WINTER TRAINING REPORT ON A COMPARATIVE STUDY BETWEEN ING VYSYA LIFE INSURANCE AND HDFC STANDARD LIFE INSURANCE

Submitted in the Partial Fulfillment of the Requirement for the award of the Degree of

Master of Business Administration

Batch 2008 20!0

FA"#$%& '#(D)* DR+ ,(,)-A .A.D S(.'/ Facult0 1 MBA de2artment .+A+M+3 Dehradun

S#BM(%%)D B&* /)M$A%A D/&A.( MBA 1 (,th Sem+ .AM 1 Dehradun

NIMBUS ACADEMY OF MANAGEMENT, AFFILIATED TO UTTRAKHAND TECHNICAL UNIVERSITY, DEHRADUN

ACKNOWLEDGEMENT
A dissertation is never the work of an individual; it is a co !ination of views" ideas" su##estions" contri!ution $ i %rints of its fulfill ent' ( thank to & #uide Dr. Vive !"!"# Si"$% &F!'()*+ ,- Fi"!"'e M!"!$e.e"*, NAM, an& %eo%le' Therefore one of the %lesant %arts of writin# re%ort is the o%%ortunit& one #ets to thank those who have contri!uted towards

DEHRADUN/ for his valua!le contri!ution' Thanks are also due to various e %lo&ees of the co %an& and to the res%ondents for their co)o%eration durin# the research' Last !ut not least ( would like to thank each $ ever&one who directl& and indirectl& hel%ed e in co %letion of the %ro*ect successfull&'

DECLARATION
( here !& declare that Dissertation re%ort entitled +,inance Mana#e ent- and the to%ic of + A Co %arative .tud& of (NG /0.0A L(,E (N.12ANCE and 3D,C .TANDA2D Life (nsurance +at Dehradun is %re%ared !& co%ied fro e" su! itted in %artial fulfill ent of the & ori#inal work and not re4uire ent for the de#ree of M'5'A'" NAM" Dehradun is

an& other source or %ro*ect su! itted for the si ilar %ur%ose' %ri ar& and secondar& data'

The infor ation is collected fro

D!*e0 &HEMLATA DHYANI/ P)!'e0 De%r!#("

PREFACE

The to%ic of

& Dissertation is +A Co %arative .tud& !etween (NG /0.0A Life & %ro*ect are to

(nsurance and 3D,C .tandard Life (nsurance-' The o!*ectives of

co %are life the (NG /0.0A and 3D,C .tandard Life insurance and to find out the custo ers o%inion a!out the !oth co %anies with anal&6in# the insurance arket' (n insurance scenario" there is a hu#e co %etition !etween the %rivate and %u!lic sector due to %rivati6ation' A on# the %rivate %la&ers there is a hi#h de#ree of co %etition e7ist' The co %anies facin# the realities of a saturated arket of (ndia' To achieve which hel%ed & o!*ectives" ( conducted a surve& throu#h the 4uestionnaire coverin# close) e to understand the insurance scenario' ( did the anal&sis of data on the arket' The %rivate co %anies are lookin# outwards and now concentratin# on e er#in#

ended 4uestions' ( also took the hel% of secondar& data and the old re%orts in the li!rar&" !asis of different %ara eters' The dissertation #ave e a #reat learnin# e7%erience' (t is reall& a value addition to e as

%er the knowled#e is concerned'

TABLE OF CONTENTS P!$e N,. I"*r,#('*i," C,.1!"+ Pr,-i)e ,- ING VYSYA Li-e I"2(r!"'e C,.1!"+ Pr,-i)e ,- HDFC S*!"#!r# Li-e I"2(r!"'e Re2e!r'% Me*%,#,),$+ 8ro!le for ulation 2esearch o!*ectives 2esearch desi#n .ource of data collection Data collection ethod .a %lin# ethod .a %lin# si6e Area of stud& Li.i*!*i,"2 ,- *%e S*(#+ A"!)+2i2 !"# Di2'(22i," C,"')(2i," Re-ere"'e2 A11e"#i3

INTRODUCTION

INSURANCE
The !asic conce%t of insurance is to !uild a co on fund fro the %re iu s !& %olic&'

The fund undertakes to financiall& safe#uard the %olic& holders a#ainst the unti el& death" loss of earnin# ca%acit& and other thin#s like %urchase of house" land etc' The financial distri!uted a on# all the %olic&holders' (nsurance la&s the foundation of financial securit& a#ainst the +uncertain certaint&- of death' With insurance" one can leave !ehind what one has %lanned to save and not *ust" what one has actuall& saved' E.$., the followin# illustration will e7%lain how insurance work9 (n a villa#e" there are :;; houses' Each !uild at a cost of <";;";;;' Ever& &ear fire !reaks out And four houses are destro&ed in the fire' (f the villa#ers !uild a co Thus" the houses" which are destro&ed" can !e easil& re!uilt on fund" with each house contri!utin# 2s' <;; fund will have a collection of 2s':";;";;; ever& &ear'

CLASSIFICATION OF INSURANCE
T+1e2 ,- i"2(r!"'e

Li-e i"2(r!"'e

N,"4)i-e i"2(r!"'e

Mi2'e))!"e,(2 I"2(r!"'e
,idelit& Guarantee (nsurance Cro% (nsurance 5ur#lar& (nsurance ,lood (nsurance Cattle (nsurance Cash in Transit (nsurance

Whole Life (nsurance Ter (nsurance /aria!le Life (nsurance 1niversal Life (nsurance

Ge"er!) I"2(r!"'e
Marine (nsurance ,ire (nsurance 8ersonal Accident (nsurance /ehicle (nsurance

Li-e I"2(r!"'e
Life insurance is a contract where!& the insurer in consideration of %re iu in lu % su either %aid of

or in %eriodical install ents undertakes to %a& an annuit& or certain su

one& on the death of the insured or on the e7%ir& of a certain nu !er of &ears" whichever is earlier'

56 W%,)e )i-e i"2(r!"'e

This %olic& %rotects the insured until death or until the %re iu s are %ro%erl& %aid' This %lan also %rovides savin#s' (t !uilds cash value that the %olic&holder is entitled to even if the %olic& is cancelled' ,ro the %olic& %ers%ective of the insurance co %anies" whole life %olicies #enerate %eriodic =half &earl&" 4uarterl&> %re iu s that can !e invested until the %olic&holder?s death at which ti e !enefits are %aid to the !eneficiar&' The a ount of %re iu s is #enerall& fi7ed'

76 Ter. i"2(r!"'e
Ter insurance is a te %orar& %lan" %rovidin# insurance onl& over a s%ecified ter and does not !uild cash value for %olic&holders' The %re iu s %aid re%resent onl& insurance and not savin#s' The %olic&holders %refer to invest their savin#s the ust co %are the cash value of whole life insurance to insurance' Those who insurance' their additional costs to deter ine whether it is %refera!le to ter selves would like to o%t for ter

86 V!ri!9)e )i-e i"2(r!"'e

1nder varia!le life insurance the !enefits awarded !& the life insurance co %an& to the !eneficiar& ver& with the assets !ackin# the %olic&' 1ntil <@:A" the %re iu availa!le since <@A: allowin# on the si6e and ti e of %a& ents' %a& ents on varia!le life insurance were constant over ti e' 3owever" fle7i!le life insurance has !een

:6 U"iver2!) )i-e i"2(r!"'e

(t co !ines the features of ter (nsurance is accu ulated fro The %re iu and whole life insurance' (t s%ecifies a %eriod of ti e over the cash value until the %olic&holder uses those funds' which the %olic& will e7ist !ut also !uilds cash value for the %olic&holders over ti e' %a& ent is divided into %ortions' The first is used to %a& the death !enefit

identified in the %olic& and to cover an& ad inistrative e7%enses' The second is used for invest ent and reflects savin#s for the %olic&holder' The internal revenue service for!ids the value of these savin#s fro e7ceedin# the %olic&?s death !enefit' The life insurance %olicies offered in (ndia are #enerall& of the followin# t&%es0 ' Mone& !ack 8ension Wo an Child insurance Disa!led Whole life Endow ent Grou% insurance

N," Li-e I"2(r!"'e Ge"er!) I"2(r!"'e

General insurance includes %ro%ert& insurance lia!ilit& insurance and other for s of insurance' ,ire insurance and Motor theft fidelit& and certain e7tent' The strictest fro the third %art&' arine insurance are strictl& called %ro%ert& insurance' of lia!ilit& insurance is fidelit& insurance" where!& the achine insurance includes the e7tent of lia!ilit& insurance to a

insurance co %ensates the loss to the insured when he is under the lia!ilit& of %a& ent to

56 M!ri"e I"2(r!"'e
Marine (nsurance is a contract of insurance under which the insurer undertakes to arine adventure' (t a& cover loss or da a#e to shi%" car#o" frei#ht" vessels" or arine adventure' an& other su!*ect of a

76 Fire I"2(r!"'e
,ire insurance is a contract or a#ree ent !etween the insurer and the insured where!& the insurer undertakes to inde nif& the insured for destruction of or da a#e to %ro%ert& caused !& fire or other s%ecified %erils durin# an a#reed %eriod of ti e" in return for %a& ent in lu % su or !& install ents

86 M,*,r Ve%i')e I"2(r!"'e

Motor vehicle insurance falls under the classification of #eneral insurance' This insurance is !eco in# ver& %o%ular and its i %ortance increasin# da& !& da&' (n otor insurance the owner?s lia!ilit& to co %ensate %eo%le who were killed or insured throu#h the ne#li#ence of the insurance co %an&' The rate of %re iu !ecause the !usiness is tariff' otorists or derivers is %assed on to the under otor insurance is standardi6ed

:6 Per2,"!) A''i#e"* I"2(r!"'e

8ersonal Accident (nsurance is one of the contract of insurance" it %rovides an a!solute %rotection a#ainst death or disa!ilit& arisin# solel& and directl& fro accident caused !& violent e7ternal and visi!le eans'

Mi2'e))!"e,(2 I"2(r!"'e
Miscellaneous insurance took the %resent sha%e at the later %art of ninteenth centur& with the industrial revolution in En#land' Accident insurance" fidelit& insurance" lia!ilit& insurance and theft insurance were the i %ortant for ti e' Lo&ds?s Association was the of insurance at that ain functionin# institution' Now insurance such

as cattle insurance" Cro% insurance" 8rofit insurance" etc are takin# %lace' The sco%e of #eneral insurance is increasin# with the advance ent of the societ&'

