MAHATMA GHANDI COLLAGE OF MANAGEMENT

Market Potential Of TATA AIG Life Insurance
Presented by: TARA PRAKASH KUMAWAT MBA IIIrd Sem

INTRODUCTION TO INSURANCE

INDIAN INSURANCE INDUSTRY
The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts.

Insurance
"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."

FUNCTION OF INSURANCE
Risk free trade Provide protection Provide certainty Small capital to cover larger risk Source of earning foreign exchange 

   

LIFE INSURANCE
Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium paid undertakes to pay a fixed sum of money on the death of the insured or on the expiry of a specified period of time Which ever is earlier.

ROLES OF THE LIFE INSURANCE 

 

Life insurance as an investment Life insurance as risk cover Life insurance as tax planning

INTRODUCTION TO TATA AIG
Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the American International Group, Inc. (AIG) and Tata Group. They own the company in the ratio of 26:74.

INDIAN INSURANCE MARKET
Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850.

Que.1 Which kind of policies do you have?

Interpretation: It is clear from the chart that 50% people come to take all policies its mean customer have more aware to the all type of insurance.

Que.2 Are you aware all the plans and updates from company?

Interpretation: It is clear from the chart that 48 people say yes and 24say no. It s mean customer have more aware to the all plans and updates for the company.

Que. 3 Are you satisfy of the plans
these company?

Interpretation: It is clear from the chart that 78% people say yes and 22% say no. Its mean customer have more satisfy to the plans for the company.

OBJECTIVE OF THE STUDY  

   



To find out the market potentiality of Tata AIG in Jaipur city. Main competitors of Tata AIG. Which type of policies is preferable? Most preferable plans in Jaipur Which sector is most preferable public or private? Targeting the right and potential customers Differentiating from other companies

LIMITATION OF THE STUDY 
  

 



Time limitation Research has been done only in Jaipur. Companies did not disclose their secrets data and strategies. Possibility of Error in data collection. Possibility of Error in analysis of data due to small sample size. Respondents error Limited resources

CONCLUSION  

Indian insurance sector is likely to register unprecedented growth of 200% and attain a size of Rs. 2000 billion ($51.2 billion) by 2009200910, in which a private sector insurance business will achieve a growth rate of 140% as a result of aggressive marketing technique being adopted by them against 35-40% growth rate of state owned 35insurance companies. The rural market offers tremendous growth opportunities for insurance companies and insurers should develop viable and cost-effective distribution channels; build consumer costawareness and confidence. The state owned insurance companies such as LIC and GIC have limited number of policies to offer to their subscribers while in case of private insurance companies, their policy numbers are many more 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 in which until recently, the state owned companies had the monopoly.

RECOMMENDATION 


Premium charges Advertisement:
During survey we have found that due to lack of advertisements about the products and agents selling the products in which they get high commissions customers are somewhere mislead and they know about very few products though TATA AIG has wide range of variety of the products. 

Sample size:
For this research study only 72 sample size has been taken. The result will be more appropriate if a large Sample size is considered.