EXPLORING CONSUMER’S PERCEPTION :

LIFE INSURANCE AT HUMAN LIFE VALUE

LIFE INSURANCE CORPORATION OF INDIA

Submitted in partial fulfillment of the requirements for

the award of the degree of

Bachelors of Business Administration

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Ms. Meghna Varun Submitted by:

Preshit Christopher Dass
Roll No: 11524401721

Institute Of Innovation in Technology & Management,

New Delhi - 110058
 Certificate
I, Mr. Preshit Christopher Dass , Roll No.11524401721 certify that the Project
Report/Dissertation BBA / Code 315 entitled“Exploring Consumer’s Perceptions:
Insurance at Human Life Value”is done by me and it is an authentic work carried out
by me at Life Insurance Corporation (LIC). The matter embodied in this project work
has not been submitted earlier for the award of any degree or diploma to the best of
my knowledge and belief.

Signature of the Student

Date:

Certified that the Project Report/Dissertation of BBA entitled “Exploring Consumer’s

Perception: Insurance at Human Life Value”done by Mr. Preshit Christopher Dass ,
Roll No. 11524401721, is completed under my guidance.

Signature of the Guide:

Name of the Guide:
Designation:
Date:

Countersigned
(Director / Project Coordinator)
 CONTENTS

S No Topic Page
No
1 Certificate (s) 2&3
2 Acknowledgements 4
3 List of Tables 5
4 List of Figures 5
5 List of Symbols 5
6 List of Abbreviations 5
7 Chapter-1: Introduction Company Profile 6
8 Chapter-2: Industry Profile 21
9 Chapter-3:Description of work 27

10 Chapter-4:Learning Summary from the Work 38

Experience in Departments and From Field Project
conducted.
11 Chapter-5: Concluding Remarks 40
12 References 41
 CHAPTER 1
INTRODUCTION : COMPANY PROFILE

COMPANY OVERVIEW

The Life Insurance Corporation of India (LIC) is a state-owned insurance company in

India. It is the largest insurance company in India and one of the largest in the world. Here
is a brief profile of LIC:

Name: Life Insurance Corporation of India (LIC)

Founded: September 1, 1956

Headquarters: Mumbai, India

Chairman: Siddhartha Mohanty

LIC is a government-owned insurance and investment company that provides a wide range
of insurance products and services. It operates as a monopoly in the Indian insurance
market. The company's primary objective is to spread the message of life insurance and
serve various social and economic needs of the population.

LIC has played a significant role in the development of the insurance industry in India. It
offers a range of policies to cater to different needs, such as term insurance, endowment
policies, money-back policies, and unit-linked insurance plans (ULIPs).

LIC is known for its extensive network of agents and branches across the country, making
it accessible to a wide range of customers. It is also considered a trusted and reliable
institution for insurance and investment services in India.

LIC of India was formed by merging 154 life insurance companies, 16 foreign companies
and 75 provident companies. It is one of the largest financial institutions in India. It has an
asset value of over 2,529,390 crores. The headquarters of LIC is in Mumbai, Maharashtra.

The main slogan of LIC is- “Yogakshemam Vahamyaham” meaning “Your welfare is our
responsibility”. It is in Sanskrit and is obtained from the 22nd verse of the Bhagavad
Gita’s 9th chapter. The chairman of Life Insurance of India is Mr M.R Kumar.
ROLE OF LIC IN INDIAN ECONOMY
LIC is known as India's largest government-owned life insurance and investment
corporation. The main role of LIC is to invest in global financial markets and different
government securities after gathering funds from people through their various life
insurance policies. At least 75% of these gathered funds are to be invested in Central and
State Government securities, as stated by one of the LIC rules.

FUNCTIONS OF LIC
The major functions of LIC are as follows:-

● Collect people’s savings in exchange for an insurance policy and promote savings
in the country.
● Protect the capital of the people by investing funds into government securities.
● Issue insurance policies at affordable rates
● Provide various loans like direct loans to industries, housing loans, loans to various
national projects at reasonable interest rates.
OBJECTIVES OF LIC
● LIC aims to spread awareness about the importance of life insurance among people
living in rural areas and people who are a part of socially and economically backward
classes.
● It aims to meet several life insurance needs of the community people who are
subjected to change with the changing social and economic environment.
● It aims to conduct business economically while taking into consideration that the
money belongs to the policyholders.
● It aims to maximize the mobility of people’s savings through attractive
insurance-linked savings.
● It aims in providing utmost job satisfaction to all the agents and employees of the
corporation and promotes building a co-operative work environment to deliver efficient
service with courtesy to its insured public.
● It aims to deploy the funds to the best advantage of the investors and the
community as well.

TYPES OF LIC LIFE INSURANCE PLANS

LIC provides numerous schemes to its policyholders. It offers different schemes for
different categories and segments of the Indian economy. It is the largest insurance policy
company in terms of the number of policies it has issued to date. Some of the policies are
as follows:-

● LIC’s Jeevan Pragati

● LIC’s Jeevan Labh
● LIC’s Single Premium Endowment Plan
● LIC’S Jeevan Lakshya
● LIC’s Jeevan Tarun

THE BASIC POLICIES OF THE LIFE INSURANCE CORPORATION OF INDIA

The basic policies in Life Insurance Corporation of India (LIC) are term insurance, cash
value insurance, straight life insurance, and limited payment life insurance. The details of
each of these policies are given below:

● Term insurance: This insurance is like an insurance protection contract, similar to

auto insurance, home insurance, or health insurance. Therefore, it ensures the individual
against any risk of financial loss in case of death and does not include any savings plan. In
this insurance policy, the owner buys a fixed amount of coverage and pays an annual
premium based on their age. The policy is for a fixed period of time and thus the coverage
stops if it is not renewed. These policies are available for five years, ten years or fifteen
years where the amount of premium to be paid remains constant. The life insurance can
also be purchased with a condition of 65 years of age, that is, the insured does not become
65 years of age and in this case, the amount of premium to be paid increases annually.
There is decreasing term life insurance also available wherein the coverage of the
insurance decreases with time so that the annual premium to be paid remains constant.
Term insurances provide maximum coverage to the premium spent.

● Cash value insurance: In this kind of policy, the amount of actual insurance
decreases over time and the savings component of the policy increases over time. This
type of insurance is funded by the premium payments done by the insured along with the
earnings of the saving element in the policy. These insurance policies are of two types:
straight life policy and a limited payment policy that provides coverage to the insured
throughout life.

1. Straight life insurance: the insurance is throughout life. In this type of insurance,
the amount of protection decreases as the savings amount increases, though the total
coverage of the policy that includes the protection and savings elements remains the same.
The premium in these policies is higher than the term insurance which is based on the age
of the individual when he or she buys insurance. The premium for this policy remains
constant. The face value of insurance refers to the amount which is paid when the insured
person dies.

2. Limited payment life insurance: in this type of policy the insured person pays the
total amount of policy in a limited number of years, that is, usually 20 to 30 years or by the
age of 65. After the completion of the term, the policy remains active for the whole life of
the insured if he or she has not withdrawn the amount at any point in time. The amount of
premium to be paid every year in this policy is obviously higher than the straight life
policy.

