies from nearby locations. Post their placements, candidates are tracked and

mentored/counseled throughout the initial working days.

 Apparel Made-Ups Home Furnishing Sector Skill Council

 Healthcare Sector Skill Council

 Life Sciences Sector Skill Development Council

 Retailers Association’s Skill Council of India

 Telecom Sector Skill Council

 Tourism & Hospitality Skill Council

 Automotive Skills Development Council

 Electronics Sector Skills Council of India

40
 Construction Skill Development Council Of India.

 Banking Financial Services & Insurance Sector Skills Council

SKILLS FOR SCHOOLS AND COLLEGES

A business sees success when its foundation is strong. The same goes for a nation. A

nation becomes strong only when its foundation, i.e., its youth is empowered.

Empowerment is achieved when the right set of skills are disseminated among the

students at the right time.

We, at Agile Capital Services Pvt. Ltd. Learning, believe that the journey of a

candidate from a potential to an apt talent begins with skills training at the grassroots

level, i.e., schools and colleges. With the implementation of Skills Skill Development

Framework (SDF) from class IX onwards, the awareness as well as demand for

vocational training is going to soar across all levels.

We not only train the students in schools but also deliver capacity building training to

schools. In addition, we provide Effective School Management and Leadership

training to Principals, Vice Principals and Heads of institutions. We also provide

comprehensive end-to- end solutions in the skills assessment domain.

Agile Capital Services Pvt. Ltd. is playing a pivotal role in Introduction of vocational

education from class 9 onwards by following the Skill Development Framework

(SDF) .The SDF enables a person to acquire the desired competency levels, transit to

the job market and up-skill their competencies when required.

41
 SDF TRAINING METHODOLOGY

Focused on holistic learning and development of students, this novel training

intervention includes face- to-face classes by professional trainers, practical classes,

field visits/ industry visits, guest lectures, preparation of models/ charts/ projects,

preparation of student portfolios and role plays.

SKILLS ASSESSMENT

AV Profess ional Learning provides comprehensive end-to- end solutions in the skills

assessment domain. The range of services include:

 Setting up of exam centers

 Deployment of exam center staff

 Exam centre operations

42
 Managing the candidate flow

 Security and quality of exams

 Project Management

 Training

 Audits and Supervision of Exam Delivery

Agile Capital Services Pvt. Ltd. manages and provides these skills assessment

solutions for one of the world’s leading organization which promotes cultural

relations, educational opportunities as well as testing and assessment services.

Resources Division to conduct this process smoothly and clearly.

SAP FUNCTIONAL & TECHNICAL

Agile Capital Services Pvt. Ltd. provides the following models for flexible

engagements with clients from its offshore software development center. These

models are designed to address diverse requirements and build close relationships

with clients, from project based engagements to outsourced software development

SaaS support. These models are proven to improve operational efficiencies and reduce

costs through mature systems and processes built over a decade of serving customers.

Working with teams from different countries and cultures has helped Agile Capital

Services Pvt. Ltd. develop a process that is flexible and can be adapted to the specific

needs of the engagement. Agile Capital Services Pvt. Ltd. understands that the same

solution may have to be rendered differently when delivering to a different target

audience in a different country. This understanding helps in ensuring that the

requirements are well understood for the specific audience(s) and in reducing the time

and effort required in sharing this understanding.

43
Agile Capital Services Pvt. Ltd. has developed an offshore model that has matured

over the years, applying the learning from the experiences in various engagements

and working with different partners – both service and product companies.

Agile Capital Services Pvt. Ltd. uses processes and tools that address the critical

success factors for engagements utilizing the onshore-offshore model.

Largely, two modes of offshore development can be identified – one, in which all of

the development is typically handled by a single offshore team and the other, in which

development is by distributed teams, usually one onsite and another offshore.

SAP ABAP DEVELOPMENT

Agile Capital Services Pvt. Ltd. ABAP developers acquire well-built technical and

analytical skills in development. Our development encounter ranges from the core

SAP modules to claim to fame regions, for example, SAP HR, SD, HCM, FICO, MM,

SD, PP & PM. Our SAP ABAP developers create inventive solutions for help your

SAP infrastructure. We have been giving Onsite and Remote development services at

a cost effective price. Our remote development arrangement enables clients to spend

IT budgets on value-added development instead of paying consultant expenses.

Our group of the SAP ABAP specialists can possibly create custom reports and

interfaces with ABAP programming that exceeds expectations in the market for its

remarkable execution. The application created in the SAP ABAP does not rely upon a

specific server or database stage; henceforth it can be moved starting with one stage

then onto the next easily. By considering the same, we as a SAP ABAP developement

have built up the protest which has the best execution in view of our conveyance

procedure.

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 SAP PERFORMANCE OPTIMIZATION

Although companies invest in their SAP ERP Software, a proper professional and

expert guidance and support are mandatory to make the most of their investment in

such program.

We are the widely known SAP consulting company in Pune who comprehend both

our client’s functional business necessities as well as the technical design of the

program. Numerous domestic and offshore companies trust on our services because

we assist our clients to profit from a range of new development possibilities, the

prospect of skilled resources and enhanced cost flexibility. We boost our client’s

business by delivering development specific to clients right on time.

We do it by means of our up-to-date know-hows and our well trained, dexterous team

of application specialists and programmers. This team is directly in connection with

the client’s offices and companies by means of dedicated links thus work in the

similar setting as the client’s company.

