Updated Black Book-1

PROJECT REPORT ON
“ KOTAK LIFE INSURANCE ”
A PROJECT SUBMITTED TO
UNIVERSTY OF MUMBAI FOR PARTIAL COMPLETION OF THE DEGREE
OF BACHELOR OF COMMERCE (BANKING & INSURANCE)
UNDER THE FACULTY OF COMMERCE
SEMESTER VI
BY
PRIYA NATRAJAN DEVENDRAM
UNDER THE GUIDANCE OF
MR. VIVEK SINGH
VIVEK EDUCATION SOCIETY’S

VIVEK COLLEGE OF COMMERCE
GOREGAON (W), MUMBAI-400 104
MARCH, 2023
VIVEK COLLEGE OF COMMERCE Page 2

VIVEK COLLEGE OF COMMERCE
Siddharth Nagar, Goregaon (West), Mumbai-400 104.
Certificate
This is to certify that Ms. PRIYA NATRAJAN DEVANDRAM has worked and
duly completed her Project Work for the degree of Bachelor in Commerce (Banking
& Insurance) under the Faculty of Commerce and her project is entitled, ― Kotak
Life Insurance” under my supervision.
I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted for any Degree or Diploma of
any University.
It is her own work and facts reported by her personal findings and investigations.
Name and Signature of

Guiding Teacher
MR. VIVEK SINGH
Date of Submission:
28th February,2023

Declaration by learner
I the undersigned Ms. PRIYA NATRAJAN DEVANDRAM here by, declare that the work
embodied in this project work titled “KOTAK LIFE INSURANCE”,
forms my own contribution to the research work carried out under the guidance of MR. VIVEK
SINGH is a result of my own research work and has not been previously submitted to any other
Degree/Diploma to this or any other university.
Wherever reference has been made to previous works of others, it has been clearly indicated as such
and included in the bibliography.
I, here by further declare that all information of this document has been obtained and presented in
accordance with academic rules and ethical conduct.
Name and Signature of the learner

PRIYA NATRAJAN DEVENDRAM
ROLL NO. 11
T.Y.B.B.I (2022-23)
Certified by
MR. VIVEK SINGH

ACKNOWLEDGEMENT
To list who all have helped me is difficult because they are so numerous and the depth is so
enormous.
I would like to acknowledge the following as being idealistic channels and fresh dimension
in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me this chance to do
this project.
I would like to thank my Principal, DR. VIJETHA S. SHETTY for providing the
necessary facilities required for completion of this project.
I take this opportunity to thank our Coordinator, MRS. ANUJA S. NARAVANKAR,for her
moral support and guidance.
I would also like to express my sincere gratitude towards my project guide,
MR. VIVEK SINGH whose guidance and care made the project successful.
I would like to thank my College library, for having provided various reference books and
magazines related to my project.
Lastly, I would like to thank each and every person who directly or indirectly helped me in the
completion of the project especially my parents and peers who supported me throughout my
project.

Executive Summary
The objectives of the projects was to do Market Research of Kotak Mahindra Life Insurance
for that we have to understand the Customers needs, income, response and emotions. So that
they can contribute the time for becoming life advisors for the Company.
It is an open sector for the private players. The name which you would see in Indian insurance
market is something like: - ICICI Prudential (Indian Company), ICICI Lombard (Indian
Company) and HDFC Life Insurance (Indian Company) and so many like them.
For this a Questionnaire was prepared which gave a idea about the people who were really
Interested and wanted to know about various new opportunities in the Insurance sector. Go
through Questionnaire in different area and people.
Companies now are tapping a lot of ways to capture the market and hence different ways to
hold the large portion of the market. My project was to understand the different marketing
strategies adopted by the companies to increase their market share. My learning helped me a
lot to complete my project to understand the basic behavior of the consumer in order to
manipulate the market

TABLE OF CONTENTS
SR PARTICULARS PAGE
NO. NO.
1 INTRODUCTION 9-13
2 COMPANY PROFILE 14-26
3 MAJOR PLAYER OF INSURANCE IN INDIA 27-29
INSURANCE REGULATORY AND DEVELOPMENTAUTHORITY 30-33
4
(IRDA)
5 METHOD OF DATA SELECTION 34
TOP 10 LIFE INSURANCE COMPANIES IN INDIA 35-43

6
TYPES OF KOTAK LIFE INSURANCE OFFER 44-66
7
6 FACTOR OF KOTAK MAHINDRA LIFE INSURANCE 67-82
8
SWOT ANALYSIS 83-84
9
RESEARCH METHODOLOGY 85
10
DATA ANALYSIS & INTREPRETATION 86-90
11
CONCLUSION 91
12
BIBLOGRAPHY 92
13

KOTAK LIFE INSURANCE
CHAPTER 1:- INSURANCE
Introduction:-
Insurance may be defines as social device to protect the economic value of the Life
and other assets. Under the plan of Insurance a group of people are brought together and their
share of money is pooled to manage the loss suffered by any of them. in its basic form is
defined as ― A contract between two parties whereby one party called Insurance insurer
undertakes in exchange for a fixed sum called premiums, to pay the other party called insured
a fixed amount of money on thehappening of a certain event."
In simple terms it is a contract between the person who buys Insurance and an Insurance
company who sold the Policy. By entering into contract the Insurance Company agrees to pay
the Policy holder or his family members a predetermined sum of money in case of any
unfortunate event for a predetermined fixed sum payable which is in normal term called
Insurance Premiums.
Insurance is basically a protection against a financial loss which can arise on the
happening of an unexpected event. Insurance companies collect premiums to provide for this
protection. By paying a very small sum of money a person can safeguard himself and his
family financially from an unfortunate event.For Example if a person buys a Life Insurance
Policy by paying a premium to the Insurance company , the family members of insured
person receive a fixed compensation in case of any unfortunate event like death.
There are different kinds of Insurance Products available such as Life Insurance, Vehicle
Insurance, Home Insurance, Travel Insurance, Health or Mediclaim Insurance etc.
Insurance, in law and economics, is a form of risk management primarily used to hedge
against the risk of potential financial loss. Insurance is defined as the equitable transfer of the
risk of a potential loss, from one entity to another, in exchange for a premium and duty of
care.

Insurance in India covers both the public and private sector organizations. It is listed in
the Constitution of India in the Seventh Schedule as a Union List subject meaning it can only be
legislated by the Central Government only.
The insurance sector has gone through a number of phases by allowing private companies to solicit
insurance and also allowing foreign direct investment. India allowed private companies in insurance
sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014. Further increased
to 74% in May 2021. Since the privatization in 2001, the largest life-insurance company in India, Life
Insurance Corporation of India has held a monopoly until up to date but its market share slowly
slipping to private giants like HDFC Life, ICICI Prudential Life Insurance, General Insurance
Corporation of India and Exide Life Insurance.
Insurance in this current form has its history dating back to 1818 when Oriental Life Insurance
Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The
pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians
with higher premiums being charged for the latter. In 1870 Bombay Mutual Life Assurance
Society became the first Indian insurer.
At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the
Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance
business. The Life Insurance Companies Act, 1912 made it necessary that the premium-rate tables and
periodical valuations of companies should be certified by an actuary. However the disparity still
existed as discrimination between Indian and foreign companies. The oldest existing insurance
company in India is the National Insurance Company, which was founded in 1906 and is still in
business.
The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance
sector and Life Insurance Corporation came into existence in the same year. The Life Insurance
Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers and also 75 provident societies—245
Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act
was passed by the Indian Parliament, and consequently, General Insurance business was nationalized
with effect from 1 January 1973. 107 insurers were amalgamated and grouped into four companies,
namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance
Corporation of India was incorporated as a company on 22 November 1972 as a private company
under Companies Act, 1956 in Bombay and received its Certificate for Commencement of Business on
1 January 1973.
The LIC had monopoly until the late 90s when the Insurance sector was reopened to the private sector.
But, now there are 23 private life insurance companies in India.[4] Before that, the industry consisted of
only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers
(General Insurance Corporation of India, GIC). GIC had four subsidiary companies. With effect from
December 2000, these subsidiaries have been de-linked from the parent company and were set up as
independent insurance companies are Oriental Insurance Company Limited, New India Assurance
Company Limited, National Insurance Company Limited and United India Insurance Company.
On 16 September 2013, IRDA launched "insurance repository" services in India. It is a unique concept
and first to be introduced in India. This system enables policy holders to buy and keep insurance
policies in dematerialised or electronic form. Policyholders can hold all their insurance policies in an
electronic format in a single account called electronic insurance account. Insurance Regulatory and
Development Authority of India has issued licences to four entities to act as Insurance Repository.
 CDSL Insurance Repository Limited

 Karvy Insurance repository Limited
 NSDL Database Management Limited
 CAMS Repository Services Limited
1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life
insurance business.
1928: the Indian insurance companies act enacted to the government to collect statistical information
about both life and non life insurance business.
1938: Earlier legislation consolidated and amended to the insurance act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident socities taken over by the central government and
nationalized. LIC act, 1956, with a capital contribution of Rs.5 core from the government of
government of india.

Insurance sector reforms:
1] Structure-
Government stake in the insurance companies to be brought down to 50%
2] competition-
Private companies with minimum paid up capital and should be allowed to enter
the industry. Only one state life insurance company should be allowed to operate in each
state.
3]Regulatory body -
The insurance act should be changed, an insurance regulatory body should be set
up and controller of insurance should be made independent
4] Customer service-
Insurance companies must be encouraged to set up unit linked pension plans
Computerization of operations and updating of technology to be carried out in the insurance

industry
The commttiee emphasized that in order to improve the customer services and increase the
coverage of the insurance should be opened up to competition

CHARACTERISTICS OF INSURANCE
1. Sharing of Risk
2. Cooperative device
4. Payment on event of happening of any special event
5. The amount of payment depends on the size and type of loss.
6. The success of Insurance business depends on the law of large number ofpeople
insured against similar risk.
7. Insurance is a business which spreads the loss and the risk of few people inthe large
Number of people.
8. The insurance is a plan in which insured transfer his risk to insurer.
9. Insurance is a legal contract

CHAPTER 2:- COMPANY PROFILE
About kotak Mahindra old mutual life insurance limited
Kotak Mahindra old mutual life insurance ltd is a 74:26 joint venture between kotak Mahindra bank
its affiliates and old mutual .The company stared operations in 2001, strives to offer its customers
and outstanding value through high customer empathly consistent service and suite of products that
the combined of protection and long term savings. The company covers 4 millions lives is one of the
fastest growing insurance companies in india
Kotak Mahindra group

Esablished in 1985, the kotak Mahindra group is one of the India leading financial services . In
February 2003, Kotak Mahindra finance the group flagship company received a banking license from
the reserve bank of india with this became the first non-banking financé company in india
Old Mutual
Old Mutual provides life assurance ,assets management ,banking and general insurance to more than
14 millions customers in Africa ,America and Europe originating in South Africa in 1845, Old
Mutual has been listed on the London Stock Exchanges, among others since 1999.

ABOUT KOTAK MAHINDRA OLD MUTUAL LIFEINSURANCE
Kotak Group and Mahindra Group had their partnership 1985 between UdayKotak and
Mr. Mahindra.
Kotak Mahindra is in business since 1985, and insurance part of their businesscame into
existence in the year 2001.

