investor opnion on kotak life insurance policies
TRANSCRIPT
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A MARKET SURVEY REPORT
ON
INVESTORS OPENION ON KOTAK LIFE INSURANCEPOLICIES, MORADABAD
Submitted To:
COLLEGE OF MANAGEMENT AND COMPUTER APPLICATION,MORADABAD
In Partial Fulfillment of the Requirement of the Degree ofBachelor of Business Administration (BBA)
SESSION: 2009-2012
Department of ManagementTEERTHANKER MAHAVEER UNIVERSITY
DELHI ROAD, MORADABAD
Project Guide:
Mr. Mohit Rastogi
Lecturer
Project Incharge:
Mr.Abhinav Srivastava&
Mr.Avinash Raj Kumar(Course Co-ordinator, B.B.A.)Submitted By:
Ankur Kashyap
B.B.A. V Semester
Roll No. R0912011042
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CERTIFICATE
This is to certify that Mr............................................................. is pursuing
three year full time Bachelor of Business Administration (BBA) Course from
Teerthanker Mahaveer University, Moradabad as regular student, in session
(2009-2012).
In compliance with the provision/guidelines of Teethanker Mahaveer
University, Moradabad, He has been assigned a market survey report. The
report work has been genuinely carried out by the student for the during
specified by the university.
He has made sincere efforts in the completion of the project work.
MR. Mohit Rastogi
Project Guide
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STUDENT DECLARATION
I Ankur Kashyap hereby declare that the research work presented in this
survey report entitled Investors Opinion on Kotak Life Insurance
Policies, Moradabad for the fulfillment of the award of Bachelor of Business
Administration from Teerthanker Mahaveer University; Moradabad. The report
embodies the result of original work and studies carried out by me and the
contents of the project do not form the basis for the award of any other degree
to me or to anybody else.
Ankur Kashyap
BBA 5th Sem
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ACKNOWLEDGEMENT
It gives me immense pleasure and privilege to acknowledge my deepest
sense of gratitude towards all those who helped me in the successful
execution of this survey report.
I would like to thanks Chancellor Sir, Shri Suresh Jain, Group Vice Chairman
Mr. Manish Jain, for their able guidance. I also extend my gratitude towards
the H.O.D. Dr. M.P. Singh and my course co-coordinator Mr. Abhinav
Srivastava& Mr. Avinash Raj Kumarwho entrusted me for the completion
of this survey report. I am highly indebted to my project guide, Mr. Mohit
Rastogi whose constructive counseling and able guidance helped me
immensely in bringing out this survey report in the present form. And lastly
the entire faculty member and Mr. Sanjeev Singh(Librarian) & the entire Lab
staff for providing me this opportunity and expose me to industrial culture.
The acknowledgement would be incomplete without thanking my family and
friend who were a big support throughout.
Ankur Kashyap
BBA 5th SEM
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PREFACE
Theoretical knowledge without practical knowledge is of little value. In order to
achieve positive & concrete results along with theoretical concept the
exposure of real life situation existing in corporate is very much needed. To
fulfill this need the management course has a provision for the practical
training program. I thank my institute to provide us such opportunity having
training period in our course so that students can have real feeling of
Organization life.
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EXECUTIVE SUMMARY
This project is based on the survey, which was done in the Moradabad city.
The main objective of the survey to know opinions of investors towards Kotak
Life Insurance Policies. We have taken almost opinions of investors, which are
related to investing in Kotak Life Insurance Policy. The market survey report
will help that entire person, which want to get the benefits of all such
insurance policy. The data have been collected by the help of questionnaire,
which is given in the report. The collected data have been analyzed and
shown in the form of graph.
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CONTENTS
1. Introduction
2. Industry Profile
3. Company Profile
4. Objective of the study
5. Assumption
6. Research Methodology
7. Data interpretation and analyses
8. Findings
9. Recommendation
10 Conclusion
11. Limitations
10. Bibliography
11. Annexure
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INTRODUCTION
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INTRODUCTION
Wherever there is uncertainty there is risk. The risk cannot be averted. The
risk is uncertainty of the financial loss. We dont have any command on
uncertainties. This makes it essential that we think in favor of a device that
becomes instrumental in spreading the loss. It is in this context that we think
about insurance. Protection against the possible chances of generating
uncertain losses. It eliminates worries and miseries of losses or destruction
of property and death.
Life insurance is a contract between you and a life insurance company,
which provided you a death during the contract term. Buying insurance is
extremely useful if you are the principal earning member in the family
unfortunate premature demise, your family can remain financially secure
because of the life that you have purchased.
The primary purpose of life insurance is therefore protection of the family in
the even insurance is also seen as a tool to plan effectively for your future
years. Your retire childrens future needs. Today, the market offers insurance
plans that not just cover your same time grow your wealth too. If you have
dependants and financial responsibilities toward them, then you certainly need.
Having a family means dependant, which in turn means financial
commitments. Finance comes in the form of loans, children s education,
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medical expenses etc. Imagine what would happen if you were to lose your life
suddenly or become disabled being insured in a situation like this is a
necessity. When you insured your life, in effect what you are doing insuring
your earning capacity that your dependents will be able to continue living
without financial hardships even in case
Most insurance plans available today come with a savings element built into it.
These policies not only for a financially independents future, which were have
a comfortable retirement. For example, Kotak preferred Retirement plans
such as income plan and Kotak Multiplier plan. Most insurance plans available
today have a bailt in saving elements. Kotak preferred Retirement plans meet
your dual financial goals of life cover and savings for the future.
Insurance sector have characteristic that give can boost to the growth of any
economy .it is due to the savings done at the individual level and at micro level
it generates funds for infrastructure building as the cash flow is constant
while the payout is differed, so that the insurance companies are becoming
biggest investors in long gestation infrastructure development projects and
hence have a great Importance to the developing economy like India. Insurance
sector with an annual growth rate of 15-20% and the largest number of life
insurance policies in force, the potential of the Indian insurance industry is huge.
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. IMPORTANCE OF THE TOPIC
The project report is all about Investors Opinion on Kotak Life Insurance
Policies, Moradabad to find out best sold plan of Kotak Life Insurance,
Moradabad. And to mouser the satisfaction level of inventors of Kotak Life
Insurance. It helps Kotak Life Insurance about the best plan purchased by its
investors. Satisfaction level helps to know whether the investors are satisfied by
service/Plans of Kotak Life Insurance.
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INDUSTRY PROFILE
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ABOUT INSURANCE
Insurance may be defines as social device to protect the economic value of
the Life and other assets. Under the plan of Insurance a group of people are
brought together and their share of money is pooled to manage the loss
suffered by any of them.
in its basic form is defined as A contract between two parties whereby one
party called Insurance 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."