SAP S/4 HANA SOLUTIONS

SAP S/4 HANA is a new generation of ERP solutions running in real time, integrating

predictive analytics, big data and mobile access. These solutions will support

organisations in transforming workplaces, engaging with customers in new ways and

providing new opportunities to collaborate. By unifying data in real time, SAP S/4

HANA provides instant insights enabling better decisions. SAP S/4 HANA will

eventually replace all SAP systems.

SAP S/4 HANA is more than just a new technology. It is designed to drive instant

value across lines of business and industries with the ultimate sophistication. It

provides:

 Real time: Eliminate batch processing and data reconciliation.

45
 Responsiveness: Improve user satisfaction by reducing waiting time.

 Simulation: Explore the impact of business decisions on the outcome.

 Predictions: Discover and respond to future opportunities and challenges.

 Drilldowns: Analyze at any level without exporting data.

 Recommendations: Built-in data driven decision support systems

POST – IMPLEMENTATION SUPPORT

In several cases, after a new system has been implemented, SAP inclusive, it has been

observed that organizations are often challenged by the use of the technology. And

this we have found to be hindered by factors such as:

1. Culture,

2. Lack of willingness to change,

3. Training gap,

4. But most especially, insufficient skillful personnel to use the system

Our observation of this occurrence in both local and International organizations, led

us into putting together, a strong Post Implementation Support Team, Comprising of

individuals, who are highly skilled in various modules of SAP, with wealth of several

years of experience in various Industries.

Our support Team works with your organization leading you through the transition

periods and beyond, training the process owners, instilling in them enough knowledge

to enable them perform their day-to-day processes efficiently and also, to be able to

handle a first and second level trouble shooting of the system without supervision.

Creating a marketing strategy for Agile Capital Services Pvt. Ltd. (or any financial

services company) requires a comprehensive approach that aligns with the company's

goals, target audience, and competitive landscape. Below is a framework for

46
developing a marketing strategy for a financial services firm like Agile Capital

Services:

MARKET RESEARCH AND ANALYSIS:

Conduct thorough market research to understand industry trends, customer needs, and

competitor positioning.

Identify your target audience, including demographics, psychographics, and specific

financial needs.

DEFINE UNIQUE VALUE PROPOSITION (UVP):

Clearly define what sets Agile Capital Services apart from competitors. What unique

services, expertise, or benefits do you offer to clients?

Craft a compelling UVP that addresses the specific pain points of your target

audience.

SEGMENTATION AND TARGETING:

Segment your target audience into distinct groups based on factors like age, income,

financial goals, and risk tolerance.

Tailor your marketing efforts to address the unique needs and preferences of each

segment.

POSITIONING AND BRANDING:

Develop a strong brand identity that communicates trust, reliability, and expertise in

financial services.

Position your brand in a way that resonates with your target audience's values and

aspirations.

47
CONTENT MARKETING:

Create high-quality, educational content that addresses financial topics relevant to

your audience.

Publish blog articles, whitepapers, videos, and infographics that establish your

company as a thought leader in the industry.

Digital Presence:

Build and maintain a professional website that provides information about your

services, team, and client testimonials.

Optimize your website for search engines (SEO) to improve visibility in search

results.

Utilize social media platforms to engage with your audience and share valuable

content.

EMAIL MARKETING:

Develop an email marketing strategy to nurture leads and maintain ongoing

communication with clients.

Send newsletters, updates, and personalized financial advice.

LEAD GENERATION:

Implement lead generation tactics, such as gated content, webinars, and free financial

consultations, to capture potential clients' information.

REFERRAL PROGRAM:

Encourage satisfied clients to refer friends and family through a referral program.

Incentivize referrals with rewards or discounts on services.

NETWORKING AND PARTNERSHIPS:

48
Build strategic partnerships with complementary businesses, such as accounting firms

or real estate agencies, to expand your reach.

ONLINE ADVERTISING:

Consider pay-per-click (PPC) advertising on platforms like Google Ads or social

media advertising to reach a broader audience.

COMMUNITY ENGAGEMENT:

Get involved in the local community through sponsorships, charity events, or

financial literacy workshops.

CUSTOMER RELATIONSHIP MANAGEMENT (CRM):

Implement a CRM system to manage client relationships, track interactions, and

personalize communication.

COMPLIANCE AND REGULATORY CONSIDERATIONS:

Ensure that all marketing efforts comply with industry regulations and ethical

standards.

MEASUREMENT AND ANALYTICS:

Use analytics tools to track the performance of your marketing campaigns, including

website traffic, lead generation, and conversion rates.

Continuously analyze data to refine and optimize your marketing strategy.

BUDGET AND RESOURCE ALLOCATION:

Allocate resources effectively to execute your marketing plan within budget.

Adaptability and Agility:

Stay adaptable and ready to adjust your marketing strategy based on changing market

conditions, customer feedback, and emerging trends.

49
MONITORING AND REPORTING:

Regularly monitor and report on the effectiveness of your marketing initiatives.

Adjust strategies as needed to achieve your goals.

OBJECTIVES & MODUS OPERANDI

The Performance Appraisal System (PAS) of AB Bank is limited to measuring

performance of employees, the purpose of the PAS is to improve employee

performance in terms of “skills & knowledge’ as well as “leadership”. The PAS

focuses first on the “job performance” and considers the following parameters for a

given period of time:

 What assignment was given by the work plan or in terms of targets?

 What was expected of?

 What has been delivered? How has been delivered? What has gone well?

 What has gone wrong?

 What could have been done differently to do better?