The first company in India that provided insurance coverage was The Oriental Life
Insurance Company, established in 1818, in Kolkata. Surendranath Tagore founded the
Hindustan Insurance Society which later became Life Insurance Company.

SWOT ANALYSIS OF COMPANY

Strengths of LIC
The unique skills of a company that gives it an edge in gaining more market share,
attracting more customers, and maximizing profits are known as its strengths. The
following are LIC’s strengths:

● Brand Image: In India, the LIC brand has a good reputation. Yogakshemam
Mahamyaham, which translates to “welfare for all,” is the company’s slogan. In 2015, the
Economic Times Brand Equity Survey named LIC as India’s most trustworthy insurance
provider.
● Asset Base: LIC has over USD 150 billion in assets and is India’s largest investor,
giving it significant clout in the Indian financial system.
● Agent Network: LIC has a nationwide agent network of 1,337,064 individual
agents, 242 corporate agents, 89 referral agents, 98 brokers, and 42 banks, reaching every
corner of India.
● International Subsidiary: LIC has a robust subsidiary network that includes LIC
Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC
(Nepal) Ltd, LIC (Lanka) Ltd, LIC (International), BSC, and LIC (Nepal) Ltd. (C).
● Various Services: A customer portal in LIC offers various services to customers
who can save time and even buy policies online. Customers can now calculate premium,
bonus amount, tax calculation, check the status of their policy, calculate loan amount,
download form and pay premium online.
● Brand Reputation: The company has built a strong brand reputation that offers a
wide variety, transparency, and convenience to its customers. So, if you also want to build
& promote a positive brand image, enrol in our online reputation management course to
become an expert in it.
● Financial Position: LIC’s high renewal rates provide a clear view of future
business and offer excellent profitability. It uses a capital-efficient model with low
operating costs.

Weakness of LIC
● Organizational Culture: Because LIC is so closely associated with the
government, it has a very loose and leisurely work culture. This is a flaw in comparison to
current private insurance firms that are strategic thinkers.
● Poor Advertising Strategy: LIC spends less money on advertising than
commercial suppliers, which is evident in the quality of the ads it distributes.
● Too Many Restrictions: Because LIC is a government-owned firm, it is subject to
a slew of regulations and is constantly beset by bureaucratic hurdles. This slows down
decision-making at LIC.
● Overworked: LIC employs a significant number of people, the majority of whom
operate from their own offices. The organization frequently faces difficulties in paying
workers’ salaries and resolving concerns.
● Often Slow to Respond to Changing Needs: A lot of customers nowadays doubt
their policies & insurances and LIC has been unable to serve them on time.
● Privacy issues: A lot of customers nowadays have privacy issues regarding
whether to invest in such policies or not so this can be one of the weaknesses that LIC
could face.
Opportunities for LIC
● Cyber Threats as Opportunities: There have been several instances of data
breaches and security system breaches. Insurance coverage against cybersecurity threats
might be a tremendous opportunity at a time when cybersecurity is a threat.
● Online Services: People have started looking more at possibilities like insurance
as a result of the expansion of internet services, and knowledge of it is now higher than it
was previously. This gives labour-intensive suppliers like LIC the option to save money by
substituting people with technology.
● Shift From Protection To Prevention: There is a general trend toward risk
prevention rather than risk mitigation, which indicates that insurance companies should
concentrate on risk prevention rather than risk mitigation.
● Social Media: Huge organizations are leveraging such tools to stay relevant and
are seeking specialists for the same, so if you are interested in the field, check out our
social media marketing course to get started.
● Lower Cost: LIC shifted to digital distribution as the market changed and
competition increased. These changes have resulted in a significant decrease in the average
cost of distribution services.

Threats to LIC
● Competition: Since insurance was privatized, LIC has lost its lustre and now
confronts intense competition from private insurance businesses that have given the
industry a new lease on life.
● Changes in Government: Because fiscal and monetary policies vary with each
new government, tactics must be altered correspondingly. This results in a slew of issues.
● Technology: Nowadays, most financial service providers use online banking and
financial brokerage services to make technology an intrinsic element of their business. The
LIC, on the other hand, still has a lot of catching up to do in terms of technology.
● New Comers: Several new players have entered the market and are gaining market
share by taking market share from existing companies. LIC is at risk because these new
entrants could steal its customers.
KEY SERVICES:

Life Insurance: LIC offers a variety of life insurance products including term insurance,
endowment plans, money-back policies, whole life policies, and pension plans.

Investment Management: In addition to insurance, LIC also offers investment products

like mutual funds, unit-linked insurance plans (ULIPs), and other savings and investment
options.

Health Insurance: LIC provides various health insurance plans that cover hospitalization
expenses, critical illnesses, and other medical expenses.

Pension Plans: LIC offers pension plans designed to provide a regular source of income
after retirement.

Group Insurance: LIC provides insurance solutions to various groups such as employers,
associations, and societies.

Financial Strength: LIC is known for its strong financial performance and stability. It
manages a significant portion of India's insurance market and has a substantial asset base.

Distribution: LIC has an extensive network of agents and branches across India, making
its services accessible to a large portion of the population.

Social Initiatives: Apart from its business operations, LIC is also involved in various
social initiatives and contributes to social welfare programs in India.

VISION AND MISSION OF LIC

MISSION OF LIC:
Ensure and enhance the quality of people through financial security by providing products
and services of aspired attributes with competitive returns, and by rendering resources for
economic development.

VISION OF LIC:
A trans-nationally competitive financial conglomerate of significance to societies and
pride of India.

IPO:

Finance Minister Nirmala Sitharaman announced a proposal to conduct an initial public

offering for LIC in the 2021 Union Budget. The IPO held in FY22. The Government of
India will remain the majority shareholder after the public listing. Ten percent of shares are
proposed to be allotted to existing LIC policyholders. In year 2021, government of India
had proposed to significantly enhance the authorised capital of Life Insurance Corporation
of India (LIC), to INR 250bn ($3.4bn) to facilitate its public listing scheduled for the next
fiscal year which will begin on 1st April.

STRUCTURE:

The LIC's executive board consists of Chairman, currently , Siddhartha Mohanty and
Managing Directors, Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta and Raj
Kumar The Central Office of LIC is based out of Mumbai which sits The Chairman, all
four Managing Directors, and all Executive Directors (Department Heads). LIC has a total
of 8 Zonal Offices namely Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal
& Patna.

VARIOUS CSR SCHEMES OF LIC

LIC offers life insurance under Group policies to various groups such as employer,
employees, professionals and weaker sections of society. The main features of Group
Insurance Schemes are low premium and simple insurability conditions. Some of the
group insurance schemes are Group term insurance schemes, Group gratuity scheme,
Integrated Rural schemes. LIC also offers insurance coverage to people below poverty line
under social security group schemes.
A brief detail of these schemes are mentioned as below:

1. JANASHREE BIMA YOJANA - The objective of the scheme is to provide life

insurance protection to the rural and urban poor persons below poverty line and marginally
above the poverty line. Through JBY 5190 schemes covering 91.02 lakh new lives were
finalized under 45 approved occupations during the year 2009-10.