In simple terms it is a contract between the person who buys Insurance and
an Insurance company who sold the Policy. By entering into contract the
Insurance Company agrees to pay the Policy holder or his family members a
predetermined sum of money in case of any unfortunate event for a
predetermined fixed sum payable which is in normal term called Insurance
Premiums.
Insurance is basically a protection against a financial loss which can arise on
the happening of an unexpected event. Insurance companies collect
premiums to provide for this protection. By paying a very small sum of money
a person can safeguard himself and his family financially from an unfortunate
event.
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For Example if a person buys a Life Insurance Policy by paying a premium to
the Insurance company , the family members of insured person receive a fixed
compensation in case of any unfortunate event like death.
There are different kinds of Insurance Products available such as Life
Insurance, Vehicle Insurance, Home Insurance, Travel Insurance, Health or
Mediclaim Insurance etc.
Insurance, in law and economics, is a form of risk management primarily used
to hedge against the risk of potential financial loss. Insurance is defined as the
equitable transfer of the risk of a potential loss, from one entity to another, in
exchange for a premium and duty of care.
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CHARACTERISTICS OF INSURANCE
1. Sharing of Risk
2. Cooperative device
4. Payment on event of happening of any special event
5. The amount of payment depends on the size and type of loss.
6. The success of Insurance business depends on the law of large number of
people insured against similar risk.
7. Insurance is a business which spreads the loss and the risk of few people
in the large Number of people.
8. The insurance is a plan in which insured transfer his risk to insurer.
9. Insurance is a legal contract
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ORIGIN OF INSURANCE
Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear
risk of the caravan trade by giving loans that had to be later repaid with
interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi
granted legal status to the practice. That, perhaps, was how insurance made
its beginning.
Life insurance had its origins in ancient Rome, where citizens formed burial
clubs that would meet the funeral expenses of its members as well as help
survivors by making some payments.
As European civilization progressed, its social institutions and welfare
practices also got more and more refined. With the discovery of new lands,
sea routes and the consequent growth in trade, medieval guilds took it upon
themselves to protect their member traders from loss on account of fire,
shipwrecks and the like.
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ORIGIN IN INDIA
Insurance in India can be traced back to the Vedas. For instance,
yogakshema, the name of Life Insurance Corporation of India's corporate
headquarters, is derived from the Rig Veda. The term suggests that a form of
"community insurance" was prevalent around 1000 BC and practiced by the
Aryans.
Burial societies of the kind found in ancient Rome were formed in the Buddhist
period to help families build houses, protect widows and children. Bombay
Mutual Assurance Society, the first Indian life assurance society, was formed
in 1870. Other companies like Oriental, Bharat and Empire of India were also
set up in the 1870-90s.
It was during the swadeshi movement in the early 20th century that insurance
witnessed a big boom in India with several more companies being set up.
As these companies grew, the government began to exercise control on them.
The Insurance Act was passed in 1912, followed by a detailed and amended
Insurance Act of 1938 that looked into investments, expenditure and
management of these companies' funds.
By the mid-1950s, there were around 170 insurance companies and 80
provident fund societies in the country's life insurance scene. However, in the
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absence of regulatory systems, scams and irregularities were almost a way of
life at most of these companies.
As a result, the government decided nationalizes the life assurance business
in India. The Life Insurance Corporation of India was set up in 1956 to take
over around 250 life companies.
For years thereafter, insurance remained a monopoly of the public sector. It
was only after seven years of deliberation and debate - after the RN Malhotra
Committee report of 1994 became the first serious document calling for the re-
opening up of the insurance sector to private players -- that the sector was
finally opened up to private players in 2001.
The evolution of Insurance in India can be summarized as
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KINDS OF INSURANCE
Insurance is divided in two basic zones:-
1. General Insurance
2. Life Insurance
1. About General Insurance
Insurance of the non life assets are called general insurance, this includes
loss of asset against water, fire, earthquake etc. With the desertification in the
Indian Market in General Insurance the monopoly of the general Insurance
public sectors companies has been broken. With the entrance of the new
private player market innovative technique has been introduced to capture the
mark Non-life insurance companies have products that cover property against
Fire and allied perils, flood storm and inundation, earthquake and so on. There
are products that cover property against burglary, theft etc. The non-life
companies also offer policies covering machinery against breakdown, there
are policies that cover the hull of ships and so on. A Marine Cargo
policy covers goods in transit including by sea, air and road. Further,
insurance of motor vehicles against damages and theft forms a major chunk of
non-life insurance business.
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In respect of insurance of property, it is important that the cover is taken for
the actual value of the property to avoid being imposed a penalty should there
be a claim. Where a property is undervalued for the purposes of insurance,
the insured will have to bear a ratable proportion of the loss. For instance if
the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a
loss to the extent of say Rs.50/-, the maximum claim amount payable would
be Rs.25/- (50% of the loss being borne by the insured for underinsuring the
property by 50%). This concept is quite often not understood by most insured.
Personal insurance covers include policies for Accident, Health etc. Products
offering Personal Accident cover are benefit policies. Health insurance covers
offered by non-life insurers are mainly hospitalization covers either on
reimbursement or cashless basis. The cashless service is offered through
Third Party Administrators who have arrangements with various service
providers, i.e., hospitals. The Third Party Administrators also provide service
for reimbursement claims. Sometimes the insurers themselves process
reimbursement claims.
Accident and health insurance policies are available for individuals as well as
groups. A group could be a group of employees of an organization or holders
of credit cards or deposit holders in a bank etc. Normally when a group is
covered, insurers offer group discounts.
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Liability insurance covers such as Motor Third Party Liability Insurance,
Workmens Compensation Policy etc offer cover against legal liabilities that
may arise under the respective statutesMotor Vehicles Act, The Workmens
Compensation Act etc. Some of the covers such as the foregoing (Motor Third
Party and Workmens Compensation policy) are compulsory by statute.
Liability Insurance not compulsory by statute is also gaining popularity these
days. Many industries insure against Public liability. There are liability covers
available for Products as well.
There are general insurance products that are in the nature of package
policies offering a combination of the covers mentioned above. For instance,
there are package policies available for householders, shop keepers and also
for professionals such as doctors, chartered accountants etc. Apart from
offering standard covers, insurers also offer customized or tailor-made ones.
Suitable general Insurance covers are necessary for every family. It is
important to protect ones property, which one might have acquired from ones
hard earned income. A loss or damage to ones property can leave one
shattered. Losses created by catastrophes such as the tsunami, earthquakes,
cyclones etc have left many homeless and penniless. Such losses can be
devastating but insurance could help mitigate them. Property can be covered,
so also the people against Personal Accident.
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A Health Insurance policy can provide financial Relief to a person undergoing
medical treatment whether due to a disease or an injury.