56 Fi#e)i*+ G(!r!"*ee I"2(r!"'e

,idelit& Guarantee (nsurance falls under the classification of iscellaneous class of ean the insurance' This is the t&%e of contract of insurance and a contract of #uarantee to which #eneral %rinci%les of insurance a%%l&' ,idelit& Guarantee does not or loss resultin# fro #uarantee of the e %lo&ee?s honest&' 5ut it #uarantees the e %lo&er for an& da a#e the e %lo&ee?s dishonest& or dislo&alt&' The insurer is lia!le to co %ensate the said loss to the e %lo&er as %rescri!ed !& the contract'

76 Cr,1 I"2(r!"'e
A contract of cro% insurance is a contract to %rovide a easure of financial su%%ort to illets" oil"

far ers in the event of a cro% failure due to drou#ht or flood' This insurance covers a#ainst all risks of loss or da a#es relatin# to %roduction of rice" wheat" da a#es has !een found !e#innin# in our countr& so far' seeds and %ulses etc' and also insurance of all cro%s a#ainst all risks of loss or

86 B(r$)!r+ I"2(r!"'e
5ur#lar& (nsurance falls under the classification of insurance of %ro%ert&' (n the case of !ur#lar& %olic&" the loss or da a#es of household?s #oods and %ro%erties and %ersonal effects due to theft" larcen&" !ur#lar&" house)!reakin# and act of such nature are covered' The actual loss is co %ensated'

:6 C!**)e I"2(r!"'e
A contract of cattle insurance is a contract where!& su a#ainst death resultin# fro of one& is secured to the a&

assured in the event of ani als like !ulls" !uffaloes" cows" and heifers' (t is a contract accident" disease and %arturitions condition as the case in the event of loss' !e' The insurer usuall& undertakes to %a& the e7cess su

;6 C!2e i" Tr!"2i* I"2(r!"'e

Case in Transit (nsurance is one of the contract of insurance which falls under the cate#or& of iscellaneous insurance covers co %ensation to the insured a#ainst an& one& or cash !ein# stolen fro of one& are drawn fro his !usiness %re ises or while it !anks to %a& wa#es and to eet or to !ank' The cro% of cash in transit insurance is i %ortant to loss in the event of is !ein# carried fro

an& !usiness as lar#e su the da&)to)da& e7%enses'

THE HISTORY OF LIFE INSURANCE The stor& #oes !ack to around B<;; 5C" to the ancient civili6ation of 5a!&lon and a !usiness 8ractice called C!otto r&?' ,or all %ractice %ur%oses a for !otto r& ena!led .hi% owners to !orrow of arine insurance" one& a#ainst their shi% to %a& for the tri%' so e se !lance of securit&' erce or#ani6ed" alon# the

With %irac& ra %ant on hi#h .eas" traders and seafarers were reluctant to sail other lands for fear of their lives and #oods' 5otto r& #ave the (nsurance develo%ed ra%idl& with the #rowth of 5ritish co

wa& #oin# throu#h a %eriod of defaults and closures' The 5ritish !rou#ht insurance to (ndia in <A<A" re%lete with i %erialist %re*udices' The first (nsurance Co %an& in the countr& was the Oriental Life (nsurance" which insured onl& Euro%eans windows' 5ritish insurance eventuall& !e#an insurin# (ndian lives" !ut for a %re iu failed to safe#uard %olic&holder interest' that %a&a!le !& the 5ritish' The insurance Act <@DA introduced state controls on insurance" !ut even this

PURPOSE AND NEED FOR INSURACE

Assets are likel& to !e destro&ed or ade non)functional due to %erils like fire"

,loods" !reakdowns" li#htnin# and earth4uake' Da a#e to assets caused !& an& %erils is the risk that assets are e7%osed to' (nsurance !eco es relevant onl& if there are uncertainties of occurrence of events leadin# to Loss' We can sa& that hu an life is an inco e #eneratin# assets which can !e lost on earl& death On the other hand" disa!ilities caused !& accident'

(nsurance does not %rotect the assets !ut onl& co %ensates the econo ic or financial loss'

ROLE OF INSURANCE IN INTRENATIONAL ECONOMY

(nsurance %la&s an i %ortant role in not onl& in national econo & !ut also in international econo &' Marine car#o insurance for e7a %le" %rovides risks covera#e for shi%%ers and i %orters and the !anks" which finance international trade' This role !eco es all the (nsurers o%erate in ore i %ortant in the conte7t of active #overn ent %olic& to encoura#e e7%orts' (ndian ore than D; countries throu#h a#encies" !ranches and su!sidiar& ore %re iu overseas than fro their do estic co %anies' These o%erations earn forei#n e7chan#e and re%resents invisi!le e7%orts' The 1'K' insurers for e7a %le earn o%erations' The (ndian insurers have also had an international %resence throu#h an active reinsurance e7chan#e %ro#ra s with insurers in over <;; countries' Another di ension of international insurance found in re#ional co)o%eration is reinsurance' Asian 2einsurance Cor%oration =of which (ndia is a e !er> with head 4uarter in 5an#kok" Thailand is one ade s%eciali6ed insurance covers' e7a %le' Lar#e industrial and infrastructural %ro*ect set u% in (ndia throu#h *oint ventures or otherwise" with overseas finance need tailor

ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT

(nvest ents are necessar& for econo ic develo% ent Life insurance %la&s a a*or role in o!ili6ation of %u!lic savin#s'

.avin#s out of life insurance funds are utili6ed in invest ents for #rowth' Lookin# to #eneral insurance !usiness" industr&" trade" would !e seriousl& handica%%ed in the a!sence of insurance cover relatin# to fire and en#ineerin# risks'

T%e W,r)# I"2(r!"'e S'e"!ri, !"# I"#i!<2 P)!'e i" i*

The (ndian insurance arket is far !ehind an& countries and has still to ake u% a lot of

leewa& in the #lo!al conte7t" is clear fro

the infor ation %resented !elow'

(n <@@@" insurance co %anies wrote 1. EB"DB: !illion in %re iu s worldwide" an increase of F'D %er cent over the %revious &ear and :'G %er cent after ad*ust ent for inflation' Of the total" 1s E@<B !illion was #enerated !& non)life !usiness" an increase of <'B %er cent after inflation; and 1. E<":<B !illion was fro life %re iu s" an increase of ade u% of 1. H'@ %er cent after inflation' (n B;;;" the fi#ures were 1. EB::D'F !illion"

E<"GB<'D in the life se# ent and 1. E@BB': in the non)life se# ent' This re%resented a #rowth of @'< %er cent and B'F %er cent res%ectivel&' 3owever" the develo% ent of the insurance arket de onstration wide re#ional dis%arities' The #lo!al insurance !usiness is concentrated in the industrial countries of North A erica" Western Euro%e" Ia%an and Oceania' To#ether these countries account for @<'D %er cent of #lo!al %re iu s' On a #lo!al avera#e" the e4uivalent of F'G %ercent of the #ross do estic %roduct is s%ent on insurance' At 1. ED"<;D %er ca%ital" the outla& for life insurance' At 1. ED"<;D %er ca%ita" the outla& for life insurance is the hi#hest in Ia%an' While the .wiss s%end the ost on non)life insurance' (n B;;:" the a!ove J entioned develo%ed countries of 1. accounted for @;'F %ercent of #lo!al %re iu s' A#ain" with a %er ca%ita %re iu ost countries" the non)life !usiness re#istered either a ne#ative or onl& ainl& !ecause of the downward trend in co ore than non)life with a #rowth rate of H'@ %er cent '(ts %re iu stron#er increase !oth over the %revious &ear and over the lon#)ter last <; &ears' (n fact" life insurance e7%erienced a !oo

ED"<HG" the Ia%anese continued to !e the hi#hest savers of life insurance and the .wiss' (n odest #rowth" ercial #rowth' Life insurance has #rowth inco e re#istered a avera#e trend of the

outside Asia' (t was a%%recia!l&

hi#her than #lo!al econo ic #rowth' This has !een !ecause of low interest rates' 2ather" concern a!out the state %ension %rovision has increasin#l& %roved to !e an i %ortant #rowth en#ine in %rivate life insurance' At #lo!al level" the %re iu s in North A erica and Euro%e e7%anded at a rate that a!ove the avera#e of the %revious <; &ears" while the e er#in# arkets #enerall& develo%ed at a slower %ace than the lon#)ter trend' The

%ositive develo% ents in North A erica and Euro%e can !e attri!uted to the !oo

in life

insurance' Ia%an" in contrast" had to contend with a renewed set!ack" the reasons for this are to !e found not onl& in econo ic sta#nation" !ut also in declinin# consu er confidence tri##ered !& insolvencies and the #uaranteed interest rate' A'',r#i"$ *, Mr. G. N. B!=1!i>&7??7/0 The drivers of #rowth of life insurance !usiness were %rivate %ension %rovisions in the 1.A and Western Euro%e alon# with inde7 linked %olicies !uo&ed !& the stock rallies u% to %re iu !usiness since the &ear <@@G' The volatilit& of sin#le %re iu arket id JB;;;' The u%swin# is also attri!uta!le to a dra atic rise in the sin#le !usiness is likel&

to introduce ca%riciousness in the otherwise steadil& #rowin# life insurance industr&' ,urther" accordin# to hi #rowth drivers of the non life insurance !usiness were a ro!ust financial crists' The China" 3on# Kon# K Taiwan a*or losses" the earnin# of the industr& arkets since<@A; has !een arkets" the volu e

#lo!al econo & and recoverin# fro

re#ions re#isterd #rowth rates in e7cess of <; %er cent 'however" it is noteworth& that in s%ite of #ood #rowth and re%ortin# fewer re ained lackluster' Althou#h #rowth in the e er#in#

su!*ect to #reater fluctuations than in the industriali6ed countries" it has also !een si#nificantl& hi#her =@'A %ercent co %ared to :'@ %ercent>' (n the e er#in# fastest #rowin# were south and East Asia" where in the e er#in# ore than half of the %re iu

arkets was #enerated in <@@@'(n a!solute ter s" the industriali6ed arket with a share of

countries continue to clearl& do inate the #lo!al insurance

%re iu s in life and non J life insurance !usiness' This far e7ceeds their <G %ercent share of the #lo!al %o%ulation or FF %ercent share of the #ross do estic %roducts =GD8>' (nsurance densit& =%re iu %er ca%ital> is arkedl& lower in ost e er#in# arkets co %ared to industriali6ed countries" !ein# around 1. E:; on avera#e' There are never toeless" #reat differences !etween the arkets" with %re iu e7%enditure of over 1. E<";;; %er ca%ita and were thus co %ara!le to industriali6ed countries' That (ndia occu%ies a ver& low %lace in this scenario is seen fro the fi#ures %resented

!elow' The %resent %er ca%ita s%endin# on insurance =life and non J life %ut to#ether> in

