Tata AIG Life Insurance Company LTD

A PROJECT STUDY REPORT ON TRAINING UNDERTAKEN AT TATA AIG LIFE INSURANCE SIKAR Customer Services & Customer Services
Training Programs of Tata AIG Life Insurance Submitted in Partial fulfillment for the Award of degree of Master of Business Administration
Submitted By:Shilpi Bilkhiwal M.B.A. Part-II 2008-2010
Submitted to:Ms Pankuri Sexena Lecturer
SOBHASARIA ENGINEERING COLLEGESIKAR (RAJASTHAN)
PREFACE
With the increasing trend of globalization the way of consumer services and consumer services training programs are changed day by day satisfaction the customer attitude has also change. As marketer it is important to recognize why and how individual make better marketing decision. I was really very fortunate to get the opportunity to take the practical training in TATA AIG Life Insurance Sikar. The contents of the report are based on my experience and knowledge that I had acquired in my training period. I have taken reference from data and other information material available to me at the time of training. I have written this report to the best of my information .It includes all the important details and specifications regarding my training. In spite of every care taken, some errors may remain and I shall be obliged for any intimation of these which readers may discover.
ACKNOWLEDGEMENT
I express my sincere thanks to my project guide from TATA AIG Life Insurance Sikar, Mr. Ish Bhardwaj for guiding me right from the inception till the successful completion of the project. I sincerely acknowledge him for their valuable guidance, support for literature, critical reviews of the project and above all the report and the moral support he had provided to me with all stages of this project. I would also like to thank the supporting staff Department, for their help and cooperation throughout the project. I would also like to say thanks to Director Sir, Principal Sir, HOD Sir and all faculty members of management department of my college. I would also like to say special thanks to my project guide and lecturer Ms Pankuri Sexena for help me in make this report.
SHILPI BILKHIWAL
(Signature of student)
DECLARATION
I SHILPI BILKHIWAL Student of MBA Session 2009-2011, declare that the present work titled CUSTOMER SEVICES & CUSTOMER SEVICES TRAINING PROGRAMS OF TATA AIG LIFE INSURANCE is an original work. I anywhere else for the award of any degree/ diploma/ certificate or for any prize have not submitted this project report. All the data given in the report is to the best of my knowledge.
SHILI BILKHIWAL
EXECUTIVE SUMMARY
The summer training of a management student plays an important role to develop him into a well groomed professional. It gives theoretical concepts a practical shape in a field of applications. It gives an idea of dynamic & versatile professional world as well as an exposure to the intricacies & complexities of corporate world. My summer training in TATA AIG Life Insurance SIKAR was a learning experience to see how the company provides its products & services to its existing & potential customers & consistently keeps an eye on its customer service quality in order to thoroughly work upon attaining the customer satisfaction & maintaining long term customer commitment and relationship. The organization is based on principal Each for all and all for each. In other words it is an organization of weaker section to face exploitation of rich persons. In todays corporate and competitive world, I find that Insurance sector has the maximum growth and potential as compared to the other similar sectors. TATA AIG Life Insurance has the maximum growth. This growth potential attracts me to enter in this sector and . TATA AIG Life Insurance Sikar has given me the opportunity to work and get experience in highly competitive and enhancing sector.
The success story of good market share of different market organizations depends upon the services near to the customer, which can be distributed through a distribution channel. company.
His staff members & agents are the only way for a company and other similar sector through which policies and benefits of the company can be explained to the customer.
The carport's philosophy- "To be the best and quest for services" has been very evident in each and every aspect of functioning of the company.
It was very heartening to see that there is absolutely no compromise on the with the customer satisfaction.
To motivate and develop a result oriented approach in employees with commitment to excellence.
To develop supportive cooperative, collaborative and customer Driven cultural transformation by inculcating team spirit and group working and create healthy environment and promote understanding and belongingness in the department/Organization.
To promote a better sense of productivity/quality consciousness vis-a-vis competition in the company.
CONTENT OF TABLE
S.NO. TOPIC PAGE NO.
1.
INTRODUCTION OF INDUSTRY o Life Insurance o Types of life insurance o Benefit of life insurance o Effect of life insurance
2.
INTRODUCTION OF TATA AIG LIFE INSURANCE
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3.
RESEARCH METHODOLOGY o Duration of the project o Objective of the study o Type of research o Sample size and Method of selecting sample
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4.
LIMITATION OF STUDY
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5.
FACT & FINDING
44
6.
CUSTOMER SERVICES OF TATA AIG LIFE INSURANCE
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7.
CUSTOMER SERVICES TRAING PROVIDED BY TATA AIG LIFE INSURANCE
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8.
CLAIMS PROVIDED BY TATA AIG LIFE INSURANCE
62
9.
PLANS PROVIDED BY TATA AIG LIFE INSURANCE
69
10. SWOT ANALYSIS
85
11. CONCLUSION
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12. 13. 14.
RECOMMENDATIONS AND SUGGESTIONS ANNUXERE BIBLIOGRAPHY
92 95 98
INTRODUCTION OF INDUSTRY
INSURANCE
Insurance is a contract between two parties where by one party called insurer undertakes in exchange for called premiums, to pay the other party called insured to fixed amount of money on the happening of the certain events. Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. With the help of insurance large number of people exposed to similar risk makes contribution to a common fund out of which the losses suffered by the unfortunate few, due to accidental events and made good. Insurance is a tool by which fatalities of a small number of compensated out of find collected from plenteous. Gradually as competition increased benefit given by industry to its customers increased b leaps on bonds. Insurance is a basic form of risk management which provides production against possible loss to life of physical assets. Person who seeks protection against such is termed as insured, and company tat promises to honor claim, in case such loss is actually incurred by insured, is termed as insurer. In order to get insurance, insured is required to pay to insurance company a certain amount called premium. Premium is collected by insurance companies which acts as trustee to poop created through contribution made by person seeking to protect themselves from common risk. Any loss to the insured in case of happening of an uncertain event is paid out of this pool.
Insurance business is divided in to four classes:

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Life Insurance Fire Insurance Marine Insurance Miscellaneous Insurance
Insurance provides: Protection to investor Accumulation of saving Channeling these saving into needing high long investment.
LIFE INSURANCE
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums.
There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if aninsured event occurs which is covered by the policy.
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The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
To be a life policy the insured event must be based upon the lives of the people named in the policy. Insured events that may be covered include:
Serious illness
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion. Life-based contracts tend to fall into two major categories:
Protection policies
Protection policies designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.
Types of Life Insurance

Life insurance may be divided into two basic classes temporary and permanent or following subclasses - term, universal, whole life and endowment life insurance.
Term Insurance
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Term assurance provides life insurance coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else. There are three key factors to be considered in term insurance: 1. Face amount (protection or death benefit), 2. Premium to be paid (cost to the insured), and 3. Length of coverage (term).
Various insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase. Common types of term insurance include Level, Annual Renewable and Mortgage insurance.
Level Term policy has the premium fixed for a period of time longer than a year. These terms are commonly 5, 10, 15, 20, 25, 30 and even 35 years. Level term is often used for long term planning and asset management because premiums remain consistent year to year and can be budgeted long term.
At the end of the term, some policies contain a renewal or conversion option. Guaranteed Renewal, the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time. Some companies however do not guarantee renewal, and require proof of insurability to mitigate their risk and decline renewing higher risk clients (for instance those that may be terminal). Renewal that requires proof of insurability often includes a conversion options that allows the insured to convert the term program to a permanent one that the insurance company makes available. This can force clients into a more expensive permanent program because of anti selection if they need to continue coverage. Renewal and conversion options can be very important when selecting a program.
Annual renewable term is a one year policy but the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time.
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Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owners residence so the mortgage will be paid if the insured dies.
A policy holder insures his life for a specified term. If he dies before that specified term is up (with the exception of suicide see below), his estate or named beneficiary receives a payout. If he does not die before the term is up, he receives nothing.
However, in some European countries (notably Serbia), insurance policy is such that the policy holder receives the amount he has insured himself to, or the amount he has paid to the insurance company in the past years. Suicide used to be excluded from ALL insurance policies ], however, after a number of court judgments against the industry, payouts do occur on death by suicide (presumably except for in the unlikely case that it can be shown that the suicide was just to benefit from the policy). Generally, if an insured person commits suicide within the first two policy years, the insurer will return the premiums paid. However, a death benefit will usually be paid if the suicide occurs after the two year period.
Permanent Life Insurance

Permanent life insurance is life insurance that remains in force (in-line) until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years).
Permanent insurance builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time. This means that a policy with a million dollar face value can be relatively expensive to a 70 year old. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.
The four basic types pay and endowment.
of
permanent
insurance
are whole
life, universal
life, limited
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Whole life coverage

Whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy. The primary disadvantages of whole life are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives. Also, the cash values are generally kept by the insurance company at the time of death, the death benefit only to the beneficiaries. Riders are available that can allow one to increase the death benefit by paying additional premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short-term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy.
Cash value can be accessed at any time through policy "loans" and are received "income-tax free". Since these loans decrease the death benefit if not paid back, payback is optional. Cash values support the death benefit so only the death benefit is paid out.
Dividends can be utilized in many ways. First, if Paid up additions is elected, dividend cash values will purchase additional death benefit which will increase the death benefit of the policy to the named beneficiary. Another alternative is to opt in for 'reduced premiums' on some policies. This reduces the owed premiums by the unguaranteed dividends amount. A third option allows the owner to take the dividends as they are paid out. (Although some policies provide other/different/less options than these it depends on the company for some cases)
Universal life coverage

Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return. There are several types of universal life insurance policies which include "interest sensitive" (also known as "traditional fixed universal life insurance"), variable universal life insurance, and equity indexed universal life insurance. 15
A universal life insurance policy includes a cash account but the cash decreases over time. Premiums increase the cash account, but, the cost of interest increases each year so the cash deteriorates over time. Interest is paid within the policy (credited) on the account at a rate specified by the company, but then mortality charges and administrative costs are then charged against (reduce) the cash account. The surrender value of the policy is the amount remaining in the cash account less applicable surrender charges, if any. Universal Life does not work in a recession or low interest rate environment.
With all life insurance, there are basically two functions that make it work. There's a mortality function and a cash function. The mortality function would be the classical notion of pooling risk where the premiums paid by everybody else would cover the death benefit for the one or two who will die for a given period of time. The cash function inherent in all life insurance says that if a person is to reach age 95 to 100 (the age varies depending on state and company), then the policy matures and endows the face value of the policy.
Actuarially, it is reasoned that out of a group of 1000 people, if even 10 of them live to age 95, then the mortality function alone will not be able to cover the cash function. So in order to cover the cash function, a minimum rate of investment return on the premiums will be required in the event that a policy matures.
Universal life insurance addresses the perceived disadvantages of whole life. Premiums are flexible. Depending on how interest is credited, the internal rate of return can be higher because it moves with prevailing interest rates (interest-sensitive) or the financial markets (Equity Indexed Universal Life and Variable Universal Life). Mortality costs and administrative charges are known. And cash value may be considered more easily attainable because the owner can discontinue premiums if the cash value allows it. And universal life has a more flexible death benefit because the owner can select one of two death benefit options, Option A and Option B.
Option A pays the face amount at death as it's designed to have the cash value equal the death benefit at maturity (usually at age 95 or 100). With each premium payment, the policy owner is reducing the cost of insurance until the cash value reaches the face amount upon maturity. But, it does not perform like a whole life policy when each year the costs increase and never stop. In whole life, the costs are complete within the first few years of the policy.
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Option B pays the face amount plus the cash value, as it's designed to increase the net death benefit as cash values accumulate. Option B offers the benefit of an increasing death benefit every year that the policy stays in force. The drawback to option B is that because the cash value is accumulated "on top of" the death benefit, the cost of insurance never decreases as premium payments are made. Thus, as the insured gets older, the policy owner is faced with an ever increasing cost of insurance (it costs more money to provide the same initial face amount of insurance as the insured gets older).
Limited-pay
Another type of permanent insurance is Limited-pay life insurance, in which all the premiums are paid over a specified period after which no additional premiums are due to keep the policy in force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65.
Endowments
Main article: Endowment policy Endowments are policies in which the cash value built up inside the policy, equals the death benefit (face amount) at a certain age. The age this commences is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or universal life because the premium paying period is shortened and the endowment date is earlier. In the United States, the Technical Corrections Act of 1988 tightened the rules on tax shelters (creating modified endowments). These follow tax rules as annuities and IRAs do.
Endowment Insurance is paid out whether the insured lives or dies, after a specific period (e.g. 15 years) or a specific age (e.g. 65).
Accidental Death
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Accidental death is a limited life insurance that is designed to cover the insured when they pass away due to an accident. Accidents include anything from an injury, but do not typically cover any deaths resulting from health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurances.
It is also very commonly offered as "accidental death and dismemberment insurance", also known as an AD&D policy. In an AD&D policy, benefits are available not only for accidental death, but also for loss of limbs or bodily functions such as sight and hearing, etc.
Accidental death and AD&D policies very rarely pay a benefit; either the cause of death is not covered, or the coverage is not maintained after the accident until death occurs. To be aware of what coverage they have, an insured should always review their policy for what it covers and what it excludes. Often, it does not cover an insured who puts themselves at risk in activities such as: parachuting, flying an airplane, professional sports, or involvement in a war (military or not). Also, some insurers will exclude death and injury caused by proximate causes due to (but not limited to) racing on wheels and mountaineering.
Accidental death benefits can also be added to a standard life insurance policy as a rider. If this rider is purchased, the policy will generally pay double the face amount if the insured dies due to an accident. This used to be commonly referred to as a double indemnity coverage. In some cases, some companies may even offer a triple indemnity cover.
Related Life Insurance Products

Riders are modifications to the insurance policy added at the same time the policy is issued. These riders change the basic policy to provide some feature desired by the policy owner. A common rider is accidental death, which used to be commonly referred to as "double indemnity", which pays twice the amount of the policy face value if death results from accidental causes, as if both a full coverage policy and an accidental death policy were in effect on the insured. Another common rider is premium waiver, which waives future premiums if the insured becomes disabled.
Joint life insurance is either a term or permanent policy insuring two or more lives with the proceeds payable on the first death or second death. 18
Survivorship life: is a whole life policy insuring two lives with the proceeds payable on the second (later) death.
Single premium whole life: is a policy with only one premium which is payable at the time the policy is issued.
Modified whole life: is a whole life policy that charges smaller premiums for a specified period of time after which the premiums increase for the remainder of the policy.
Group life insurance: is term insurance covering a group of people, usually employees of a company or members of a union or association. Individual proof of insurability is not normally a consideration in the underwriting. Rather, the underwriter considers the size and turnover of the group, and the financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection. Group life insurance often has a provision that a member exiting the group has the right to buy individual insurance coverage.
Senior and preened products: Insurance companies have in recent years developed products to offer to niche markets, most notably targeting the senior market to address needs of an aging population. Many companies offer policies tailored to the needs of senior applicants. These are often low to moderate face value whole life insurance policies, to allow a senior citizen purchasing insurance at an older issue age an opportunity to buy affordable insurance. This may also be marketed as final expense insurance, and an agent or company may suggest (but not require) that the policy proceeds could be used for end-of-life expenses.
Preened (or prepaid) insurance policies: are whole life policies that, although available at any age, are usually offered to older applicants as well. This type of insurance is designed specifically to cover funeral expenses when the insured person dies. In many cases, the applicant signs a prefunded funeral arrangement with a funeral home at the time the policy is applied for. The death proceeds are then guaranteed to be directed first to the funeral services provider for payment of services rendered. Most contracts dictate that any excess proceeds will go either to the insured's estate or a designated beneficiary. 19
Benefits from Life Insurance