Name of Life General Company
Royal Sundaram Alliance Insurance Company Limited
IFFCO Tokyo General Insurance Co. Ltd
TATA AIG General Insurance Company Ltd.
Bajaj Allianz General Insurance Company Limited
ICICI Lombard General Insurance Company Limited
Apollo DKV Insurance Company Limited
Future Generally India Insurance Company Limited
Universal Sompo General Insurance Company Ltd.
Export Credit Guarantee Corporation Ltd.
HDFC-Chubb General Insurance Co. Ltd.
Bharti Axa General Insurance Company Ltd
http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.hdfcchubbindia.com/http://www.hdfcchubbindia.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.bajajallianz.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.itgi.co.in/ -
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2. About Life Insurance
Life Insurance is insurance for you and your family's peace of mind. Life
insurance is a policy that people buy from a life insurance company, which
can be the basis of protection and financial stability after one's death. Its
function is to help beneficiaries financially after the owner of the policy dies.
It can also be a form of savings in the long run if you purchase a plan, which
offers the option of contributing regularly. Additionally, a little known function
of life insuranceis that it can be tied in with a person's pension plan. A person
can make contributions to a pension that is funded by a life insurance
company. These are considered private pension arrangements. In addition,
you should also make a list of what you feel needs to be protected in your
family's way of life. With a life insurance policy in place, you can:
provide security for your family
protect your home mortgage
take care of your estate planning needs
look at other retirement savings/income vehicles
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LIFE INSURANCE IN INDIA
Life Insurance in India existed from long time. The modern concept of
Insurance was brought by Bruisers in India, and Oriental Insurance Company
was the first Insurance Company who did Insurance for the Indian in 1818 and
was established in Calcutta nowadays Kolkata. Then due to no interference of
government in it, private market players ruled the market as they want to, that
is why government intervened in between to protect the interest of the mass
and to safeguard the money involved in it. Government took the initiative and
banned the private players to involve in Insurance market. All private
companies were took over by Government and Insurance market was turned
to Public sector and Life Insurance Corporation of India was formed in 1956 to
make the Insurance reachable at remote areas and that even by low
premiums or better said as affordable premium so as to secure their life. From
the beginning of Insurance in India till now a lot of changes have been made
but the most significant change was in 1999, when IRDA was formed. IRDA
means Insurance Regulatory and Development Authority. This was formed to
rethink upon opening the insurance sector for the Private players again but
along with that to have a check upon those private players an IRDA has to act
as a governing body to safeguard the interest of the public hose money is
involved in it From that time i.e. from the year 2001 insurance sector was
opened for the private players too. Since then Insurance Sector is on the
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boom and business is flourishing and a lot of private players are coming into
business. Here the private players doesnt indicate to Indian Private
Companies but also foreign players are also involved in it, but to manage the
money flow in and outside the country IRDA takes care of the contribution of
the money by foreign partners of private insurance companies. To control that
IRDA has set a limit of FDI i.e. 26%.
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NAME OF LIFE INSURANCE COMPANY
1. Kotak Mahindra Old Mutual Life Insurance Limited
2. HDFC Standard Life Insurance Company Ltd.
3. Max New York Life Insurance Co. Ltd.
4. ICICI Prudential Life Insurance Company Ltd.\
5. Birla Sun Life Insurance Company Ltd.
6. Tata AIG Life Insurance Company Ltd.
7. SBI Life Insurance Company Limited .
8. ING Vysya Life Insurance Company Private Limited
9. Bajaj Allianz Life Insurance Company Limited
10. MetLife India Insurance Company Ltd.
11. Future Generally India Life Insurance Company Limited
12. IDBI Fortis Life Insurance Company Ltd.
13. AMP Sanmar Life Insurance Company Limited.
14. Sahara India Insurance Company Ltd.
15. Aviva Life Insurance Co. India Pvt. Ltd.
16. Shriram Life Insurance Company Ltd.
17. Aegon Religare Life Insurance Company Ltd.
18. Reliance Life Insurance
19. Star Union Dai-chi life Insurance
20. Oriental Life Insurance
http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.allianzbajaj.co.in/http://www.ingvysyalife.com/http://www.sbilife.co.in/http://www.tata-aig-life.com/http://www.birlasunlife.com/http://www.iciciprulife.com/http://www.maxnewyorklife.com/http://www.hdfcinsurance.com/ -
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MAJOR PLAYER OF INSURANCE IN INDIA
The Life Insurance Corporation of India (LIC) is the
largest life insurance company in India and also the
country's largest investor. It is fully owned by the
Government of India. It also funds close to 24.6% of the Indian Government's
expenses. It was founded in 1956.Headquartered in Mumbai, which is
considered the financial capital of India, the Life Insurance Corporation of
India currently has 8 zonal Offices and 101 divisional offices located in
different parts of India, at least 2048 branches located in different cities and
towns of India along with satellite Offices attached to about some 50
Branches, and has a network of around one million and 200 thousand agents
for soliciting life insurance business from the public. Over its existence of
around 50 years, Life Insurance Corporation of India, which commanded a
monopoly of soliciting and selling life insurance in India, created huge
surpluses, and contributed around 7 % of India's GDP in 2006.
The Corporation, which started its business with around 300 offices, 5.6
million policies and a corpus of INR 459 million, has grown to 25000 servicing
around 180 million policies and a corpus of over INR 3.4 trillion.
http://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/Gross_Domestic_Producthttp://en.wikipedia.org/wiki/Gross_Domestic_Producthttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Life_insurance -
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Bajaj Allianz General Insurance Company Limited is
a joint venture between Bajaj Finserv Limited (recently
demerged from Bajaj Auto Limited) and Allianz AG.
Both enjoy a reputation of expertise, stability and
strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to
conduct General Insurance business (including Health Insurance business) in
India. The Company has an authorized and paid up capital of Rs 110 crores.
Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz.
Tata AIG Life Insurance Company Limited (Tata AIG Life)
is a joint venture company, formed by the Tata Group and
American International Group, Inc. (AIG). Tata AIG Life
combines the Tata Groups pre-eminent leadership position in India and AIGs
global presence as one of the worlds leading international insurance and
financial services organization. The Tata Group holds 74 per cent stake in the
insurance with AIG holding the balance 26 per cent. Tata AIG Life Insurance
Company was licensed by Insurance Regulatory and Development Authority
to operate in India on February 12, 2001 and started on April 1, 2001.
http://c/wiki/Allianzhttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Indiahttp://c/wiki/Tata_Grouphttp://c/wiki/American_International_Grouphttp://c/wiki/American_International_Grouphttp://c/wiki/Tata_Grouphttp://c/wiki/Indiahttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Allianz -
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Max New York Life Insurance Company Ltd. is a joint
venture between New York Life; a Fortune 100 company
and Max India Limited; one of India's leading multi-business corporations. The
company has positioned itself on the quality platform. In line with its vision to
be the Most Admired Life Insurance Company in India , it has developed a
strong corporate governance model based on the core values of excellence,
honesty, knowledge, caring, integrity and teamwork. The strategy is to
establish itself as a Trusted Life Insurance Specialist through a quality
approach to business. Incorporated in 2000, Max New York Life started
commercial operation in 2001. In line with its values of financial responsibility,
Max New York Life has adopted prudent financial practices to ensure safety of
policyholder's funds. The Company's paid up is Rs. 1,782 crore.