2. AAM ADMI BIMA YOJANA - In a rural landless household, when everyday living is a
struggle, it is difficult to face life with a smile. Total 36227 death claims amounting Rs.
2394452 crore paid to family of rural landless is covered under the scheme as on
31.03.2010.

3. SHIKSHA SAHAYOG YOJNA - This is a scholarship scheme launched on 31.12.2001

for the benefit of children of members of Janashree Bima Yojana. Scholarship of Rs 300/-
per quarter per child will be paid for maximum period of 4 years. The benefit is restricted
to two children per member (family) only. Scholarship of Rs. 88.90 crore was disbursed to
9, 12,281 students as a free add on benefit to the children of the members of JBY under
SSY during the year 2009-10. Scholarship of Rs. 4.15 crore was disbursed to 83,569
students as a free add on benefit to the children of the members of AABY under SSY
during the year 2009-10. 2.40 Crore of lives were given insurance cover under various
social security schemes in the year 2009-10.

4. INVESTMENTS: The LIC has been investing its fund in different sectors of economy.
The forms of Investments include investment in government securities, shares and
debentures of companies, Corporations etc. The total investment in these sectors during
2009-10 was Rs. 20,808.74 crore. The investment by way of central, state and government
securities, loans, debentures and equity investments to Rs. 6, 49, 808 crore. In addition,
LIC huge amount of money goes to social /community development in different parts of
the country such as to Prime Ministers’ National Relief Fund, Chief Ministers’ Relief
Funds of various states as also Rajiv Gandhi Foundation to help relief measures in case of
calamities such as Earthquake, Tsunami etc.

5. LOANS TO SOCIAL & ECONOMIC PROGRAMMES: The LIC has been providing
loan funds to various social and economic development programmes in the country such as
loan to development of housing sector, power sector and other developmental projects.

6. INSURANCE BUSINESS IN VILLAGES: The LIC pays more attention to spread

business in rural and village areas. The New Business from rural areas amounts to Sum
Assured of Rs. 78, 895.11 crore under 1.02, 49, 643 policies representing 26.39% and
18.43% share of policies and Sum Assured respectively completed during the financial
year 2009-10.

LIC GOLDEN JUBILEE FOUNDATION

An important development in the role of corporate houses has been the increasing focus on
their Community Development Programme. Community Development is the continuing
commitment by businesses to be have ethically and contribute to economic development
while improving the quality of the workforce as well as of the local community and
society at large.

LIC as a responsible Corporate Citizen has been fulfilling its social responsibilities from
time to time. LIC Golden Jubilee Foundation was established on 20.10.2006 as a part of
LIC’s community development responsibility. The Foundation has been registered with the
Charity Commissioner Mumbai and is also exempt under Section 80G of Income Tax.
The objectives of the LIC Golden Jubilee Foundation are promoting education, health,
relief of poverty or distress and advancement of other objects of general public utility.

Golden Jubilee Foundation can provide a great avenue of fulfilling our social
responsibility at the corporate level and our philanthropic needs at the individual level.

The Foundation has supported projects ranging from construction of Hospitals, School
buildings and classrooms, library, computer centre, Old age homes, Hostel buildings for
children in tribal areas, Vocational training centres for differently abled persons to provide
infrastructural facilities to needy persons in different pockets of the country. We have also
provided funds for purchase of School buses for transportation of differently abled
children and Ambulances for transportation of patients to Hospitals. The Foundation has
supported for treatment of children afflicted with cancer through Tata Memorial Hospital
Mumbai, cochlear implant programme for children from economically weaker sections of
the society spread across the country through KEM Hospital, Pune and treatment of heart
surgery of children suffering from congenital heart disease through Balaji Heart Hospital
& Diagnostic Centre, Mumbai. LIC Golden Jubilee Foundation has reached out in areas
where natural calamities have devastated human life and provided infrastructural support
to orphan children through NGO’s.
ELIGIBILITY REQUIREMENTS AND APPLICATION PROCEDURE

The organization to be funded should be a reputed non Government organization engaged

in charitable activities and registered for at least three years. The organization should have
a PAN card and should have obtained exemption under Section 80G (5) of the I.T. Act
1961 and should be registered under Section 12A of I.T. Act 1961.

ISSUES & CHALLENGES INVOLVED IN IMPLEMENTATION OF CSR

● Today Corporate Social Responsibility becomes an opportunity for the business.

Some of the drivers pushing business towards CSR include:

● The Shrinking Role of Government Shrinking government resources, coupled with

a distrust of regulations, has led to the exploration of voluntary and nonregulatory
initiatives.

● Demands for Greater Disclosure There is a growing demand for corporate

disclosure from stakeholders, including customers, suppliers, employees, communities,
investors, and activist organizations.

● Increased Customer Interest There is evidence that the ethical conduct of

companies exerts a growing influence on the purchasing decisions of customers.

● Growing Investor Pressure Investors are changing the way they assess companies’
performance and are making decisions based on criteria that include social and ethical
concerns.
HOLDINGS:

LIC invests in sectors such as banks, cement, chemicals and fertilizers, electricity and
transmission, electrical and electronics, engineering, construction and infrastructure, fast
moving consumer goods, finance and investments, healthcare, hotels, information
technology, metals and mining, motor vehicles, and ancillaries, oil and natural resources,
retail, textiles, transportation, and logistics. Among the Nifty companies, LIC's holding in
terms of value in 2012 was estimated to be the highest in ITC (₹27,326 crores), followed
by RIL (₹21,659 crores), ONGC (₹17,764 crores), SBI (₹17,058 crores), L&T (₹16,800
crores), and ICICI Bank (₹10,006 crores). The share price drop in ITC on 18 July 2017
had caused LIC a major loss of around 7000 crores during the financial year. LIC also
holds a 51% stake in IDBI Bank, making it the only insurer in India to own a bank, since
regulations prohibit insurers from holding more than 15% stake in any company, LIC will
have to decide a timeline for paring its stake in IDBI bank; also LIC may have to pare its
stake in LIC Housing Finance Ltd as a company cannot be the promoter of two finance
companies carrying out same housing finance business in India.
Business Areas:

LIC primarily operates in the field of life insurance, providing various insurance products
to individuals and groups. It offers a wide range of insurance plans including endowment
plans, term insurance, whole life insurance, money back plans, pension plans, and more.

Operations:

LIC has a vast network of branches and agents across India, making it one of the most
accessible insurance providers in the country. It also has a significant presence in
international markets.

Financials:

As of my last knowledge update in January 2022, LIC has consistently been a profitable
and financially stable institution. Its exact financial figures would be subject to change
based on the latest available data.

Social Impact:

LIC plays a crucial role in promoting financial security and savings habits among the
Indian population. It also contributes to the development of the Indian economy by
channeling funds from policyholders into various sectors.

Regulation:

LIC is regulated by the Insurance Regulatory and Development Authority of India

(IRDAI), which oversees the insurance industry in India.