Your Life is precious and we make efforts to reduce risks in the best manner we can. History of Insurance shows that it was introduced to reduce the risk of traders and merchants. But slowly the civilians started using the format to insure their personal lives.
An important part of a sound financial plan, Life insurance ensures financial protection and enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the money to replace the income one would have earned or help pay off debts or other expenses. Apart from these, there are other risks that need to be managed in professional and private life. And Policy Bazaar is here to assist you find the right life insurance solution for you. The choice of policies, whether it is term life insurance or ULIPS or Endowment plans or Whole Life Policies, the options available are difficult to zero down on which best suits the needs. Backed by advanced technology and the gurus of insurance domain we can provide you the best quotes of the most suitable policies at a flash of time. Fill in your basic requirements in the online form provided and our expertise will follow up on the same and fetch the best life insurance solutions from trustworthy insurers. Effects of Life Insurance Normally, receiving a lump sum life insurance payment would be a good thing (at least financially). But what if you are on Medicaid? Will the payout disqualify you from Medicaid? What to do about it? -- By K. Gabriel Heiser, Attorney If you are currently in a nursing home and covered by Medicaid (i.e., the Medicaid program is paying part or all of your bills), what happens if you receive a lump sum cash payment as the proceeds of a life insurance policy? Unfortunately, since Medicaid only allows you to have no more than $2,000 in cash, this would cause you immediately to become disqualified from Medicaid. By law, you would have to report the receipt of
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the money to the state Medicaid agency, and it would let both you and the nursing home know that you are no longer eligible for Medicaid until you have "spent down" that money. At that point, you could (i) spend the money on your nursing home bills until you are once again down below the $2,000 limit and then re-apply for Medicaid, or (ii) engage in some asset protection planning to preserve some if not all of that lump sum payment, before re-applying for Medicaid. For example, you may want to use the money to purchase a car. As long as the car is used for the transportation of you or another household member, it will be excluded, no matter how much it costs (within reason). Another use of the proceeds would be to purchase a pre-paid funeral/burial plan. Again, there is no limit to the cost, so long as it is all actually to be used for your funeral and burial. If there is quite a lot of money from the insurance policy, then other more complicated planning techniques can be employed, some of which are discussed in my other articles on this site. For instance, a gift combined with purchase of a "Medicaid annuity" can generally protect at least one-half of the money. Finally, note that if the insurance proceeds are paid to the at-home spouse of the nursing home resident, then such money will NOT count against the Medicaid eligibility of the nursing home spouse. Beginning with the start of the month after the nursing home spouse is initially deemed eligible for Medicaid, the assets of the at-home spouse are not considered available to the nursing home spouse. K. Gabriel Heiser is an attorney with over 25 years experience in elder law and estate planning. Heiser is the author of How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets, an annually updated practical guide for the layperson. For more information about this book, visit Medicaid Secrets
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INTRODUCTION TO TATA AIG LIFE INSURANCE
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Tata AIG Life Insurance Company Ltd.
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 venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals and corporate. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001
The Tata AIG Group

Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 cores), of which 61% was from business outside India. The Groups Net Profit for 2007-08 is USD 5.4 billion (around Rs. 21,578 cores). The Group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. The business operations of the Tata Group currently encompass seven business sectors - Communications and Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. The Group's 28 publicly listed enterprises have a combined market capitalization of around $60 billion, among the highest among Indian business houses, and a shareholder base of 2.9 million. The major
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companies in the Group include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and Tata Communications.
American International Group, Inc. (AIG)

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
ShareTata AIG Life Insurance total annual premium up 77 % to Rs 880 cores.

FYP income up 48% to Rs 432 cores. Agency Total Premium Income up by 61% with persistency rate of 85%. Total Premium Income from Alternate Channels up 132 %; Banc assurance growing at 179 %. . Geographical network expanded to cover 45 cities with 85 offices. Lives covered under rural sector 21% versus Regulatory obligation of 16%. Lives covered under Social sector 101,873 versus Regulatory obligation of 20,000 lives. Tata AIG Life Insurance Company Limited (Tata AIG Life) today announced an increase of 77 percent in total premium income to Rs 880 cores for the annual period ending March 31, 2006, compared to Rs 497 cores for the corresponding period last year. The First Year Premium income increased by 48 percent to Rs 432 cores for the year ended March 31, 2006, compared to Rs 292 cores for the same period last year 24
Through its wide array of Group life insurance, pensions, gratuity and superannuation products, Tata AIG Life has covered over 7,16,016 lives during the period April 2005-March 2006, an increase of 43 percent over the last fiscal year. Additionally 3, 17,430 individual life business policies were issued from April 2005 to March 2006, an increase of 34.4 percent over the last fiscal year. Mr. Farrokh Kavarana, Chairman, Tata AIG Life said? We continue to focus on creating a world class life insurance entity that anticipates the needs of both customers and our stakeholders and provides innovative solutions to address their needs. We look forward to the opportunities and challenges that lie ahead and remain confident of creating increasing value for our policyholders and stakeholders through our customer centric approach and the high quality of our products and services?
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Mr. Trevor Bull, Managing Director, Tata AIG Life added, ?We are pleased to announce that the company has made significant strides in enhancing our position within India both through corporate and individual customers while continuing to increase the scale of our operations to better serve our customers. Our wide range of distribution channels and strategic alliances have all contributed to this result by offering customers and partners choices which address their growing protection and asset accumulation needs. We will consistently expand our product offerings by delivering innovative products to complement our commitment to offer quality advice and service that sets us apart as the company of choice. During this period, Tata AIG Life announced a reversionary bonus of 3.5% percent for the financial year 2005-06. This bonus was in line with the prevailing interest rate scenario and was applicable for all eligible participating plans.
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Life Insurance
Tata AIG Life Insurance Company Limited
General Insurance
Tata AIG General Insurance Company Limited
Are you looking for highly flexible life insurance solutions? Do you want a range of options when choosing a life insurance policy www.tata-aig-life.com
Are you looking for general insurance solutions? We have an exhaustive range of general insurance solutions and provide coverage for Automobile, Home, Personal Accident, Travel, Energy, Marine, Property and several specialized financial a casualty lines. www.tataaiginsurance.in
Tata AIG Life Insurance Company Limited and Tata AIG General Insurance Company Limited (collectively 'Tata AIG') are joint ventures of the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength.
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Highlights of the period:
New Management
In Dec 2005, Tata AIG Life appointed Mr. Trevor Bull as the new Managing Director, with management oversight of the companys operations. He is responsible for driving all business and market development activities.
Certified Financial Planner