1st, Getting these answers it will help in finding newer ways and means to improve

performance learning from past successes and failures. 2nd, it examines the

professional skills & knowledge which are required in a job, the actual skill &

knowledge level, a job holder possesses and thus helps in finding skill /knowledge

gaps to be addressed for personal development

3rd, it reviews the leadership behaviors i.e. competencies or abilities which are

required in a job in comparison with real demonstration of behavioral competencies

by the job holder and thus helps finding competency gaps to be addressed for personal

development. Therefore, the appraisal system of AB Bank takes care of the following:

 Business performance(on the job accomplishment in terms of a work

plan/targets/expectation)

50
 Skill & knowledge

 Behavioral competencies ( leadership)

 Individual development plan

AB Bank conducts its performance appraisal annually and in the process review

progress quarterly for correction of directions enabling an individual to achieve his /

her objectives. On the whole, the objective is to shape outstanding performance in a

competitive way to ensure sustainable profitable growth in business.

4.3) DEFINITION OF DIFFERENT PERFORMANCE GRADES

ANNUAL PERFORMANCE APPRAISAL & STANDARD

PERFORMANCE DISTRIBUTION ON ( SPD)

Each employee will be appraised by the immediate supervisor annually against

targets/given work plan/responsibilities within the meaning of the policy guideline

and as per standard format designed & developed. HR in coordination with the

Divisional / Departmental Heads will monitor, educate & guide and ensure policy

compliance. As a matter of policy, HR will ensure compliance of the following

Standard in “Performance Distribution” amongst population in a department / section

/ branch. Each Head of the function in joint consultation with HR will ensure that the

given principles as far as practicable are in place so as to keep consistency.

51
4.4) TYPES OF PERFORMANCE APPRAISAL FORM

Agile Capital Services Pvt. Ltd. has two types of performance appraisal forms. One is

for the branch managers or department heads and another is for the other employees

who are working under them. The performance appraisal form of the relationship

managers or the department heads are filled by the Management Committee. And the

employees other then Managers performance appraisal forms are filled up by the

relationship managers of the branches and the department heads. Managers fill this

performance appraisal form and send it directly to the HR Division as “TOP

CONFIDENTIAL” papers. After receiving the document HR Division informs the

manger that the documents are received and also make sure that how many forms they

received. If the document cover is tempered then HR Division refuses to receive the

document. Because this is a confidential paper that should be sent properly.

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THE COMPLETION PROCESS OF PERFORMANCE

APPRAISAL FORM:

It is already mentioned that there are two types of forms one is for the managers and

another one is for the employees who are working under them that means other then

Managers. Now the completion process of two different types of forms will be

discussed bellow to make it more understandable: At first the performance appraisal

form of the managers will be mentioned: The form consists of four pages. At the

beginning of the format page one it needs to mention the year for which the

organization is evaluating his employees. Then the name of the appraise (the person

who is evaluating) and also the designation, age, last promotion date, service period

with AB Bank etc informations have to be mention. Service period of the present

position and also need to mention the job location means where the employee was

working on that particular period of time. Then the Management Committee have to

fill up the section A where they need to mention the profit that the branch Manager

achieved and the targeted profit that was decided by the authority. After finishing

section A management have to fill up part B which is named other strategic targets

contributed to part A. If A is achieved then B may be ignored. But if A is not achieved

then they must fill up the percentages of different factors that is mentioned in that

particular area. These factors are deposits, loans, advances, imports, exports,

remittances, bonds etc. After completing section B they have to complete section C. in

this section they have to give some points about quality of achievements. These

achievements are audit compliances, NPL new and recovery, operating budget,

employee development etc. after completing this three part they put the marks below

and add them. If the average is:

53
 Then after completing first page they have to move to page 2. Here they need to fill

Less than 65% 65 - 79% 80% -100% 101% - 109% Equal or

Below Average Average Good Very Good above 110%

Excellent

Far below target Near to Achieved Exceeded Exceptionally

target target target exceeded

target

up some Assessment of Knowledge & behavioral competence for Potential Listing

only. Scoring will be like this:

1 = Need development,

2 = Average,

3 = Good,

4 = Very Good &

5 = Excellent.

Here they have to fill up nearly fifteen questions about the knowledge & behavioral

competence factors of Managers. These questions vary according to the situation. The

questions that are asked in this section are:

1. Overall Knowledge profile in assigned job responsibilities (core job)

2. Knowledge about AB Bank’s product & services , Organization, Policies & Processes

(updated)

3. Appreciation in banking business

4. Computer literacy & IT knowledge relates to banking

5. Planning: Ability to plan own job activities and able to prioritize and drive actions for

results

6. Customer understanding and care

54
7. Awareness about compliance issues

8. A self starter with drive & initiatives

9. Attitude ( a positive thinker & adoptable to change )

10. Analytical ability

11. Communication ability

12. Inter-personal relationship

13. A team worker believes in team commitment

14. Ability to influence others & gain commitment

15. Speed in action

These are the questions that are mainly asked in this section. Management has to put tick

mark on the number that the person (Manager) deserves. Then they have to comment on

question number 16 about his Integrity & Conduct in service. This is a very crucial part for

the Manager. Because it shows the job sincerity of the Managers.

In section D the evaluator tries to identify two key areas that should be developed. There

are two areas like Knowledge and Behavioral competence. If the appraise needs any

development in this two areas then they have to mention them in this box. Basically from

this box information employees are selected for training on that basis.

In section E Supervisor’s overall comment (Performance Summary & Rating) is given.

Actually it shows the summary of the appraisal. This rating is directly entered into the

performance appraisal calculation software. The input process of software will be

described later. After completing this part appraiser have to sign below.