ICICI Prudential is a joint venture between ICICI
Bank and Prudential plc engaged in the
business of life insurance in India. ICICI Prudential is the largest private
insurance company and second largest insurance in India after LIC. ICICI
Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse, and prudential plc, a leading international
financial services group headquartered in the United Kingdom. ICICI
Prudential was amongst the first private sector insurance companies to begin
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operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA).ICICI Prudential Life's capital
stands at Rs. 37.72 billion (as on March, 2008) with ICICI Bank and Prudential
plc holding 74% and 26% stake respectively. For the year ended March 31,
2008, the company garnered Retail New Business Weighted premium of Rs.
6,684 crores, registering a growth of 68% over the last year and has
underwritten nearly 3 million retail policies during the period. The company
has assets held over Rs. 30,000 crore as on April 30, 2008.ICICI Prudential
Life is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating
is the highest rating, and is a clear assurance of ICICI Prudential's ability to
meet its obligations to investors at the time of maturity or claims. For the past
seven years, ICICI Prudential Life has retained its leadership position in the
life insurance industry with a wide range of flexible products that meet the
needs of the Indian investor at every step in life.
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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
(IRDA)
The Insurance Regulatory and Development Authority (IRDA)[1] is a national
agency of the Government of India, based in Hyderabad. It was formed by an
act of Indian Parliament known as IRDA Act 1999, which was amended in
2002 to incorporate some emerging requirements. Mission of IRDA as stated
in the act is "to protect the interests of the policyholders, to regulate, promote
and ensure orderly growth of the insurance industry and for matters connected
therewith or incidental thereto."
The law of India has following expectations from IRDA
1. To protect the interest of and secure fair treatment to policyholders;
2. To bring about speedy and orderly growth of the insurance industry
(including annuity and superannuation payments), for the benefit of the
common man, and to provide long term funds for accelerating growth of the
economy;
3. To set, promote, monitor and enforce high standards of integrity, financial
soundness, fair dealing and competence of those it regulates;
http://www.irda.gov.in/Defaulthome.aspx?page=H1http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Government_of_Indiahttp://www.irda.gov.in/Defaulthome.aspx?page=H1 -
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4. To ensure that insurance investors receive precise, clear and correct
information about products and services and make them aware of their
responsibilities and duties in this regard;
5. To ensure speedy settlement of genuine claims, to prevent insurance
frauds and other malpractices and put in place effective grievance redressal
machinery;
6. To promote fairness, transparency and orderly conduct in financial markets
dealing with insurance and build a reliable management information system to
enforce high standards of financial soundness amongst market players;
7. To take action where such standards are inadequate or ineffectively
enforced;
8. To bring about optimum amount of self-regulation in day to day working of
the industry consistent with the requirements of prudential regulation.
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Duties, Powers and Functions of IRDA
Section 14 of IRDA Act, 1999 laysdown the duties,powers and functions of
IRDA
(1) Subject to the provisions of this Act and any other law for the time being in
force, the Authority shall have the duty to regulate, promote and ensure
orderly growth of the insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-
section (1), the powers and functions of the Authority shall include,
(a) Issue to the applicant a certificate of registration, renew, modify, withdraw,
suspend or cancel such registration;
(b) protection of the interests of the policy holders in matters concerning
assigning of policy, nomination by policy holders, insurable interest, settlement
of insurance claim, surrender value of policy and other terms and conditions of
contracts of insurance;
(c) Specifying requisite qualifications, code of conduct and practical training
for intermediary or insurance intermediaries and agents;
(d) Specifying the code of conduct for surveyors and loss assessors;
(e) Promoting efficiency in the conduct of insurance business;
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(f) Promoting and regulating professional organizations connected with the
insurance and re-insurance business;
(g) Levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting
enquiries and investigations including audit of the insurers, intermediaries,
insurance intermediaries and other organizations connected with the
insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that
may be offered by insurers in respect of general insurance business not so
Controlled and regulated by the Tariff Advisory Committee under section 64U
of the Insurance Act, 1938 (4 of 1938);
(j) Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other
insurance intermediaries;
(k) Regulating investment of funds by insurance companies;
(l) Regulating maintenance of margin of solvency;
(m) Adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
(n) Supervising the functioning of the Tariff Advisory Committee;
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(o) Specifying the percentage of premium income of the insurer to finance
schemes for promoting and regulating professional organizations referred to in
clause (f);
(p) Specifying the percentage of life insurance business and general
insurance business to be undertaken by the insurer in the rural or social
sector; and
(q) Exercising such other powers as may be prescribed.
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COMPANY PROFILE
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COMPANY PROFILE
Kotak Group was established in 1985.Kotak Mahindra Bank is the parent company of
the group. Kotak Group entered into the life insurance business in 2001. Kotak
Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra
Bank Ltd. (76%) and Old Mutual plc. (24%) Old Mutual plc.Is a world-Class
international financial services company. It was established in South Africa before
160 years.
OLD MUTUAL is the largest financial services business in South Africa, through its
life insurance, asset management, banking and general insurance operations. The
company serves 4 million life insurance policyholders and employs over 13 000 South
Africans in its local operations.
In the USA, OLD MUTUAL is one of the top ten fixed annuity businesses offering
an array of specialist asset management skills through its 23 asset management
businesses. The companys US Life business recorded sales of $4 billion at the end
of 2002. Operations in the United Kingdom are focused on wealth management,
through Gerrard as one of the leading private client The OLD MUTUAL Group has the
ability to cater for a variety of consumer segments and offers a comprehensive and
innovative range of products for all income groups.
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MISSION:
At Kotak Life Insurance, we aim to help investors take important financial decisions
at every stage in life by offering them a wide range Of innovative life insurance
products, to make them financially independent.
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MANAGEMENT
MR. UDAY KOTAK is the CEO of the company.
Other Top Management persons are as follows:-
Mr. Gaurang Shah (Managing Director): Mr. Gaurang Shah is the Managing
Director of Kotak Mahindra Old Mutual Life Insurance Limited. Mr. Gaurang Shah
is a Chartered Accountant and a Cost and Works Accountant. He has also done
his Company Secretary ship from the Institute of Company Secretaries of India.