(ndia is EA'G=B':non J life and H'< for life> %er &ear as a#ainst EHA'H =GH'F and <<'A> in !ra6il; Chile E<HD'; =:A'F and <<:'D>; 1K ED"B::'D =F:<'G and B"G;B'A>; Ia%an ED"@;A'@ =A;G and D"<;D':>; south Korea E <";BB'A =BHB'D and FH;'G>; china E<D'D =G'; and A'D>; Mala&sia E<:;': =HB'D and FA>; and south Africa E:@;'@ =FF'@ and :<D';>' (t will thus !e seen that (ndia is wa& !ehind an& other countries in this res%ect also'

INDIA AND THE WORLD MARKET

The last decade has !een so eti e a frustratin#" !ut ostl& an eventful %eriod for the

industr&' 1nfortunatel&" des%ite the %ro#ress achieved !& the insurance industr& in (ndia (t co %ares unfavora!l& not *ust with the develo%ed countries" !ut also even with the develo%in# world' Thus" of the #lo!al insurance DB: !illion in <@@@" Lthe su ation of all %re iu arket worth an the astrono ical EB" %a& entsM with the 1. accountin# arket' There was no %erceiva!le

for al ost one)third and Ia%an a B<'B@ %er cent share (ndia accounted for a %athetic ;'DH %er cent share and was the world BDrd !i##est insurance i %rove ent in B;;;)B;;<' The #lo!al around E<" :<B'D !illion' The (ndian non)life #lo!al re ained arket for life insurance is esti ated to !e arket was a!out

arket" at EH !illion is *ust ;':D %ercent of that the arket' The situation

arket is %laced at E@<<'F !illion' Of this" the (ndian

EB'D !illion in <@@@" which was *ust ;'BG %er cent of the world onl& a!out DG

uch the sa e in the su! Jse4uent &ear' A#ain" of the < !illion %eo%le in (ndia illion are covered !& insurance' The share of insurance funds in

household financial savin#s in (ndia reached <B'A %er cent in B;;;)B;;<' The share of life insurance in household savin# was <B'B %er cent durin# the sa e %eriod' The countr&?s life insurance %re iu was a are <'G %er cent of the GD8" co %ared to <<'H %er cent in .outh Korea' (n the non)life se# ent" (ndia is even weaker at ;'H %er cent' .everal factors account for this situation' Low dis%osa!le inco e is of course one i %ortant reason' One account of the low awareness voluntar& %rotection covera#e seekin# !ehavior is rare even in the iddle J class'

FUTURE SCENARIO OF THE INSURANCE SECTOR IN INDIA

The si6e of the e7istin# insurance arket is ver& lar#e and is #rowin# at the rate of <;N arket in ter s of %re iu was arket share has !een

%er &ear' The e7istin# %otential of the (ndian insurance

EA; !illion L2s' D::;;; croresM in the &ear <@@@' Onl& <;N of the of %o%ulation" (ndian insurance

unta%%ed' Onl& a lar#e nu !er of insurers can ta% this vast %otential' To serve <;; crore arket offers' Tre endous o%%ortunities to %ros%ective arket has to #rowth fast' With insurers and can easil& sustain a!out <;; insurers' 3ence" the re#ulator should issue licenses to a lar#e nu !er of insurers if the insurance increase in life s%an of individual and disinte#ration of the *oint fa il& s&ste " each individual has now arran#ed insurance cover for hi self and for the fa il&' 3ence" covera#e of insurers" which was around FN in <@@@" has now !een #rowin# at a ver& fast rate' (n fact" all the citi6ens in the insurance fro iddle class" esti ated around DG; illion can afford their own financial resources" the re ainin# %o%ulation has to !e #iven

su!sidi6ed insurance with the hel% of #overn ent and insurers' The hu#e life fund can !e utili6ed for financin# the infrastructure industr& as well as a su%%ort to other industries in the countr&' 3ence" insurance industr& is likel& to %la& a ke& role in chan#in# econo ic landsca%e of the countr&' 3owever" the success of insurance industr& will %ri aril& de%end u%on eetin# the risin# e7%ectation of the consu ers who will !e the real kin# in arket in the future' the li!erali6ed insurance

BENEFITS OF GLOBALI@ATION
(n this a#e of #lo!al inte#ration" no countr& can o%erate in isolation !ecause in ever& econo ic" social and %olitical activit&" there is considera!le interde%endence !etween countries' A #reater inte#ration of the arket with the rest of the world is accelerated !& ove ent of ca%ital across countries' Each the !reakdown of #eo#ra%hical !arriers to the

countr&" therefore" o%eratin# in the international nor s and !ehaviors essentiall&" #lo!ali6ation !rin#s !enefits to all %artici%atin# countries' The host countr& !eco es a reci%ient of lar#e forei#n invest ent and forei#n investors secure access to new and develo%in# arkets' .everal !enefits then flow in either direction in ter s of e7%andin# arketin# and %roduction technolo#ies" arkets" i %roved %roducts and services" new

and newer conce%ts of

ana#e ent' .o far" our %artici%ation in the #lo!al world

arket in

virtuall& all sectors of the finical has !een onl& at the institutions in %articular have !een relativel& insured fro the national !oundaries' (n the

ar#in and our insurance arkets' Now" due to

the advanta#e of o%enin# u% that could accure to (ndia" !usiness has to o%erate !e&ond ain" #lo!ali6ation will secure for (ndia lar#er inflows of arket !& forei#n ca%ital needed to sustain our GD8 #rowth' in addition" new entrants with a %rofessional a%%roach and state)of)the) art technolo#& will revolutioni6e the hel% in !uildin# e7%ertise with their !est #lo!al %ractices' !rin#in# a!out tre endous i %rove ent in service' Moreover" #lo!al co %etitions will

NATIONALISATION OF LIFE INSURANCE IN INDIA

(n <@GH" life insurance !usiness was nationali6ed and L(C of (ndia ca e into !ein# on' <'@'<@GH' The #overn ent took over the !usiness of B:G co %anies =includin# FG %rovident fund societies> who were transactin# life insurance !usiness at that ti e' Thereafter" L(C #ot the e7clusive %rivile#e to transact life insurance !usiness in (ndia' 2elevant laws were a ended in <@@@ and L(C?s ono%ol& ri#ht to transact life insurance !usiness in (ndia ca e to end' At the close of financial &ear endin# D<'D'B;;:" twelve new co %anies were re#istered with the (nsurance 2e#ulator& $ Develo% ent Authorit& =(2DA> to transact life insurance !usiness%erson in (ndia'

PRIVATISATION
(n the @;?s the #overn ent went on a refor !ein# and started loosenin# controls on ittee" headed !& for er (ndian industr&' (n <@@D" the #ovt' a%%ointed the Malhotra co %anel su! itted its re%ort a &ear later" reco

25( #overnor" 2'N Malhotra to draw u% a !lue %rint for insurance sector refor s' The endin# %rivati6ation !acked !& stiff entr& #uidelines and strin#ent re#ulation" to avoid a re%eat of the %re)nationali6ation free'

OBAECTIVES OF LIBERALI@ATION OF INSURANCE The ain o!*ective for o%enin# u% insurance sector to the %rivate insurance is9

To %rovide !etter covera#e to the (ndian citi6ens' To ar#u ent the flow of lon#)ter infrastructure' financial resources to the #rowth of

The %u!lic sector insurance co %anies have not succeeded in e7tendin# the insurance cover to all need& %eo%le of the countr& due to various reasons' 3ence this onerous res%onsi!ilit& has now has !een entrusted to %rivate insurers'

MALHOTRA REPORT 5BB:

Li!erali6ation of the (ndian Malhotra Co arket was reco ended in a re%ort released in <@@: !& the

ittee indicatin# that the

arket should !e o%ened to %L%rivate sector

co %etition" and the ulti ate forei#n %rivate) sector co %etition' PURPOSE OF COMMETTEE To su##est the structure of the insurance industr& to assess the stren#ths and weaknesses of insurance co %anies in ter s of the o!*ectives of creatin# efficienc& and wide covera#e of insurance services to have a variet& of insurance %roducts with a hi#h 4ualit& service and to develo% an effective instru ent for resources for develo% ent' To ake reco endation for chan#in# the structure of the insurance industr&" for char#in# the #eneral %olic& fra ework' To take s%ecific su##estions re#ardin# L(C and G(C with a view to i %rove the functionin# of the ' To To (ndia' To ake reco endation on an& other atter which are relevant for develo% ent of the insurance industr& in (ndia' ake reco endation on the role and functionin# of surve&ors" inter ediaries like a#ents etc' ake reco endation on re#ulation and su%ervision of the insurance sector in o!ili6ation of financial

T%e ',..i**ee .!#e ! "(.9er ,- i.1,r*!"* !"# -!r4re!'%i"$ re',..e"#!*i,"2 Govern ent stake in the insurance co %anies to !e !rou#ht down to G;N' All the insurance co %anies should !e #iven #reater freedo 8rivate co %anies with a ini u to o%erate'

%aid u% ca%ital of 2s <!n should !e allowed a& !e allowed to enter the industr& in

to enter the industr&' No co %anies should deal in !oth life and #eneral insurance throu#h a sin#le entit&' ,orei#n co %anies colla!oration with do estic co %anies'

The insurance Act to chan#ed' The co act as inde%endent co %anies with econo ic an inde%endent re#ulator& !od&'

ittee felt the need to %rovide #reater otives' ,or this %ur%ose" it settin# u%

autono & to insurance co %anies in order to i %rove their %erfor ance and ena!le to

The L(C should use the M5A s%eciali6ed in Marketin# =a si ilar su##estion for the G(C su!sidiaries> (t su##ested that settle ent of clai s were to !e done within a s%ecific %eriod with out dela&' The co ittee su##ested that the federation of (nsurance (nstitute" Mu !ai should start new courses for inter ediaries of the insurance sector' The co s&ste The co ittee has several reco endations on 8roduct" 8ricin#" /i#ilance"

and %rocedures i %rovin# custo er service and use of technolo#&' ittee insisted that the insurance co %anies should %a& s%ecial attention

to the 2ural (nsurance 5usiness' 5ased on the a!ove reco endations of the Malhotra co ittee the insurance

re#ulator& authorit& =(2DA> was set u% in Ianuar& <@@H' The word +Develo% entwas added later and (2DA !ill was %assed'

INSURANCE REGULATOTRY !"# DEVELOPMENT AUTHORITY ACT 5BBB &IRDA/

(2DA is a revolutionar& %iece of le#islation' The (2DA was esta!lished to 2e#ulate" %ro ote $ ensure orderl& #rowth of the life $ #eneral insurance (ndustr&' On <@th A%ril B;;;" the Authorit& has !een notified in the Ga6ette of (ndian ter s of (nsurance 2e#ulator& and Develo% ent Authorit& Act <@@@' Mi22i," ,- IRDA To %rotect the interest of the %olic&holders" to re#ulate" %ro ote and ensure orderl& #rowth of the insurance industr& for atters connected therewith or incidental there to'