The company launched the? Certified Financial Planner (CFP)? certification programme, an educational programme for its advisors, channel Partners and employees. Tata AIG Life is the first life insurance company in India to become an authorized education service provider and launch such curriculum in the market.
Product Launches
During the fiscal year the company launched? Health Protector? ? a flexible accident and health insurance policy and Nirbhay Life - a unique participating, money-back insurance plan. With these products the company has strengthened its product profile and endeavored to provide innovative products to its customers.
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Points about Insurance & TATA AIG Life Insurance

1. Meaning of Insurance 2. TATA AIG Life Insurance different from other Insurance 3. Insurance is useful 4. TATA AIG Life Insurance is better life insurance then other 5. Benefits of life insurance policy
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1:Insurance is a contract between two parties where by one party called insurer undertakes in exchange for called premiums, to pay the other party called insured to fixed amount of money on the happening of the certain events. 2: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 venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals and corporate. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001 which is better the others.
3:Life Insurance is useful because our Life is precious and we make efforts to reduce risks in the best manner we can. History of Insurance shows that it was introduced to reduce the risk of traders and merchants. But slowly the civilians started using the format to insure their personal lives. An important part of a sound financial plan, Life insurance ensures financial protection and enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the money to replace the income one would have earned or help pay off debts or other expenses. Apart from these, there are other risks that need to be managed in professional and private life.
4:Because it provide the different and better insurance policies and services which is better the others. 31
5:Your Life is precious and we make efforts to reduce risks in the best manner we can. History of Insurance shows that it was introduced to reduce the risk of traders and merchants. But slowly the civilians started using the format to insure their personal lives. An important part of a sound financial plan, Life insurance ensures financial protection and enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the money to replace the income one would have earned or help pay off debts or other expenses. Apart from these, there are other risks that need to be managed in professional and private life. And Policy Bazaar is here to assist you find the right life insurance solution for you. The choice of policies, whether it is term life insurance or ULIPS or Endowment plans or Whole Life Policies, the options available are difficult to zero down on which best suits the needs. Backed by advanced technology and the gurus of insurance domain we can provide you the best quotes of the most suitable policies at a flash of time. Fill in your basic requirements in the online form provided and our expertise will follow up on the same and fetch the best life insurance solutions from trustworthy insurers
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RESEARCH METHODOLOGY
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TITLE OF THE STUDY

CUSTOMER SEVICES & CUSTOMER SEVICES TRAINING PROGRAMS OF TATA AIG LIFE INSURANCE.
DURATION OF STUDY
PROJECT REPORT DURATION IS 45 DAYS AT 20-05-10 TO 30-06-10.
OBJECTIVE OF THE PROJECT

Firstly, In present time many insurance companies are available in the market. There are several advantages, which they offer to their loyal client. They provide many attractive schemes to his customers and for the customer it is very difficult to choose one. Secondly, I want know that which services are provided by the tata aig life insurance to his customer. Thirdly, how tata aig different from other insurance companies. Fourthly, by this study & customer services of tata aig I realized that it is provide the better services to is customers. In view of the above stated problems the specific objectives of the study are as follows:
1. To educate the consumers and make them aware about the importance of life insurance. 2. Provide the knowledge about the customer services of tata aig life insurance. 3. Develop a market plan for the insurance schemes. 4. To evaluate and quantify the impact of marketing organization of insurance policy of tata aig. 34
5. Estimate the consumer awareness level for insurance. It is a blue print of systematically stepped process to be followed from defining the problem to data collection, analysis and conclusion .
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The following phases detail the work undertaken:
Phase 1: Initial Appraisal

1. The first phase of the study deal with knowing the current market realities by observing and collecting the data. 2. Prelin1inary visits were made on different Insurance policies which is available in the market. 3. Banners were printed this promotional gone a very good insight about the way it was handled by the company and also an insight in the mind of the ever discerning consumer. 4. The views of the marketing personnel were also ascertained on various marketing issues faced by the union. 5. The market research reports conducted by MARS (Marketing and Research Group) were also read to get a macro view of Life insurance services .
Phase 2: SCHEDULE DESIGN AND PRE-TESTING

