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RAMAN KUMAR

M.B.A 1ST
SECTION-B
ROLL NO-12097131
 FINANCIAL PROTECTION AGAINST
LOSS AND HARM: AN AGREEMENT BY
WHICH A COMPANY GIVES CUSTOMER
FINANCIAL PROTECTION AGAINST
LOSS AND HARM SUCH AS THEFT OR
ILLNESS IN RETURN FOR PAYMENT
PREMIUM.

 IN SHORT COLLECTIVE BEARING OF


PREMIUM
 Bajaj Allianz Life Insurance Co. Ltd.
 AMP Sanmar Assurance Co. Ltd.
 Birla Sun Life Insurance Co. Ltd.
 Dabur CGU Life Insurance Company Pvt. Ltd.
 HDFC Standard Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co. Ltd.
 ING Vysya Life Insurance Co. Pvt. Ltd.
 Life Insurance Corporation of India.
 Max New York Life Insurance Co. Ltd.
 Metlife India Insurance Co. Pvt. Ltd.
 Om Kotak Mahindra Life Insurance Co. Ltd.
 SBI Life Insurance Co. Ltd.
 Tata AIG Life Insurance Co. Ltd.
 COST OF INSURANCE:
THE SUM OF MONEY
PAID USUALLY AT
REGULAR INTERVALS
FOR AN INSURANCE
POLICY.

MORTALITY COVERS UP ADMIN.CHARGES AND


INVESTMENT ADDED IN THE
DEATH RATE PREMIUM.
 Five environmental variables that affect all
industries-
◦ Customers
◦ Competitors
◦ Government
◦ Technology and
◦ Globalization -are forcing rapid changes in the
service sector.
 In addition, there are four factors of particular
importance to service providers-
◦ change in how quality is perceived
◦ cost control
◦ customer services and
◦ the new definitions of the customer.
VISION
 To become one of the most admired life
insurance company of India. 
MISSION
 Become one of the top quartile life
insurance companies in India 
 Be a national player
 Be the brand of first choice
 Be the employer of choice
 Become principal of choice for agents
 LIC and GIC have limited number of policies to
offer to their subscribers
 Private insurance companies offer many

policies and the premium amount as well as the


maturity period is much competitive as against
those of government insurance companies.
 The private sector insurance players have

started exploring the rural markets.


FEATURES OF INSURANCE POLICY THAT ATTRACTED
RESPONDENTS

INTERPRETATION
Majority of the respondent (37%) found larger
risk coverage as the most attracted feature of
the all.
Minimum respondents (7%) opted for easy
access to agents.
INTERPRETATION
•78% of the people contacted prefer LIC policy to any other and
therefore it is ranked no.1 by that percent of respondents.
 MONEY BACK POLICIES.
 ULIP PLANS(UNIT LINK INSURANCE PLANES).
 ENDOWMENT POLICIES.
 CHILD PLANS.
 DREAM PLANS.
 CLASSIC LEAGUE PLANS(PENSION).
 HEALTH BENEFIS.
 FAMILY INCOME BENEFITS(FIB).
 PLATINUM PLUS BY BIRLA SUN LIFE INSURANCE.
 Demand for Pension Plans
 Separateness of Banking and

Insurance
◦ Banc-assurance
 Role of Information Techno-logy
 Using Postal Network
 Creating Insurance awareness
 Innovative Products
 NEED OF POLICY

 NEED OF PAYBACKS

 NEED OF MONEY BENEFITS

 FAMILY INCOME BENEFITS POLICY HOLDER

 MONEY BACK POLICY HOLDER


 Main objective of the research is to have an
analysis of life insurance industry . To
accomplish this objective it has been
divided into five.
 To determine reasons behind opting for an

insurance.
 To know the most preferred policy
 To determine customers perception towards
private insurance companies and their
expectation form private insurance
companies.
 To determine the feedback on services

provided by an insurance agent.


 To study the types of benefits provided by

insurance services.
1. As the people think that insurance is a tool to
protect their family & a tax saving device. They
are aware of the fact & realizing its,
importance. There is a large potential for
insurance in India.
 2. The entrance of private players will increase

the competition and it would be a tough task to


secure a good position in market.
 
 3. Since Max New York Life Insurance is leading
with several companies’ policies it should be easy
for them to penetrate into the market and secure a
good position if they pay greater attention to the
service part provided to their customer and thereby
forming a long and trusted relationship.
 4. As seen from the survey that at present 70% of
the customer are having insurance policy out of
which 87.5% of the customer are planning for new
investments. So it can be a good potential for the
company and they should make an attempt to trap
these customers.
 People in general have been impressed by the
marketing and advertising campaigns of insurance
companies. A high penetration of print, radio and
Television Ad campaigns over the years is beginning to
have it’s impact now.
 Another heartening trend was in terms of people viewing
insurance as a tax saving and investment instrument as
much as a protective.
 The general satisfaction levels among public with
regards to policy and agents still requires improvement.
But therein lies the opportunity for a relative player like
Max New York Life. LIC has never been known for prompt
service or customer oriented methods and Max New
York Life can build on these factors.