T%e !(*%,ri*+ ',"2i2*2 ,- *%e -,)),Ci"$ .e.9er29 A chair%erson Not Not ore than five whole ti e ore than four %art ti e e !ers e !ers e !ers' The tenure of the chair%erson and e !ers

The central #overn ent would a%%oint the would !e five &ears'

F("'*i,"2 ,- IRDA
To e7ercise all %ower seven function of controller of insurance' 8rotection of the interest of the %olic&holders' To issue" renew" To %rescri!e odif&" withdraw or sus%end certificate of re#istration'

ethod of insurance accountin# to conduct ins%ection K investi#ation etc' ar#ins of solvenc&'

To re#ulate invest ent of fund $ To ad*udicate u%on dis%utes'

To conduct ins%ection $ audit of insurers" inter ediaries $ other or#ani6ation concerned with insurance'

PRIVATE INSURANCE OPERATING IN INDIA At %resent there are <D co %anies offerin# life insurance in (ndia' Out of these <B are %rivate insurance co %anies and one i'e L(C is state owned insurance co %an&' The twelve %rivate co %anies that have entered the (ndian are as follows' <> (NG /0.0A Life (nsurance B> 3D,C .tandard Life (nsurance D> (C(C( 8rudential Life (nsurance :> 5irla .un Life (nsurance G> Allian6 5a*a Life (nsurance H> OM Kotak Life (nsurance F> .5( Life (nsurance A> Aviva Life (nsurance @> Met Life (ndia (nsurance <;> TATA A(G Life (nsurance <<> Ma7 New Life (nsurance <B> AM8 .an ar Life (nsurance arket in the %ast three &ears

,acin# the realit& of a saturated and concentratin# on e er#in#

arket" the %rivate co %anies are now lookin# outward arket like (ndia and China' .ince the #estation %eriod of ake their %resence felt

a t&%ical insurance !usiness is around ten &ears" it is hi#h ti e to consu in# and difficult task to win custo ers awa& fro record of acco %lish ent and !rand value in overseas #ettin# i into the Dela& S). N, < B D : G H F A @ <; << <B

in (ndia' The new %la&ers will have to %rove their creditworthiness' (t will !e ti e a L(C and #ain their trust' Their arket will not hel% the uch in

ediate !rand reco#nition in (ndia' Alread&" several co %anies have entered arket and a do6en co %anies have alread& *ointed hands with forei#n %artners countries like (ndia and China' arkets' Per.i* S*!*(2 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License 2eceived License

=see ta!le>' The real #rowth in B<st centur& will co e fro a& doo future afford to stake a clai

in these hi#h %otential S1e'i!)iD!*i," Life Life Life Life Life Life Life Life Life Life Life Life

I"#i!" P!r*"er /&s&a 5ank 3D,C Adidt&a 5irla Grou% (C(C( Kotak Mahindra ,inance Ma7 (ndia Tata Grou% 5a*a* Auto .5( .an ar ) Met Life (ndia

F,rei$" P!r*"er (NG (nsurance =Netherlands> .tandard Life =1K> .un Life =Canada> 8rudential =1K> Old Mutual =.A> New 0ork Life A(G =1.A> Allian6 ) AM8 A/(/A )

S,(r'e0 CCC.i"#!i"insurance'co

CHALLANGES BEFORE INDUSTRY Br,!#e"i"$ *%e 9e"e-i*2

(ndia has an a or%hous iddle class of D;; illions %eo%le who can afford to !u& life"

health" Disa!ilit& and %ension %lan %roducts' Out of this D;N have insurance and that too covers onl& BGN of their needs and financial ca%acit&' The re ainin# F;Nhave no insurance cover' The Life (nsurance arket in (ndia therefore is %racticall& unta%%ed'

.ince <@GH" with the nationali6ation of insurance industr&" the state)run Life (nsurance Cor%oration =L(C> has held the ono%ol& in the countr&' With around H;;;;; a#ents in ever& nook and corner " it has created a via!le !rand na e " %articularl& a on# the rural %o%ulation of the countr& '3owever on the 4ualitative side" it has ver& little to take %ride in and there lies the %otential for forei#n %la&ers to challen#e this !ehe oth' As is t&%ical with a hu#e unioni6ed" ri#id workforce is outdated' After %rivati6ation of insurance sector" A A ini u ini u net worth of 2s' G 5illion' ca%ital re4uire ent of 2s' < 5illion =this is andator& for an& %la&er in the an& %rivate co %anies ca e in force' The et as on D<st March B;;;' ostl& in the clerical cate#or&' Technolo#& used

central !ank had laid out a set of %ara eters to !e

%rivate sector "includin# !anks> Entr& throu#h a *oint venture' A net %rofit of last three &ears' Net non)%erfor in# assets that are +are reasona!le-'

COMPANY PROFILE OF ING VYSYA LIFE INSURANCE

ING4VYSYA LIFE INSURANCE IN INDIA

(NG ) /&s&a Life (nsurance Co %an& 8rivate Li ited =the Co %an&> entered the %rivate life insurance industr& in (ndia in .e%te !er B;;<" and in a short s%an of : &ears has esta!lished itself as a distinctive life insurance !rand with an innovative" attractive and custo er friendl& %roduct %ortfolio ran#in# fro sales force' (NG Grou% has wide and dee% e7%erience in settin# u% co %anies in new re4uire su!stantial invest ents underlinin# (NG?s lon#)ter co arkets" which it ent' (n last B; %rotection" savin#" retire ent $ invest ent %lans =sellin# throu#h uni4ue tool ) Life Maker> and a %rofessional advisor

&ears (NG Grou% has esta!lished successful life insurance co %anies in <G countries contri!utin# to the develo% ent of insurance services in these countries successfull&'(t has a dedicated and co A; !ranches located in F; itted advisor sales force of over <<";;; %eo%le" workin# fro a*or cities across the countr& and over B"H;; e %lo&ees' (t

also distri!utes %roducts in close coo%eration with the (NG ) /&s&a 5ank network' The Co %an& has a custo er !ase of over D";;";;; $ is head4uartered at 5an#alore' (n B;;G" (NG ) /&s&a Life earned a total inco e in e7cess of 2s' :;; crore and has a share ca%ital of 2s' ::; crore' With an innovative" attractive and custo er friendl& %roduct %ortfolio !acked !& a %rofessional advisor force" it %roudl& servin# over <"G;";;; custo ers' (t 5ein# %art of the (NG Grou%" the world?s :th lar#est financial services #rou%O" trusted !& H; illion %eo%le across G; countries" with a herita#e of over <G; &ears' The Co %an& ake custo ers look at life insurance afresh" not *ust as a ta7 savin# device !ut eans to add %rotection to life' The one thin# we hold in hi#hest estee is PlifeP ai s to also as a

itself' (t !elieves in enhancin# the ver& 4ualit& of life" in addition to safe#uardin# an individualPs securit&' Our core values are therefore defined as 8rofessional" Entre%reneurial" Trustworth&" A%%roacha!le and Carin#' The Co %an&?s %ortfolio offers %roducts that cater to ever& financial re4uire ent" at an& life sta#e' (t !elieves in continuousl& develo%in# custo er)driven %roducts and services and value !ein# accessi!le and res%onsive to the needs of its custo ers'

(n fact" the co %an& has develo%ed the Life Maker' A si %le choose a %lan

ethod that can !e used to

ost suita!le to a s%ecific custo er !ased on his needs" re4uire ents and

current life sta#e' This tool hel%s !uild a co %lete financial %lan for life" whether the re4uire ent is 8rotection" .avin#" 2etire ent and (nvest ent'

Mi22i," +To set the standard in helping our customers manage their financial future-' C,r1,r!*e O9=e'*ive
(NG ) /&s&a Life stron#l& !elieves that as life is different at ever& sta#e" life insurance ust offer fle7i!ilit& and choice to #o with that sta#e' The& are full& %re%ared and co itted to #uide &ou on insurance %roducts and services throu#h their well)trained arketin# and custo er services" in the !est %ossi!le to !eco e one of the to% %rivate life insurance co %anies in (ndia and advisors" !acked !& co %etent wa&' (t is their ai

to !eco e a cornerstone of (NG?s inte#rated financial services !usiness in (ndia' (n short" we are a custo er J oriented co %an& with a clear or#ani6ation and strate#&" which is founded on value" !ased ana#e ent' We have a stron# %osition in ature arkets where we want to #enerate future #rowth throu#h %ro%er e7ecution of our !usiness funda entals =such as custo er satisfaction and develo%in# ana#in# costs" risk and our re%utation> and we focus on #rowth in retire ent services" direct !ankin# and life insurance in arkets' That we tr& to offer our shareholders a hi#her return than the avera#e of our %eers'

M!"!$i"$ Ri2
Mana#in# our risk and conse4uentl& the cost of ca%ital is essential for sta!le" %rofita!le #rowth' 2isk ana#e ent su%%ort value creation !& %rovidin# insi#ht into the levels of arket" insurance and o%erational risk into one co on risk we can a!sor! co %ared with our earnin# %ower and ca%ital !ase' (nte#rated risk ana#e ent =co !inin# credit" view> is a ke& in#redient in our strate#&' (t allows us to create a clear overview of all

risks' Our ulti ate #oal of inte#rated risk our risk a%%etite' This allows (NG to lower overall cost of ca%ital

ana#e ent is to !etter ali#n our risk takin# to

ake o%ti al use of its ca%ital !ase" leadin# to a

M!"!$i"$ Re1(*!*i,"
(nte#rit& and re%utation are two of (NG?s ost i %ortant assets' Our stron# focus on relationshi%s

e7ecution has resulted in #reater e %hasis on the i %ortance of adherence to laws and re#ulations' 2e#ulator& co %liance is essential !ecause (NG?s lon#) ter %olic&' .enior with its clients de%end on inte#rit& and fairness' (NG has a #rou% wide co %liance ana#e ent is accounta!le for co %liance and inte#rated in their %erfor ance tar#ets and re uneration structure'

Gr,C*%
(NG also continues to invest in !usiness areas that have clear #rowth %otential' We have defined three in develo%in# !usiness' ain areas of #rowth9 retire ent services" direct !ankin# and life insurance arkets' (NG has stron# %osition in three !usinesses and intends to raise ature

further their %rofit %otential !& usin# the e7%erience and ca%ital #ained in (NG?s

Li-e I"2(r!"'e I" Deve),1i"$ M!r e*2

The co %an& can !uild on an esta!lished %resence in AsiaK8acific" Latin A erican and Culture Euro%e' (n Asia" the co %an& has a #reat %ortfolio of !usinesses' The co %an& focuses on lon#)ter relationshi% and stron# alliance with !anks in the re#ion' (n Culture the start when their arkets o%ened u% to the West' arkets' Euro%e" (NG has !een %resent fro