1. A detailed schedule was designed to test consumer attitude towards Life insurance services and customer services tanning programs of TATA AIG Life Insurance 2. The schedule was pre-tested in one of the localities sikar, to check and correct inherent flaws if any in the schedule. Only minor changes were made in the schedule on the basis of the feedback obtained from the consumers. 3. A schedule was also developed for ascertaining of non-user buyers. 36
Phase 3: CONDUCTING CONSUMER SURVEYS

1. Judgmental sampling was used as the sampling technique. 2. This was essential because people of different income group reside in the entire city. 3. Therefore, the judgmental element came in selecting the areas, which would give a heterogeneous sample taking care of the randomness within an area so that every element has an equal chance of being represented. 4. Within a residential area care was taken that the respondents were not concentrated in anyone block. 5. The sample size was fixed at 100 Household.
Phase 4: CONDUCTING AGENTS SURVEYS
1. Customer training and services programs is introduced of new schemes of Tata AIG Life Insurance 2. The complaints each had against the company were also noted down and forwarded to the marketing department for further action.
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Phase 5: DATA ANALYSIS AND RECOMMENDATIONS

1. The feedback obtained were analysis in great depth to come up with meaningful findings, which provided valuable clues to Answerwering the research objectives and for identifying the shortcomings. 2. Based on these findings easily implementable recommendations have been suggested. 3. The database itself is a veritable storehouse of information which can easily serve a variety of purposes in the future such as a mailers list for carrying out direct mail promotional campaigns to monitoring changes in milk consumption patterns of the consumers on a later date.
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TYPE OF RESEARCH
MARKETING RESEARCH
Definition of marketing research is approved by the board of the American Marketing Association (AMA) is: Marketing research is the functions which links the customer and public information used to identity and define marketing evaluate, marketing Marketing as a process. Simply, marketing research is the systematic design, collection, analysis and Reporting of the data findings relevant to a specific marketing situation facing the company. Careful planning through all stages of the research is a necessity. Objectivity in research is all- important. The heart of the scientific method is the objective gathering and analysis of the information. The function of marketing research within a company is to provide the Information and analytical inputs necessary for effective. . A research may undertake any of three types of research investigation depending upon the problem. These three types of research included. Basic research Planning of future marketing activity. Control of marketing operations in the present. Evaluation of marketing results To marketer through
Opportunities and problems; generate define and
Actions, monitor marketing performance, and improve understanding of
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Applied research Descriptive research
DESCIPTIVE RESEARCH
Descriptive Research includes surveys and fact finding enquiries of different kinds. The major purpose of Descriptive Research is Description of the state of affairs as it exists at present.
Data collection
Data collection exercise can be bifurcated into two parts a) Data from secondary sources b) Data from primary sources. Secondary sources begin with our own library which houses over annual reports of over 3000 companies, 500 global companies, newspapers/ magazine clippings, industry association reports, government/ ministry reports, books/ periodicals, journals etc. Needless to say, our analysts spend zillions of hours surfing the net. The analysts read, make notes, discuss with respective team leader and reach some preliminary hypotheses as regards to sector trends, competitive position of various players etc. Then they start primary data compilation. That is what separates us from most of other information providers. Primary data collection, if you ask us to quantify, constitutes 90% of value we give you in our research reports. The analyst fix appointments go out in the field and meet a diverse cross section of people such as The companies management. This is the most vital source of information. We attend analysts meet. When confronted with opaque and un-cooperative management refusing to give 40
Appointments, we try and meet their ex-employees and retired people. We would indeed be too naive to survive in this business, if we reduce us to stenographers and reproduce whatever management talks about their companies. We need a robust re-validation methodology to cross check, corroborate and add to what companies talk about themselves and their sectors. So we meet a large number of competitors, suppliers, customers, trade and consultants round the year. Also, before our analysts meet managements, they do their homework as regards to the companys track record in financial
Primary Data
The data, which are originally collected by an investigator or agency for the first time for any statistical investigation used by them in the statistical analysis, are termed as primary data.
Secondary Data
The data, which have already been collected and processed by some agency or person and taken over from these or used by any other agency for their statistical work, are termed as secondary data.
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SAMPLE SIZE AND METHOD OF SELECTING SAMPLE