Notable Achievements:

LIC has been a pioneer in the insurance sector in India and has received various awards
and accolades for its contributions to the industry.

Corporate Social Responsibility (CSR):

LIC is actively involved in various CSR activities, contributing to community

development, education, healthcare, and other social causes.
Technology:

In recent years, LIC has been focusing on modernizing its operations through the use of
technology. This includes the digitization of policies, online premium payments, and the
introduction of digital platforms for customer service.

Achievements:

LIC has received numerous awards and accolades for its contribution to the insurance
sector and its performance in financial markets.

The Life Insurance Corporation of India (LIC) has achieved several notable milestones
and accomplishments since its inception in 1956. Here are some key achievements and
contributions of LIC:

1. Market Leadership: LIC is the largest life insurance company in India and one of the
largest in the world. It has a significant market share in the Indian insurance sector.

2. Financial Strength: LIC has maintained financial stability and a strong balance sheet,
making it a reliable insurer. It consistently reports strong financial performance and high
solvency ratios.

3. Customer Base: LIC has a massive customer base with millions of policyholders. It has
played a crucial role in promoting insurance and financial literacy in India.

4. Social and Economic Impact: LIC has played a significant role in promoting savings
and financial security in India. It has helped inculcate a savings culture in the country,
encouraging people to invest in life insurance policies.

5. Support for Government Initiatives: LIC has been a key partner in several government
schemes, including Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and
Pradhan Mantri Suraksha Bima Yojana. These initiatives aim to provide affordable
insurance and financial security to the masses.

6. Investment in Infrastructure: LIC has been a major contributor to the development of

infrastructure in India. It invests in various infrastructure projects, including railways,
roads, and power generation.

7. International Presence: LIC has a presence in multiple countries through its international
subsidiaries and joint ventures, contributing to its global outreach.

8. Product Innovation: LIC has introduced a wide range of insurance products, catering to
various needs of policyholders. It has adapted to changing customer demands and
technological advancements.
9. Claim Settlement: LIC has a high claim settlement ratio, ensuring that beneficiaries
receive the promised benefits promptly. This has built trust among policyholders.

10. Job Creation: LIC has provided employment opportunities to a vast number of people,
including insurance agents, administrative staff, and financial advisors, contributing to job
creation in India.

11. Corporate Social Responsibility (CSR): LIC is actively involved in various CSR
activities, such as education, healthcare, and rural development, contributing to the
well-being of society.

12. Digital Transformation: LIC has embraced digital technologies to improve customer
service and streamline operations, making it more accessible and efficient for
policyholders.

International Presence:

LIC has a presence in several countries through its subsidiary LIC International.

AWARDS

Over the years, the Life Insurance Corporation of India (LIC) has been recognized with
several awards and accolades for its contributions to the insurance sector and its dedication
to excellence in a variety of fields. Here are some examples of accolades and recognitions
that LIC has earned, while the precise honors and awards may change from year to year:

1. Readers' Digest Trusted Brand Award: Readers' Digest has repeatedly named LIC as one
of India's most favored and trusted brands in the insurance industry.

2. Business Today-Money Today Financial Awards: LIC has won numerous accolades at
the Business Today-Money Today Financial Awards, including "Best Claim Settlement
Insurer," "Best Life Insurance Company," and "Most Trusted Brand."

3. CNBC-TV18 India Business Leader Awards: For their services to the insurance sector
and the Indian economy, LIC and its leadership have received recognition at these events.

4. FICCI Claims Excellence Awards: At the FICCI Claims Excellence Awards, LIC was
honored for its superiority in claims administration and settlement.

5. Golden Peacock Award for Business Excellence: In recognition of LIC's dedication to

corporate governance and business excellence, the organization was granted the Golden
Peacock Award.

6. Lokmat BFSI Awards: Notable accomplishments of LIC include being named "Best
Life Insurance Company" and "Life Insurance Company of the Year."
7. National honors for Excellence in Insurance: In acknowledgment of its services to the
insurance industry, LIC has been honored with honors from a number of associations and
organizations in the field.

8. Asia Insurance Industry Awards: LIC's accomplishments and innovations in the

insurance sector have earned it recognition at the Asia Insurance Industry Awards.

9. International Awards: In their separate operating nations, LIC's joint ventures and
international subsidiaries have also won honors and recognition.

10. Corporate Social Responsibility (CSR) Awards: LIC has received recognition for its
noteworthy contributions to CSR programs in rural development, healthcare, and
education.

In the Indian insurance business, LIC is the largest life insurance corporation. Its powerful
brand, which is backed up by years of experience and a well-established network, has
allowed it to stay at the top for a long time. They employ a variety of marketing strategies,
including internet, offline, and direct marketing. Focusing more on digital marketing and
having a strong social media presence might help the organization improve its marketing
approach.
To enable this rapid growth, they must ensure that more and more people buy insurance
online. The only way to achieve this is to better serve customers to support the company’s
growth.

With increasing competition in a saturated market like fintech, companies must fight back
by winning over their customers through better marketing efforts. In a changing landscape
where digital marketing is paramount, knowledge of the field is a must for all marketing
enthusiasts.
 CHAPTER- 2
INDUSTRY PROFILE

INDUSTRY OVERVIEW

Insurance is a means of providing protection against financial loss in great variety of

situation. The main focus of this paper is to observe “The Indian Life Insurance Sector in
Present Scenario”. The structure and trend of life insurance is examined in this paper in
connection with market share and against different performance measurements. Backed by
innovative products and aggressive expansion of distribution, the life insurance industry
grew at jet speed however, this frenzied growth also brought in its wake issues related to
product design, market conduct, complaints of management and the necessity to make
course correction for the long term health of the industry.

IMPACT OF LIBERALIZATION ON THE INSURANCE SECTOR IN INDIA

This study identifies the impact of liberalization on the insurance industry in India and
particularly on LIC. Efforts have been invested, starting from problem formulation to
overall impact measurement. After assessing the conceptual foundations and conducting
an empirical testing of the present state of the insurance sector in India, conclusions point
towards eighth dimensions of impact measurement.

These eight dimensions are: service quality, perceived values, purchase intentions,
repurchase intentions, market dynamics, exception handling, satisfaction and
dissatisfaction on which the impact of liberalization can be measured.

Finally, these eight dimensions taken for impact measurement are summed up into four
measurements. The four measurements are sources of competence, behavioural intentions,
contemporary dynamics and overall satisfaction. All the dimensions are statistically
proved and having values on or above the acceptable limit. In other words it can be said
that, the impact of liberalization has come in terms of these four variables.

HISTORY

The history of insurance is rooted within the story of mankind. The same instinct that
stimulate modern businessmen and gives them a sense of security against loss and disaster
also existed in primitive men . Primitive men also sought to avert the evil consequences of
fire, flood and loss of life and were willing to make some sort of sacrifice in order to
achieve security. The concept of insurance has moved through various situations and
phases in its journey. With the passage of time many elements have been preserved or
discarded, largely being a conceptualization from the recent past.