Evolution of Insurance business in Kotak Mahindra business is like this:-
As stated above Kotak Mahindra Life Insurance has Joint venture with Old Mutual plc. Old Mutual Plc
is the 12th largest Insurance Company in the world. It has its base of over 4 million life assurance
policyholders. It has one of the best ―Payouts‖ among insurers in the world. It has one of the best
―Solvency Ratios‖ among insurers in the world.
A FTSE 100 financial services group and ranks as a Fortune Global 500 company. The Old Mutual
group manages in excess of 239 billion pounds in funds (Dec‘06). The company is 160 years old and
has prominent presence in the United States and the United Kingdom.
Fact of Kotak Mahindra Old Mutual Life Insurance:-
Old Mutual plc. Is a world class international financial services company, with the operations
in life insurance, asset management and banking? It is one of the big players in the U.S., U.K. and
the African Continent.
Over 150 Years of experience in Life Insurance.
One of the best ‗returns‘ amongst insurers worldwide.
Base of over 3.8 million Life assurance policyholders.
A FTSE 100 Financial services group, and ranks as Fortune Global 500 Company.
 3rd largest insurer listed on London Stock Exchange.The Old Mutual group manages
in excess of $235 billion in funds i.e., atotal asset base of more than Rs. 11 Lakh core.

 South Africa‘s largest life insurance, banking & mutual funds company
 AUM : US $ 306 billion
Kotak Groups Companies:-

 KOTAK MAHINDRA BANK LTD
 KOTAK MAHINDRA CAPITAL COMPANY LTD
 KOTAK'S INTERNATIONAL BUSINESS
 KOTAK MAHINDRA PRIME LTD
 KOTAK SECURITIES LTD
 KOTAK MAHINDRA ASSET MANAGEMENT COMPANY
If we look at the status of Kotak Life Insurance‘s market share in comparison of

other private company in comparison of premium earned:-

The evolution of Insurance in India can be summarized as:

KINDS OF INSURANCE:
Insurance is divided in two basic zones:-
1. General Insurance
2. Life Insurance
General Insurance
Insurance of the non life assets are called general insurance, this includes loss of asset
against water, fire, earthquake etc. With the detarrification in the Indian Market in General
Insurance the monopoly of the general Insurance public sector‘s companies has been broken.
With the entrance of the new private player market innovative technique has been
introduced to capture the mark Non-life insurance companies have products that cover
property against Fire and allied perils, flood storm and inundation, earthquake and so on.
There are products that cover property against burglary, theft etc.
The non-life companies also offer policies covering machinery against breakdown, there are
policies that cover the hull of ships and so on. A Marine Cargo policy covers goods
in transit including by sea, air and road. Further, insurance of motor vehicles against damages
and theft forms a major chunk of non-life insurance business.
In respect of insurance of property it is important that the cover is taken for the actual value
of the property to avoid being imposed a penalty should there be a claim. Where a property
is undervalued for the purposes of insurance the insured will have to bear a ratable
proportion of the loss.
For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a
loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- (50% of
the loss being borne by the insured for underinsuring the property by 50%).

This concept is quite often not understood by most insured. Personal insurance covers include
policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies.
Health insurance covers offered by non-life insurers are mainly hospitalization covers either on
reimbursement or cashless basis. The cashless service is offered through Third Party
Administrators who have arrangements with various service providers i.e. hospitals. The Third
Party Administrators also provide service for reimbursement claims.
Sometimes the insurers themselves process reimbursement claims. Accident and health
insurance policies are available for individuals as well as groups. A group could be a group of
employees of an organization or holders of credit cards or deposit holders in a bank etc.
Normally when a group is covered, insurers offer group discounts. Liability insurance covers
such as Motor Third Party Liability Insurance workmen‘s Compensation Policy etc offer cover
against legal liabilities that may arise under the respective statutes— Motor Vehicles Act, The
Workmen‘s Compensation Act etc. Some of the covers such as the foregoing Motor Third Party
and Workmen‘s Compensation policy are compulsory by statute. Liability Insurance not
compulsory by statute is also gaining popularity these days. Many industries insure against
Public liability. There are liability covers available for Products as well.
There are general insurance products that are in the nature of package policies offering a
combination of the covers mentioned above. For instance there are package policies available
for householders, shop keepers and also for professionals such as doctors, chartered accountants
etc. Apart from offering standard covers insurers also offer customized ones.
Suitable general Insurance covers are necessary for every family. It is important to protect one‘s
property, which one might have acquired from one‘s hard earned income. A loss or damage to
one‘s property can leave one shattered. Losses created by catastrophes such as the tsunami,
earthquakes, cyclones etc have left many homeless and penniless. Such losses can be
devastating but insurance could help mitigate them. Property can be covered so also the people
against Personal Accident.
A Health Insurance policy can provide financial Relief to a person undergoingmedical treatment
whether due to a disease or an injury.

Name of General Company
 Royal Sundaram Alliance Insurance Company Limited
 Reliance General Insurance Company Limited.
 IFFCO Tokyo General Insurance Co. Ltd
 TATA AIG General Insurance Company Ltd.
 Bajaj Allianz General Insurance Company Limited
 ICICI Lombard General Insurance Company Limited
 Apollo DKV Insurance Company Limited
 Future Generally India Insurance Company Limited
 Universal Sompo General Insurance Company Ltd.
 Export Credit Guarantee Corporation Ltd.
 HDFC-Chubb General Insurance Co. Ltd.
 Bharti Axa General Insurance Company Ltd

Life Insurance
Life Insurance is insurance for you and your family's peace of mind. Life insurance is a
policy that people buy from a life insurance company which can be the basis of protection
and financial stability after one's death. Its function is to help beneficiaries financially after
the owner of the policy dies.
It can also be a form of savings in the long run if you purchase a plan which offers the option
of contributing regularly. Additionally a little known function of life insurance is that it can
be tied in with a person's pension plan. A person can make contributions to a pension that is
funded by a life insurance company. These are considered private pension arrangements. In
addition, you should also make a list of what you feel needs to be protected in your family's
way of life with a life insurance policy.
 provide security for your family
 protect your home mortgage
 take care of your estate planning needs
 look at other retirement savings/income vehicles
Life Insurance in India existed from long time. The modern concept of Insurance was
brought by Bruisers in India, and Oriental Insurance Company was the first Insurance
Company who did Insurance for the Indian in 1818 and was established in Calcutta
nowadays Kolkata. Then due to no interference of government in it, private market players
ruled the market as they want to, that is why government intervened in between to protect the
interest of the mass and to safeguard the money involved in it. Government took the initiative
and banned the private players to involve in Insurance market.
All private companies were took over by Government and Insurance market was
turned to Public sector andLife Insurance Corporation of India was formed in 1956 to make.

The Insurance reachable at remote areas and that even by low premiums or better said
as affordable premium so as to secure their life. From the beginning of Insurance in India
till now a lot of changes have been made but the most significant change was in 1999, when
IRDA was formed. IRDA means Insurance Regulatory and Development Authority. This
was formed to rethink upon opening the insurance sector for the Private players again but
along with that to have a check upon those private players an IRDA has to act as a
governing body to safeguard the interest of the public hose money is involved in it from that
time i.e. from the year 2001 insurance sector was opened for the private players too. Since
then Insurance
Sector is on the boom and business is flourishing and a lot of private players are coming into
business. Here the private players doesn‘t indicate to Indian Private Companies but also
foreign players are also involved in it, but to manage the money flow in and outside the
country IRDA takes care of the contribution of the money by foreign partners of private
insurance companies. To control that IRDA has set a limit of FDI i.e. 26%.

Name of Life Insurance Company
1. Life Insurance Corporation of India.
2. Kotak Mahindra Old Mutual Life Insurance Limited.
3. HDFC Life Insurance Company Ltd.
4. Max Life Insurance Co. Ltd.
5. ICICI Prudential Life Insurance Company Ltd.
6. Aditya Birla Sun Life Insurance Company Ltd.
7. Tata AIA Life Insurance Company Ltd.
8. SBI Life Insurance Company Limited .
9. ING Vysya Life Insurance Company Private Limited.
10. Bajaj Allianz Life Insurance Company Limited.
11. MetLife India Insurance Company Ltd.
12. Future Generally India Life Insurance Company Limited.
13. IDBI Fortis Life Insurance Company Ltd.
14. AMP Sanmar Life Insurance Company Limited.

15. Sahara India Insurance Company Ltd.
16. Aviva Life Insurance Company India Ltd.
17. Shriram Life Insurance Company Ltd.
18. Aegon Religare Life Insurance Company Ltd.
19. Reliance Life Insurance
20. Star Union Dai-chi life Insurance
21. Oriental Life Insurance

CHAPTER3:- MAJOR PLAYER OF INSURANCE IN INDIA
Life Insurance Corporation of India (LIC) is an Indian public sector life insurance company
headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional
investor with total assets under management worth ₹41 trillion (US$510 billion) as of May 2022. It is
under the ownership of Government of India and administrative control of the Ministry of Finance.
The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of
India passed the Life Insurance of India Act, nationalizing the insurance industry in India. Over 245
insurance companies and provident societies were merged together.
LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value
of sold policies in the year 2018–19 of ₹21.4 million. The company also reported having settled 26
million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue
of ₹775,283 crore (US$97 billion) and a profit of ₹4,415 crore (US$550 million). The Oriental Life
Insurance Company, the first company in India to offer life insurance coverage, was established
in Kolkata in 1818 by Bipin Das Gupta its primary target market was India.
Surendranath Tagore had founded Hindustan Insurance Society in same the time period which later
became the Life Insurance Corporation.
The Bombay Mutual Life Assurance Society was formed in 1870, almost half a century later. It was
the first native insurance provider of Western India. Other insurance companies established in the pre-
independence era include:
These companies were established when India was marked mostly by turbulent economic and political
conditions including the Indian rebellion of 1857, World War I and World War II. The effect of these
events led to a high liquidation rate of life insurance companies in India and adversely affected the
faith of the general public in the value of obtaining life insurance.

Nationalization in 1956
In 1956, parliamentarian Feroze Gandhi raised the matter of insurance fraud via owners of private
insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Times of
India owner Sachin Devkekar, was sent to prison for two years.
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company,
formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG Life
combines the Tata Group‘s pre-eminent leadership position in India and AIG‘s global presence
as one of the world‘s leading international insurance and financial services organization. The
Tata Group holds 74 per cent stake in the insurance with AIG holding the balance 26 per cent.
Tata AIG Life Insurance Company was licensed by Insurance Regulatory and Development
Authority to operate in India on February 12 2001 and started on April 1 2001. In
2021,company launched Tata AIA Life Fortune Guarantee Plus a flexible non-linked, non-
participating savings plan which offers policy holders guaranteed long-term income along with
comprehensive protection cover and in addition to long-term guaranteed income for future
financial needs the plan also covers health protection in the event of the policyholder getting
diagnosed with a Critical diseases. This scheme offers two income options – Regular Income or
Regular Income with an inbuilt Critical Illness benefit wherein all future premiums stand
waived if the insured is diagnosed with a Critical Illness during the premium payment term and
guaranteed minimum income will commence which frees the policyholder on worrying about
his income and focus on his health recovery.