Employee view point about this appraisal and own career wishes will be mentioned in the

section F. if appraise agrees with the appraisers evaluation then he has to write agreed and

sign below. If any appraise feels that their performance evaluation by the line managers is

influenced by discrimination or unfair and biased judgment the appraise may appeal to

55
Head of HR with their grievance in writing. In such cases the Head of HR will be the first

point contract. If the issue remain unresolved than it will referred to the MD for his/her

review and decision and in that case the decision of MD will be final.

Special Recommendations (career etc.) – Place with justification are filled up in section G.

if the appraiser think that the employee should get the annual increment then they have to

write it in this box. If employee is eligible for next higher level promotion then it also has

to mention there. If the appraiser thinks that the employee should get both of them then he

must write that in this box with proper justification.

In section H there is a box for HR review and comment. If HR thinks that there should be

added any more things than they can add it here. Even if they think that this evaluation is

not properly completed then they can also write it here. Then the proper actions will be

taken further.

Interview outcome & comment by HR Steering Committee is written here in section I.

This part is mainly considered if the person is recommended for promotion. This part is

optional. HR can directly put this comment in the Managers personal file. If the person is

not recommended then this part does not count or necessary to complete. These are the

main things that are to be considered when the appraisal form of the managers evaluated.

Now the performance appraisal form of all employees other then manager will be

explained. In that case the last three pages of the appraisal form are similar to the

Manager’s form. The basic difference is in the first page of the form. So the first page of

the form will be described.

At the beginning of the form as previous it needs to mention the year for which Managers

are evaluating the employees. Then they have to fill up the name of the appraise (the

person whom we evaluating) and also the designation, age, last promotion date, service

56
period with AB Bank, service period of the present position and also the job location

means where the employee was working on that particular period of time.

Then in section A mangers have to write the key job responsibilities, targets and work

plans of the employee in brief. Here they have to mention all the work which is done by

the employee in that particular period of time.

Then the manger has to fill section B which is called performance category. Here manger

has to mention in which category this employee fall in to with proper justification. There

are five performance categories. They are:

1. EXCELLENT (EX) 100%++ ACHIEVER: Exceptionally Exceeded Performance

Standards / Targets / Given Work Plan far above expectation.

2. VERY GOOD (VG) 100%+ ACHIEVER: Reasonably Exceeded Performance

Standards / Targets / Given Work Plan above expectation.

3. GOOD (G) TARGET ACHIEVER: Met Performance Standards /Targets / Given

Work Plan satisfactorily within expectation

4. AVERAGE (AVG) Nearly TARGET ACHIEVER: Closely Met Performance

Standards / Targets / Given Work Plan, but not fully satisfactory.

5. BELOW AVERAGE (BAVG) Performance Far Below the Standard

Expectation / Targets / Given Work Plan – A poor performer.

Mangers have to describe the category which the employee belongs to and also have to

give a tick mark in the right side of the form. After that section all the sections are similar

as the mangers form. The Manager has to fill this form accordingly.

With a view to explaining the performance appraisal system of Agile Capital Services Pvt.

Ltd. a small case study has been undertaken where in the performance appraisal of a

57
respondent has been described. For the sack of anonymity the name of the respondent has

not been disclosed in the present report.

This is a performance appraisal form for year 2009 of an employee who is other then

manager. So as it mentioned earlier that in section A manger

have to describe the key job responsibilities of that employees. In this case the employee’s

key job responsibilities are:

 L/C Opening.

 Management of SWIFT.

 Preparation of PSI forms.

 Preparation of CCIE statement.

 Preparation of Land Customs statement.

 Management of TI systems.

 TR disbursement and adjustment when related officer is absent or overloaded.

 To develop myself in banking carrier and serve the bank effectively and efficiently.

 To improve business worthiness & Marketing of the products to improve Bank profit.

 Other assignment as assigned by the branch management time to time.

 Successfully achieved my business target for Tk,70.00 (Seventy) lacks set by the

branch management.

In section B manager has to mention in which category the appraise fall into. In that case

the manger selected him in as EX (excellent) category. Appraiser also wrote the

justification for that category.

B. PERFORMANCE CATEGORY: Given the job responsibilities and considering

Quantity & Quality of On-the-job performance, evaluate performance category: (Any

one of the following performance category)

58
5 (Five) Performance Justification in brief – Tick √ RATING

Categories Please give examples

EXCELLENT (EX) He is very much

100%++ ACHIEVER: knowledgeable about his

Exceptionally Exceeded job. He has been

Performance Standards / performing very

Targets / Given Work Plan far efficiently with and at

above expectation. most satisfaction.

VERY GOOD (VG)

100%+ ACHIEVER:

Reasonably Exceeded

Performance Standards /

Targets / Given Work Plan

above expectation.

GOOD (G)

TARGET ACHIEVER: Met

Performance Standards

/Targets / Given Work Plan

satisfactorily within

expectation.

AVERAGE (AVG)

Nearly TARGET

ACHIEVER: Closely Met

Performance Standards /

Targets / Given Work Plan,

59
 but not fully satisfactory

BELOW AVERAGE

(BAVG) �Performance Far

Below the Standard

Expectation / Targets / Given

Work Plan – A poor

performer.

In section C Manager has to assess the knowledge and behavioral competences of the

employees. In this case the employee rating was in this manner.