Mr. Gaurang Shah has been with the Kotak Group for the past eight years where
he has held different positions of great responsibility and juggled multiple tasks
effectively. His cumulative experience, primarily in financial services, stands at
over 21 years, several of those in building the retail finance business. At Kotak
Life Insurance, Mr. Shah will focus on developing new lines of businesses and
leveraging the company's existing competencies and network to steer Kotak Life
Insurance on its ongoing growth path with even greater thrust. Mr. Shah has a
commendable expertise in managing a large number of employees.
Mr. Shah has been previously associated with Kotak Mahindra Primus since its
inception and has contributed towards its growth to become a Rs.2000 Cr plus
business. Before coming to Kotak Life Insurance, Gaurang Shah was Group
Head of Retail Assets for Kotak Mahindra Bank. The Retail Assets include
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commercial vehicles, personal loans, structured products, car loans and loans
against shares.
Mr. G Murlidhar (Chief Financial Officer): Mr. Murlidhar is a Chief Financial
Officer and Company Secretary of Kotak Life Insurance. Mr. Murlidhar is an
associate member of the Institute of Chartered Accountants of India, an
associate member of the Institute Of Company Secretaries of India, and graduate
member of the Institute of Cost & Works Accountants of India. Mr. Murlidhar
possesses over 20-year work experience and has earlier worked with National
Dairy Development Board (NDDB), MDS Switchgear Limited and Nicholas
Piramal India Limited and Ion Exchange Ltd. Prior to Kotak Life Insurance; he
held the position of VP-Finance at Gujarat Glass Ltd.
As Chief Financial Officer at Kotak Life Insurance, he oversees all aspects of
Finance including Operations, Regulatory, Internal Control, Finance, Accounts
and Treasury.
Mr. Nandip Vaidya (Vice President - Sales): Mr. Nandip Vaidya is the Vice
President - Sales at Kotak Life Insurance. Mr. Vaidya holds a B.Tech
(Mechanical) degree from IIT Mumbai and has also completed his Post Graduate
Diploma in Business Management from IIM-Ahmedabad.
He started his career as a Management Consultant at A.F. Fergusson. After
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completing 5 years there, he moved onto various positions within the Kotak
Mahindra group starting from Car Financing (Kotak Mahindra Finance Ltd) to
Stock broking & Distribution of investment products/ Mutual funds (Kotak
Securities). Mr. Vaidya set up the private banking business and private equity
fund for the Kotak group.
Mr. Arun Patil (Vice President - Sales & Management Development): Mr.
Eksteen de Waal is the Sales Training Head of Kotak Life Insurance. He joined
on secondment from Old Mutual South Africa for a period of two years. Eksteen
is a post- graduate in Law and practiced Law as well as lectured at South African
Universities before joining the Life Insurance Industry. He has over 23 years'
experience in the Life Insurance Industry. He worked for Sanlam Life in South
Africa for 3 years before joining Old Mutual more than 20 years ago. Eksteen
started with Old Mutual as a Legal Adviser and after that held various positions.
He sold life assurance for some time, served as Head of Old Mutual's Training
Division, Head of Old Mutual's Trust Company, Project Leader for implementing
a new Sales Process with McKinsey's, Head of Conventions and Motivation,
Head of Agency Marketing and finally Head of Banc assurance with Old Mutual
Bank. In addition he played a role in the wider Industry. He was Vice-President of
the South African Insurance Institute for two years as well as Vice-President of
the Financial Planning Institute for three years. In this time Eksteen pioneered
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the introduction of the CFP qualification into South Africa. He has traveled widely
during his career, working in the USA and England and also implemented
Training Programme in Namibia, Zimbabwe, Malawi and Kenai. His current role
is to substantially upgrade the level of Training and assist in the implementation
of Performance Management Systems in Kotak Life Insurance.
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AREAS OF BUSINESS
Kotak Mahindra one of India's leading financial institutions was born in 1985 as Kotak
Capital Management Finance Limited. This company was promoted by Mr. Uday
Kotak, Mr. Sidney A. A. Pinto and Kotak & Company. Industrialists Mr. Harish
Mahindra and Mr. Anand Mahindra took a stake in 1986, and that's when the
company changed its name to Kotak Mahindra Finance Limited.
It's been a steady and confident journey to growth and success.
In October 2005, Kotak Group acquired the 40% stake in Kotak Mahindra Prime
held by Ford Credit International (FCI) and FCI acquired the stake in Ford Credit
Kotak Mahindra (FCKM) held by Kotak Group.
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In March 2006, Kotak Group has agreed to buy 25% stake held by Goldman
Sachs in KMCC and KS subject to regulatory approvals.
Kotak Mahindra is one of India's leading financial institutions, offering complete
financial solutions that encompass every sphere of life. From commercial banking, to
stock broking, to mutual funds, to life insurance, to investment banking, the group
caters to the financial needs of individuals and corporate.
The group has a net worth of around Rs.2,000 crore and employs around 6,
employees across its various businesses servicing around one million four hund
thousand investors accounts through a distribution network of branches, franchise
representative offices and satellite offices across 216 cities and towns in India and off
in New York, London, Dubai and Mauritius.
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KOTAK IS INVOLVED IN THE FOLLOWING AREAS OF BUSINESS
Kotak Mahindra Prime Ltd.
Kotak Mahindra Prime Limited (KMPL) is a 100% subsidiary of Kotak Mahindra
Group (Kotak Group) formed to finance all passenger vehicles. The company is
dedicated to financing and supporting automotive and automotive related
manufacturers, dealers and retail customers. The Company offers car financing in the
form of loans for the entire range of passenger cars and multi utility vehicles. The
Company also offers Inventory funding to car dealers and has entered into strategic
arrangement with various car manufacturers in India for being their preferred
financier.
As on March 31, 2005, KMP has a retail distribution network comprising of 54
branches (including representative offices) covering about 100 locations in 17 states
in the country and has a wide network of Direct Marketing Associates, brokers and
agencies supporting the distribution network and servicing around 113,000
customers.
Kotak Investment Banking* (KIB) is India's premier Investment Bank. Kotak
Investment Banking (KIB) and Kotak Institutional Equities represent the securities
business of the Kotak Mahindra Group ** (KI),
Kotak Investment Bank is a full service Investment Bank bringing to its clients the
global reach and the local knowledge and skills of Kotak Mahindra. As a full service
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Investment Bank, Kotak Investment Bakings core business areas include Equity
Issuances, Mergers & Acquisitions, Advisory Services and Fixed Income Securities
and Principal Business. Its strength lies in understanding the clients' businesses
backed by a strong research team and an extensive distribution network, which spans
a wide variety of investors across the country. It is also the first Indian Investment
Bank to be registered with the Securities & Futures Authority in the UK (through our
wholly owned subsidiary) and the National Association of Securities and Dealers in
the USA.