Max Life Insurance Company Limited (formerly known as Max New York Life Insurance
Company Limited) is an Indian life insurance company headquartered at New Delhi and the largest
non-bank private-sector life insurer in India. It is a 80:20 joint venture between Max Financial
Services and Axis Bank. The company is a subsidiary of the publicly-listed Max Financial Services. It
was founded in 2000 after the liberalization of the insurance sector in India and its operations began in
2001. Max Life Insurance is a part of Max Group. Max Life Insurance started as a joint venture
between Max Financial Services and Mitsui Sumitomo Insurance Group. The former owned 68% of
the company while the latter owned 26%. After forming the joint venture partnership with Mitsui
Sumitomo, Max Life changed its name from Max New York Life in 2012. In February 2016, Axis
Bank held a 6% share in Max Life. Max Life sells policies on both online and offline channels. Its
distribution channels include banks, individual agents, brokers and corporate agents, among others. It
provides linked, participating and non-participating products. Apart from life coverage, it also covers
health, pension, and annuity. It offers child protection, retirement, savings, and growth plans to
individuals and to groups.
ICICI Prudential Life Insurance Company Limited is a life insurance company in India.
Established as joint venture between ICICI Bank Limited and Prudential Corporation Holdings
Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016,
the company became the first insurance company in India to be listed in the domestic stock exchanges.
In 2020, ICICI Prudential Life had crossed ₹2 trillion (US$25 billion) mark in assets under
management (AUM). The total premium income was ₹32,000 crore (US$4.0 billion) of which ₹12,000
crore (US$1.5 billion) was from the new business premium while approx. ₹21,000
crore (US$2.6 billion) was of the renewal premium. In 2022, ICICI Prudential Life Insurance company
had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM.

CHAPTER 4:- INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY (IRDA)
The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body under
the jurisdiction of Ministry of Finance Government of India and is tasked
with regulating and licensing the insurance and re-insurance industries in India. It was constituted by
the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by
the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved
from Delhi in 2001.
IRDAI is a 10-member body including the chairman, five full-time and four part-time members
appointed by the government of India. In India insurance was mentioned in the writings of many
historical documents, which examined the pooling of resources for redistribution after fire, floods,
epidemics and famine. The life-insurance business began in 1818 with the establishment of the
Oriental Life Insurance Company in Calcutta; the company failed in 1834. In 1829, Madras Equitable
began conducting life-insurance business in the Madras Presidency.
The British Insurance Act was enacted in 1870, and Bombay Mutual (1871), Oriental (1874) and
Empire of India (1897) were founded in the Bombay Presidency. The era was dominated by British
companies.
In 1914, the government of India began publishing insurance-company returns. The Indian Life
Assurance Companies Act, 1912 was the first statute regulating life insurance. In 1928 the Indian
Insurance Companies Act was enacted to enable the government to collect statistical information about
life- and non-life-insurance business conducted in India by Indian and foreign insurers, including
provident insurance societies.
In 1938 the legislation was consolidated and amended by the Insurance Act, 1938, with
comprehensive provisions to control the activities of insurers.
The Insurance Amendment Act of 1950 abolished principal agencies, but the level of competition was
high and there were allegations of unfair trade practices. The Government of India decided to
nationalise the insurance industry.
An ordinance was issued on 19 January 1956, nationalising the life-insurance sector and the Life
Insurance Corporation was established that year. The LIC absorbed 154 Indian and 16 non-Indian

insurers and 75 provident societies. The LIC had a monopoly until the late 1990s when the insurance
industry was reopened to the private sector.
Duties and Functions of IRDA
The functions of the IRDAI are defined in Section 14 of the IRDAI Act 1999
 Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations

 Protecting policyholder interests
 Specifying qualifications, the code of conduct and training for intermediaries and agents
 Specifying the code of conduct for surveyors and loss assessors
 Promoting efficiency in the conduct of insurance businesses
 Promoting and regulating professional organizations connected with the insurance and
re-insurance industry
 Leaving fees and other charges
 Inspecting and investigating insurers, intermediaries and other relevant organizations
 Regulating rates, advantages, terms and conditions which may be offered by insurers not
covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938
(4 of 1938)
 Specifying how books should be kept
 Regulating company investment of funds
 Regulating a margin of solvency
 Adjudicating disputes between insurers and intermediaries or insurance intermediaries
 Supervising the Tariff Advisory Committee
 Specifying the percentage of premium income to finance schemes for promoting and regulating
professional organizations
 Specifying the percentage of life- and general insurance business undertaken in the rural or
social sector
 Specifying the form and the manner in which books of accounts shall be maintained, and
statement of accounts shall be rendered by insurers and other insurer intermediaries.
 Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel
such registration protection of the interests of the policy holders in matters concerning
assigning of policy nomination by policy holders, insurable interest, settlement of insurance
claim, surrender value of policy and other terms and conditions of contracts of insurance
 specifying requisite qualifications, code of conduct and practical training for intermediary or
insurance intermediaries and agents
 specifying the code of conduct for surveyors and loss assessors;
 Promoting efficiency in the conduct of insurance business
 Promoting and regulating professional organizations connected with the insurance and re-
insurance business
 Levying fees and other charges for carrying out the purposes of this Act
 Calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and other
organizations connected with the insurance business
Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in
respect of general insurance business not so controlled and regulated by the Tariff Advisory
Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
 Specifying the form and manner in which books of account shall be maintained and statement
of accounts shall be rendered by insurers and other insurance intermediaries
 Regulating investment of funds by insurance companies
 Regulating maintenance of margin of solvency
Duties:
 Adjudication of disputes between insurers and intermediaries or insurance intermediaries;
 Supervising the functioning of the Tariff Advisory Committee
 Specifying the percentage of premium income of the insurer to finance schemes for promoting
and regulating professional organizations referred to in clause.
 Specifying the percentage of life insurance business and general insurance business to be
undertaken by the insurer in the rural or social sector.
 Exercising such other powers as may be prescribed

CHAPTER 5 :- METHOD OF DATA COLLECTION
Insurance is defined as a co-operative device to spread the loss caused by a particular risk over a
number of persons who are exposed to it and who agree to ensure themselves against that risk. Risk is
uncertainty of a financial loss. It should not be confused with the chance of loss which is the probable
number of losses out of a given number of exposures.
It should not be confused with peril which is defined as the cause of loss or with hazard which is a
condition that may increase the chance of loss.
Finally, risk must not be confused with loss itself which is the unintentional decline in or
disappearance of value arising from a contingency. Wherever there is uncertainty with respect to a
probable loss there is risk.
Every risk involves the loss of one or other kind. The function of insurance is to spread the loss over a
large number of persons who are agreed to co-operate each other at the time of loss.
The risk cannot be averted but loss occurring due to a certain risk can be distributed amongst the
agreed persons. They are agreed to share the loss because the chances of loss i.e. the time amount to a
person are not known.
1. Primary Functions:
The data that is being collected for the first time or to particularly fulfill the objectives of the project is
known as primary data.
These types of data were,

-The market share of other brands available in the market
-Responses of customer
-Identifying pros and cons of the brand
The above primary data were collected through responses of consumer was conducted through
questionnaire prepared for them .

2. Secondary functions:
Secondary data are that type of data which are already assembled and need not to collected from
outside.
1] Company Profile
2] Product Profile
3]Competitors Profile
The data were collected through internet .

If we talk the growth of Insurance industry‘s private players in recent years the data will
reflect;

CHAPTER 6:- TOP 10 LIFE INSURANCE COMPANIES IN INDIA
1. LIC Life Insurance Company:

Life Insurance Corporation of India (LIC) is the largest government-owned life insurance and
Investment Corporation for individual insurance needs. LIC's main role is to invest in global financial
markets and different government certainties after gathering funds from people through life insurance
policies. LIC has the lion‘s share in the life insurance business in the Indian market and the smaller
share is being taken by the private life insurance companies. LIC is the oldest life insurance company
in India and the only government-run life insurance company in India there are almost 25 private life
insurance players in the Indian market competing for the life insurance business. The importance of
LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to
rural areas and people who exist in poverty and are less fortunate people.
2. Bajaj Allianz Life Insurance:

Bajaj Allianz Life Insurance Company is one of India's leading private life insurance companies. It is a
joint venture between Bajaj Finserv Limited owned by Bajaj Group of India and Allianz SE, a
European Financial Services company. Bajaj Allianz life insurance Company limited has launched
innovative insurance solutions taking into consideration the time to the time change in customers‘
needs and requirements. Bajaj Allianz Life Insurance Company offers a wide variety of life insurance
products that serve different sections of society.
3. Reliance Nippon Life Insurance:

Reliance Nippon Life Insurance Company Limited is one of India's leading private sector life
insurance companies. Reliance Nippon Life Insurance Company is an important part of Reliance
Capital and it is private-sector financial services and Non-banking Company. Reliance Capital has
diversified businesses in insurance of all kinds, asset management, mutual funds, commercial finance,
and other financial services. Reliance Life has a huge variety of life insurance plans that offers tailor-
made plans as per the customers‘ requirements.
4. HDFC Life Insurance:
HDFC Life Insurance Company Limited is a standard life insurance company supporter of housing
development Finance Corporation Limited. It is a joint venture between HDFC Ltd and standard life
Aberdeen, a global investment company. HDFC life insurance provides innovative and customer-

centric insurance plans that can help our customers secure their family's future as well as help them
with other benefits such as tax savings. It offers a wide range of individual and group insurance
solutions that meet various customer needs such as Protection, Pension, Savings, Investment, and
Health Solutions.
5. Max Life Insurance Company:

Max Life insurance is a leading life insurance company in India. Max Life Insurance Company
Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max
Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life
Insurance offers different life insurance products such as term insurance, return of premium insurance,
Annuity insurance, child plans, investment plans, money-back plans, ULIPs, and other life insurance
products to individuals and groups. Max Life has positioned itself on the quality platform and has
maintained a strong presence in the Indian market.
6. Kotak Mahindra Life Insurance:

Kotak Mahindra Life insurance company limited is one of India's best and fastest-growing insurance
companies. It is a joint venture between Kotak Mahindra Bank Limited and Old Mutual Limited, a pan
African investment, savings insurance, and banking group operating. It provides an extensive range of
financial products to meet both corporate and individual investment needs. Kotak life insurance
secures your future and makes sure that all your investments keep giving you profitable returns. Kotak
Life Insurance Company provides a wide range of affordable Life Insurance Policies.
7. Birla Sun Life Insurance Co Ltd :

Market share of the company increased from 1.22% to 2.11% in 2007-08. The company moved
to the 7th position in 2007-08 from 8the a year before, pushing down Max New York Life
insurance company.
8. Aviva Life Insurance Company India Ltd :
Ranking dropped to 10th in 2007-08 from 9th last year. It has presence in more than 3,000
locations across India via 221 branches and close to 40 bancassurance partnerships. Aviva Life
Insurance plans to increase its capital base by Rs 344 crore. Withthe fresh investment, total
paid-up capital of the insurer would go up to Rs 1,348.8 crore.
9.ICICI Prudential Life Insurance:
Established as became the first insurance company in India to be listed in the domestic stock
exchanges. ICICI Prudential Life Insurance started its operations in 2001.