Sample Size:--- 100 CUSTOMERS Sample instrument:--- questionnaire & close end Sample area:--- Laxmagargh, sikar Sample contract:--- direct approach Sample plan:--- provability sample (Simple random sample) Sample unit; ------ individual customers.
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LIMITATIONS OF STUDY
The present study is subjected to following LIMITATIONS: 1. Method of data collection was through personal interview and therefore bias becomes a major limitation. 2. Owing to their pre occupation some customers were unable to answer the complete questionnaire.
3. A sample size of 100 consumers in a population of ten laces may not be adequate statistically. But this was taken care of by using judgmental sampling to select areas for the survey. 4. Sophisticated analysis such as co-relation and regression could not be carried out because of the pressure of time.
5. Respondents who decided mid way though not to Answerer questions had to be substituted. The institutional survey could not be carried out because of shortage of time
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FACT & FINDING
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QUESTIONS
When asked about the rate of insurance of TATA AIG Life Insurance? When asked about the customer services of TATA AIG Life Insurance? When asked about the customer services training programs of TATA AIG Life Insurance? Q:-(4) Q:-(5) When asked, do you adopt the TATA AIG Life Insurance? When asked, what you think about changes in services of TATA AIG Life Insurance? Q:-(6) When asked, do you know about claims which are provided by TATA AIG Life Insurance?
Q:-(1) Q:-(2) Q:-(3)
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ANSWER
Q:-When asked about the rate of insurance of TATA AIG Life Insurance? A: - The response where: Normal Excess : 60% : 40%
According to the responses the maximum respondent said that the price or the rate of insurance policy of TATA AIG Life Insurance is very high 40% respondent said that its price is normal 60%
Q: - When asked about the customer services of TATA AIG Life Insurance? A: - The response where : Very good : Good Normal : : 30% 45% 25% 46
Very Good Good Normal
When asked about the customer services of TATA AIG Life Insurance , the following view come in front: - 30% of the people said that the customer services of TATA AIG Life Insurance the is very good, 45% of the people said that the customer services of TATA AIG Life Insurance is good, 15% of the people said that the customer services of TATA AIG Life Insurance is normal and the other 10% of the people said that the customer services of TATA AIG Life Insurance .
Q: - When asked about the customer services training programs of TATA AIG Life Insurance? A: - The response where: No Yes : 30% : 70%
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According to the above graph it is clear the customer services training programs of TATA AIG Life Insurance is not easily available. only few of the consumer said that we have face problem in getting customer services training programs of TATA AIG Life Insurance But most it is easily available at proper time.
Q: - When asked, do you adopt the TATA AIG Life Insurance? A: - The response where: Yes No : : 70% 30% 48
When asked the respondents, do you want to do adopt the TATA AIG Life Insurance? Then the responses are 70% of the people are agree, 30% of the people are not agree for adopt the TATA AIG Life Insurance. It is a great response of people in the big competitive market condition in insurance sector.
Q: - When asked, what you think about changes in services of TATA AIG Life Insurance? A: - The response where : Yes No : : 40% 60%
According to the graph it can be said that only 60% of the people are not want to any change in services of TATA AIG Life Insurance , while 40% of the people are want to changes in services of TATA AIG Life Insurance.
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Q: - When asked, do you know about claims which is provided by TATA AIG Life Insurance? A: - The response where : Yes No : : 70% 30%
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When asked the respondents, do you know about the insurance claims of the TATA AIG Life Insurance? Then the responses are 70% of the people are say yes, 30% of the people are say no the TATA AIG Life Insurance. It is a great response of people in the big competitive market condition in insurance sector that it is know about claim services of the TATA AIG Life Insurance
CUSTOMER SERVICES OF TATA AIG
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Customer Services of TATA AIG:

At TATA AIG Life, we are committed to providing best in class services to our esteemed customers. If you wish to request for any policy related information online, or to make changes to your contact details available in our records, please refer to our Service Request section. For your convenience, we are also pleased to provide you with all necessary forms required to make any changes to your policy. Please click on any of the following links:

For changes to Customer Details For changes to Policy Details For changes to Unit Linked Policies
It is our constant endeavor to provide the highest level of services to our clients. However, in case you have been inconvenienced due to any of our services, kindly provide us with your valuable feedback by visiting our Grievance Mechanism section.
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We value your patronage and look forward to a long and mutually beneficial association with you.
Customer Detail
Do you need to change any change in details of customer then you can do the change in the details of the customer policy details. Name Change Address/Telephone Change Mode Change Ownership Change Signature Change
Nominee Change Do you need to change any change in Nominee name then you can make the change in the Nominee name of the customer. Change in Nomination Cancellation of Nomination Request for change
Premium Payment
Credit Card Direct Debit Direct Debit & Electronic Clearing Service Standing Instruction (SI)
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Life Insurance Premium Certificate (You can send us a written request to your nearest Branch office or mail to customercare@tata-aig.com or call for free on 1800 11 99 66)
Policy Details
Do you need to change any details of policy then you can do the change in the details of the customer policy details. Increase in Sum Assured Decrease in Sum Assured Add/Increase Rider Delete/Decrease Rider Basic Plan Change Date of Birth Change Occupation Change Lost Policy Declaration Surrender Health Certificate Assignment Form Loan Form Reassignment Form
Unit Linked Policies

Do you need to change any details on the policy then you can do the change in the details of the policy you can make the change. A) For Tata AIG Life InvestAssure 54
Fund Allocation, Switch & Top-up B) For Tata AIG Life InvestAssure II & InvestAssure Plus Fund Allocation, Switch & Top-up C) For Tata AIG Life InvestAssure Gold Fund Allocation, Switch & Top-up D) For Tata AIG Life InvestAssure Care & Extra Fund Allocation, Switch & Top-up E) For Tata AIG Life InvestAssure Flexi Fund Allocation, Switch & Top-up F) For Tata AIG Life InvestAssure Future Fund Allocation, Switch & Top-up G) For Tata AIG Life InvestAssure Health Fund Allocation, Switch & Top-up H) For Tata AIG Life United Ujjwal Bhawishya Fund Allocation, Switch & Top-up I) For Tata AIG Life InvestAssure Optima Fund Allocation, Switch & Top-up J) For Tata AIG Life InvestAssure Swarna Jeevan Fund Allocation, Switch & Top-up K) For Tata AIG Life InvestAssure Insta Fund Allocation, Switch & Top-up
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L) For Tata AIG Life Jeevan Lakshya Fund Allocation, Switch & Top-up M) For Tata AIG Life InvestAssure II +, Tata AIG Life InvestAssure Insta +, Tata AIG Life InvestAssure Plus Advantage, Tata AIG Life Lakhsya Plus, Tata AIG Life InvestAssure Superstar Fund Allocation, Switch & Top-up N) For Tata AIG Life InvestAssure Flexi Plus, Tata AIG Life InvestAssure Gold Plus, Tata AIG Life Health Plus, Tata AIG Life InvestAssure Optima Plus, Tata AIG Life United Ujjwal Bhawishya Plus, Tata AIG Life InvestAssure Sampatti Fund Allocation, Switch & Top-up
O) Partial Withdrawal & Surrender Form