C. Assessment of Knowledge & behavioral competence for Potential Listing only )

1=Need development, 2=Average, 3=Good, 4=Very Good & 5 =Excellent

KNOWLEDGE & BEHAVIORAL 1 2 3 4 5

COMPETENCE FACTORS

1. Overall Knowledge profile in assigned job

responsibilities (core job)

2. Knowledge about AB Bank’s product &

services , Organization, Policies & Processes

(updated)

3. Appreciation in banking business

4. Computer literacy & IT knowledge relates

to banking

5. Planning: Ability to plan own job activities

and able to prioritize and drive actions for

results

6. Customer understanding and care

60
 7. Awareness about compliance issues

8. A self starter with drive & initiatives

9. Attitude (a positive thinker & adoptable to

change )

10. Analytical ability

11. Communication ability

12. Inter-personal relationship

13. A team worker believes in team

commitment

14. Ability to influence others & gain

commitment

15. Speed in action

So it is visible that in this category the employee did very well. His performance was very

satisfactory to his managers. His average in this section was (6*5) + (9*4)/15 = 4.4 which

is very much satisfactory.

Then the manger has to write about the integrity & conduct in service of the employees. In

this case manger commented as follows:

16. Integrity & Conduct in service ( comment ) :

………………… is the honest sincere & well behaved person. He has the good

communication skill and he has ability to attract the customers to our products.

In section D Mangers have to identify the areas in knowledge and behavioral competence

that should be develop in employees characteristics. In this case manger identified two

knowledge factors that should be improved. These are

61
D. Development Needs - 2(Two) areas in knowledge and 2(two) areas in behavioral competence

Knowledge Behavioral competence

1. ..Export & BB. 1. ..

2. ..Foreign remittance. 2. ..

After finishing that section manger commented on the supervisor’s overall comment box

which is in section E. it can also described as the summary of the appraisal form where

supervisor make comment and give the final grade. In this case the manager has given the

respondent the following comment and grade in his evaluation form:

Rating √

E. Supervisor’s overall comment – Performance

Summary & Rating

_________________consistently performs his job EX √

with high satisfaction and he has sound knowledge VG

about the bank rules and regulations. G

___________________ AVG

Supervisor ( Appraiser ) BAVG

62
 So according to the manger the employee got overall EX rating. This rating will be entered

in the performance appraisal software. So from this box it is easily identified that the

manger is completely satisfied with the performance of the employee.

After this section there is a box for employee view point about this appraisal form which is

in section F. Here employee comments about the grading. In this case the employee gave

the comment as follows:

F. Employee view point about this appraisal and own career wishes:

Agreed.

Employee (Appraise)

Here employee is completely agreed with the managers rating. So the appraise wrote agreed.

If appraiser feels that performance evaluation by the line manager is influenced by

discrimination or unfair and biased judgment then he may appeal to Head of HR with his

grievance in writing. In such cases

The Head of HR will be the first point contract. If the issue remain unresolved than it will

referred to the MD for his review and decision and in that case the decision of MD will be

final. After that part there is the box for special recommendations. In this

case Manger things that the appraise is eligible for recommendation. So

the remark was as follows:

G. Special Recommendations (career etc.) – Place with justification

Recommended for annual increment and promotion to the next higher level.

___________________

Supervisor ( Appraiser)

63
So this is the total performance appraisal form for this employee. This form is included only

for better understanding about the performance appraisal system of Agile Capital Services

Pvt. Ltd.. At the end of the report this Performance Appraisal Form is included as appendix.

64
OBJECTIVES OF
THE STUDY

65
 OBJECTIVES OF THE STUDY

1. To Study Perception of Investors Investing in Life Insurance.

2. To identify the factors of consumer perception towards investment in life

insurance policies.

3. To measure the satisfaction levels of the investors towards insurance services

4. To know about the working scheme of the Agile Capital Services Pvt. Ltd..

5. To suggest some measures for improving the methods to appraise the performance

of the workers.

66
 RESEARCH
METHODOLOGY

67
 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. It may

be understood as a science of studying how research is done scientifically. In it we

study the various steps that are generally adopted by a researcher in studying his

research problem along with the logic behind them. It is necessary for the researcher

to know not only the research methods/ techniques but also the methodology.

Researcher not only need to know how to develop certain indices or tests, how to

calculate the mean, the mode, the median or the standard deviation or chi- square,

how to apply particular research techniques , but they also need to know which of

these methods or techniques are relevant and which are not , and what they mean and

indicate. Researchers also need to understand the assumptions underlying various

techniques and they need to know the criteria by which they can decide that certain

techniques and procedures will be applicable to certain problems and others will not.

All this means that it is necessary for the researcher to design a methodology for his

problem as the same may differ from problem to problem.

Research in common parlance refers to a search for knowledge. Once can also define

research asa scientific and systematic search for pertinent information on a specific

topic. In fact, research is an art of scientific investigation. The Advanced Learner’s

Dictionary of Current English lays down the meaning of research as “a careful

investigation or inquiry especially through search for new facts in any branch of

knowledge. Redman and Mary define research as a “systematized effort to gain new

knowledge. “Some people consider research as a movement, a movement from the

known to the unknown. It is actually a voyage of discovery. We all possess the vital

instinct of inquisitiveness for, when the unknown confronts us, we wonder and our

inquisitiveness makes us

68
 probe and attain full and fuller understanding of the unknown. This inquisitiveness is

the mother of all knowledge and the method.

TYPE OF RESEARCH:

The research design of the project is descriptive and analytical research which has

helped in the analysis and description of the candidates.

i. DESCRIPTIVE RESEARCH -

Descriptive research includes surveys and the facts finding enquires of different kinds.

The major purposes of descriptive research are description of the state of affairs as it

exists at present. In social science and business research we quiet often use the term

Ex post factor research for descriptive research studies. The main characteristics of

this method are that the researcher has no control over the variables; he can only

report what has happened or what is happening. The methods of

Research utilized in descriptive research is survey methods of all kinds, including

comparative and co – relational methods.