The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential
Corporation Holdings Limited with assets under management (AUM) of approx. ₹1
billion (US$13 million).
In 2017, ICICI Prudential Life was to take over Sahara Life's insurance business on request from the
regulator IRDA in a motive to resolve the crisis at Sahara's life insurance arm.The merger was later
revoked by Securities Appellate Tribunal.
In 2020, ICICI Prudential Life had crossed ₹2 trillion mark in assets under management (AUM). The
total premium income was ₹320 billion of which ₹120 billion was from the new business premium
while approx. ₹210 billion was of the renewal premium
In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion
10]SBI Life insurance:
The company got incorporated as a public limited company in Mumbai on 11 October 2000 and received
Certificate of Commencement of Business from the RoC on 20 November 2000 and got registered with
the IRDAI for carrying out business of life insurance on 29 March 2001 SBI Life is listed
on BSE And NSE (Stock Exchanges in India) and is a leading Life Insurance company in India. SBI Life
started as a joint venture with BNP Cardif S.A,which is the life and property & casualty insurance arm
of BNP Paribas, one of the strongest banks in the world, in 2001 While in its initial stage its business was
mainly from bancassurance channel, and gradually developed an agent network consisting of 108261
Insurance Advisors (IAs)and 825 offices across the country as on March 31, 2018 for selling its life
insurance products and also collaborated with other distributions channels which include direct sales and
sales through corporate agents brokers insurance marketing firms and other intermediaries.

RANKING OF INSURANCE RETURN ONINVESTMENT

STRUCTURE OF KOTAK LIFE INSURANCE
❖ MANAGING DIRECTOR: - MR. MAHESH BALASUBRAMANIAN
❖ CFO:- JAIMIN BHATT.

❖ HR HEAD : - MR. CHETAN SAVLA
❖ CHAIRMAN :- UDAY KOTAK
❖ APPOINTED ACTUARY: - MR. R. JAYARAMAN
❖ CHIEF INVESTMENT OFFICER:- MS. RADHAVI DESHPANDE
❖ HEAD AGENCY:- MR. VIVEK PRAKASH
❖ CIO:-VIVEK KUNDRA
❖ SALES HEAD:-PUNEET KHANNA
Its hierarchy in Kotak Life Insurance is like this:-
Managing
Director
CFO
Sales Marketing HR Appointed CIO Training

Head Head & Actuary Head
Admin

MARKETING TEAM STRUCTURE:
Marketing Head
Production & Brand Channel Development

Head Head
Regional Mkt Channel Development

Product Manager Brand Manger Manager Team
Trade Marketing
Manager
Asst. Marketing
Managers

MARKETING STRATEGY:-

CHAPTER 7:- TYPES OF KOTAK LIFE INSURANCE OFFER
Term Insurance Plans:-
Kotak Life Insurance Term Plan
Kotak Term Plan is a pure term plan from Kotak Life Insurance company where the nominee would
get the Sum Assured as death benefit if the life insured dies within the policy tenure but nothing would
be payable to the policyholder if the life insured survives. Hence there is no maturity or survival
benefit in this case.
Key Features of Kotak Term Plan
 It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit
 Women discount is available
 additional riders are available
 Option to move to other non-term plans of Kotak Life Insurance
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Kotak Life e-Term Plan
Kotak Life e-Term Plan is an Individual, Non-Linked, Non-Participating Pure Protection Term Life
Insurance Plan. It is an online version of pure term plan from Kotak Life Insurance Company where
the nominee gets the Sum Assured as Death Benefit if the life insured dies within the policy tenure.
This policy can be purchased without the intervention of any agent and hence has low and affordable
premiums. It is truly an economical means of providing a high level of protection. This plan offers
special premium rates to non-tobacco users and women.
Plan Name e-Term Plan
Product Type Term Life Insurance
UIN 107N104V02
Features of Kotak Life e-Term Plan:-
 Low Cost Insurance offers the benefit of high cover at economical prices
 3 Plan Options to choose from -
o Life Option
o Life Plus Option
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o Life Secure Option
 3 Payout Options to choose from -
o Immediate Payout
o Level Recurring Payout
o Increasing Recurring Payout
 Enhance Your Cover at specific events of life through Step-Up option
 Enhanced Protection against Accidental Death, Critical Illness and Total Permanent Disability
 Special Rates for Non-Tobacco Users & Women
Kotak Saral Jeevan Bima Plan
Kotak Saral Jeevan Bima Plan is a simple term insurance plan which offers the best form of life
insurance protection at low costs.
Plan Name Kotak Saral Jeevan Bima
Policy Type Term Insurance
UIN 107N120V01
Features of Kotak Saral Jeevan Bima Policy:-
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 Simple term insurance to provide financial security to your family
 Flexibility of a limited premium payment period
 Special rates for female lives
 Premiums can be paid monthly, quarterly, half-yearly or annually
 The plan can be purchased online
 Tax Benefits on Premiums paid and Death Benefit
Benefits of Kotak Saral Jeevan Bima Policy:-
Death Benefit:-
In case of death of the policyholder during the policy term, the Sum Assured on Death will be paid to
the nominee. The Sum Assured on Death on all these options is defined as:
For Regular and Limited Payment Options, higher of -
 10 times of Annualised Premium

 Cover amount
 105% of the Total Premiums Paid as on date of death
For Single Pay Option, higher of -
 Cover amount
 1.25 times the Single Premium
Waiting Period:-
This plan has a waiting period of 45 days from the date of acceptance of risk. In case of death of the
policyholder during the 45 day waiting period, the total premiums paid will be returned to the
nominee. However, if the death is due to an accident, the total Sum Assured on Death is paid to the
nominee.
Eligibility Parameters for the Kotak Saral Jeevan Bima Policy
Parameter Minimum Maximum
Entry Age 18 years 65 years
Age at Maturity 23 years 70 years
Sum Assured 5 lakhs 25 lakhs
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Regular & Single Pay - 5 years
Limited Pay 5 - 6 years
Policy Term 40 years
Limited Pay 15 - 11 years
Regular Pay - Same as policy term

Premium Payment Term
Limited Pay - 5 or 10 year
Premium Payment Mode Single, Monthly, Quarterly, Half-yearly, Annually
As you can observe, you have a Limited Pay Option, where you can pay only for 5 or 10 years and
enjoy policy terms of 40 years.
Other Features of Kotak Saral Jeevan Bima Policy:-

Freelook Period - In case you are not satisfied with the policy after receiving the policy documents,
you can cancel the policy and get a refund. The can cancel the policy within the freelook period as
defined here:
 Within 15 days in case the policy is not purchased electronically or through distance marketing
 Within 30 days in case the policy is purchased electronically or through distance marketing
Surrender Value - There is no surrender value in this plan.
Revival - In case you have missed the premiums and the policy has lapsed, you can revive the policy
within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay
all unpaid premiums without any interest.
Suicide Exclusion - In case of death of the polilcyholder due to suicide with 12 months of
commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums
paid will be refunded as follows:
 For Regular/Limited premium plans - 80% of the premiums paid will be refunded
 For Single premium plans - 90% of the premium paid will be refunded
This pretty much explains the working of this plan. In case you have any questions on this plan, please
drop a comment and we will get back to you.
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Looking to protect your family. Get a free consultation from our trained and certified advisors
Compare term insurance plans.
Kotak Premier Pension Plan
Kotak Premier Pension Plan is a traditional plan which provides the guaranteed additions in the first
five policy years and bonuses accrue from 6 year onwards. The plan ensures financial independence in
the golden years of retirement so that an individual can lead a life as per his/her choice.
For a person aged 35 years for a Basic Sum Assured of 10 lakhs and with a policy term & premium
payment term of 20 years, below is the tentative benefit payable:-
Cumulative Accrued
End Guaranteed
Age (in Annual Guaranteed Total Vesting Benefit
of Death Benefit
years) Premium (in Additions (in (in Rs.)
year (in Rs.)
Rs.) Rs.)
@4 % @8%
1 36 54,290 50,000 - - 1,07,005
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5 40 2,71,450 2,50,000 - - 5,35,023
10 45 5,42,900 2,50,000 - - 8,20,045
15 50 8,14,350 2,50,000 - - 11,05,068
20 55 10,85,800 2,50,000 15,06,250 22,57,764 -
Features of Kotak Premier Pension Plan:-
 Guaranteed Additions: A fixed percentage of Basic Sum Assured in the first 5 policy years
 Earn bonus: 6th policy year onwards
 Assured Benefit: 105% of Total Premiums paid on Death and on Vesting
 Tax Benefit: Under section 80CCC on Income Tax Act
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan is an Immediate Annuity Plan. It is a Traditional Plan without Bonus
facility.
How it works – In this plan, premium needs to be paid in a lumpsum while the annuity can be enjoyed
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for lifetime.
There are 4 options for annuity in this plan:
 Life Annuity- In this option, Annuity will continue till the death of the policyholder and
nothing further is payable. This option is called Lifetime Income in this plan.
 Joint Life Annuity- In this option, Annuity will continue till the death of the last survivor of
the policyholder or his spouse. This option is called Last Survivor Lifetime Income in this plan.
 Annuity Certain- In this option, Annuity will continue at least for 5/10/15/20 years as chosen
by the policyholder and then till the death of the policyholder. This option is called Lifetime
Income with a Term Guarantee in this plan.
 Life Annuity with Return of Purchase Price- In this option, Annuity will continue till the
death of the policyholder and then the single premium paid at the policy inception would be
paid to the nominee as Death Benefit. This option is called Lifetime Income with Cash-Back in
this plan.
Annuity can be taken monthly, quarterly, half-yearly or yearly but once it has been selected it cannot
be changed.
Features of Kotak Lifetime Income Policy:-
 It is an Immediate Annuity plan

 Premium needs to be paid upfront while pension continues forever
 There are 4 options for Annuity in this plan
o Lifetime Income
o Last Survivor Lifetime Income
o Lifetime Income with a Term Guarantee
o Lifetime Income with Cash-Back
 The rate at which the Income option is issued is guaranteed for life.
 Income option, once selected, cannot be changed thereafter
 Annuity can be taken monthly, quarterly, half-yearly or yearly
Kotak Ace Investment Plan
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Kotak Ace Investment Unit Linked Insurance Plan is a Unit Linked Insurance Plan or ULIP. Thus, it is
a Non-Traditional Insurance Plan without Bonus facility.
In this plan, premium needs to be paid for 5 years for Policy Term of 10 years and for 10 years for
Policy Term of 15, 20, 25 and 30 years under Limited Payment Option and equal to Policy Term under
Regular Payment Option.
There are 8 funds for investment purpose and host of additional riders
On survival till the end of the Policy Tenure, the Fund Value is paid at the end of the policy tenure as
Maturity Benefit and the policy terminates.
However, if the Life Insured dies within the policy tenure, higher of the Sum Assured or the Fund
Value is paid to the nominee as Death Benefit.
Features of Kotak Ace Investment Insurance Plan:-
 It is a Unit Linked Insurance Plan without Bonus