Its the first Indian Investment Bank to be appointed by the Government of India as a
Co-lead Manager in their international divestment of Gas Authority of India Ltd
through a GDR offering. Kotak Investment Bank today well positioned in an
increasing globalize environment to provide full service to its clients based either in
India or overseas.
Kotak Mahindra Bank Ltd.
Kotak Mahindra Bank Limited (KMBL) is the holding company and the flagship of the
Kotak Mahindra Group. It was actually incorporated as Kotak Capital Management
Finance Limited on November 2, 1985 and obtained its Certificate of
Commencement of Business on February 11, 1986. It commenced operations with
Bill Discounting and soon started other fund-based activities like corporate leasing &
hire purchase, automobile finance and money market operations. Subsequently, it
also entered the funds syndication and the Investment banking business.
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Kotak Mahindra Asset Management Company
Kotak Mahindra Asset Management Company (KMAMC), a wholly owned subsidiary
of KMBL, is the asset manager for Kotak Mahindra Mutual Fund (KMMF). KMAMC
started operations in December 1998 and has over 1, 35,000 investors in various
schemes. KMMF offers schemes catering to investors with varying risk- return profiles
and was the first fund house in the country to launch a dedicated gilt scheme
investing only in government securities.
International Subsidiaries
Kotak Mahindra International Limited (KMIL) is the international arm of the Kotak
Mahindra Group and was incorporated in 1994 in Mauritius, with a branch in Dubai.
Today the international operations also cover the United Kingdom, through Kotak
Mahindra U.K. Limited and in the USA, through Kotak Mahindra Inc. USA. These
companies are subsidiaries of Kotak Mahindra Capital Company (KMCC) the
Investment Banking Division of the Group. Services offered include GDR and ADR
trading and broking, debt syndication, placement of Indian securities and advisory
services. Kotak Mahindra was the first Indian group to be registered with the
Securities and Futures Authority, U.K. Also, Kotak Mahindra is the first Indian group
registered in the US providing service to both Institutional investors and High Net
worth Clients in the US for their investments into Indian markets.
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Kotak Securities
Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank Ltd., is one of Indias largest
brokerage and distribution house. Over the years Kotak Securities has been one of
the leading investment service providers catering to the needs of various investor
categories both institutional and non-institutional.
The Private client group (PCG) of the Company provides value added investment
advisory services to high net worth individuals, NRI investors, trusts, corporate and
Banks. The investment product range offered by PCG covers equity investment and
equity trading, equity derivatives, portfolio management, IPOs and Mutual funds. The
Company has a full fledged research division involved in macro economic studies,
sectoral research and company specific equity research combined with a strong and
well networked sales force which helps deliver current and up to date market
information and news.
Kotak Securities Ltd., Depository Participant with National Securities Depository
Limited (NSDL) and Central Depository Services Ltd. (CDSL) provides dual benefit
services wherein the investors can use the brokerage services of the Company for
executing the transactions and the depository services for settling them.
Under the Portfolio Investment Scheme offered by the Company, the funds of the
investors are managed by a highly competent team comprising of Equity Strategist, a
Portfolio Manager and a team of equity, technical and derivatives analysts.
Kotak Securities Ltd., also an Approved Intermediary under the Securities Lending
Scheme, 1997, facilitates clients to borrow and lend securities.
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PRODUCT
a) Kotak Flexi plan
Advantages:
1 Choice of 5 professionally managed funds included Gilt Fund, Floating
Rate Fund, Bond Fund, Balanced Fund, Growth Fund.
2 Add lump sum injections as and when suitable
3 Premium holiday facility
4 Riders options for enhanced protection
5 Loan facilities in case of emergencies
6 Simplified documentation and procedures
b) Kotak Retirement Income Plan
The Kotak Retirement Income Plan is a savings plan designed to meet your
post retirement needs. It is a plan that gives you jeene Ki azaadi by giving you the
choice to remain independent even after retirement.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 60 years.
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2 You may buy an annuity either from Kotak Life Insurance.
3 You can make lump sum injections into your policy at any time before retirement.
4 For a with cover plan you have the facility of Automatic cover
Maintenance, which ensures that the cover remains in force even when you miss the
premium payments. This facility is available after the first 3 years of the term.
5 You may exercise the option of paying premium from the Supplementary
Accumulation Account, created from will be created from lump sum injections, if
the need arises.
c) Kotak Endowment Plan
An Endowment policy is a combination of savings along with risk cover.
These policies designed to accumulate wealth and at the same time cover
your life. In simple words, issued for specific time periods during which you
pay a regular premium. If you die during policy, your beneficiaries will
receive the sum assured along with the accumulated bonus outlive the
policy tenure you will receive the sum assured along with accumulated bonus.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 65 years.
2 You can take a loan against your policy has been in force for at least three years.
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3 You have the option of paying premiums quarterly, half yearly or yearly.
4 You have the benefit of a 15-day free look period.
d) Kotak Capital Multiplier Plan
The Kotak Capital Multiplier Plan is a participating plan that is built in such
a way that it allows your money to multiply, and gives you the flexibility of
using this money the way you need it, in regular and irregular withdrawals. This is an
endowment plan, which is very flexible and has a lot of in-built benefits.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 60 years.
2 At the start of your withdrawals period, you can draw the full proceeds or
you can draw up to 50% of your basic sum assured or accumulation account,
whichever is higher.
3 In addition to the regular premiums, you can make lum sum injection into
your plan during the premium paying period. A Supplementary
Accumulation Account will be created.
4 You have the facility of Automatic Cover Maintenance, which ensures that the policy
remains in force even when you miss the premium payments. This facility is available
after the first 3 years of the term.
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e) Kotak Child Advantage Plan
The Kotak Child Advantage Plan is an investment plan designed to meet
your child s future needs. It is a plan that gives your child the azaadi to
realize his/her dreams. This is an endowment plan where the life insured is the child.
This is a participating plan.
Advantages:
1 In this plan minimum age of 0 years of old and maximum age is 17 years.
2 You may take a loan against this plan, after the policy has been in force for at least
three years.
3 You have the option of paying premiums quarterly, half yearly or yearly.
4 You have the benefit of a 15-day free look period.
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OBJECTIVE OF STUDIES
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OBJECTIVE OF THE STUDY
To study all factors which the investor consider for Investment.
To know expectation of investors from KOTAK Life Insurance.
To know whether the investors are satisfied by product/service of Kotak Life
Insurance.
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ASSUMPTION
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ASSUMPTION
Investor opinion towards KOTAK Life Insurance Policies in Moradabad is positive.
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RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
Introduction of the problem: To Study investors opinion on Kotak life insurance
policies, Moradabad.
Research design: Research design is simply the framework or plan for a study. For
the study i.e for conducting the research I selected the Descriptive research design.
