UNIVERSITY OF MUMBAI

PROJECT ON

MARKETING AND SALES OF INSURANCE PRODUCTS

Bachelor of Commerce
Banking & Insurance
Semester VI
(2017-2018)

Submitted
In partial Fulfillment of the requirement for the
Award of Degree of Bachelor of Commerce – Banking & Insurance.

Submitted By,
SUJATA SURESH NACHARE
Roll No. –171039
Under Guidance,
ASST. PROF. ASHWIN BHANDURGE

MAHARSHI DAYANAND COLLEGE OF ARTS, SCIENCE &

COMMERCE
PAREL, MUMBAI – 400 012

MAHARSHI DAYANAND COLLEGE

OF ARTS, SCIENCE & COMMERCE
PAREL, MUMBAI – 400 012.
 CERTIFICATE

This is to certify that MISS SUJATA SURESH NACHARE of B. Com (Banking

& Insurance) Semester VI (2017-2018) has successfully completed the project on
GRIEVANCE REDRESSAL MECHANISM OF INSURANCE INDUSTRY
under the guidance of ASST.PROF.ASHWIN BHANDURGE.

Course Coordinator Principal

Project Guide/Internal Examiner External Examiner

 DECLARATION

I am SUJATA SURESH NACHARE, the student of B. com (Banking &

Insurance) Semester VI (2017-2018) hereby declares that I have completed the
Project on MARKETING AND SALES OF INSURANCE PRODUCTS. The
information submitted is true and original to the best of my knowledge.

Signature of student

Name of Student
SUJATA SURESH NACHARE
Roll no. 171039
 ACKNOWLEDGEMENT

The college, the faculty, the classmates & the atmosphere, in the college were all
the favorable contributory factors right from the point when the topic was to be
selected till the final copy was prepared. It was a very enriching experience
throughout the contribution from the following individuals in the form in which it
appears today. We feel privileged to take this opportunity to put on record my
gratitude towards them.

PROF. KUNAL SONI SIR made sure that the resource was made available in
time & also for immediate advice & guidance throughout making this project. The
principal of our college DR. T.P. GHULE and our Vice-Principal Mrs.
SANJEEVANI PHATAK has always been inspiring & driving force. We are
thankful to Mr. SANTOSH SHINDE associated with administration part of
Financial Markets & Banking &Insurance section has been very helpful in making
the infrastructure available for data entry.
 EXECUTIVE SUMMARY

Wherever there is uncertainty there is a risk. We do not have control on

uncertainties which involve financial losses. The risk may be certain events like
death, pension, retirement or uncertain events like theft, fire, accident etc.

Insurance is a financial service for collecting the savings of the public and
providing them with the risk coverage. The main function of insurance is to
provide against the possible chance of generating losses. It eliminates worries and
miseries of losses by destruction of property and death. It also provides capital to
the society as the funds accumulated are invested in the productive heads.

Insurance comes under the service sector and while marketing this service, due
care is to be taken in quality product and customer satisfaction. While marketing
the services, it is also pertinent that they think about the innovative promotional
measures. It is not sufficient that you perform well but it is also important that you
let other know about the quality of your positive contribution.

The creativity in the promotional measures is the need of the hour. The
advertisement, public relations, word of mouth communication needs due care and
personal selling requires intensive care.
 INDEX

SR. NO. PARTICULARS PAGE NO.

1 INTRODUCTION 1

2 HISTORY OF INSURANCE 3

3 CONCEPT OF INSURANCE 10

4 BASIC FUNCTIONS OF INSURANCE 11

5 PRINCIPLE OF INSURANCE 13

6 INSURANCE MARKETING STRATEGIES 16

7 INDIAN INSURANCE MARKETING 19

8 FUTURE OF INSURANCE 21

9 TYPES OF INSURANCE 23

10 PROBLEMS AND CHALLENGES ARE FACED BY 26

INSURANCE COMPANY

11 MARKETING MIX OF INSURANCE 29

12 TIPS OF SUCCESSFUL INSURANCE MARKET 31

13 CONCLUSION 33

14 BIBLIOGRAPHY 34