 There is Regular and Limited pay option in this plan
 There are 8 funds for investment purpose
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 On survival till the end of the Policy Tenure, the Fund Value is paid to the policyholder as
Maturity Benefit
 In case of death of the Life Insured within the Policy Tenure higher of the Sum Assured or the
Fund Value is paid to the nominee as Death Benefit
 There are additional riders in this plan
Kotak Platinum Plan
Kotak Platinum Unit Linked Insurance Plan is a simple Unit Linked Insurance Plan or ULIP. Thus, it
is a Non-Traditional Insurance Plan without Bonus facility.
In this plan, premium needs to be paid for the entire policy tenure under Regular Payment Option or
for a limited period for Limited Payment Option.
There are 8 funds for investment purpose. There are Loyalty Additions in this plan every 5 years
starting from the end of the 10 policy year onwards which is equal to 2% of the Average Fund Value.
There are additional riders in this plan as well, for enhanced coverage.
The Fund Value, inclusive of all Loyalty Additions, is paid at the end of the policy tenure as Maturity
Benefit. However, if the Life Insured dies within the policy tenure, higher of the Sum Assured or the
Fund Value is paid to the nominee as Death Benefit.
Features of Kotak Platinum Insurance Plan:-
 It is a Unit Linked Insurance Plan without Bonus

 There is Regular and Limited pay option in this plan
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 There are Loyalty Additions in this plan every 5 years starting from the end of the 10 policy
year onwards
 Loyalty Additions in this plan is equal to 2% of the Average Fund Value
 On survival till the end of the Policy Tenure, the Fund Value, inclusive of Loyalty Additions is
paid to the policyholder as Maturity Benefit
 In case of death of the Life Insured within the Policy Tenure, higher of the Sum Assured or the
Fund Value is paid to the nominee as Death Benefit
 There are additional riders in this plan
Kotak Single Invest Advantage Plan:-
Kotak Single Invest Advantage Plan is a Single Premium Unit Linked Plan. Thus, it is a Linked
Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in a Lumpsum as it is a Single Premium Plan.
This plan provides Loyalty Additions of 2.25% to 3% of the last 3 years‘ average Fund Value.
There are 2 Options for choosing Death Benefit in this plan:
 Option I - Basic Sum Assured = 5 X Single Premium paid. Thus, if the Life Insured dies
within the first year of the Policy Tenure, Death Benefit payable is higher of Basic Sum
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Assured or Fund Value. However, if the Life Insured dies in any year from 2nd Policy Year
onwards, then Death Benefit payable is higher of 25% of Basic Sum Assured or Fund Value
 Option 2 - Basic Sum Assured = 1.25 X Single Premium paid. Thus, if the Life Insured dies in
any year within the Policy Tenure, the Death Benefit payable is higher of Basic Sum Assured
or Fund Value.
However, when the policy matures, the entire Fund Value is paid to the policyholder as the Maturity
Benefit and the policy terminates.
There are 8 Funds in this plan for Investment Purpose.
Features of Kotak Single Invest Advantage Insurance Plan:-

This is a non-Traditional Unit Linked Plan without Bonus facility
 Thus, in this plan, premium needs to be paid in a Lumpsum.

 There is Loyalty Additions in this plan:
o 2.25% for Premium of Rs 50,000 to Rs 1,99,999
o 3% for Premium more than Rs 2,00,000
 The Loyalty Additions are calculated as a % of the Average Fund Value of the last 3 policy
years
 In this plan, there are 2 options for choosing Death Benefit
 In this plan, there are 8 funds for investment purpose
Kotak Invest Maxima Insurance Plan:-
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 Kotak Invest Maxima is a unit-linked insurance plan (ULIP) with no premium allocation
charges. ULIPs are a great choice for customers who want to invest in insurance cum
investment products. The features of this Ulip is that there is zero premium allocation charge,
flexible payment options-regular, survival units, limited or single premium, additional
protection through optional riders.
 Kotak Invest Maxima allows you to maximize your investments over a long period of time.
The premiums paid by you (less any deductions) are invested in your choice of funds, and the
company allocates units to you. If you wish to manage investments on your own, then you can
opt for Self Managed Fund. If you don‘t want to manage it on your own, then opt for
Systematic Switching.
 It is important to know that the premiums paid in unit-linked insurance plans are subject to
market fluctuation risks and this risk has to be borne by the policy holder.
Features of Kotak Invest Maxima Insurance Plan:-
 No premium allocation charge
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 Flexible premium payment option – single premium, regular premium or limited premium
 Choose from 2 portfolio strategies – Systematic or Self Managed
 Optional riders for additional protection
 Survival units are paid – up to 2% of Fund Value starting from 10th year and once every 5th
year thereafter
Kotak Headstart Child Assure Plan
Kotak Headstart Child Assure Plan is a unit linked insurance plan (ULIP) for the benefit of a child,
where the parent is the Life Insured. In this plan if the Life Insured, i.e. the parent dies within the
policy tenure, the nominee, i.e. the child would receive the higher of Sum Assured or 105% of all
premiums paid till date as Death Benefit to address the immediate needs of the family. The future
premiums would also be paid by the company such that the Fund Value would also be paid out on
maturity of the policy. Hence the Fund Value would be paid out in all circumstances.
Key Features of Kotak Headstart Child Assure Plan
This plan is a Unit Linked Insurance Plan without Bonus

 Death Benefit is higher of Sum Assured or 105% of all premiums paid and future premiums are
waived off to pay Maturity Benefit as well.
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 Maturity Benefit is Fund Value which is payable when the Policy Term ends.
 This policy has 1 inbuilt rider namely Premium Waiver Benefit rider.
 This policy has 4 additional riders available with this plan
Kotak Life Insurance's Premier Life Plan
Kotak Life Insurance's Premier Life Plan is a limited premium payment, participating whole life plan.
The plan provides insurance cover for death, and optional accident or disability covers along with
bonus payout (if any), up to 99 years of age. The term of the policy is 99 years minus the entry age.
This plan allows you to decide the sum assured on maturity and choose premium payment term basis
which is the basis of premium payable.
How it works - The user decides the sum assured on maturity and choose premium payment term
basis, on which premium payable is calculated. This is a limited premium plan which means premium
payment term is lesser than the maturity period. The user has to choose from Cash payout or Paid-up
addition bonus options available.
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Features of Kotak Premier Life Plan:-
 Life Insurance is available from premium as low as Rs 6,975 (exclusive of taxes, for a 30 year
old non-smoking male with 1 crore sum assured and policy term of 25 years)
 Lower premium for women, non-tobacco consumers

 In case of total and permanent disability due to accident, future premium payments are waived
off but policy continues (available only if accident insurance rider is availed)
 Flexible Payout Options: In case of unfortunate death of policyholder, the nominee will receive
10 percent of sum assured upfront and the remaining balance in 15 years as monthly income.
However, if nominee sees it fit, they can opt to receive the entire sum assured at a discounted
value instead of regular monthly income. The lump sum will be discounted at 6.5 percent per
annum compounding yearly of the entire outstanding regular payouts.
 Immediate Payout: Entire sum assured is disbursed to nominee of person assured at the time of
death.
Benefits under Premier Life Plan:-
Death Benefit: In case of death of the policyholder, other than sum assured the plan also pays out
bonus, due to the participating nature of the plan. Sum assured on death is higher of:
 Sum assured on maturity, or

 11 times of annualized premium or 105 percent of premium paid until death (minus service tax
& cess as applicable and rider premium)
Maturity Benefit: When policyholder survives policy term, maturity benefit is sum assured on maturity
plus cash bonus (if any) plus paid-up additions bonus (if any) plus terminal bonus (if any). There are
two bonus options available: Cash payout and Paid-up additions.
In cash payout option, bonus accrued during the premium payment term is paid in a lump-sum.
Additionally, cash bonus (if any) would be paid annually after the end of every year post the premium-
payment period till the end of policy term or death whichever is earlier.
While under paid-up addition, the yearly bonus mentioned above will get accrued which means the
annual bonus is used to buy paid-up additions (PUAs)
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Tax Benefits: Tax benefit under Section 80C and Section 10(10D) of Income Tax Act, 1961.
Eligibility & Other Restrictions
Minimum Sum Assured on

Rs. 200,000
Maturity
Premium Payment Option Limited payment
Minimum – Based on sum assured on maturity, entry age, gender

Premium and premium payment term
Maximum – No limit (Subject to amount underwritten)
Premium Payment Term

Fixed PPT of 8, 12,15 and 20 years
(PPT)
Premium Payment Mode Yearly, Half-yearly, Quarterly and Monthly
Min: 3 years
Max:
55 Years
8 Years PPT
Entry Age 53 Years
12 Years PPT
50 Years
15 Years PPT
45 Years
20 Years PPT
Maturity Age 99 years
Policy Term 99 less entry age
Premium is determined basis the below mentioned