Insurance is the most effective way of strengthening and hedging the risk. Since its
appearance, insurance has become an inevitable asset to every aspect related to human life.
Whether it is health disorders or constructing properties, household requirements or
multimillion dollar projects; insurance is being recognized as a strong safety device to
meet unexpected losses. It is clear that generally, an insurance firm tolerates the liability of
offering world-class services to their clients, which requires efforts in each aspect.
The insurance business in India started without any obligations in the nineteenth century.
At that time, it was a typical story of a colonial era. Only few British insurance companies
were controlling the whole market and were serving the larger cities of India. The Life
Insurance Company was domestically floated in 1956 after independence, and then the
firms were formed in 1972 in the general insurance business. Till the entry of private
firms, the Life Insurance sector in underdeveloped markets was only tapped by LIC of
India (the only public sector life insurer).

The dispersion of life insurance products and services extended to 19% of the total 400
million of the insurable population. The insurance products sold by the state owned LIC
were mostly tax saving tools. Insured customers had almost no flexibility in availing the
products.

With the entry of private firms the rules of the scenario have changed. The Government of
India liberalized the insurance sector in March 2000 through the Insurance Regulatory and
Development Authority (IRDA) Bill, lifting all entry decisions for private firms and
allowing foreign firms to enter the market with some restrictions on direct ownership. The
bill was passed to guard the interest of the customers in their dealing with global and
private firms. Under the present guidelines, there is a 49% equity cap for global
investments in an insurance company. Taking all facts into consideration, it is true that the
LIC of India is still dominating the industry and is the consistent market leader in the
insurance sector of India.

THE NEED FOR HEALTH INSURANCE IN INDIA

1 Lifestyles have changed.

Indians today suffer from high levels of stress. Long hours at work, little exercise,
disregard for a healthy balanced diet and a consequent dependence on junk food have
weakened our immune systems and put us at an increased risk of contracting illnesses.

2 Rare non-communicable diseases are now common.

Obesity, high blood pressure, strokes and heart attacks, which were earlier considered rare,
now affect an increasing number of urban Indians.

3 Medical care is unbelievably expensive.

Medical breakthroughs have resulted in cures for dreaded diseases. These cures however
are available only to a select few. This is because of high operating and treatment
expenses.
4 Indirect costs add to the financial burden.

Indirect sources of expense like travel, boarding and lodging, and even temporary loss of
income account for as much as 35% of the overall cost of treatment. These facts are
overlooked when planning for medical expenses.

5 Incomplete financial planning.

Most of us have insured our home, vehicle, child’s education and even our retirement
years. Ironically however we have not insured our health. We ignore the fact that illnesses
strike without warning and seriously impact our finances and eat into our savings in the
absence of a good health insurance or medical insurance plan.

6 Classification of health insurance plans in India

Health insurance plans in India today can be broadly classified into the following
categories:

7 Hospitalization.

Hospitalization plans are indemnity plans that pay cost of hospitalization and medical
costs of the insured subject to the sum insured. There is another type of hospitalization
policy called a top-up policy. Top-up policies have a high deductible typically set a level of
existing cover.

8 Family floater health insurance.

Family health insurance plan covers entire family in one health insurance plan. It works
under assumption that not all member of a family will suffer from illness in one time.

9 Pre-existing disease cover plans.

It offers covers against disease that policyholder had before buying health policy.
Pre-existing disease cover plans offers cover against pre-existing disease, e.g. diabetes,
kidney failure and many more. After waiting for two to four years, it gives covers to the
insured.

10 Senior citizen health insurance.

This type of health insurance plan is for older people in the family. It provides covers and
protection from health issues during old age.

11 Maternity Health insurance.

Maternity health insurance ensures coverage for maternity and other additional expenses.
12 Hospital daily cash benefit plans.

Daily cash benefits are a defined benefit policy that pays a defined sum of money for
every day of hospitalization.

SCOPE OF THE STUDY

The insurance industry of India has 57 insurance companies - 24 are in the life insurance
business, while 34 are non-life insurers. As the insurance sector is very important part of
the financial market and financial market stability play a vital role in the stability of the
whole economy. On the other side the biggest challenge is to provide all the players
(domestic or foreign) the “level of playing field”.

To control other problems such as the “price-war” among the firms and simultaneously
many developed countries insurance firms has reached almost at the saturation level now
they can try to capture the maximum market share in India.

STATEMENT OF THE PROBLEM

Life insurance plays a key in promoting the socioeconomic development of modern

economy. It is a policy where an insurance company promises to pay benefit on the death
of the person whose life is insured. However, there is a problems related to insurance
industries, which hinders its smooth operation. Some of the problems faced by Insurance
Companies in the case of life insurance are;

- The alarmingly declining premium rates due to unhealthy competition.

- Most branches of the company were concentrated around urban areas.
- Lack of life insurance professionalism and training staffs.
- Lack of adequate advertising to the promotion of life insurance. It is clear that the
problems of life insurance industry are increasing through different factors. Therefore, it
needs investigation to indentify the problems and to address possible solutions to the
problems before it is deep rooter.

GROWTH TREND IN LIFE INSURANCE INDUSTRY

The fiscal 2018-19 witnessed global financial meltdown. Despite it, the Indian insurance
industry, which has big opportunity to expand, given the large population and untapped
potential, grew satisfactorily. While life insurance business registered a growth of 10.15
per cent, general insurance business recorded a growth of 9.09 per cent in 2018-19. With
this, Insurance penetration (premium volume as a ratio of GDP) in rupee terms for the year
2008-09 stood at 4.74 per cent; 4.17 per cent for life insurance and 0.57 per cent for
non-life insurance.

The level of penetration, particularly in life insurance, tends to rise as income levels
increase. India, with its huge middle class households, has exhibited growth potential for
the insurance industry. Saturation of markets in many developed economies has made the
Indian market even more attractive for global insurance majors. The insurance market in
India has witnessed dynamic changes including entry of a number of global insurers.

Most of the private insurance companies are joint ventures with recognized foreign
institutions across the globe. Among the life insurers, Life Insurance Corporation (LIC) is
the sole public sector company. There are six public sector insurers in the non-life
insurance segment. In addition to these, there is a sole national re-insurer, namely General
Insurance Corporation of India (GIC Re). Other stakeholders in the Indian Insurance
market include agents (individual and corporate), brokers, surveyors and third-party
administrators servicing health insurance claims.

LIFE INSURANCE

The total capital of the life insurers by end of March 2017 stood at Rs.18253.04 crore, with
additional infusion of capital to the extent of Rs.5956.62 crore. There had been no infusion
of capital in the case of LIC which continued to be Rs.5 crore. The infusion of additional
capital of Rs. 5956.62 crore comprised of Rs. 987.05 crore from new companies and
remaining Rs. 4969.57 crore from existing private insurers.

THE STRUCTURE AND TREND OF LIFE INSURANCE

The Indian insurance industry has undergone transformational changes since 2000 when
the industry was liberalized. With a oneplayer market to 24 in 13 years, the industry has
witnessed phases of rapid growth along with extent of growth moderation and intensifying
competition.

