INTRODUCTION

The service industry is one of the fastest growing sectors in India today. The upcoming
sectors which are really showing the graph towards upwards are - Telecom, Banking, and
Insurance. These sectors really have a lot of responsibility towards the economy.
Amongst the above-mentioned areas insurance is one sector, which took a lot of time in
positioning itself. The insurance business of non-life companies was not much in problems
but the major problem was with life insurance. Life Insurance Corporation of India had
monopoly for more than 45 years, but the picture then was completely different. Previously
people felt that Insurance is only for classes not for masses but now the picture is viceversa.
The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessmen today to secure themselves against loss and disaster existed in
primitive men also. They too sought to avert the evil consequences of fire and flood and loss
of life and were willing to make some sort of sacrifice in order to achieve security. Though
the concept of insurance is largely a development of the recent past, particularly after the
industrial era past few centuries yet its beginnings date back almost 6000 years.
The year 1818 Oriental Life Insurance Company started by Life Insurance in its modern form
came to India from England in Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with
the purpose of looking after the needs of European community and these companies were not
insuring Indian natives. However, later with the efforts of eminent people like Babu Muttylal
Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were
being treated as sub-standard lives and heavy extra premiums were being charged on them.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance
company in the year 1870, and covered Indian lives at normal rates. Starting as Indian
enterprise with highly patriotic motives, insurance companies came into existence to carry the
message of insurance and social security through insurance to various sectors of society.
Bharat Insurance Company (1896) was also one of such companies inspired by nationalism.
The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United

India in Madras, National Indian and National Insurance in Calcutta and the Co-operative
Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance
Company took its birth in one of the rooms of the Jorasanko, house of the great poet
Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi
Life (later Bombay Life) were some of the companies established during the same period.
Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the
Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance
Companies Act 1912 made it necessary that the premium rate tables and periodical valuations
of companies should be certified by an actuary. But the Act discriminated between foreign
and Indian companies on many accounts, putting the Indian companies at a disadvantage.
The formation of IRDA, entrance of private life insurance companies into India with one
foreign partner, compulsory training of Insurance agents etc. developments started to take
place. And this was the time when these companies started searching for proper channel
partners who can help the organization in expanding its network and business in India.
Channel partners are those who are going to be into direct selling of companys products i.e.
the insurance policies. They are the link between the customers and the management or
company. These channel partners are people with different profiles. They are selected on
some grounds like their network of people, their problem handling ability, convincing power
and lot many things.
The main idea behind companys Questionnaire Survey is to find out and analyze the proper
profile that can be recruited by company as a channel partner. Company has been focusing on
some of the profile that can be very beneficial for the company. For example Chartered
Accountants, Tax Consultants, Postal agents, Banks Daily Collection Agents etc. the main
idea behind targeting the above profile is strong client network which is really very important
for an insurance company.
The project title is Potential of Life Insurance Industry in davanagere Market. This
shows the scope for private insurance companies have great opportunities to cover the market
and can insure the customer. With the initiation of the deregulation in the Indian insurance
market, the monopoly of big public sector companies in life insurance market has been

broken. New private players have entered the market and with their innovative approaches
and better use of distribution channels and technology, they are eating in to the shares of
established public sector companies in Indian Insurance Market. Since the deregulation has
been put in to place, the market share of LIC has come down to 71.4% in life insurance
market while the private players have captured around 17% market in the general insurance
segment. This report includes the key private players in the insurance market such as ICICI
Prudential, Kotak Life Insurance Bajaj Allianz, Birla Sun life, and TATA AIG. It also includes
the leading competitors in the life insurance and general insurance segments along with their
market shares.

OBJECTIVES OF STUDY
The main of the present study of is accomplishing the following objective.
Proper understanding and analysis of life insurance industry.
To know about brand awareness of Bajaj Allianz Life Insurance and
customers preference about Bajaj Allianz Life Insurance.
Conduct market survey on a sample selected from the entire population and
derived opinion on that research.

According the market survey come to know about how much potential of
insurance market in our city.

And base on analysis of the result thus obtained make a report on that
research.
Along with it I will be gaining the thorough knowledge of insurance sector.
This will give me in more confidence in marketing products given to me.

LIMITATION
Some of the difficulties and limitations faced by me during my training are as follows:
Lack of awareness among the people
Perception of the people towards Insurance sector
Insurance does not give good returns
Lack of awareness about the earning opportunity in the Insurance sector
Increased competition

RESEARCH METHODOLOGY
Research always starts with a question or a problem. Its purpose is to question through the
application of the scientific method. It is a systematic and intensive study directed towards a
more complete knowledge of the subject studied. Marketing research is the function which
links the consumer, customer and public to the marketer through information- information

used to identify and define marketing opportunities and problems generate, refine, and
evaluate marketing actions, monitor marketing actions, monitor marketing performance and
improve understanding of market as a process.

Marketing research specifies the information required to address these issues, designs, and
the method for collecting information, manage and implemented the data collection process,
analyses the results and communicate the findings and their implication.

I have prepared our project as descriptive type, as the objective of the study demands the
answers of the question related to find the potentiality of life insurance in Gulbarga: How
much potential is there in Gulbarga?

DATA COLLECTION

PRIMARY SOURCES:
For my project, I decided on primary data collection method for observing
working of company and approaching customers directly in the field, tele-calling,
cold calling, campaigning and through references to know their interest in business
with company in my project and also make questionnaire for creating database of
business class people is Gulbarga city for company.

SECONDARY SOURCES:
I decided on Secondary data collection method was used by referring to various
websites, books, magazines, journals and daily newspapers for collecting information
regarding project under study.