Sum Assured on maturity bands:
Band 1 - Below Rs 5,00,000
Band 2 -Rs 5,00,000 to below Rs 7,00,000
Premium Discount Band 3 - Rs 7,00,000 to below Rs 10,00,000
Band 4 - Rs 10,00,000 and above Premium rates will be lower for
higher Sum Assured on maturity bands. An additional discount of
Rs 1 per 1,000 Sum Assured on maturity will be available for
female lives
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Additional features and benefits:-
The cover can be increased by adding optional riders below to the base plan:
 Kotak Term Benefit Rider: In case of death of the life insured, rider sum assured will be paid in
addition to the death benefit under the base plan.
 Kotak Accidental Death Benefit Rider: In case of an accidental death of the insured, rider sum
assured will be paid in addition to the death benefit under the base plan.
 Kotak Life Guardian Benefit Rider: In case of death of the policyholder (if different from life
insured), outstanding premiums are waived and will be paid by Kotak Life Insurance.
 Kotak Accidental Disability Guardian Benefit Rider: In case of disability due to accident,
outstanding premiums are waived and will be paid by Kotak Life Insurance.
Features Of Life Insurance in India
Improvements in this arena but overall the growth has been rather slow in India. Not many people are
aware of The average penetration and density of life insurance in India is a measly 2.76%. There have
been the benefits of life insurance and the numbers for penetration are an indicator of the same.
Accidents and mishaps are strong indicators of how fragile human life can be and how we need to
systemically insure our lives. It is an important tool for providing an individual's family with safety
and security. It acts as a protective cover to safeguard the insured's dependents. In the event individuals
do not insure their lives, their dependents end up facing the tragic loss of their loved one along with a
whole host of liabilities such as rent, loans, EMI and child services.
Life insurance is crucial for families to feel security and a sense of confidence to continue their lives
without losing their everyday stability. To help understand the key features and advantages of life
insurance.
Features of Life Insurance Plans
1. Policyholder
Policyholder is the individual who pays the premium for the life insurance policy and signs a life
insurance contract with a life insurance company.
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2. Premium
A premium is the cost the policyholder pays the life insurance company for covering life.
3. Maturity
Maturity is the stage at which the policy term is completed and the life insurance contract ends.
4. Insured
Insured is the individual whose life is secured via the life insurance. After his/her death the insurance
company is accountable to provide a financial amount to the dependents.
5. Sum Assured
The amount the insurance company pays the dependents of the insured if those events occur which are
specified in the life insurance contract.
6. Policy Term
Policy term is the specified duration listed in the life insurance contract for which the insurance
company provides a life cover and the time period during which the contract is active listed in the life
insurance contract.
7. Nominee
A nominee is an individual listed in the life insurance contract who is entitled to receive the
predetermined compensation, as a part of the policy.
8. Claim
On the insured's demise, the nominees can file a claim with the insurance provider in order to receive
the predetermined payout amount.
Advantages of Buying a Life Insurance Policy
1. Death Benefits
Life insurance enables individuals to protect themselves and their families in case of any unfortunate
happening in the life of the insurer. The insurer pays an amount equivalent to the sum assured as
specified in the contract along with applicable bonuses. This is known as the death benefit.
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2. Wealth Creation through Investment Components
A few life insurance policies offer wealth creation benefits as well. In such life insurance plans, you
can invest your premiums in different funds based on your risk appetite. These life insurance plans are
excellent wealth builders in the long run.
Invest 4G offered by Canara HSBC gives you the option of choosing from a range of seven funds. The
fund options include both equity and debt investments and 4 different portfolio management strategies
to help you maximise your gains
.
3. Financial Security
The primary importance of a life insurance policy is that it provides your family with long-term
financial security. Life insurance policies provide a lump sum money to financially support your
family in the case of your early demise. Plans like iSelect Start term can look after the family‘s regular
expenses, future goals and any ongoing debts after your death.
4. Loan Option
A cheaper loan facility is one of the important benefits of life insurance plans. You can use your life
insurance policy with the investment part for a loan as well. Life insurance plans like guaranteed
savings plans, money back plans and whole life insurance policies acquire a cash value over time. You
can borrow at a low rate of interest against this cash value.
5. Life Stage Planning
The importance of life insurance grows as you progress through your life stages. Life stages refer to
the multiple major stepping stones like marriage, childbirth, home purchase, retirement, etc.
You can use life insurance plans to prepare for each of these life stages. For example, term insurance
for protection, child plan for child‘s marriage and education, ULIP for building wealth, the pension
plan for retirement, etc.
6. Assured Income Benefit
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Assured Income benefit is another important benefit of life insurance plans. ISELECT SMART360
TERM PLAN offer a regular income payout option for your family after your early demise. Similarly,
life insurance pension plans can offer a long-term guaranteed income to you and your spouse.
Life Insurance Policy is Important for your Financial Security
The importance of life insurance in your life cannot be overstated. It helps you and your family get
financially secure. There are many benefits of life insurance other than providing financial protection.
It can help you in achieving different goals throughout your life as well.Here are some reasons that
depict the importance of life insurance.
1. Cover for Critical Illness Situations
The costs associated with healthcare are sky-rocketing. If the disease is critical like heart attack,
respiratory issues etc then it is sure to dig a huge hole in your pockets. These diseases also take a lot of
time to recuperate and require proper rest. Thus, during this time, you will not be able to earn as well.
Life Insurance policies such as Canara HSBC Life Insurance term plan , cover critical terminal
insurance in all their plan options. Thus, you are given money the moment you are diagnosed.
2. Achieve Child Goals Safely
It‘s a given that as a parent, you would want the best for your child. You can align your life insurance
policy so that you can help fulfil your child‘s goals of higher education or marriage. But these goals
require a lot of money.There are specific life insurance plans made to achieve these goals known as
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Child Plans. These not only include life cover but allow you to invest and build your corpus.Canara
HSBC Life Insurance Child Plans such as Smart Junior Plan as well as Invest 4G has a lot of strategies
with which you can achieve your goal.Also, these come with a Premium Funding Benefit option that
waives off the remaining premiums if you die during the policy. The policy is continued.
3. Enjoy a Safer Retirement
Retirement is one of the biggest milestones you look forward to throughout your working life. After
retirement, you will no longer have your income by your side. Thus, it becomes important to
accumulate enough funds so that you no longer have to worry post you retire.Retirement plans provide
your life cover as well as a stream of regular income.Also, ULIPs such as Invest 4G has a systematic
withdrawal feature that helps you receive a regular sum of money for your expenses after retirement.
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CHAPTER 8:-SIX FACTORS TO CONSIDER BEFORE BUYING A LIFE
INSURANCE POLICY
Here is a list of the factors that you should consider before you decide to buy a life insurance policy.
1. Sum Assured
The first and foremost thing to look at is the amount you will be covered for through your insurance.
You are required to choose the sum assured before the commencement of the policy.Assess all the
future needs and expenses of your family members before deciding an amount.
2. Duration of the Policy
This is the time for which your policy will be active. Life insurance policies come with different terms.
They can range from 10 years to even covering for you till the age of 100.The longer the policy the
lower can be your premium.
3. Additional Benefits of the Life Insurance Policy
Be sure to take note of the benefits involved in the policy. These can be bonuses, riders, etc. Riders
enhance the scope of the policy. Make sure that your policy contains these benefits before buying.
4. Flexibility
The life insurance policy should be flexible. These can be in the form of providing multiple payment
options, freedom to choose the mode and duration of payments, etc. The more flexible a policy is the
more it is easy for you to customize according to your own.
5. Terms and Conditions
Make sure you do read the terms and conditions part associated with the policy thoroughly. There can
be certain things that you might not be aware of or the agent did not communicate to you.
6. Claim Settlement
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Last but not least is to consider the claim settlement process of the insurer. Go through the process so
that you know the steps involved to get the claim. Also, check the claim settlement ratio of the
company.
BENEFITS OF BUYING LIFE INSURANCE
The primary benefit offered by a life insurance policy is known as the death benefit, or the amount
paid to the nominee upon the death of the policyholder. This amount is also known as the sum assured
and could also include bonuses. In recent times, policies also offer a benefit upon maturity of the
policy, in case the policyholder outlives the term. These benefits are popularly termed as maturity
benefits.
Riders:-
A rider provides an enhanced amount of coverage to the policyholder and can be availed along with
their insurance policy at a nominal cost. Some of the most popular riders are Accidental Death Benefit,
Accidental and Permanent Disability Benefit, Waiver of Premium, etc.
Investment Components:-
Some life insurance plans come with the dual benefit of an investment component as well. With a
single premium, you secure a life cover while also accumulating wealth through investments in a
diverse portfolio. Depending on the terms and conditions of the plan, one can invest in equity, debt
instruments or various combinations of both. Those opting for policies such as ULIPs can switch and
redirect funds, as and when they please.
Tax Benefits:-
Various kinds of life insurance plans have different tax benefits as per relevant sections of the Income
Tax Act. Generally, the premium paid for a life insurance policy tax-deductible up to Rs. 1.5 lakhs
under Section 80C. The payout received from an insurance policy, too, is exempt from tax under
Section 10(10D) of the ITA. Additionally, premiums paid toward riders like critical illness and
surgical care can also be claimed as deductions under Section 80D.
Loans Component:-
Your life insurance policy can not just provide you with a life cover, but also help you during a crisis
like loan repayment. One benefit of opting for a loan against a life insurance policy is that the rate of
interest charged is lower than that of a personal loan. When you take a loan against a policy, you are
essentially borrowing from yourself.
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The rate of interest for such a loan depends upon the premiums paid by you.In order to understand
better the various features of life insurance plans,it is also necessary to delve in detail into the
numerous different types of plans prospective policyholders can choose from:
Term Insurance:-
A term insurance is a pure life cover which offers financial security with the most basic of life
insurance benefits- a higher sum assured, at a lower premium rate. Term insurance policies can be
availed for a predetermined period of time.
A term insurance plan that you can consider would be the iSelect Smart360 Term Plan. The Canara
HSBC iSelect Smart360 Term Plan is as diverse as a term plan could get and more. It offers an
insurance cover at a price that won‘t pinch your pockets. It also offers a plethora of options like
augmentation of your cover through various riders, spouse cover, etc. You can also enjoy Loyalty
Additions and other discounts, apart from tax benefits as per prevailing tax laws.
Endowment Policy:-
Endowment plans offer the dual benefits of financial protection as well as savings. Such plans are
relatively low-risk in nature.
:
Whole Life Policy:-
As opposed to the term insurance policy, which offers protection for a predetermined period of time,
this kind of policy extends for the entire lifetime of the policyholder. The premium rates for such
policies are higher when compared to that of term insurance.
Money Back Policy:-

Money back policy is also similar to an endowment policy, except that it offers multiple survival
benefits that are alloted proportionally over the term of the policy.
ULIP:-
This unique type of plan offers life insurance benefits along with an investment component. It is highly
flexible in nature. Thus, life insurance has something for everyone. Once more individuals are made
aware of the multitude of features and benefits that life insurance plans have to offer, the insurance
penetration rate in India is sure to grow in leaps and bounds.
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 Documents are Required to Buy a Life Insurance Plan
 Payment of outstanding debts

 Aid to run house in case of loss of job
 A major contributor to a child's higher education
 A combination of all or part of the above
The purpose to buy a policy helps in evaluating the insurance amount you require for the fulfillment of
the same. If you already own a life insurance plan, then it is important to know the benefit of buying an
additional policy and what value will it add to the investments and financial security.
By having a purpose, you can buy the best life insurance plan that meets your requirements at an
effective cost. It is also necessary to know for whom you want to buy an insurance plan. Who do you
want to buy an insurance plan for?
 Yourself
 Spouse
 Child
 Dependents
Money can't fill the void your death will leave in the life of your loved ones. But it can work as
financial assistance to them in your absence.
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Documents for Buying Life Insurance Plan
Your application for a life insurance plan contains information largely under the following four heads.
Thus, you will need to provide as many documents as well, to support your information:
 Proof of address:
Aadhaar Card
Driving License
Passport
Voter Id
Updated Bank Passbook or Account Statement
Bill of Electricity or Gas
Ration Card
Rental Agreement
 Identity Proof:
PAN card
Passport
Driving License
Aadhar Card
Election Card
Passport Size Photo
 Income Proof:
Salary slips
6 Month Bank Statement
Employer Certificate
Previous 3 Years Income Tax Return
Current Form 16
Audited Profit & Loss Statement
 Medical History:
Any relevant medical report
Buying the Life Insurance Plan you Need
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Understanding your financial and safety needs and finding the best suitable life insurance plan
accordingly is what you need to do. Given below are a few steps and tips to break down your search
and find the life insurance plan for your family:
1. Know Your Options

There are two types of life insurance plans:
 Pure protection plans

 Savings plans
Pure protection plans usually only work in case of an emergency. For example, a term insurance
plan or health insurance plan. These plans have lower premiums but have a very important role to play
in your family‘s survival if anything happens to you.
Savings plans, like unit-linked insurance plans (ULIPs), endowment plans, child plans, retirement and
pension plans are designed to help you achieve specific life goals. With these plans, you can hope to
achieve your goal within the safety umbrella of a life cover.
For example, if you are saving for your child‘s higher education, a child plan will ensure that your
child gets the financial support you planned for her/him. In the case of your early demise, the plan
continues to invest in your child‘s goal and pays the maturity funds to the child as you intended.
2. Assess Your Insurance Need

Your insurance needs consists of two factors:
 Your family‘s lifestyle and living costs (Covered by pure protection life insurance plans like term life
insurance)
 Your family‘s future goals (cover individually with savings plans)
The assessment of these two will let you know the premium amount you can pay regularly. Remember
life insurance comes before investments. So, even if your income and expenses do not allow huge
savings, at least the pure protection life insurance plan is a must.
The amount of cover in these plans should, however, depend on the financial need of your family. For
example, a term life cover should be large enough to help your family maintain their lifestyle until the
children grow up and start earning.
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Or you can follow a simple rule of thumb and buy a term life cover at least 10 times your annual
income. This will be enough to cover your family‘s urgent financial needs for long enough for them to
stand on their feet.
The financial goals will be covered individually with your savings plan investments.
3. Buy Life Insurance Online