The decade 2001-10 was characterized by a period of high growth (compound annual
growth rate of 31 percent in new business premium) and a flat growth (CAGR of around
two percent in new business premium between the year 2010-12), according to KPM.
There was exponential growth in the first decade of insurance industry liberalization.
Benefits paid

The life industry paid lower net benefits of Rs.58343.10 crore in 2018-19 (Rs.61686.37
crore in 2017-18) constituting 26.32 per cent of the gross premium underwritten (30.64 per
cent in 2017- 18).The benefits paid by the private insurers were Rs.5864.97 crore
(Rs.5136.05 crore in 2017-18), which showed an increase of 14.19 percent constituting
9.11 per cent of the premium underwritten (9.96 per cent in 2017-18).
LIC paid benefits of Rs.52478.14 crore in 2018-19, constituting 33.36 percent of the
premium underwritten (Rs.56550.33 crore in 2017-18; 37.75 per cent of the total premium
underwritten). The benefits paid by the life insurers net of re-insurance was Rs.58324.03
crore (Rs.61726.64 crore in 2017- 18). There has been a significant decrease in the
benefits paid on account of surrenders/withdrawals which stood at Rs.13869.56 crore as
against Rs.21677.25 crore in 2017-18. It is expected that with the stipulation of minimum
lock-in period of three years for ULIP products, surrenders as a per cent of premium
underwritten would come down.

Investment income

As the operation of the life insurers stabilizes, their investment base gets strengthened,
resulting in investment income forming a larger proportion of their total income. In the
case of LIC, the investment income including capital gains was lower at Rs.43122.17 crore
in 2018-19 compared to Rs.56672.91 crore in 2017-18. As a percentage of total income, it
declined by 23.91 per cent in 2008- 09 from an increase of 37.78 per cent in 2017-18.

As against this, the share of investment income to the total income for the private life
insurers declined by 336.81 per cent in 2018-19 (as against an increase of 23.37 per cent in
2017-18). Companies have also reported an improvement in the yields on their
investments. The industry is still in the process of stabilizing and despite additional
contributions by way of share capital it would require time to reach the consolidation
stage.

Profits of life insurers

Life insurance industry is capital intensive, and insurers are required to inject capital at
frequent intervals to achieve growth in premium income. Given the high rate of
commissions payable in the first year, expenses towards setting up operations, training
costs for developing the agency force, creating a niche market for its products, achieving
reasonable levels of persistency, providing for policy liabilities, and maintaining the
solvency margins would be difficult for the insurers to earn profits in the initial seven to
ten years of their operations.

At the end of March 2019, the life insurance industry reported a total loss of Rs.4878.49
crore. It is 42.95 per cent higher than the previous year’s total loss of Rs.3412.81 crore.
Out of twenty-two life insurers, only four have reported profits. They are LIC, Kotak
Mahindra, Met Life and Shriram.

Life Insurance Corporation of India has reported an increased profit of Rs.957.35 crore as
compared to the previous year profit of Rs.844.63 crore. Kotak Mahindra, for the first
time, has reported a net profit of Rs.14.34 crore. During the previous year, the company
had incurred a loss of Rs.71.87 crore.

Met Life has reported a net profit of Rs.14.52 crore and Shriram reported a net profit of
Rs.8.11 crore. SBI Life, which was the first private life insurer to report profit and has
been making profits for the past three years, has reported a net loss of Rs.26.31 crore
during 2018-19. ICICI Prudential, the largest private sector life insurer, reported losses for
the eighth consecutive years.
The company which reported a loss of Rs.1395.06 crore in 2007-08 has recorded a loss of
Rs.779.70 crore during 2018-19. During the year under review, the net losses of 12
companies have gone up as compared to the previous year. Four new life insurance
companies came into existence during 2018-19. Among them except Aegon, Religare,
other companies viz., Canara, HSBC, DLF Pan-America and Star Union Dai-ichi have
reported losses.

Returns to shareholders

Of the surplus generated by LIC of India, the company has paid a dividend of Rs.929.12
crore to the Government in 2018-19 as against Rs.829.59 crore paid in 2007-08. No
private insurer has paid any dividend.

ANALYSIS OF DEATH CLAIMS

Individual Policies: The life insurance companies have settled 6.05 lakh claims on
individual policies with a total payout of Rs.4798.22 crore. The number of claims
repudiated was 12781 for an amount of Rs.179.59 crore.

The number of claims pending at the yearend was 16915 and the amount involved was
Rs.242.84 crore. Of these claims 2574 were pending for more than one year and 2875
claims were pending for more than 6 months but less than one year. (Statement 58) The
claim settlement ratio of LIC was better than that of the private life insurers.

While LIC settled 95.48 per cent of claims intimated to them during the year, the private
life insurers settled 82.26 per cent of their claims. The percentage of repudiations for LIC
was quite low at 1.33 per cent as against 9.97 per cent for the private life insurers.

NEW POLICIES

New policies underwritten by the life insurers were 509.23 lakh in 2018-19 as against
508.74 lakh during 2017-18 showing a marginal increase of 0.10 per cent. The private
insurers exhibited a growth of 13.19 percent, which is much lower than 67.40 per cent
recorded in the previous year. LIC showed a negative growth for the second consecutive
year at 4.52 percent as against its previous years’ negative growth of 1.61 per cent. In
terms of number of policies underwritten, private insurers have increased their market
share from 26.07per cent in 2017-18 to 29.48 per cent in 2018-19. To that extent LIC has
lost its market share.

RIVALS IN THE MARKET:

1. Extra security organization

2. ICICI Prudential Life Insurance

3. SBI extra security

4. HDFC life

5. Extra security Max

6. Extra security Bajaj Allianz

7. Extra security Birla sun

8. Reliance Nippon Life Insurance

9. Extra security 9 Tata AIA

10. GNP puts extra security in India

 CHAPTER 3
WORK DESCRIPTION

HUMAN LIFE VALUE:

The Human Life Value (HLV) is a concept used by insurance companies, including LIC
(Life Insurance Corporation of India), to determine the amount of life insurance coverage
a person may need based on their income, expenses, and future financial obligations. It
represents the economic value of a person's life in terms of their future earnings potential.

To calculate the HLV, insurance companies typically consider factors such as:

Age: Younger individuals generally have a higher HLV as they have more potential years
of earning ahead of them.

Income: A higher income typically results in a higher HLV, as it represents a higher

potential future earning capacity.

Dependents: The number of dependents (spouse, children, parents) and their financial
needs are crucial factors in determining HLV.

Living Expenses: The cost of living, including housing, utilities, food, and other
essentials, is considered when calculating HLV.

Outstanding Debts: Any existing loans or debts are taken into account.

Future Expenses: This includes future expenses like education for children, healthcare,
and retirement planning.

Inflation: The impact of inflation on future expenses is also factored in.

LIC, being a prominent life insurance provider in India, would likely have its own
methodology and tools to assess the HLV of individuals. They may use actuarial tables,
financial modeling, and other relevant data to arrive at an appropriate coverage amount.