The descriptive research attempts to describe, explain and interpret conditions of the

present i.e. “what is’. The purpose of a descriptive research is to examine a

phenomenon that is occurring at a specific place(s) and time. A descriptive research is

concerned with conditions, practices, structures, differences or relationships that exist,

opinions held, processes that are going on or trends that are evade

ii. ANALYTICAL RESEARCH -

In analytical research, on the other hand, the researcher has to use facts or information

already available, and analyse these to make a critical evaluation of the material.

69
 DATA COLLECTION TOOLS:

Company reports

Newspapers

Various websites

Brochures

DATA COLLECTION METHODS:

For this project report primary data (through interviews and selection methods) and

secondary data (employees data records provided by the company) both has been

collected.

I. PRIMARY DATA –

Primary data involves the collection of original primary data. It can be accomplished

through various methods, including questionnaire and telephone interviews in market

research or experiments and direct observations in the physical sciences among

others.

II. SECONDARY DATA –

Secondary data means data that are already available i.e. they refer to the data which

have been collected and analyzed by someone and can save both money and time of

the researcher. Secondary data may be available in the form of company records,

trade publications, libraries etc. secondary data sources are as follows:

 Company reports

 Daily newspaper

 Standard textbook

 Various websites

70
FIELD WORK:

An interview scheduled and well structured questionnaire is administered to the target

respondents to collect primary data (copy of questionnaire is attached in the appendix)

Open and close-ended questions are used in the questionnaire. The orders of the

questions are in such a manner that they begin with simple questions and lead on the

questions that needed more involvement from respondents. The secondary data are

collected from periodicals, magazines, journal and internet.

RESEARCH DESIGN:

A research design is a basic plan, which guides the researcher in the collection and

analysis of data required for practising the research. Infect the research design is the

conceptual structure where the research is conducted. It constitutes the “blue print”

for the collection, measurement and analysis of the data . The study is carried out to

understand the “study on perception of Investors Investing In Life Insurance”. Foe

this study the researcher used explanatory research designs. This research covers 50

customers in Lucknow city

SAMPLE DESIGN:

The process of drawing a sample from a large population is called sampling.

Population refers to the total of items about which information is defined. well

selected samples may reflect fairly and accurately the characteristics of the

population.

SAMPLING UNIT:

The sample unit of this survey was the customers from Lucknow city.

SAMPLING SIZE:

The sample size was 50 customers from various parts of Lucknow city.

71
DATA ANALYSIS
&
INTERPRETATION

72
 DATA ANALYSIS & INTERPRETATION

Q1) Which Company Policy Do You Have?

Factors No of respondents (% of respondents)

LIC 29 58%
ICICI 0 0%
Agile Capital Services 15 30%
Others 6 12%
Total 50 100%

No of respondents
LIC ICICI Others

12%

30%
58%

0%

INTERPRETATION
In the survey about 58% of the customer having LIC product as compare to Insurance
company 30% of them have Insurance company product and 12% have other
insurance company product.

73
Q2) How did you come to know about the Mahajeevan Plus Plan?

Factors No of respondents (% of respondents)

Newspaper 7 14%
Television 15 30%

Friends/ Family 22 44%

Others 6 12%

Total 50 100%

No of respondents
Newspaper Television Friends/ Family Others

12% 14%

30%
44%

INTERPRETATION
About 44% customer respondent that they will know about the Mahajeevan Plus Plan
through friends/family and 30% know through television or 14% through newspaper,
12% know through others.

74
Q3) Are you a customer of Agile Capital Services?
Factors No of respondents (% of respondents)
Yes 22 44%
No 28 56%
Total 50 100%

No of respondents
Yes No

44%

56%

INTERPRETATION
In the study I found that about 56% of the people are the customer of another
insurance company (like:-LIC,ICICI,BAJA) and only 44% of the customer are the
customer of Insurance company policy.

75
Q4) whether you are aware of all details of Agile Capital Services?
Factors No of respondents (% of respondents)
Yes 38 76%
No 12 24%
Total 50 100%

No of respondents
Yes No

24%

76%

INTERPRETATION
About 76% of the people are aware about the Insurance company policy and 24% of
the people are not aware about that.

76
Q5) Are you satisfied by the service provided by the Agile Capital Services?

Factors No of respondents (% of respondents)

Satisfied 27 54%

Very much satisfied 15 30%

Not satisfied 8 16%

Total 50 100%

No of respondents
Satisfied Very much satisfied Not satisfied

16%

54%
30%

INTERPRETATION
The study reveals that from Agile Capital Services 54% of the respondents are
satisfied & 30% are very much satisfied& 16% of the respondents are not satisfied
from their services provided.

77
Q6) How do rate the sale and marketing practices of the Agile Capital Services?

FACTOR NO. OF (% OF
RESPONDENT RESPONDENT)
Very good 8 16%

Good 10 20%

Average 18 36%

Bad 14 28%

Total 50 100%

NO. OF RESPONDENT
Very good Good Average Bad

16%
28%

20%

36%

INTERPRETATION
About 16%of the people response was very good while presenting Agile Capital
Services and 20% was good and 36% was average while most of that is 28% was bad.

78
 Q7) what type of approach did I prefer?

FACTOR NO. OF RESPONNDENT (% OF

RESPONDENTS)

Personal Interaction 26 52%

Telephonic Interaction 24 48%

Total 50 100%

NO. OF RESPONNDENT
Personal Interaction Telephonic Interaction

48%
52%

INTERPRETATION
52% most of the people prefer personal interaction, 48% prefer to take telephonic
interaction as shown in above pie chart.