(NG have a ver& !road %resence there' Toda&" (NG is the nu !er one life insurer in the re#ion and is well %ositioned to !enefit fro the #rowth of these

ING4VYSYA E BUSINESS PARTNERS (NG /&s&a 5ank Ltd'" is an entit& for ed with the /&s&a 5ank Ltd" a %re ier !ank in the (ndian 8rivate .ector and a #lo!al financial %owerhouse" (NG =(nternational Nederland Grou%> of he Dutch ori#in" in the &ear B;;B'

P!r*"er2
A $)!"'e !* ,(r eF(i*+ 1!r*"er20 (NG Grou% /&s&a 5ank

ING Gr,(1
(NG Grou% is known for its %hiloso%h& of Ckee%in# it si %le?' This thou#ht is the result of (NG Grou%?s <G; &ears of understandin# of custo ers? needs and fulfillin# the ' (NG is a #lo!al financial institution of Dutch ori#in' (t has <G; &ears of e7%erience" and %rovides a wide arra& of !ankin#" insurance and asset countries and is trusted !& over H; ana#e ent services in over G; illion custo ers' (ts <"<D";;; e %lo&ees work dail& stren#th to

to satisf& a !road custo er !ase J individuals" fa ilies" s all !usinesses" lar#e cor%orations" institutions and #overn ents' The (NG Grou% has #one fro stren#th &ear after &ear and is the worldPs <Fth lar#est co %an&' The (NG Grou% is the worldPs fourth lar#est financial services #rou%O with over 1. E < trillion in assets and %rofits of 1. E A'G !illion in B;;G'Over the last <G; &ears" (NG Grou% has #rown to !eco e one of the lar#est life insurance or#ani6ations in the world' Toda& it touches the lives of illions of %eo%le across G; countries'(NG Grou% has wide and dee% e7%erience arkets" which re4uire su!stantial invest ents it ent' (n the last B; &ears" (NG Grou% has co in settin# u% co %anies in new underlinin# (NGPs lon#)ter

esta!lished successful life insurance co %anies in <G countries contri!utin# to the develo% ent of insurance services in these countries successfull&'

V+2+! B!"
The ori#in of the /&s&a 5ank dates !ack to <@D;' .ince then the 5ank has #rown in si6e and stature and has reached the coveted %osition of nu !er one %rivate sector !ank in (ndia' The Karur /&s&a 5ank Li ited %o%ularl& known was such one to !e set u% in <@<H !& two #reat visionaries and illustrious sons of Karur" the late shri Ma /evkatarana Chettior and the late .hri Athi Krishna Chattier to include savin# ha!it and to %rovide financial assistance to traders and s all a#riculturists in and around KA212" a te7tile town in Ta il Nadu" it has now s%read its win#s far wide with BD: !ranches and G e7tension counters in << states and B union Territories the !ank has !een conductin# its affairs with re#ulations' eticulous care to !e in confor ance with all %rudential nor s and e7actin# statutor&

'

B;;D 2E/EN1E.

82O,(T.

82O,(T. A. N O,Q 2E/EN1E. ( A..ET.

N < ; B D H < H B G ; < D < H : 2ank <F H <D << G <A : <B A B; <G <; <H H @ N ; ? ; ; < ; < ; ; ; ; ; ; < ; 2ank <H G <D <A H <A G <: << B; <B @ <F : <G

2ank <' ARA 7. ING GROUP D' A..(C12AS(ON( GENE2AL( :' A/(/A G' METL(,E H' 821DENT(AL F' AEGON A' CN8 A..12ANCDE. @'821DENT(AL ,(NANC(AL <;'C3(NA L(,E <<'.AM.1NG L(,E <B'OLD M1T1AL52(TA(N <D'.W(.. L(,E <:'.1NL(,E ,(NANCE <G'LEGAL $ GENE2AL G2O18 ,2ANCE NETHERLANDS (TLA0 52(TA(N 1'.' 52(TA(N NET3E2LAND. ,2ANCE 1'.' C3(NA .O1T3 KO2EA 52(TA(N .W(SE2LAND CANADA 52(TA(N

illions

E illions <<DF :;HI <<:@ <GG< BB<F D:; B;B@ HG@ <BH: DB BFF ::H <FD @D: HH;

2ank F 5 H : B <G D <D G B; <H <: <A @ <B

<<<@<B B;GB8 HHFGG G@F<@ DHBH< DG:FD DB<FG D;A;H BF@;F B;FAB <@<G@ <F<:G <H;DH <GF:< <GFD;

(NG Grou% is the world?s second lar#est life insurance S,(r'e0 www'in#v&s&ains'co .

RANKING OF ING VYSYA LIFE INSURANCE INFORTUNE ;??4TOP 7? CORPORATE GROUPS IN THE WORLD

S,(r'e0 www'in#v&s&alife'co

2ANK B; ;D B;; B

2E/EN1E. E illion N chan# e fro B;;B H'F D;'< BB'B <B':

82O,(T.
E illion rank N chan# e fro B;;B <B'H G;'; AF'F DB'F

A..ET.
E illion rank

< B D :

< G D :

G H F A @ <; << <B <D <: <G <H

B H F A @ <: <B <G D< DH B; <H

WAL)MA2T .TO2E. 58 ERRON MO5(L 2O0AL D1TC3K .3ELL G2O18 GENE2AL MOTO2.' ,O2D MOTO2. DA(MLE2C3 20.LE2 TO0OTA MOTO2. GENE2AL ELECT2(C TOTAL ALL(ANS C3E/2ONTE RACO ARA CONOCO83( LL(8. /OLKWAGE N N(88ON TELEG2A83 $ TELE83ONE ING GROUP C(T(G2O18 (NTE2NAT(O NAL 51.(NE.. MAC3(NE. AME2(CAN (NTE2NAT(O NAL G2O18

1'.' 52(TA(N 1'.' 52(TA(N

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ING VYSYA LIFE INSURANCE

SWOT ANALYSIS
STRENGTHS
(NG /0.0A is the world?s second lar#est life insurance co %an& and ninth lar#est leadin# co %an&'' co %anies' The ,ourth Lar#est ,inancial .ervices Cor%oration in World" with assets e7ceedin# 2s' GB" ;;";;; Crores' co %etitors' Co %etitive %ricin# strate#ies as co %ared to its 2anked seventeenth in ,ortune G;; list of Glo!al

WEAKNESS
Less awareness level a on# the custo ers a!out insurance as a invest ent tool of for alities' Less nu !ers of !ranches' Clients face %ro!le s to !e insured due to lar#e nu !er

OPPORTUNITIES
(ncreasin# %urchasin# %ower of the %eo%le 3u#e ,avora!le #overn ent %olicies and su%%ort' arket is literall& unta%%ed' Out of esti ated DB; Million insura!le

%eo%les" onl& B;N are insured'

T32EAT.
da& ,or the (nsurance sector #overn ent the (2DA !od& which is undertaken record of acco %lish ent of all the co %anies and char#e rules da& !& ore ri#id which is ver& difficult for the co %an&T

Tou#h co %etition due to entr& of new %la&ers and it is increased da& !& da&' Weak %erce%tion of %rivate %la&ers in the %eo%le' inds of (ndian

ING VYSYA PRODUCT INTRODUCTION

ING J VYSYA) BUSINESS &PRODUCTS/ K FUTURE PLANS

(NG /&s&a =a #rou% ter inolo#&> has D !usinesses in (ndia" (NG )/&s&a Life (nsurance" (NG )/&s&a 5ank and (NG )/&s&a Mutual ,und' (NG )/&s&a 5ank is a %re ier %rivate sector !ank with a F;)&ear herita#e and <'G Mutual ,und is a id si6ed asset illion satisfied custo ers' (NG )/&s&a ana#e ent co %an& with a retail investor focus'

PRODUCT CENTERED PLANS

At (NG /&s&a Life" there is nothin# that hold hi#her than life itself' (NG v&s&a therefore view its %lans not as ta7 savin# devices !ut as a eans to add %rotection to life' (t !elieves in enhancin# the ver& 4ualit& of life" in addition to safe#uardin# its custo er?s securit&' (ts %roducts are desi#ned in a wa& that hel%s custo ers !ear heav& e7%enses while !uildin# ho e or %rovidin# for their childrenPs education and arria#e' (t akes sure that %ost)retire ent &ears are carefree and secure" ensurin# fa il& and loved ones are %rotected a#ainst financial difficulties in the event of a %re ature death' De%endin# on their %ersonal needs" %riorities and individual res%onsi!ilities" the& can #o for a 8rotection" .avin# or (nvest ent %lan' (f a custo er is not sure of which %lan would suit hi !est" he could use the Life Maker" an a%%lication develo%ed for that ver& %ur%ose'

Li-e M! er The Life Maker" a tool that assists custo ers in !uildin# a co %lete financial %lan for life !& hel%in# the understand the !asic needs for !u&in# life insurance J 8rotection" .avin#" 2etire ent and invest ent' Pr,*e'*i,"0 ,irst" life insurance hel%s %rotect custo er?s inco e and their fa il&?s financial future in case he is not around'Con4uerin# Life S!vi"$0 second" life insurance works as a lon# ter to achieve ones life #oals' (t also #ives ta7 !enefits' Re*ire.e"*0 Third" life insurance retires and hel%s akes sure that custo er has re#ular inco e after he aintain standard of livin#' savin#" thus #ivin# financial stren#th

I"ve2*.e"*0 ,inal" life insurance is safe" lon#)ter invest ents' CHILD<S PROTECTION PLAN Cre!*i"$ Li-e C%i)# Pr,*e'*i," P)!" W%!* '!" *%i2 1)!" #, -,r +,(L

invest ent" free fro

the risks of the

arket swin#s' At the end of the ter " custo er or his fa il& can en*o& added returns on

This %lan is %erfect if &ou have s all children' 0ou can %rovide for their future !& settin# aside a s all %ortion of &our current inco e' The children %ursue their drea will %rovide i ti e when the& need it' The Creatin# Life Child 8rotection 8lan hel%s &ou ensure that &our children?s future is secure and %ros%erous" so the& can %ursue their drea s no atter what the future !rin#s' ediate relief and the one& &ou set aside will hel% &our even when &ou are not around to take care of the ' Death cover aturit& !enefit will co e to &our child at the ri#ht

Ke+ Fe!*(re2

Guaranteed Maturit& 5enefits =8a& ent in case of Death and at Maturit&> ,le7i!le Maturit& 5enefit O%tions 5uilt)in Waiver of 8re iu 5enefit

Be"e-i*2 G(!r!"*ee# .!*(ri*+ 9e"e-i*2

The su aturit&' assured and the accu ulated co %ound reversionar& !onus are %aid on

aturit&' A final additional !onus !ased u%on the %erfor ance of co %an& is %aid on

De!*% Be"e-i*2

U 0our child will receive the su

assured in case of &our death' assured on death is %aid' !enefit>'

U The %olic& continues even after the su

U No %re iu s have to !e %aid after the death of the %arent whose life is insured =5uilt)in waiver of %re iu U 0our child will be eligible for guaranteed maturity benefits.