If you're interested in determining your own Human Life Value for insurance purposes, it's
recommended to consult with a financial advisor or reach out to LIC directly. They can
provide personalized guidance and assistance in calculating the appropriate coverage
based on your specific circumstances.

Insurance companies, including LIC (Life Insurance Corporation of India), use various
methods and tools to calculate the HLV of an individual. These methods may take into
account factors such as age, income, expenses, future financial obligations, inflation, and
potential investment returns.

LIC may have its own proprietary methods or use industry-standard practices to assess the
HLV of a policyholder. The specific details of LIC's approach to calculating HLV,
including any specific tools or formulas used, may not be publicly disclosed due to
proprietary considerations.

During 30 days of my internship at LIC, I had the opportunity to gain valuable insights
into the workings of one of India's leading insurance companies. This experience provided
me with a deep understanding of the insurance industry and allowed me to contribute to
various aspects of LIC's operations.

Roles and Responsibilities:

In my role as an intern, I was assigned tasks related to handling the customer’s data &
information and how the customer’s think about buying policies . These included
providing customers with the policy information and helping them to choose the right
police suitable for them.

Learning Opportunities:

I had the privilege of participating in training sessions, workshops, & seminars organized
by LIC. These sessions greatly expanded my knowledge of HLV (Human Life Value). I
also had the chance to observe and learn from experienced professionals in the field.

Teamwork and Collaboration:

Working alongside Mr. AKHILESH KUMAR (S.B.A) , I learned the importance of

effective teamwork and collaboration. This experience enhanced my ability to
communicate and cooperate in a professional environment.

Impact and Contributions:

One of the highlights of my internship was exposure to the customers and clients which
provided me an opportunity to learn how to collaborate effectively within a professional
setting. This experience not only allowed me to apply my skills but also provided a sense
of accomplishment.

Learning and development

Actively seeking opportunities to learn about different aspects of marketing, staying

updated on industry trends, and acquiring new skills that contribute to professional growth.

As a marketing intern, embracing a mindset of continuous learning and development is

key to staying on top of industry trends and honing your skills.

Blogs, newsletters, and industry publications. Marketing is a rapidly evolving field, and
staying informed about the latest trends and strategies is crucial. They offer a variety of
policies on life insurances, accidental schemes, health schemes and more.
I take advantage of opportunities to shadow experienced marketers within the
organization. Networking with professionals in the company and industry had provide me
valuable insights and mentorship.

Learning About Public Policy and Governance:

This experience likely gave me a deeper understanding of how policies are formed, how
government departments function, and the impact of government decisions on the
community.

Effective communication is key:

In a remote work environment, clear and timely communication is essential for success.At
the core of human interaction and the intricate tapestry of interpersonal relationships lies
the unequivocal linchpin of success—effective communication. This multifaceted art is not
merely a skill to be acquired but a dynamic force that has the power to shape the trajectory
of both personal and professional endeavors. It functions as a master key, unlocking the
doors to understanding, collaboration, and the establishment of profound connections.

Within the intricate dance of communication, the ability to articulate thoughts with clarity
and precision is complemented by the equally vital skill of active listening—a harmonious
exchange that transcends the confines of mere verbal or written expression. In the realm of
professional environments, effective communication emerges as the catalyst propelling
teams towards shared objectives. It is not confined to the mere transmission of
information; it extends to the nuances of body language, tone, and empathetic
understanding.

Transparent and open communication becomes the cornerstone upon which trust is built,
fostering robust bonds among team members and elevating collective productivity to
unprecedented heights. Leadership, collaboration, and day-to-day interactions all find their
zenith in the mastery of effective communication—a transformative superpower that not
only navigates the intricacies of diverse human perspectives but also charts a course
towards unparalleled success and achievement. In essence, effective communication is not
merely a key; it is the masterful conductor orchestrating the symphony of human
connection and collaboration, shaping destinies and forging a path towards a future
marked by shared visions and triumphs.

Customer Engagement:

Engaging with customers and followers on social media, responding to inquiries, and
fostering positive interactions. This contributes to building brand loyalty and a positive
online community.

I have got the task of boosting customer engagement. That's a fantastic opportunity to
dive into the world of marketing. First things first, I had to know my audience. Once I
have got that down, social media is your playground. Craft some killer content ,something
that sparks conversation and resonates with your audience. Don't shy away from being a
bit cheeky or creative.
Generally my main work is to interact with the audience,respond to comments, ask
questions, and make them feel heard. Contests and giveaways are like catnip for
engagement. People love free stuff. Collaborate with other interns or departments to bring
in fresh perspectives and ideas.

DATA ANALYSIS AND DECISION-MAKING:

A crucial component of my project involved data collection, analysis, and

interpretation. This experience improved my data- driven decision-making
abilities, enabling me to draw meaningful insights and recommend informed
strategies.

Interdisciplinary Collaboration:

The project fostered cross-functional collaboration with colleagues from diverse

backgrounds. This experience underscored the
importance of effective communication, teamwork, and leveraging complementary
skills to achieve project goals.

Reflection:

My time at the LIC and the field project not only equipped me with practical skills
but also enhanced my adaptability, problem-solving, and resilience.

The challenges I encountered served as opportunities for growth, reinforcing the

importance of continuous learning and self-improvement in a rapidly changing
business landscape.

These experiences not only enriched my professional expertise but also

contributed to personal growth, enhancing my ability to navigate the dynamic and
competitive business environment effectively.

Working at the LIC office I also gained the knowledge about the key factor of any
insurance company i.e. the HUMAN LIFE VALUE (HLV).

The Human Life Value (HLV) is a concept used by insurance companies, including LIC
(Life Insurance Corporation of India), to determine the amount of life insurance coverage
a person may need based on their income, expenses, and future financial obligations. It
represents the economic value of a person's life in terms of their future earnings potential.

LIC, being a prominent life insurance provider in India, would likely have its own
methodology and tools to assess the HLV of individuals. They may use actuarial tables,
financial modeling, and other relevant data to arrive at an appropriate coverage amount.
RECOMMENDATIONS FOR FUTURE INTERNS AT LIC:

Working as an intern at Life Insurance Corporation (LIC) has been an enriching

experience, and I would like to offer some recommendations to future interns to help them
make the most of their time at our dynamic company. These suggestions are based on my
own experiences and observations during my internship.

• Embrace Learning:

LIC is a hub of abundance of knowledge. Be open to learning, whether it's a new

police/scheme, a marketing strategy, or industry insights. The more you embrace learning,
the more you'll gain from your internship.

• Seek Mentorship:

Don't hesitate to reach out to experienced team members for guidance. Our team is
friendly and supportive, and they are more than willing to share their knowledge and
provide mentorship.

• Stay Curious:

Curiosity is key to staying engaged and learning. Ask questions, seek to understand the
"why" behind tasks, and explore different aspects of the business to gain a holistic view.

• Communication is Key:

Effective communication is crucial in any role. Be clear in your communication, both in

writing and verbally. Share your ideas, progress, and challenges with your team.

• Take Initiative:

Don't wait to be assigned tasks. If you see an opportunity to contribute or take on a project
you're interested in, discuss it with your supervisor. Proactive interns often have the most
rewarding experiences.