Descriptive research design: Descriptive research is also called Statistical
Research. The main goal of this type of research is to describe the data and
characteristics about what is being studied. The idea behind this type of research is to
study frequencies, averages, and other statistical calculations. Although this research
is highly accurate, it does not gather the causes behind a situation. Descriptive
research is mainly done when a researcher wants to gain a better understanding of a
topic. that is, analysis of the past as opposed to the future.
Descriptive research is the exploration of the existing certain phenomena. The details
of the facts wont be known. The existing phenomenas facts are not known to the
persons.
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Sampling design:
I. Population:
Investors of Moradabad
II. Sampling unit:
The sampling unit is invertors of kotak life insurance.
III. Sample size:
The sample size of the report is 50 investors.
IV. Sampling method:
For the study: In this report non probability convenience sampling is used to
conduct a research.
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Data collection method:
I. Primary data:.
For the study: Questionnaire method is used for collecting the data while conducting
the research.
II. Secondary data:
For the study: Internet is used for collecting secondary data while conducting the
research.
Data sources- Primary, Secondary.
Data approaches- Questionnaire.
Sampling unit- investors of kotak life insurance.
Sample size- 50 investors.
Sample procedure-Non Probability Convenience sampling.
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DATA INTERPRETATION
AND ANALYSIS
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Q.: Your Name?
Ans..
Q:. Your age?
(a) 18-24 (b) 24-35 (c) 35-45
(d) 45-55 (e) Above 55
Classes (Age) No. of Respondents
18-24 06
24-35 19
35-45 16
45-55 08
Above 55 01
Total 50
Analysis:- The diagram consist five classes of different age groups. Here 06
respondents belongs to 18-24 age group, 19 fall in the age group 24-35. other 16
respondents are in the class 35-45 years, the age group of 45-55 consist 08
respondents, remaining 01 respondent is in age group Above 55. Here majority of
investors belong to the age group 24-35 years.
0
10
20
30
40
50
60
18-24 24-25 35-45 45-55 Above 55
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Q:. Your occupation?
(a) Business
(b) Employee
(c) Other
Classes (Occupation) No. of Respondents
Business 18
Employee 11
Others 21
Total 50
Analysis:- This diagram consist three classes of different occupation. Here 18
respondents are businessman, 11 respondents are employee and remaining 21
respondents are in other occupation.
0
10
20
30
40
50
60
Business Employee Other
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Q:. Do you think is it essential to have Life Insurance?
(a) Yes
(b) No
No. of Respondents
YES 45
NO 05
Total 50
OBSERVATIONS
Analysis:-According to the given diagram 45 respondents reported YES and 05
reported NO.
0
10
20
30
40
50
60
Yes No
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Q:. Which are the companies you invested your money for Life Insurance?
(a) Kotak Life Insurance (b) L.I.C. (c) Max New York
(d) L.I. Tata AIG (e) Bajaj Allianz (f) HDFC L.I
(g) ICICI Prudential L. I. (h) S.B.I.
Companies No. of Respondents
Kotak L.I. 13
L.I.C. 11
Max New York L.I. 06
Tata AIG 04
Bajaj Allianz 02
HDFC L.I. 05ICICI Prudential L.I. 07
S.B.I. 02
Total 50
Analysis:- From the above figure we come to know that investor are also
investing money in other insurance companies. The major player in insurance is
LIC holding 11 respondents of total sample. The second major player ICICI is
holding 07. M.N.L.I. is having 06, HDFC is holding 05. Bajaj & SBI are having
equal share of 02 respondents.
0
10
20
30
40
50
60
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Q:. Why did you choose Kotak Life Insurance?
(a) Tax Benefit
(b) Security /safety
(c) Low Premium
No. of Respondents
Tax Benefits 18
Security/Safety 23
Low Premium 09
Total 50
Analysis:- The diagram shows 18 of respondents choose because of tax
benefits, 23 because of security/safety, and 09 because of low premium
respectively.
0
10
20
30
40
50
60
Tax BeneFits Security/Safety Low Premium
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Q:. In which of the following plane you have invested?
(a) Kotak Flexi plan (b) Kotak retirement Plan
(c) Kotak Endowment Plan (d) Kotak Capital Multiplier Plan
(e) Kotak Child Advantage Plan
No. of Respondents
Kotak Flexi Plan 18
Kotak Retirement Plan 13
Kotak Endowment Plan 08
Kotak Multiplier Plan 04
Kotak Child Advantage Plan 07
Total 50
Note:- Some of investors are having more than one plan total survey investorsare 50.
Analysis:- From the 50 respondents maximum 18 respondents having Kotak
Flexi Plan, where 13 having Kotak Retirement Plan and remaining respondents
are having Endowment, Multipiler and Child advantage Plan.
0
10
20
30
40
50
60
K. Flexi Plan K. Retirment
Plan
K. Endowment
Plan
K. Multiplier
Plan
K. Child
Advantage Plan
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Q:. What kind of services you expect from your insurance provides?
(a) Time to time premium collection
(b) Bonus & other schemes
No. of Respondents
Time to Premium collection 17
Bonus & Other Schemes 33
Total 50
Analysis:- Out of 50 respondents 17 respondents wants time to time premium
collection from his insurance provider and 33 respondents wants bonus and
other schemes.
0
10
20
30
40
50
60
T-T Premium Collection Bonus & Other Schemes
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Q:. How will you rate the services given by Kotak Mahindra Life
Insurance?
(a) Poor
(b) Average
(c) Good
(d) Excellent
No. of Respondents
Poor 01
Average 15
Good 28
Excellent 09
Total 50
Analysis:- Out of 50 respondents 01 have ratted Kotak Life Insurance services
as poor and 15 ratted as average, 28 ratted as good and remaining 09
respondents rated as excellent.
0
10
20
30
40
50
60
Poor Average Good Excellent
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Q:. What difference you find between Kotak & your previous Insurance
provider?
(a) Good Returns (b) Effective Service
(c) Tax Planning (d) Security / Safety
(e) Capital Protection
No. of Respondents
Good Returns 16
Effective Service 12
Tax Planning 28
Security/Safety 14
Capital Protection 08
Total 50
Analysis:- Out of 50 respondents 16 respondents have ratted as Good Return,
12 have ratted as Effective Service, 28 have ratted as Tax Planning, 14 have
ratted as Security/Safety and remaining 08 respondents rated as Capital
Protection.
0
10
20
30
40
50
60
Good Returns Effective
Service
Tax Planning Security/Safety Capital
Protection
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Q:. Do have any suggestion for Kotak Mahindra Life Insurance? If yes,
please specify.
(a) Yes
(b) No
No. of Respondents
YES 39
NO 11
Total 50
Analysis:-According to the given diagram 39 respondents reported YES and
11 reported NO.