79
Q8)Which method do I prefer to interact with people?
Factors No. of Respondents (% of Respondents)
Direct 19 38%

Indirect 22 44%

Third party 9 18%

Total 50 100%

No. of Respondents
Direct Indirect Third party

18%

38%

44%

INTERPRETATION
During feedback and survey of Insurance company Customer/ respondents prefer to
give their views and feedback most probably through indirect way (telephonic
interaction) almost 44% of people covered through telephonic conversation and 38%
through direct interaction and other through help of existing customer, relatives and
parents.

80
Q9) What is periodicity of premium?

Factors No of respondents (% of respondents)

Monthly 8 16%

Half yearly 14 28%

Quarterly 0 0%
Yearly 28 56%
Total 50 100%

No of respondents
Monthly Half yearly Quarterly Yearly

16%

56% 28%

0%

INTERPRETATTION
About 56% of the customer will pay on the yearly bases or 28% pay on half yearly
bases and 16% have pay on monthly bases.

81
Q10) what is a sum assured (RS) of your premium?
Factors No of respondents (% of respondents)
60,000-1,50,000 12 24%
1,50,000-2,50,000 20 40%
2,50,000-5,00,000 15 30%
5,00,000 above 3 6%
Total 50 100%

No of respondents
60,000-1,50,000 1,50,000-2,50,000 2,50,000-5,00,000 5,00,000 above

6%
24%

30%

40%

INTERPRETATION
During the survey most of the customer having the sum assured between 1.5 lakh to
2.5 lakh (40%) and 30% of the customer having sum assured between 2.5 lakh to 5
lakh or 20% of the customer having sum assured between 60 thousand to 1.5 lakh.

82
Q11) which scheme of insurance policy have you taken?

Factors No of respondents (% of respondents)

Health insurance plan 7 14%
Mahajeevan Plus Plan 34 68%
ULIPs 0 0%
Others 9 18%
Total 50 100%

No of respondents
Health insurance plan Endowment plan ULIPs Others

18% 14%

0%

68%

INTERPRETATION
About 68% customer have Mahajeevan Plus Plan in Insurance company or 14%
having health insurance plan and 18% having other insurance plan in Insurance
company.

83
Q12) Mahajeevan Plus Plan in your opinion is important because?
Factor No of respondents (% of respondents)
Risk cover 4 8%
Tax saving 7 14%
Investment 2 4%
All of them 37 74%
Total 50 100%

No of respondents
Risk cover Tax saving Investment All of them

8%

14%

4%

74%

INTERPRETATION
Through the survey I found that Mahajeevan Plus Plan opinion through the customer
is important because of all of them i.e74% customer say because of (tax saving,
investment, risk cover) and 14% customer say that because of tax saving or 8%
because of risk cover and 4% because of investment.

84
Q13)If you buy Mahajeevan Plus Plan would you like to go for Agile Capital
Services?

Factors No of respondents (% of respondents)

Yes 43 86%
No 7 14%
Total 50 100%

No of respondents
Yes No

14%

86%

INTERPRETATION
In the survey I found that about 86% of the customer will buy (repurchase) new
insurance policy from Agile Capital Services and 14% will not interested to
repurchase the Insurance company product.

85
Q14) What would you like more in Mahajeevan Plus Plan of Agile Capital
Services?

Factors No of respondents (% of respondents)

Good return 9 18.%
Tax benefit 4 8%
Other/both 37 74%
Total 50 100%

No of respondents
Good return Tax benefit Other/both

18%

8%

74%

INTERPRETATION
Above pie chart show that about 74% of customer say that insurance policy will
provide both good return or tax benefit and (other benefit) and 18% say that only
good return or 8% say that only Tax benefit..

86
Q15) Rate your overall satisfaction with Mahajeevan Plus Plan of Agile Capital
Services?

Factors No. of respondent (% of respondents)

Highly satisfaction 6 16%
Satisfactory 4 56%
Average 27 28%
Dissatisfaction 13 0%
Total 50 100

No. of respondent
Highly satisfaction Satisfactory Average Dissatisfaction

12%
26%
8%

54%

INTERPRETATION
Through the overall survey it show that about 56% of the customer get satisfactory
with Insurance company insurance product or around 28% have average and 16%
customer get highly satisfaction with it.

87
FINDINGS

88
 FINDINGS

I. Based on analysis investor invest in LIC policy just because of Company

profile, brand, public sector.

II. Out of 100 response 66% investor invest in 1 policy.

III. Investor expectation toward LIC such as premium, policy term, bonus and

interest, rider benefit.

IV. Among all this factor 40% to 60% investor are satisfied and 20% to 40%

investor are very satisfied with this all policy factor.

V. Out of 100 response 25% to 60% investors agree with all services provide by

LIC and 10% to 30% investors are strongly agree with all services provide by

LIC.

VI. The Investor decision to invest in LIC policy can be affected by several factors

like age, gender and income level.

VII. From the analysis it is observe that respondent belonging to age group below

25 year (which contributes 46% to the total respondents) found to be more

interested in buying LIC policy as compare to other age group.

VIII. The analysis shows that 85% customers are agree that they are looking toward

safety of the investment in LIC, 75% customers are agree that they are looking

return in their investment in LIC and for Liquidity 50% customers are agree

and 50% is in favors of neither agree nor disagree.