With the availability of online insurance policies, you can find a suitable life insurance plan sitting on
your couch or office table. You can check the premium cost of the life insurance plan you want to buy
using the online premium calculators.
The calculators also help you compare:
 The cost of adding different features and benefits to your plan

 Premium amount for different premium payment tenures
 The premium cost of paying your policy premium in different modes
The online mode lets you compare different plans, discover the company‘s performance and also
interact with the customer service.
4. Insurance Application & Premium Revision

One of the steps while buying an insurance plan is the application form. You may find that the life
insurance application form is a quite detailed document. You need to provide information about your
life, occupation, and medical history.
For a healthy individual with a normal medical history, the insurer may allow life cover without a
medical examination. However, for most other cases it will be another necessity. If you have a medical
condition or a family medical history of certain diseases the insurer may revise your final premium.
Although, this amount could be higher than the originally estimated premium cost, due to your medical
history the life cover is even more important for your family. In case of wrong information or hiding a
piece of relevant information from the application forms, your family may lose the claim settlement.
Other factors which may cause an upward premium revision after submitting a proposal are:
 Occupation
 Hobbies
 Adverse medical report
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The medical examination that the insurer schedules for you is also an important step towards the
financial safety of your family. It‘ll help you find any medical condition you have been unaware of.
5. Select Your Nominee

At the time of applying for insurance, you need to share the name(s) of the nominee/beneficiary who
would receive the sum assured after your death. In the case of a married person, the spouse
automatically becomes the nominee. However, you have the option to add your children as a
beneficiary.
WHY KOTAK LIFE INSURANCE
Kotak Mahindra old mutual life insurance is one of the fastest growing insurance companies in india
trusted by over 4 million policyholders nationwide . the company is insurance is differentiated because
of its proven ability to deliver outstanding value to its customers through high customer empathy and
understanding and service products .The company also has among the claim ratio in the business
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Life Insurance Work:-
Life insurance is a very common asset that figures into many people's long-term financial planning.
Purchasing a life insurance policy is a way to protect your loved ones, providing them with the
financial support they may need after you die. For example, you may purchase life insurance to help
your spouse cover mortgage payments or everyday bills or fund your children's college education.
When purchasing life insurance, it's important to understand how it works and how your beneficiaries
can receive the proceeds of your policy. This can help with choosing a payout option that works best
for your estate planning goals.
KEY POINTS:
 Life insurance is a contract between a policyholder and an insurance company that's designed to
pay out a death benefit when the insured person passes away.
 There are many kinds of life insurance from term to permanent.
 A life insurance company should be contacted as soon as possible following the death of the
insured to begin the claims and payout process.
 It's important to always name life insurance beneficiaries, whether they are individuals or
organizations.
 There are different ways a beneficiary may receive a life insurance payout, including lump-sum
payments, installment payments, annuities, and retained asset accounts.
 Life Insurance Basics:-
Life insurance is a type of insurance contract. When you purchase a life insurance policy, you agree
to pay premiums to keep your coverage intact. If you pass away, the life insurance company can pay
out a death benefit to the person or persons you named as beneficiaries of the policy.
Some life insurance policies can offer both death and living benefits. A living benefit rider allows you
to tap into your policy's death benefit while you're still alive. This type of rider can be beneficial in
situations where you're terminally ill and need funds to pay for medical care.
"Some life insurance companies have designed policies that allow their policyholders to draw against
the face value of the policy in the event of a terminal, chronic or critical illness said Ted Bernstein,
owner of Life Cycle Financial Planners LLC.
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"These policies enable the policyholder to be the beneficiary of their own life insurance policy."
When purchasing life insurance it's important to consider:
 How much coverage do you need

 Whether a term life or permanent life policy makes more sense
 What you'll pay for premiums
 Which riders if any you'd like to include
 The differences between life insurance quotes for each potential policy
In terms of coverage amounts, a life insurance calculator can be helpful in choosing a death
benefit. Term life insurance covers you for a set term while a permanent life insurance policy covers
you for life as long as premiums are paid. Between the two, term life tends to be cheaper, but
permanent life insurance can offer benefits such as cash value accumulation.
Life insurance premium costs can depend on the type of policy, the amount of the death benefit, the
riders you include, and your overall health. It's not uncommon to have to complete a paramedical
exam as part of the underwriting process.
 Life Insurance Cover:-
Depending on the life insurance you purchase, the death benefit can cover many expenses. After a
partner or spouse, or parent dies, so does their annual income, so a life insurance policy can help fill
in the gaps to pay financial obligations such as rent or mortgage costs, funeral and burial expenses,
school tuition, personal debt such as student loans or credit cards, and even, supplement the lost
income, to help pay for day-to-day expenses.
Of course, many individuals who purchase life insurance safeguard their beneficiaries against
financial hardship.
It is possible to purchase an insurance policy to leave an inheritance to your grown children or

grandchildren, an extended family member, or a nonprofit. Some policies, like whole or universal life
insurance, allow you to access your life insurance funds while you are alive.
You may be able to borrow against your policy as long as you continue to pay premiums to pay for a
home or college for your children. While you run the risk of lowering the death benefit, if you cannot
afford to pay back the loan, these life insurance policies can be helpful.
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The policy itself usually covers natural and accidental causes of death and homicide. In some cases, it
covers suicide, although it is wise to research the policy you want to purchase. There may be
conditions attached that must be met before beneficiaries receive their death benefits in some
instances.
 Term Life Insurance vs. Permanent Life Insurance
Term life insurance provides coverage for a set amount of time, often in 15- 20- or 30-year policies,
although timelines may vary, depending on the insurer. Term life's death benefit is not paid out after
the term of the life insurance policy ends, even if all premiums on it have been made. However,
premiums on term life policies are usually affordable compared to permanent life insurance.
Term life can be useful if you want coverage during prime working years or while your child or
children are young to provide some financial protection to your partner, spouse, or children. Term life
insurance does not contain a cash value, and you cannot borrow money against your death benefit.
Some term life insurance policies can be converted into whole or universal life policies or extended,
but the premiums will be much higher than the original cost.
There are two types of permanent life insurance, whole and universal. All permanent life insurance
combines a death benefit with a cash value account. Permanent life insurance allows the insured to
borrow against your life insurance policy.
If you don't pay it back, your beneficiaries will receive a smaller payout. Some policies pay dividends
on earnings, which can be used to pay much higher premiums than term life insurance.
Both whole and universal life insurance cover you until you die unless you stop paying the premiums,
but your death benefit shrinks as you borrow from it.
 Life Insurance Cost:-
The cost of life insurance depends on a few factors, among them, the type of insurance you purchase,
the insurance company selling the policy, and your overall individual health, wellness, and family
history, in some cases. For example, if you go with a 20-year term life policy, and you are a healthy
adult, you could pay as little as $30 dollars a month for a half-million-dollar death benefit.
Term life is less expensive than whole or universal life insurance, and all insurance gets more
expensive as you grow older.
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Whole or universal life insurance is considerably more expensive and could cost upwards of $125 to
over $200 a month, depending on your age, health profile, and the amount of death benefit.
 Life Insurance Beneficiary:-
As part of the process when buying life insurance, you'll need to designate one or more beneficiaries.
This is who you want to receive the death benefit from your policy when you pass away.
A life insurance beneficiary can be:
 A spouse
 Parent
 Sibling
 Adult child
 Business partner
 Charitable organization
 A trust
You can choose to name a single beneficiary or a primary beneficiary and one or more contingent
beneficiaries. A contingent beneficiary would receive death benefits from your life insurance policy if
the primary beneficiary passes away.
 Filing a Claim:-
Death benefits are not paid out automatically from a life insurance policy. The beneficiary must first
file a claim with the life insurance company. Depending on the insurance company's policies, this
may be done online or it may require a paper claims filing. No matter how you end up filing, the
company normally requires paperwork and supporting evidence to process the claim and payout.
Your beneficiaries may be required to provide a copy of the policy, along with the claims form. They
must also submit a certified copy of the death certificate, either through the county or municipality or
through the hospital or nursing home in which the insured died.
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Policies owned by revocable or irrevocable trusts must ensure that the insurance company has a copy
of the trust document identifying the owner and the beneficiary, added Bernstein.
 When Benefits Are Paid:-
Life insurance benefits are typically paid when the insured party dies. Beneficiaries file a death claim
with the insurance company by submitting a certified copy of the death certificate. Many states allow
insurers 30 days to review the claim, after which they can pay it out, deny it, or ask for additional
information. If a company denies your claim, it generally provides a reason why.
Most insurance companies pay within 30 to 60 days of the date of the claim, according to Chris
Huntley, founder of Huntley Wealth & Insurance Services.
There is no set time frame But insurance companies are motivated to pay as soon as possible after
receiving bona fide proof of death, to avoid steep interest charges for delaying payment of claims
 Payout Delays:-
There are several possible situations that may result in a delay in payment. Beneficiaries may face
delays of six to 12 months if the insured dies within the first two years of the issuance of the policy.
The reason: the one- to two-year contestability clause.
"Most policies contain this clause, which allows the carrier to investigate the original application to
ensure fraud was not committed. As long as the insurance company cannot prove the insured lied on
the application, the benefit will normally be paid," said Huntley. Most policies also contain a suicide
clause that allows the company to deny benefits if the insured dies by suicide during the first two
years of the policy.
Payments may also be delayed when homicide is listed on the insured's death certificate. In this case,
a claims representative may communicate with the detective assigned to the case to rule out
the beneficiary as a suspect. The payout is held until any suspicion about the beneficiary's
involvement in the insured's death is clear. If there are charges, the insurance company can withhold
the payout until charges are dropped or the beneficiary is acquitted of the crime.
Delays to payouts may also arise if:
 The insured party died during the course of illegal activity, such as driving under the
influence.
 The insured party lied on the policy application.
 The insured omitted health issues or risky hobbies or activities like skydiving.
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 Payout Options:-
You can also help decide how your death benefit will be paid out after you die. Here are a few of the
payout choices available to you and your beneficiaries.
Lump-Sum Payments
Since the inception of the industry more than 200 years ago, beneficiaries have traditionally
received lump-sum payments of the proceeds. The default payout option of most policies remains a
lump sum, said Richard Reich, president of Intramark Insurance Services, Inc.
Installments and Annuities

Modern life insurance policies have seen a monumental improvement in how payouts can be
delivered to the policy's beneficiaries, said Bernstein. These include an installment-payout option, or
an annuity option, in which the proceeds and accumulated interest are paid out regularly over the life
of the beneficiary. These choices give the policy owner the opportunity to select a pre-determined,
guaranteed income stream of between five and 40 years.
"For income-protection life insurance, most life insurance buyers prefer the installment option to
guarantee the proceeds will last for the necessary number of years," added Bernstein.
Beneficiaries should remember that any interest income they receive is subject to taxation. You may
end up better off with the lump sum rather than installments, as you'll end up paying more in taxes on
the interest if the death benefit is fairly high.
Retained Asset Account