A##i*i,"!) Be"e-i*2 Ri#er Be"e-i*2

(ncrease &our covera#e at a no inal e7tra cost !& o%tin# for an& of our riders Ter 2ider" Accidental Death 2ider" Accidental Death" Disa!ilit& $ Dis e !er ent 2ider and Waiver of 8re iu s 2ider'

L,!" Be"e-i*
After %a&in# a %re iu for three &ears" &ou will !e eli#i!le for a loan'

M!*(ri*+ Be"e-i*
0our child can either receive a lu % su install ents after the aturit& date' or receive the a ount in D or G e4ual

T!3 Be"e-i*2
Ta7 !enefits under .ection AA and .ection <; =<;D> are availa!le on all our life insurance %lans and riders'

L,, 4i" Peri,#

This is a 15-day period for you to go through the terms and conditions and decide upon taking or canceling the policy.

Pr,#('* Fe!*(re2

E)i$i9i)i*+
Mini u Ma7i u Ma7i u entr& a#e9 <A &ears entr& a#e9 GG &ea aturit& a#e9 HG &ears

Pre.i(. P!+.e"* Ter.

Choose %re iu %a&in# ter s of <; ) BG &ears

Pre.i(. P!+.e"* O1*i,"2

Annual" half)&earl&" 4uarterl& or onthl&

Mi"i.(. Pre.i(. P!+!9)e

Annual: Rs. 6 !!! 3alf)0earl&9 2s' D" ;;; Vuarterl&9 2s' <" G;; Monthl&9 2s' FG;

RETIREMENT PLAN BEST YEARS WHAT IS THIS PLAN ALL ABOUTL

(NG /0.0A Life (nsurance +5est 0ears 2etire ent %lan +#ives &ou ca%ital #uarantee while %rotection &ou fro at a lower cost' arket swin#' (t also #ives &ou an o%%ortunit& to invest ents

HOW DOES THE BEST YEARS RETIREMENT PLAN WORKSL

An (NG /0.0A Life Lion will first hel% &ou in decline on a re#ular contri!ution to !e ade ever& &ear" which will ensure an ade4uate %ension on retire ent at a vestin# date of &our choice' 0ou have the co %lete fle7i!ilit& to decide the ti e" a ount and fre4uenc& of contri!utions &ou ake each &ear'

All contri!ution will !e transferred to &our individual %ension account =(8A> and char#es" as a%%lica!le" will then !e deducted The !alance in (8A will !e invested in the (NG /0.0A Ca%ital Guaranteed %lan" which is invested as follows' The !onus interest will !e in %ro%ortion to %eriod for which the &our (8A on D<st of March each &ear' onies are

invested in the (NG /0.0A Ca%ital Guaranteed %lan the &ear and will !e credited to

MAIN BENEFITS
On &our attainin# the chosen vestin# date" u% to one)third of the !enefit a ount can !e withdrawn and it is ta7 free under section <;=<;A> of the (T Act' The !alance a ount will !e utili6ed to %urchase an annuit&' (n case of death durin# the ter " &our s%ouse will have the followin# o%tions in res%ect of the !enefits under the %olic& (n case there is no s%ouse" the !enefit a ount will !e %aid in lu %su no ineeKle#al heirs' to the

 5alance in assured (8A is #uaranteed on chosen date or on death' The assured also have the fle7i!ilit& To choose the re#ular contri!ution to !e To invest additional a ounts in the for ade each &ear' of To%)u% contri!utions' eet the re#ular

To take u% a contri!ution holida& when &ou are una!le to contri!ution' To start the %ension when &ou wish' To %ost%one &our retire ent date to To attach the ter rider if &ou wish ake !est use of

arket conditions'

Contri!utions OTHER FEATURES

ade are eli#i!le for ta7 e7e %tion under section A; ccc of the

inco e Ta7 Act'

Mini u Ma7i u Mini u ELIGIBILITY Ma7i u Mini u

entr& a#e entr& a#e defer ent %eriod defer ent %eriod vestin# a#e

<A&rs HG&rs G&rs GB&rs :G&rs F;&rs

Ma7i u vestin# a#e S,(r'e0 www'in#v&s&ains'co

LAPSE OF THE POLICY

(, assured is una!le to eet the re#ular contri!utions in an& &ear for an& reason" the

%olic& will not la%se and will continue to e7ist and accrue !enefits" !ased on the invest ent %erfor ance of the (NG /0.0A Ca%ital Guaranteed 8lan'

SURRENDER
The %olic& can !e surrendered for cash after D &ears' The surrender value will !e the accu ulated !alance in the (8A at the ti e of surrender less a surrender 8enalt& as

deter ined !& the co %an& fro

ti e to ti e' The #uaranteed surrender value is H;N of

the !alance (8A at the ti e of surrender'

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE

HDFC S*!"#!r# Li-e I"2(r!"'e

3D,C .tandard Life (nsurance Co %an& is a *oint venture !etween 3D,C Ltd" (ndia?s Lar#est housin# finance institution and .tandard Life Assurance Co %an&" Euro%e?s lar#est natural life insurance co %an& has 3ead Office in Eden!ara =1'K'>' (t was the first co %an& to !e #ranted a certificate of re#istration !& (2DA on D rd of Octo!er B;;;' .tandard Life" 1K was founded in <ABG and has e7%erience of over <A; &ears? co %anies' The co %an& is rated as +ver& stron# + !& .tandards $ 8oor?s = AA > and +E7cellent- !& +Mood&?s-' 3D,C .tandard life?s cu ulative %re iu inco e included the first &ear %re iu s and renewal %re iu s are 2s HFB'D carores of the financial &ear" A%ril)Nove !er B;;G' .o far as the co %an& has covered over <<";;";;; individuals and has declared Gth consecutive !onus in as with %rofit %olic&holders' an& &ears for its

Hi2*,r+ ,- *%e C,.1!"+

3el%in# (ndians e7%erience the *o& of ho e ownershi% . The road to success is a tou#h and challen#in# *ourne& in the dark where onl& o!stacles li#ht the %ath' 3owever" success on a terrain like this is not without a solution' As co %an& was found out over two decades a#o" in <@@F" the solution for success is custo er?s satisfaction' All one need is the coura#e to innovate" the skill to understand one?s clientele and the desire to #ive the the !est' Toda&" over a illion satisfied custo ers whose drea 3D,C the hel%ed reali6e" stand testi onial to co %an&?s success' Co %an&?s o!*ective" fro Now" 3D,C is offerin# a ran#e fro

!e#innin#" has !een to enhance residential housin# stock and %ro ote ho e ownershi%' hassle)free ho e loans and de%osit %roducts" to %ro%ert& related services and a trainin# facilit&'3D,C offer s%eciali6ation financial services to its custo er !ase throu#h %artnershi% with so e of the !est financial institutions worldwide'

Mi22i,"
The co %an& ai not *ust to !e the to% new life insurance co %an& in the ost %roductive co %an& in the arket' This does arket; rather it is a

ean the lar#est or the

co !ination of several thin#s like9 Custo er service of the hi#hest order' /alue for one& for custo ers' in carr&in# out !usiness'

8rofessionalis

(nnovative %roducts to cater to different needs of the different custo ers' 1se of technolo#& to i %rove service standards' (ncreasin# arket share'

V!)(e2
.ecurit& 8rovides lon#)ter financial securit& to the %olic& holders will !e'

Our constant Endeavour" the co %an& will !e doin# this !& offerin# life insurance and %ension %roducts' Trust" the co %an& a%%reciate the trust %laced !& our %olic&holders in us' 3ence" the co %an& will ai trust' to ana#e their invest ents ver& carefull& and live u% to this

(nnovation" reco#ni6in# the different needs of the custo ers" the co %an& will !e offerin# a ran#e of innovative %roducts to eet these needs'

The co %an&

ission is to !e the !est new life insurance co %an& in (ndia and these

are the values that will #uide us in this'

T%e P!r*"er2%i1 ,- HDFC K S*!"#!r# Li-e0

The co %an& was incor%orated on <:th Au#ust B;;; under the na e of 3D,C .tandard Life (nsurance Co %an& Li ited' Co %an& a !ition fro " as far as !ack as Octo!er <@@G" was to !e the first %rivate co %an& to re)enter the life insurance arket in (ndia'

On the BDrd Octo!er B;;;" this a !ition was reali6ed when 3D,C .tandard Life was the onl& life co %an& to !e #ranted a certificate of re#istration' 3D,C are the ain shareholder in 3D,C .tandard Life" with A<':N while .tandard a7i u invest ent

Life?s e7istin# invest ent in the 3D,C Grou%" this is the

allowed under current re#ulations' 3D,C and .tandard Life have a lon# and close relationshi% !uilt u%on shared values and trust' The a !ition of 3D,C .tandard Life is to irror the success of the %arent co %anies and !e the &ardstick !& which all other easured' insurance co %anies in (ndia are

Pr,#('*2 !"# Servi'e2

(n Ianuar& B;;; an e7%ert tea fro the core %ro*ect tea fro 1K *oined a hand %icked tea fro 3D,C to

!ased in Mu !ai' Around this ti e" .tandard Life ana#e ent co %an&

%urchased a further GN stake in 3D,C and a GN stake in 3D,C !ank' (n a future develo% ent" .tandard life a#reed to %artici%ate in the asset %ro oted !& 3D,C to enter the on B;th Iul& B;;;' utual fund arket' The Mutual funds was launched

I"',r1,r!*i," ,- HDFC S*!"#!r# Li-e I"2(r!"'e C,.1!"+ Li.i*e#

The co %an& was incor%orated on <:th Au#ust B;;; under the na e of 3D,C .tandard Life (nsurance Co %an& Li ited' Our a !ition fro as far a!ack as Octo!er <@@G was arket in (ndia' On the BDerd to !e the first %rivate co %an& to renter the life insurance #ranted certificate of re#istration' 3D,C are the

of Octo!er B;;; this a !ition was reali6ed when 3D,C .tandard Life co %an& to !e ain shareholder in 3D,C .tandard Life A<':N while .tandard life own <A'HN #iven .tandard Life?s e7istin# invest ent allowed under current re#ulations' 3D,C and .tandard life have a lon# and close relationshi% !uilt u%on shared values and trust' The a !ition of 3D,C .tandard Life is to irror the success of the %arent co %anies and !e the &ardstick !& which all other easured' insurance co %an&?s in (ndia are