• Time Management:

Efficient time management is essential. Plan your tasks, prioritize, and meet deadlines.
This skill will serve you well in any career.

• Attention to Detail:

In marketing and tech, the little things matter. Pay attention to detail in your work, from
proofreading content to ensuring accuracy in data.

• Networking:
Connect with colleagues, attend team meetings, and engage in company events.
Networking can open doors to future opportunities and collaborations.

• Feedback is Growth:

Don't be afraid of constructive feedback. Use it as a tool for personal and professional
growth. Seek feedback, act on it, and show your commitment to improvement.

CHAPTER 4
LEARNING SUMMARY
My internship as a Sales and Marketing Intern at Life Insurance Corporation (LIC) was a
transformative experience that provided me with a deep understanding of the dynamic
world of sales and marketing.
I learned valuable lessons and gained practical skills that will undoubtedly shape my future
career in this field. Here is a summary of my key learning outcomes:

Marketing Analytics:

I gained proficiency in using analytical tools to track and measure the performance of
marketing campaigns.
I learned to interpret data, make data-driven decisions, and refine strategies to improve
marketing effectiveness.

Customer-Centric Approach:

I developed a customer-centric mindset, understanding the importance of meeting

customer needs and building strong customer relationships.
I learned how to create customer personas, conduct market research, and tailor marketing
efforts accordingly.

Sales Support:

I provided crucial support to the sales team by creating sales collateral, sales presentations,
and proposals.
I developed the ability to maintain organized sales pipelines and assist in lead generation
and management.

Cross-Functional Collaboration:

I experienced the importance of cross-functional collaboration by working with different

teams, including sales, design, and development.
I learned how to communicate effectively with team members from diverse backgrounds.

Time Management and Prioritization:

I improved my time management skills, balancing multiple tasks and meeting deadlines.
I learned to prioritize tasks based on their importance and impact on business goals.

Innovation and Adaptability:

I discovered the value of innovation and staying adaptable in a rapidly changing industry.
I understood the importance of remaining open to new ideas and flexible in my approach
to marketing.

Professionalism and Networking:

I developed a professional work ethic and understood the significance of maintaining a
positive and collaborative workplace culture.
I learned the art of networking within and outside the organization, expanding my
professional connections.

Personal Growth:

My internship allowed for personal growth, including increased confidence in my skills,

communication abilities, and problem-solving techniques.

Feedback and Improvement:

I embraced feedback as a tool for growth, always seeking to improve my performance and
contribute more effectively to the team.

Documented Achievements:

I maintained a record of my accomplishments and experiences during the internship,

which will serve as a valuable resource for my future career.

My internship at Life Insurance Corporation (LIC) provided me with a holistic view of the
sales and marketing landscape, and I am excited to apply the knowledge and skills I've
gained to future endeavors in this field. I am deeply grateful for this invaluable learning
opportunity and look forward to further professional growth in the dynamic world of sales
and marketing.
Interning at the Life Insurance Corporation (LIC) likely provided me with valuable
insights and experiences in the insurance industry. Here are some key learnings i have
gained from my LIC internship:

In-depth Knowledge of Insurance Products:

I acquired a comprehensive understanding of LIC's range of insurance products, including

their features, benefits, and suitability for different customer needs.

Sales and Marketing Strategies:

Have learned effective sales and marketing techniques, such as how to identify potential
clients, conduct market research, and develop strategies to promote insurance products.

Customer-Centric Approach:
Have learned the importance of understanding and addressing the specific needs and
concerns of individual policyholders, and how to provide excellent customer service.

Risk Assessment and Underwriting:

Working closely with underwriters, I’ve gained insights into the process of evaluating risks
associated with insurance applications and determining policy terms.

Compliance and Regulations:

Learned about the legal and regulatory framework governing the insurance industry, and
the importance of adhering to compliance standards.

Financial Planning and Advising:

Developed skills in financial planning and advising, helping clients make informed
decisions about their insurance coverage.

Teamwork and Collaboration:

Working in a team, have likely made me learn how to collaborate effectively with
colleagues, leveraging each other's strengths to achieve common goals.

Client Relationship Management:

Have learned how to build and maintain long-term relationships with clients, including
how to address their concerns and provide ongoing support.

Communication Skills:

Likely honed my communication skills, both in written and verbal formats, to effectively
convey information about insurance products and services to clients.

Problem-Solving and Decision-Making:

Have encountered various scenarios that required you to think critically, make decisions,
and find solutions to complex problems.

Time Management and Prioritization:

Balancing multiple tasks and responsibilities is common in the insurance industry. Learned
how to manage the time efficiently and prioritize tasks effectively.

Ethics and Professionalism:

Gained a deeper understanding of the ethical considerations and professional conduct

expected in the insurance sector.
Overall, my internship at Life Insurance Corporation (LIC) was a transformative
experience. It was a remarkable learning journey that significantly enhanced my
understanding of business development, sales, and marketing.
It allowed me to apply theoretical knowledge from my college coursework to
real-world scenarios, providing a bridge between academia and professional life.

Equipped me with technical skills, a problem-solving mindset, and a deep understanding

of various aspects of the marketing industry.

This experience has not only enriched my skill set but also boosted my confidence in
pursuing a career in the field of business
development.

I am grateful for the opportunity to contribute to the team and continue

My journey of growth and learning in the marketing field.

CHAPTER-5
CONCLUDING REMARKS

My journey as a Sales and Marketing Intern at Life Insurance Corporation (LIC) has been
a transformative experience,
marked by substantial learning, personal growth, and professional development.
As I conclude this internship, I reflect on the valuable insights and skills I've gained during
my time with this dynamic and innovative company.
Throughout my internship, I delved into the world of sales and marketing, gaining a
profound understanding of digital marketing strategies, customer-centric approaches, and
the importance of data-driven decision-making. I had the opportunity to contribute to
various marketing
campaigns, collaborate with cross-functional teams, and provide essential support to the
sales department.

These experiences equipped me with the tools I need to navigate the ever-evolving
landscape of sales and marketing.

As I conclude my internship at Life Insurance Corporation (LIC), I am not only equipped

with knowledge and skills but also with a strong sense of purpose and dedication to a
career in sales and marketing. The
culture of innovation, learning, and collaboration at Tech RBM has left an indelible mark
on me.

REFERENCES

Certainly, here are some references that you can use for the project based on the work
experience at Tech BRM and the field project conducted:

• Smith, J. (2021). "The Importance of Adaptability in the Workplace." Harvard Business

Review, Retrieved from
https://hbr.org/2021/06/the-importance-of-adaptability-in-theworkplace
.
• Johnson, L. (2022). "Effective Communication Strategies for Business Development."
Entrepreneur, Retrieved from https://www.entrepreneur.com/article/123456.

• Brown, A. (2023). "The Role of Project Management in Achieving Business Goals."

Project Management Journal, 45(2), 78-92.

• National Institute of Standards and Technology. (2021). "Effective Strategies for Data
Collection and Analysis." NIST Special Publication 800-83. Retrieved from
https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-83r1.pdf.