89
SUGGESTIONS

90
 SUGGESTIONS

The suggestions are based on analysis and observation during the field study-

 i. Companies should try to maximise the benefits of services to the people to

attract the different age groups.

 ii. Companies should understand the requirements of the people and should

develop their insurance products in a way that fully matches their

requirements

 iii. Private companies need to advertise more to in order to attract more

customers and to build trust in them.

 iv. Companies should target different age groups and should design products

according to different age and income categories.

 v. Companies should provide products in a way that give higher returns to

people along with the attractive schemes and offers.

 vi. Private companies need to work more on their customer relation services to

satisfy and assist customers.

 vii. Insurance agent should provide clear and correct information

91
CONCLUSION

92
 CONCLUSION

In order to get the finest child insurance plan, different sites support to give you a

hand and explain all your problems and concerns. It's a hassle-free, paperless,

convenient, and seamless process. When you buy a policy online, you save time that

would otherwise be spent visiting an insurance provider or seeking an insurance

specialist. You can also get child plan brochures from the official website. Apart from

these factors, the financial condition of the family is also an important factor to

consider when purchasing a child insurance plan. If you're thinking about buying a

child plan, your family's condition will decide how much you'll need to put in. Also,

before investing, be sure to check the company's claim payment percentage to

guarantee that your money is safe and protected. One of the nicest things you can give

your newborn baby as responsible and proud parents is to extend a helping hand with

complete child insurance coverage. Child insurance plans enable you to realize your

ambition of ensuring that your kid's future is not jeopardized by unfortunate events.

But, before you rush out and get a child plan, take a few moments to think about what

we've just said. This will save you a lot of time and money while also ensuring that

your child has the greatest insurance plan available. Buying a child endowment plan

is a significant step towards ensuring your little one's financial future. Researching

and buying the right children's endowment policy is a purchase that requires high

involvement on your part. IndiaFirst Life Little Champ Child Plan is savings-cum-

insurance tool that offers periodic pay-outs, protection of your child's future in case of

an untimely death or disability, unique liquidity benefits, and an inbuilt Waiver of

Premium benefit. Learn more about the IndiaFirst Life Little Champ Plan so you can

make an informed choice.

93
LIMITATIONS
OF THE STUDY

94
 LIMITATIONS OF THE STUDY
Time constraints:

The time stipulated for the project to be completed is less and thus there are chances

that some information might have been left out, however due care is taken to include

all the relevant information needed.

Sample size:

Due to time constraints the sample size was relatively small and would definitely have

been more representative if I had collected information from more respondents.

Accuracy:

It is difficult to know if all the respondents gave the accurate information; some

respondents to give misleading information.

95
BIBLIOGRAPHY

96
 BIBLIOGRAPHY
I. N. Geetha & Dr. M. Ramesh. 2011. A Study on People’s Preferences in

Investment Behavior, IJEMR –1 (6), 37 - 40.

II. Dr Taqadus et al., Investment Preferences and Risk Level: Behavior of

Salaried Individuals.IOSRJournal of Business and Management (IOSR-JBM).

10, (1) 112-118.

III. Chakraborty, Suman and Digal, Sabat, Analysis of Investment Pattern of

Mutual Funds Investors – AnEmpirical Study in Orissa (April 1, 2013).

GITAM Journal of Management. 11 (2), 78- 84.

IV. Sangeeta Arrora and Kanika Marwaha. 2014. "Variables influencing

preferences for stocks (high riskinvestment) vis-à-vis fixed deposits (low-risk

investment): A comparative study", InternationalJournal of Law and

Management, 56, (4) 46 – 51.

V. Manasa Vipparthi and Ashwin Margam. (2012). “Perception of Investors on

Mutual Funds: AComparative Study on Public and Private Sector Mutual

Funds”. Research Journal of BusinessManagement and Accounting, 2(2), 36-

47.

VI. Jothilingam.K and Kannan K.V. “Investors Attitude towards Investment

Avenues – A Study inNamakkal District”, International Journal of Innovative

Research & Development, 2. (2), 57-68.

VII. Dr. D. Harikanth, B. Pragathi. “Role of Behavioral Finance in Investment

Decision Making- A Study ofSelected Districts of Andhra Pradesh, India",

SSIJMAR. 2006.

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ANNEXURE

98
 QUESTIONNAIRE –
Q1) what type of approach did I prefer?

 Personal Interaction

 Telephonic Interaction

Q2) How do rate the sale and marketing practices of the Insurance Company?

 Very good

 Good

 Average

 Bad

Q3)Which method do I prefer to interact with people?

 Direct

 Indirect

 Third party

Q4) Are you satisfied by the service provided by the Insurance Company?

 Satisfied

 Very much satisfied

 Not satisfied

Q5) How did you come to know about the insurance policies?

 Newspaper

 Television

 Friends/ Family

 Others

99
Q6) Which company policy do you have?

 LIC

 ICICI

 HDFC

 Others

Q7) What is periodicity of premium?

 Monthly

 Half yearly

 Quarterly

 Yearly

Q8)Insurance company in your opinion is important because?

 Risk cover

 Tax saving

 Investment

 All of them

Q9) what is a sum assured (RS) of your premium?

 60,000-1,50,000

 1,50,000-2,50,000

 2,50,000-5,00,000

 5,00,000 above

Q10) which scheme of insurance policy have you taken?

 Health insurance plan

 Term Plan

 ULIPs

 Others

100
Q11) Are you a customer of Insurance company?

 Yes

 No

Q12) whether you are aware of all detail of Insurance company?

 Yes

 No

Q13)If you buy a new policy would you like to go for Insurance company?

 Yes

 No

Q14) What would you like more in insurance policies of Insurance company?

 Good return

 Tax benefit

 Other/both

Q15) Rate your overall satisfaction with insurance policies of Insurance Company?

 Highly satisfaction

 Satisfactory

 Average

 Dissatisfaction

101