HDFC STANDARD LIFE INSURANCE SWOT ANALYSIS

STRENGTHS
Ade4uate financial stren#th of the co %an&' Good 5rand ( a#e a on# custo ers' Mini u char#es for surrendin# %olic&'

3D,C is !i##est (nstitution in the 5ankin# .ector and financial sector in (ndia'

WEAKNESS
Less awareness a on# the custo ers a!out the insurance as an invest ent tool' Less nu !ers of e %lo&ees' 3D,C .tandard Life (nsurance %re iu s are hi#h in co %arison of L(C' 3D,C .tandard Life (nsurance tar#eted in hi#h)inco e #rou%'

OPPORTUNITIES
(ncreasin# !u&in# %ower of the %eo%le' ,avora!le #overn ent %olicies and su%%ort' (ncreasin# de and of the insurance' Due to lon# e7%erience in financial sector will #ive hi#h %riorit& to 3D,C than other new %la&ers'

T32EAT.
Entr& of new %la&ers' And #overn ent %olicies Tou#h co %letion fro L(C'

 Child and 8ension %lan are

a*or %lan of the 3D,C .tandard Life and <: new

co %anies also launchin# their 8ension and Children 8lan'

PRODUCTS OF HDFC STANDARD LIFE INSURANCE

CHILDREN<S PLAN WHAT IS CILDREN<S PLANL

Children?s %lan is desi#ned to %rovide a lu % su " to the child at aturit&' (t also

%rovides financial securit& to the child in future" even in case of the insured %arents? unfortunate death durin# the %olic& ter ' Children?s %lan receives si %le reversionar& !onuses" which are usuall& added annuall&' This is a fle7i!le %lan with three o%tions for &ou to choose fro " de%endin# on &our re4uire ents' The details of these o%tions are e7%lain in the ne7t section The eli#i!ilit& a#es for the life assured under the %lan are as follows9 Mini u Ma7i u Ma7i u Mini u A#e At Entr& A#e At Entr& A#e At Maturit& Ter 9 <; &ears <A &ears H;&ears FG&ears Ma7i u Ter 9 BG&ears

I"#i'!*ive Pre.i(.2 P,)i'+ T+1e 2e#ular %re iu .in#le %re iu Mi"i.(. <; M!3i.(. :; Mi"i.(. <A M!3i.(. H; Mi"i.(. G; Mi"i.(. F?

G;

<G

DG

H;

G;

F;

C%i)#<2 C(rre"* A$eM 5+e!r A$e ,- P!re"* &+e!r2/ D; DG :; M!*(ri*+ Be"e-i* P)!" &R2./ A''e)er!*e# Be"e-i* P)!" &R2./ D,(9)e Be"e-i* P)!"&R2./ :"@DF G";FA G"DB<

:"HGA :"ADG :"HA: :"@B@ :"FD< G";@A S,(r'e0 www'hdfcstandardlife'co

The a!ove 4uoted %re iu s are for a < lack su %re iu 4uoted a!ove

ale life assured %a&in# annual %re iu s for a 2s' aturin# when the child is B< &ears old' The

assured %olic&" with the %olic&

a& ver& !ecause of underwritin#' C%i)#<2 C(rre"* A$e0 H+e!r2

A$e ,- P!re"* &+e!r2/ D; DG :;

M!*(ri*+ Be"e-i* P)!" &R2./

A''e)er!*e# Be"e-i* P)!" &R2./

D,(9)e Be"e-i* P)!" &R2./ F"BAB F"D@; F"G@D

F";D@ F"<:B F";HD F"<@H F"<;F F"D;; S,(r'e0 www'hdfcstandardlife'co

O The a!ove 4uoted %re iu s are for a 2s' < lack su The %re iu 4uoted a!ove

ale life assured %a&in# annual %re iu s for a aturin# when the child is B< &ears old'

assured %olic&" with the %olic&

a& ver& !ecause of underwritin#'

PERSONAL PENSION PLAN WHAT IS PENTION PLAN

The co %an& understands the needs of its custo ers to !uild a secure future for the ' 3ence" the 3D,C 8ersonal 8ension 8lan is an insurance %olic& that is desi#ned to %rovide a %ost retire ent inco e for life with the freedo date' 0ou can choose &our %re iu " the su the %olic& ter " &ou will receive the su %rovide &ou %ost)retire ent inco e' THE BENEFITS OF THE PLAN9 The %lan %rovides a %ost retire ent inco e in &our #olden &ears' (t #ives &ou the fle7i!ilit& to %lan &our retire ent date' (t #ives &ou ta7 !enefits on &our %re iu s' BONUS The %lan receives .i %le 2eversionar& !onuses" which are usuall& added annuall&' At the end of the ter an additional Ter inal 5onus a& !e %aid" assured and &our retire ent date' At the end of assured %lus an& attachin# !onus " which will to choose their retire ent

de%endin# on the %erfor ance of the underl&in# invest ent'

AGE AND TERM LIMITATION0

P,)i'+ *+1e

Ter. Peri,# &+r2/

Mi"i.( . <; M!3i.( . :;

A$e !* e"*r+
&Yr2/

A$e !* re*ire.e"* &+r2/

Mi"i.( . G; M!3i. (. F;

Re$()!r 1re.i(. Si"$)e 1re.i(.

Mi"i.( . <A

M!3i. (. H;

<G

DG

H;

G;

F;

S,(r'e0 www'hdfcstandardlife'co

BONUSES
The reversionar& !onus is usuall& declared annuall& as a %ercenta#e of the !asic su invest ent returns assured of &our %olic&

The ter inal !onus is so eti es added to a %olic& on vestin# and allowed the co %an& to %a& a fair share of with the %rofit fund" !ased on the ortalit& and other e7%erience over &our %olic& %lan'

BENIFITIARIES
On &our chosen retire ent =vestin#> date" &ou will #et the lu % su su cash lu % su W' The rest ust !e converted to annuit&' assured %lus an& attachin# !onus' 0ou can take u% to <KD rd of &our su assured as a ta7)free co %risin# the

0ou can !u& annuit& fro another insurer also'

(n case of unfortunate de ise durin# the %olic& ter " &our no inee will receive the followin#' POLICY TYPE BENIFITS De ise with first &ear De ise after first &ear 2e#ular %re iu %olic& A;N of the %re iu %aid 8re iu %aid to date alon# with co %ound interest calculated at A;N %er annu ' .u assured W !onus declared to date' BENIFITS

.in#le %re iu

%olic&

@;N of the %re iu

%aid

S,(r'e0 www'hdfcstandardlife'co

TAN BENEFIT
0ou will !e eli#i!le for Ta7 !enefits under section A;C of the (nco e Ta7'

SURRENDER THE POLICY

have %aid %re iu ini u This %lan is desi#ned to %rovide &ou with the %ossi!le value over the lon#er ter surrender value' ,or re#ular %re iu %olicies" the #uaranteed ini u a7i u and the %roduct features su%%ort this ai ' (f &ou

continuousl& for D &ears" than the contract ac4uires a #uaranteed

surrender value includin# the value of an& attachin# !onuses is G;N of the %re iu s %aid su!se4uent to the first &ears in res%ect of the !asic !enefit" e7cludin# all additional %re iu s'

,or sin#le %re iu " %olicies" the #uaranteed surrender value" includin# the value of an& attachin# !onuses is <;N of the sin#le %re iu res%ect of the !asic !enefit =e7cludin# additional %re iu s>' %aid in

TERM ASSURANCE PLAN WHAT IS TERM ASSURANCE PLAN

1nder this %lan " a su ter assure is %a&a!le in case of death of the life assured durin# the that would re%lace the inco e lost

of the contract' One can choose the lu % su

to one?s fa il& in the unfortunate death' .ince this non) %artici%atin# =with out %rofit> %lan is a %ure risk cover %lan" no !enefits are %a&a!le on survival to the end of the ter of the %olic&' W%+ S%,()# Y,( B(+ T%i2 P)!"L (f &ou have a fa il& then &ou care for" &ou should consider what would ha%%en in case of &our unfortunate death' The e otional void cannot !e filled" !ut financial insecurit& can !e a sin#le life !asis or a *oint life =first clai > !asis' The eli#i!ilit& a#es are as follows9 BASIC POLICY AGE Mini u Ma7i u Ma7i u a#e at entr& a#e at entr& a#e at e7%ir& <A H; HG S,(r'e0 www'hdfcstandardlife'co 5& takin# this afforda!le life insurance %lan" &ou can %rovide for the well)!ein# of &our fa il& in case of &our unfortunate death' This %lan co es to &ou at a is well suited for the value)conscious custo er' ini al cost and POLICY WITH ANY OPTIMAL BENIFIT <A GG HG

RESEARCH METHODOLOGY

Pr,9)e. F,r.()!*i," (n insurance scenario" there %revails a hu#e co %etition !etween the %rivate %la&ers and the %u!lic sector %la&ers' A on# the %rivate sector itself" a hi#h de#ree of co %etition e7ists a on# the %rivate %la&ers itself' (n this %ers%ective" 3D,C .tandard Life (nsurance #ivin# still co %etition to (NG /&s&a Life (nsurance" the %ro!le co %arison' RESEARCH OBAECTIVES To co %are (NG /0.0A L(,E (N.12ANCE and 3D,C .TANDA2D L(,E (N.12ANCE' To find out the custo ers o%inion a!out !oth co %anies' To anal&6e the insurance arket' with which the %ro*ect deals in the

RESEARCH DESIGN The research will !e of descri%tive t&%e and a stud& will !e undertaken to co %are the (NG /0.0A L(,E (N.12ANCE and 3D,C .TANDA2D L(,E (N.12ANCE on the !asis of followin# %ara eters' <> Lockin# 8eriod B> 2isk cover D> Maturit& A ount :> A ount of 8re iu to !e 8aid and Accidental G> 5enefits like Medideui

H> Deductions and 2e!ates under sec'A;

F> .ocial securit& as%ects A> 8ension @> Gratuit& <;> <<> /oluntar& 2etire ent .che e' =/2.> ,eatures of 8olicies !etween 3D,C .tandard (nsurance and

(NG /0A.A (nsurance

SOURCE OF DATA COLLECTION 5oth the %ri ar& and secondar& ethods of data collection have !een used' (n %ri ar& ethod we have done structure interviews and surve& throu#h 4uestionnaires' (n the secondar& data was collected !& referrin# throu#h we!sites" *ournals" !ooks" a#a6ines and old thesis'

SAMPLING METHOD The sa %lin# ethod chosen for the stud& is cluster sa %lin#' (n this t&%e in

of sa %lin#" the %o%ulation is divided into clusters where ever& ite an e4ual %ro!a!ilit& of !ein# selected' SAMPLING SI@E G; res%ondents' AREA OF STUDY Dehradun