Some insurers offer beneficiaries of significant policies a checkbook instead of a lump sum or regular
installments. The insurance company, acting as a bank or financial institution, keeps the payout in an
account, allowing you to write checks against the balance. Such an account would not allow deposits
but pay interest to the beneficiary.
The term for this is accelerated death benefit. (For related insight, take a closer look at accelerated
benefit riders.) Traditionally, life insurance policies will only payout at the policyholder‘s death. Talk
with your insurance agent about whether this option makes sense for you.
 Term Life Insurance Work:-
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Term life insurance is often the most accessible type of insurance to purchase. Depending on the type
of policy, you may or may not need a medical exam, and the policy will last for an agreed-upon
number of years, often 20- or 30-year terms. You pay monthly premiums on your death benefit, and if
you die before the term is up, the insurance company pays your beneficiaries. If you reach your term
limit, your policy ends.
 Whole Life Insurance Work:-
Unlike term, whole life insurance is a permanent form of insurance, allowing fixed death benefit
coverage over the policyholder's life. The life insurance premiums for whole life insurance are higher
than what you pay for a term life policy. Whole life contains a cash-value account, which can
accumulate as interest accrues on a fixed rate and a tax-deferred basis.
You can borrow against your whole life policy, but the benefit acts as the collateral, so your benefit
shrinks if you don't pay it back. If you don't pay the premiums or the loan back, your policy will be
canceled. Any money you borrowed may be considered income and subject to taxation.
 Universal Life Insurance Work:-
Universal life insurance, like whole life, is another form of permanent life insurance. These policies
offer a death benefit and a cash value account. Universal life insurance stays with you until the end if
you pay your monthly premiums.
There are three kinds of universal life insurance -variable, guaranteed, and indexed- but with all three,
you have the flexibility (unlike other policies) to change your death benefit or lower your premiums.
Your cash value account's earnings can help pay the premiums on your account.
 Life Insurance With a Pre-Exisiting Condition:-
If you have pre-existing conditions, you may find it difficult, but not impossible, to purchase life
insurance. Coverage will depend on various factors, primarily your individual health situation.
Depending on the life insurance company, some pre-existing conditions like diabetes, high blood
pressure, and anxiety may be covered but with higher premiums.
How Long do You Have to Pay Into a Life Insurance Policy Before It Pays Out?
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Life insurance will pay out upon the death of the insured as soon as it is in force. This usually counts
as the first premium payment. Some life applications, however, come with the option of binding a
certain amount of coverage while the underwriting process takes place in case the applicant dies
before the policy is issued (known as a binder).
The binder usually requires payment up-front when the application is taken and will either be
returned or credited toward the first premium once approved.
 The Bottom Line:-
Life insurance policies provide both policyholders and their loved ones peace of mind that financial
difficulties may be avoided in the event of a person‘s death. Understanding how the process works,
from buying life insurance to filing a claim to receiving a payout, can help you proceed with your
plans to purchase coverage confidently.
Chapter 9:-SWOT ANALYSIS
SWOT analysis of Kotak Life Insurance analyses the brand by its strengths, weaknesses, opportunities
& threats. In Kotak Life Insurance SWOT Analysis, the strengths and weaknesses are the internal
factors whereas opportunities and threats are the external factors.
81
SWOT Analysis is a proven management framework which enables a brand like Kotak Life Insurance
to benchmark its business & performance as compared to the competitors. Kotak Life Insurance is one
of the leading brands in the banking & financial services sector.
The article below lists the Kotak Life Insurance SWOT, competitors and includes its target market,
segmentation, positioning & USP. Let us start the Kotak Life Insurance SWOT Analysis
 Strengths
 Weaknesses
 Opportunities
 Threats
 Competition
For Kotak Life Insurance, SWOT analysis can help the brand focus on building upon its strengths and
opportunities while addressing its weaknesses as well as threats to improve its market position.
 Strength
The strengths of Kotak Life Insurance looks at the key aspects of its business which gives it
competitive advantage in the market. Some important factors in a brand's strengths include its financial
position, experienced workforce, product uniqueness & intangible assets like brand value. Below are
the Strengths in the SWOT Analysis of Kotak Life Insurance :
1. State of art Actuarial I.T Infrastructure
2. Has network across 300 towns

3. Innovative Product range with transparent practices
4. The company covers over 3 million customers and is one of the fastest growing insurance
companies in India



 Weaknesses:-
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its
position further. Certain weaknesses can be defined as attributes which the company is lacking or in
which the competitors are better. Here are the weaknesses in the Kotak Life Insurance SWOT
Analysis:
1. Lack of presence in various parts of country

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2. Limited Advertising and low brand visibility as compared to leading competitors
 Opportunities:-
The opportunities for any brand can include areas of improvement to increase its business. A brand's
opportunities can lie in geographic expansion, product improvements, better communication etc.
Following are the opportunities in Kotak Life Insurance SWOT Analysis:
1. Growing potential in the semi-urban and rural market

2. Better investment awareness amongst the younger generation
 Threats:-
The threats for any business can be factors which can negatively impact its business. Some factors like
increased competitor activity, changing government policies, alternate products or services etc. can be
threats. The threats in the SWOT Analysis of Kotak Life Insurance are as mentioned:
1. Fluctuating economic scenarios

2. Entry of new NBFCs in the sector increasing competition
 Competitors:-
There are several brands in the market which are competing for the same set of customers. Below are
the top 3 competitors of Kotak Life Insurance:
1. SBI Life Insurance

2. Sahara Life Insurance
3. Birla Life Insurance
Hence this concludes the Kotak Life Insurance SWOT analysis.
83
CHAPTER 10:- RESEARCH METHODOLOGY
Data‘s are the useful information or any forms of document designed in a systematic and
standardize manner which are used for some further proceedings. One of the important
tools for conducting marketing research is the availability of necessary and useful data. Some
time the data are available readily in one form or the other and some time the data are
collected afresh. The sources of Data fall under two categories, Primary Source and
Secondary Sources.
84
CHAPTER11:- DATA ANALYSIS AND INTERPRETATION
1]Personal Details:-
Analysis:-
Above diagram consists the number of respondents

Total 61 respondents
85
2]Age:
Analysis:
Above diagram consist four classes of different age groups.
Here the customer 15-20 are 23.3%
From 20-25 customer is 46%
From 25-30 customer is 17.5%
From 30-40 the customer is 11.1%
Here the majoity of customer belong to the group of 20-25 age .
86
3]How many insurance policies do you have?
Analysis:
Above diagram here,
The customer have 1 insurance policies is 69%
2 insurance policies is 13.2% and more than 5 is 9.4%
Here 69% have insurance policies.
87
4]which company insurance policy so you prefer the most?
Analysis:
here,the customer prefer kotak mahindra life insurance is 23.3%
16.7% in bajag Allianz ,6.7% in SBI ,10%in ICICI prudential life insurance and 36.7% in
Here the majority highest customer prefer LIC
88
5] How would you rate the services given in kotak life insurance?
Analysis:
Here customer rate the services of kotak life insurance good is 55.7%
Average is 19.7%
Excellent is 19.7%
So here customer highest rate for kotak life insurance is good.
89
CHAPTER 12:-CONCLUSION
 Kotak is spreading its channel of distribution

 Good rated in Kotak Life Insurance and 23.3% prefered Kotak Life Insurance
 It helps secure your Finances in Times of Sudden Medical Expenses related to illness along
with offering Protection for Personal Accident-in case of Accidental Death or Disability.
 It has 232 Branched in around 167 Cities and town in India with 99,275 agents
 It is a safe and secure Policy bazaar from last 4 Years. I am Happy to buy Life
Insurance Plan. It is under my Budget and have been a long-term Saving for me and
my Family.
 Kotak focuses on large business house inspire of capturing the smaller business.
 Less action on tale-marketing and dependence on individual life advisors is much
there.
 Weak Infrastructure as there was hardly any place left open for the interaction with
the customer.
 Too much work load on operations‘ department
 Lack of database on which work (calling) can be done.
 High commitment of Sales Managers toward the work.
90
CHAPTER 13:- BIBLIOGRAPHY
Websites:-
1. www.irdaindia.org
2.www.insuranceworld.com
3. www.findarticles.com
4. www.kotaklife.com
5. www.hdfcinsurance.com
Special Thanks to:-

❖ http://www.google.com
❖ http://www.policyx.com
❖ http://www.economywatch.com/business-and-financial/IPO-industry
Other sources:-
1. The Economic Times
91

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PROJECT REPORT ON

“ KOTAK LIFE INSURANCE ”

PRIYA NATRAJAN DEVENDRAM

UNDER THE GUIDANCE OF

MR. VIVEK SINGH

VIVEK EDUCATION SOCIETY’S

VIVEK COLLEGE OF COMMERCE Page 2

Siddharth Nagar, Goregaon (West), Mumbai-400 104.

Name and Signature of

VIVEK COLLEGE OF COMMERCE Page 3

Name and Signature of the learner

MR. VIVEK SINGH

VIVEK COLLEGE OF COMMERCE Page 4

VIVEK COLLEGE OF COMMERCE Page 5

VIVEK COLLEGE OF COMMERCE Page 6

TOP 10 LIFE INSURANCE COMPANIES IN INDIA 35-43

VIVEK COLLEGE OF COMMERCE Page 7

CHAPTER 1:- INSURANCE

VIVEK COLLEGE OF COMMERCE Page 9

 CDSL Insurance Repository Limited

VIVEK COLLEGE OF COMMERCE Page 11

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

Insurance companies must be encouraged to set up unit linked pension plans

Computerization of operations and updating of technology to be carried out in the insurance

VIVEK COLLEGE OF COMMERCE Page 12

4. Payment on event of happening of any special event

5. The amount of payment depends on the size and type of loss.

9. Insurance is a legal contract

VIVEK COLLEGE OF COMMERCE Page 13

About kotak Mahindra old mutual life insurance limited

Kotak Mahindra group

VIVEK COLLEGE OF COMMERCE Page 14

VIVEK COLLEGE OF COMMERCE Page 15

Fact of Kotak Mahindra Old Mutual Life Insurance:-

VIVEK COLLEGE OF COMMERCE Page 16

Kotak Groups Companies:-

If we look at the status of Kotak Life Insurance‘s market share in comparison of

VIVEK COLLEGE OF COMMERCE Page 17

VIVEK COLLEGE OF COMMERCE Page 19

Insurance is divided in two basic zones:-

VIVEK COLLEGE OF COMMERCE Page 20

VIVEK COLLEGE OF COMMERCE Page 21

 Royal Sundaram Alliance Insurance Company Limited

 Reliance General Insurance Company Limited.

 IFFCO Tokyo General Insurance Co. Ltd

 TATA AIG General Insurance Company Ltd.

 Bajaj Allianz General Insurance Company Limited

 ICICI Lombard General Insurance Company Limited

 Apollo DKV Insurance Company Limited

 Future Generally India Insurance Company Limited

 Universal Sompo General Insurance Company Ltd.

 Export Credit Guarantee Corporation Ltd.

 HDFC-Chubb General Insurance Co. Ltd.

 Bharti Axa General Insurance Company Ltd

VIVEK COLLEGE OF COMMERCE Page 22

 provide security for your family

 protect your home mortgage

 take care of your estate planning needs

 look at other retirement savings/income vehicles

VIVEK COLLEGE OF COMMERCE Page 23

VIVEK COLLEGE OF COMMERCE Page 24

1. Life Insurance Corporation of India.

2. Kotak Mahindra Old Mutual Life Insurance Limited.

3. HDFC Life Insurance Company Ltd.