0
10
20
30
40
50
60
Yes No
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Q:. In future, will you purchase policies from Kotak Mahindra Life
Insurance?
(a)Yes
(b)No
No. of Respondents
YES 32
NO 18
Total 50
Analysis:-According to the given diagram 32 respondents reported YES and
18 reported NO.
0
10
20
30
40
50
60
Yes No
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FINDINGS
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FINDINGS
Majority of the investors belonged to age group of 25-35 years that is 19
investors.
45 investors think Life Insurance is essential for them.
50 respondents are investing in life insurance companies like Kotak Life
Insurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and SBI.
23 Respondents of the total respondents invest in Kotak Life Insurance for
getting security/safety.
Most of respondent s preferred Kotak Flexi Plan.
33 Respondents of the total respondents expect bonus and other schemes from
Kotak Life Insurance.
28 respondents of the total respondents satisfied with services given by
Kotak Life Insurance.
As per 28 of respondents Kotak Life Insurance providers good tax benefits to
the Investors.
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RECOMMENDATIONS
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RECOMMENDATIONS
1) There is scope to sale insurance policy by concentrating on age group 18-24
years here potential of investors are there.(Example. Software professional, BPO
employees, and professionals) Flexi plan can be sold by concentrating on age
group 35-45 years. (Example, Government employees, executives and businessman)
2) As major respondents think to have life insurance policy is very essential there
is lot of scope for insurance company.
3) Kotak Life Insurance should try to build trust among the public by making people
aware of their investment is safe, high return on investment, Tax Benefits.
4) As more respondents are investing in Kotak Life Insurance for getting high return
on investment the company should try to provide attractive returns on investments in
future.
5) Kotak Life Insurance should introduce attractive policies & also attractive bonus on
policies to attractive more potential investors.
6) Approx 36% of respondents differ with their previous insurance provider, they
field that Kotak Life Insurance providing good tax benefit for their investment so
Kotak Life Insurance if possible try to provided more tax benefit investor.
7) 64% respondents are willing to purchases Kotak Life Insurance policies in
future this benefit Kotak Life Insurance as mort potential investor in future.
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LIMITATIONS
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LIMITATION
Some of the difficulties and limitations faced by me during my training are as
follows:
Lack of awareness among the people This is the biggest limitation found in
this sector. Most of the people are not aware about the importance and the
necessity of the insurance in their life. They are not aware how useful life
insurance can be for their family members if something happens to them.
Perception of the people towards Insurance sector People still consider
insurance just as a Tax saving device. So today also there is always a rush to
buy an Insurance Policy only at the end of the financial year like January,
February and March making the other 9 months dry for this business.
Insurance does not give good returns Still today people think that
Insurance does not give good returns. They are not aware of the modern Unit
Linked Insurance Plans which are offered by most of the Private sector players.
They are still under the perception that if they take Insurance they will get only
5-6% returns which is not true nowadays. Nowadays most of the modern Unit
Linked Insurance Plans gives returns which are many times more than that of
bank Fixed deposits, National saving certificate, Post office deposits and Public
provident fund.
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Lack of awareness about the earning opportunity in the Insurance sector
People still today are not aware about the earning opportunity that the
Insurance sector gives. After the privatization of the insurance sector many
private giants have entered the insurance sector. These private companies in
order to beat the competition and to increase their Insurance Advisors to
increase their reach to the investors are giving very high commission rates but
people are not aware of that.
Increased competition Today the competition in the Insurance sector has
became very stiff. Currently there are 14 Life Insurance companies working in
India including the LIC (life insurance Corporation of India). Today each and
every company is trying to increase their Insurance Advisors so that they can
increase their reach in the market. This situation has created a scenario in
which to recruit Life insurance Advisors and to sell life Insurance Policy has
became very very difficult.
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CONCLUSION
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CONCLUSION
After conducting market research for Kotak Life Insurance Company we came to
know different needs of investors, their valuable suggestions, responses to the
different questions. With this information we can conclude that there is good market
awareness about Kotak Life Insurance Company in the market.
Investor satisfaction level of most respondents is higher for Kotak Life
Insurance Company, which is provided by survey. Higher satisfaction level of Kotak
life insurance company was monthly due to Kotak provides good tax benefit for the
investors also ROI, security etc.
Kotak Flex s plan is the best-sold plan in market by Kotak Life Insurance. This
conveys that the investors are switching to retirement plan.
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BIBLIOGRAPHY
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BIBLIOGRAPHY
REFERENCES BOOKS
DD Sharma Marketting research.
Philip Kotler Marketting research.
MAGAZINE
Business & Economy Magazine
COMPUTER WEBSITE
www.kotaklifeinsurance.com
www.google .com
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com
http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.irda.com/http://www.licindia.com/http://www.hdfcinsurance.com/http://www.businessindiaonline.com/http://www.maxnewyorklife.com/http://www.brandonline.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.brandonline.com/http://www.maxnewyorklife.com/http://www.businessindiaonline.com/http://www.hdfcinsurance.com/http://www.licindia.com/http://www.irda.com/http://www.kotaklifeinsurance.com/ -
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ANNEXURE
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QUESTIONNAIRE
Q.: Your Name?
Ans..
Q:. Your age?
(a) 18-24 (b) 24-35 (c) 35-45
(d) 45-55 (e) Above 55
Q:. Your occupation?
(a) Business
(b) Employee
(c) Other
Q:. Do you think is it essential to have Life Insurance?
(a) Yes
(b) No
Q:. Which are the companies you invested your money for Life Insurance?
(a) Kotak Life Insurance (b) L.I.C. (c) Max New York
(d) L.I. Tata AIG (e) Bajaj Allianz (f) HDFC L.I (f) S.B.I.
(g) ICICI Prudential L. I.
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Q:. Why did you choose Kotak Life Insurance?
(a) Tax Benefit
(b) Security /safety
(c) Low Premium
Q:. In which of the following plane you have invested?
(a) Kotak Flexi plan
(b) Kotak retirement Plan
(c) Kotak Endowment Plan
(d) Kotak Capital Multiplier Plan
(e) Kotak Child Advantage Plan
Q:. What kind of services you expect from your insurance provides?
(a) Time to time premium collection
(b) Bonus & other schemes
Q:. How will you rate the services given by Kotak Mahindra Life
Insurance?
(a) Poor
(b) Average
(c) Good
(d) Excellen
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Q:. What difference you find between Kotak & your previous Insurance
provider?
(a) Good Returns
(b) Effective Service
(c) Tax Planning
(d) Security / Safety
(e) Capital Protection
Q:. Do have any suggestion for Kotak Mahindra Life Insurance? If yes,
please specify.
(a) Yes
(b) No
Q:. In future, will you purchase policies from Kotak Mahindra Life
Insurance?
(a) Yes
(b) No
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THE END