%o%ulation has an e4ual chance of inclusion' The %rocedure #ives each ite

ANALYSIS AND DISCUSSION

O5. W%!* #, +,( ",C !9,(* I"2(r!"'eL

Insurance cover risk Insurance is prevention of losses Insurance provides profitable investments Insurance is savings All of the above

INTERPRETATION0 This #ra%h shows out of the G; res%ondents <;N res%ondents know a!out insurance cover risk" AN res%ondents know insurance is %revention of losses" HN res%ondents know insurance %rovides %rofita!le invest ents" HN res%ondents know insurance is savin# and F;N res%ondents know all of the a!ove'

O7.D, +,( ",C !9,(* ING VYSYA Li-e I"2(r!"'e !"# HDFC S*!"#!r# Li-e I"2(r!"'eL

Yes No

O8. H,C #, +,( ',.e *, ",C !9,(* I"2(r!"'eL

Newspapers Advertisement Friends T.V. Advertisements InsuranceAdvisor

O:. W%i'% I"2(r!"'e 1)!" %!ve +,( 1(r'%!2e#L I- ",*, *%e" )e!ve *%e F(e2*i,"L

Child s !rotection !lan "etirement !lan #nit linked Insurance !lan Term$Insurance !lan %one& 'ack !lan

O;. A'',r#i"$ *, +,(, C%i'% I"2(r!"'e 1)!" i2 9e2* -,r +,(L

Child s !rotection !lan "etirement !lan #nit linked Insurance !lan Term$Insurance !lan %one& 'ack !lan

OI. Fr,. C%i'% i"2(r!"'e ',.1!"+ %!ve +,( 1(r'%!2e# ,r i"*e"# *, 1(r'%!2e *%e 1)!"L

IN( VYA)A *ife Insurance +,FC )tandard *ife Insurance *ife Insurance Corporation ICICI !rudential )'I *ife Insurance

OH. T, C%!* e3*e"*, !re +,( 2!*i2-ie# Ci*% *%e 2ervi'e2, )i eL

gri4eance /andling
number of res2ondents 23.33. 43.33. /3.33. 3.33. --.--. /0.00. 12.22. +ighl& satisfied Neither satisfied 3. 3. +ighl& dissatisfei 3. +ighl& dissatisfei )eries1 )eries1

categories of res2ondents

Fi$(re ",.5

customer relationshi2 ser4ices

number of res2ondents --.--. 23.33. 43.33. 12.22. -.--. 11. /3.33. 3.33. +ighl& satisfied Neither satisfied

categories of res2ondents

Fi$(re ",.7

Ad4isor5s ser4ices
number of res2ondents 21.11. 53.33. 23.33. //. 12.22. 43.33. /3.33. 3.33. 3.33. +ighl& satisfied Neither satisfied

3. +ighl& dissatisfei 2. +ighl& dissatisfei

)eries1

categories of res2ondents

Fi$(re ",.8

Product (nformation
number of res2ondents 44.44. -3.33. /0.00. 43.33. 63.33. 12.22. 2. /3.33. 13.33. 3.33. +ighl& satisfied Neither satisfied

)eries1

categories of res2ondents

Fi$(re ",. :

"laim Settlement Ser4ices

number of res2ondents --.--. 23.33. /0.00. 43.33. -.--. 2. /3.33. 3.33. +ighl& satisfied Neither satisfied

2. +ighl& dissatisfei

)eries1

categories of res2ondents

Fi$(re ",.;

OG. T, C%!* e3*e"# !re +,( 2!*i2-+ Ci*% *%e P,)i'+ P!r!.e*er2, )i eL
$oc6ing Period
number of res2ondents 23.33. 43.33. /3.33. 3.33. --.--. /0.00. 12.22. +ighl& satisfied Neither satisfied 3. 3. +ighl& dissatisfei )eries1

categories of res2ondents

Ris6 co4er
number of res2ondents --.--. 23.33. 43.33. 12.22. -.--. 11. /3.33. 3.33. +ighl& satisfied Neither satisfied

3. +ighl& dissatisfei

)eries1

categories of res2ondents

(nsurance accordin# to res%ondents is" @N sa&s insurance is sa&s insurance cover risk" <HN sa&s sa&s insurance is savin#s and ::N sa&s all of the a!ove'

%revention of losses" <BN

insurance %rovides %rofita!le invest ents" <@N

Amount on Maturit0
number of res2ondents 21.11. 53.33. 23.33. //. 12.22. 43.33. /3.33. 3.33. 3.33. +ighl& satisfied Neither satisfied

3. +ighl& dissatisfei 2. +ighl& dissatisfei

)eries1

categories of res2ondents

Benefits li6e Medicliam 7Accidental

number of res2ondents 44.44. -3.33. /0.00. 43.33. 63.33. 12.22. 2. /3.33. 13.33. 3.33. +ighl& satisfied Neither satisfied

)eries1

categories of res2ondents

Amount of Premium
number of res2ondents --.--. 23.33. /0.00. 43.33. -.--. 2. /3.33. 3.33. +ighl& satisfied Neither satisfied

2. +ighl& dissatisfei

)eries1

categories of res2ondents

Deductions7 Rebates
number of res2ondents 23.33. 43.33. /3.33. 3.33. --.--. /0.00. 12.22. +ighl& satisfied Neither satisfied 3. 3. +ighl& dissatisfei )eries1

categories of res2ondents

Social securit0 as2ects

number of res2ondents --.--. 23.33. 43.33. 12.22. -.--. 11. /3.33. 3.33. +ighl& satisfied Neither satisfied

3. +ighl& dissatisfei 3. +ighl& dissatisfei

)eries1

categories of res2ondents

Pension
number of res2ondents 21.11. 53.33. 23.33. //. 12.22. 43.33. /3.33. 3.33. 3.33. +ighl& satisfied Neither satisfied

)eries1

categories of res2ondents

'ratuit0
number of res2ondents 44.44. -3.33. /0.00. 43.33. 63.33. 12.22. 2. /3.33. 13.33. 3.33. +ighl& satisfied Neither satisfied

2. +ighl& dissatisfei 2. +ighl& dissatisfei

)eries1

categories of res2ondents

,oluntar0 Retirement Scheme8,RS9

number of res2ondents --.--. 23.33. /0.00. 43.33. -.--. 2. /3.33. 3.33. +ighl& satisfied Neither satisfied

)eries1

categories of res2ondents

CONCLUSION
Throu#h the surve&" we can conclude that the different anal&6ed se# ent =Co !ine" Gender" and Occu%ation> reflects a scenario" where the consideration' <> 8eo%le are of the o%inion that insurance is not onl& acts as a risk cover !ut also acts a savin# instru ent' B> Ma*orit& of the %eo%le are co e to know a!out the insurance throu#h T'/ Advertise ents' D> The insurance %lan that consu ers have %urchased is Ter 8rotection %lans' And !est for the ' :> Ma*orit& of %eo%le have %urchased insurance %lan fro Cor%oration" reflects the faith of consu ers on it' G> A nu !er of %eo%le are of the o%inion that Grievance 3andlin# service" Custo er 2elationshi% service and 8roduct (nfor ation services of the co %an& are satisfactor& fro which %eo%le have %urchased the %lan' H> 8eo%le are of the o%inion that L(C and (NG /0.0A Life (nsurance are the !est service %rovider co %anies' F> Lar#e nu !er of custo ers? vi6'" housewives" !usiness en" Govt' e %lo&ees" 8vt' e %lo&ees" and %rofessionals are ore interested in (NG /0.0A in co %arison to 3D,C .tandard Life (nsurance' Now" (NG is develo%in# ra%idl& !ut it needs to co %ete with other %la&ers like L(C" to !eco e Nu !er One (nsurance Co %an&' Life (nsurance insurance and 1nit Linked insurance %lan" reflects that the& are interested in (nvest ent and ost of the %eo%le have %erce%tion that 8rotection %lan is a*orit& %eo%le a#ree to one

REFERENCES
Kotler 8hili%" +Marketin# Mana#e ent-" B;;D" 8u!lished !& 8earson Education =.in#a%ore>' Kothari' C'2' +2esearch Methodolo#&- =Bnd Edition>" Wishwa 8rakashan' Ku ar 2an*it" +2esearch Methodolo#&- =Bnd Edition>" .a#e 8u!lications" Delhi' www.ingvysyains.com www.hdfcstandardlifeinsurance.com www.irda.com

APPENDIN

OUESTIONNAIRE
NAME0 ADDRESS0 CONTACT NO0 AGE BG)DG DH):G :H)GG GHXa!ove SEN Male ,e ale EDUCATION 3i#h school (nter ediate Graduate 8ost Graduate 8rofessional An& other OCCUPATION 5usiness an 3ousewives 8vt' .ervice Govt' service 8rofessional INCOME G;;<)<;;;; <;;;<)<G;;; <G;;<)B;;;; B;;;<)DG;;; DG;;<)A!ove

O5. What do &ou know a!out (nsuranceT a> (nsurance cover risk' !> (nsurance is %revention of losses' c> (nsurance %rovides %rofita!le invest ents' d> (nsurance is savin#s' e> All of the a!ove' O7. 3ow do &ou co e to know a!out (nsuranceT a> News%a%ers Advertise ent' !> ,riends' c> T'/' Advertise ents' d> (nsurance Advisor' e> (f an& other" %lease ention QQQQQQQQQQ' O8. Which (nsurance %lan have &ou %urchasedT (f not" then leave the 4uestion' a> Child?s 8rotection 8lan' !> 2etire ent 8lan' c> 1nit linked (nsurance 8lan' d> Ter )(nsurance 8lan e> Mone& 5ack 8lan

O:. Accordin# to &ou" which (nsurance %lan is !est for &ouT a> Child?s 8rotection 8lan' !> 2etire ent 8lan' c> 1nit linked (nsurance 8lan' d> Ter )(nsurance 8lan e> Mone& 5ack 8lan O;. ,ro which insurance co %an& have &ou %urchased the %lanT

a> (NG /0.0A Life (nsurance' !> 3D,C .tandard Life (nsurance' c> Life (nsurance Cor%oration' d> (C(C( 8rudential' e> .5( Life (nsurance' f> (f an& other" %lease ention' QQQQQQQQQQ' OI. To what e7tent" are &ou satisfied with the services" likeT .ervices 3i#hl& .atisfied .atisfied Neither Dissatisfied 3i#hl& .atisfied Dissatisfied Nor Dissatisfied

Grievance 3andlin# Custo er 2elationshi% .ervices Adviser?s .ervices 8roduct (nfor ation Clai .ettle ent .ervices'

OH. 8lease rank" accordin# to &ou" which co %an& is the !est service %roviderT a> (NG /0.0A Life (nsurance !> 3D,C Life (nsurance c> Life (nsurance Cor%oration' d> (C(C( 8rudential' e> .5( Life (nsurance'