Note: The above form can be used for all the ULIP products mentioned above
Policyholders Servicing With regard to any query or issue related to your policy, please call us at our 24/7 toll free number 1800-11-9966. In case of a change in the toll free number, we will communicate the new number to you. You shall from time to time whenever deemed fit and necessary for availing of better facilities from us, provide a written authorization of the name of the persons to be contacted for enquiries if any or any change of address or change of nomination under the Policy.
Grievance Redressal
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In case you have any complaint / grievance, you may approach our office at any of the following address or e-mail us at customercare@tata-aig.com. Zone Operation Head North Zone Tata AIG Life Insurance Company Limited. 2nd Floor, Unit no.SS-3 & SS4,Aditya Mega Mall Plot 9-D,Central Business District, Shadara,New Delhi 110092 Zone Operation Head South Zone Tata AIG Life Insurance Company Limited. 3rd Floor, Rathnam Complex
Zone Operation Head - West Zone Tata AIG Life Insurance Company Limited. 1st Floor, Simran Centre 30-H, Parsi Panchayat Road , Andheri(E),Mumbai -400069 Zone Operation Head East Zone Tata AIG Life Insurance Company Limited. 5th Floor, Chowringhee Court
55 Chowringhee Road,Kolkata 700071 10/5, Kasturba Road,Bangalore - 560001
Customer Care Cell

In case you are not satisfied with the decision of the above office, or have not received any response within 10 days, you may contact the following official for resolution: Tata AIG Life Insurance Company Limited Head Customer Services Unit No. 302, Building No. 4, Infinity IT Park Film City Road, Dindoshi, Malad (East) Mumbai 400 097 Toll free number: 1-800-119966 Fax number: +91 - 22 6760 8180 E-mail: life.complaints@tata-aig.com
Ombudsman:
In case you are not satisfied with our decision/resolution, you may represent the case to the Ombudsman for redressal of the grievance, if it pertains to:
Insurance claim that has been rejected or dispute of a claim on legal construction of the policy 57
Delay in settlement of claim Dispute with regard to premium Non-receipt of your insurance document
The complaint should be made in writing duly signed by the complainant or by his legal heirs with full details of the complaint and the contact information of complainant.
As per provision 13(3) of the Redressal of Public Grievances Rules 1998, the complaint to the Ombudsman can be made
Only if the grievance has been rejected by the Grievance Redressal Machinery of the Insurer Within a period of one year from the date of rejection by the insure
If it is not simultaneously under any litigation
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CUSTOMER SERVICE TRAINING PROGRAMS PROVIDED BY TATA AIG
Customer Service Training Programs:

Our research-validated training solutions focus on the key drivers that deliver behavioral change:

Relevant, job-specific training Supervisor coaching skills to support and reinforce training An advanced learning process that transfers learning into action Support tools for agents, supervisors, and managers
Industry certification and recognition based on performance
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your We provide three customer service training programs that are relevant to specific responsibilities. We provide Customer Service Training (Non-Technical) to improve customer service skills for the nontechnical front-line. Our Customer Service Training for Technical Support program is specifically designed for technical support engineers and is approved by TSIA and Comitia. Our Customer Service Training for Field Service Representatives program provides field service representatives the communication and customer service skills needed to represent company in today's competitive environment. Investigate the options below for information on each customer service training program.
Customer Service Training (Non-Technical):

This customer service training program is designed for non-technical customer service representatives who are telephone based. It combines the best in customer service training methodology with best
practices in customer communication to bring
your representatives all the skills
they need for perfect customer service calls. Available in English and Spanish.
Customer Service Training for Technical Support:
Developed especially for technology-based industries,Getting to the Heart of Technical Support teaches your support professionals the skills they need to consistently deliver exceptional customer service. Available in English and Spanish. 60
Customer Service Training for Field Service:
Designed specifically for field service engineers, Getting to the Heart of Field Service teaches employees the customer service and communication skills they need to balance the business needs and values of your company with the expectations your customers have for quality service.
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CLAIMS PROVIDED BY TATA AIG LIFE INSURANCE
Claims Provided By TATA AIG Life Insurance:

In the unfortunate event of a critical illness, hospitalization, disability or death, please lodge your claim at our 24-hour Call Centre at 1-800-119966. Please submit the following documents along with your claim form NOTE:
All the documents submitted to us should be original or photocopies attested by a Gazetted Officer, Special Executive Magistrate, Magistrate or a person of local standing, e.g. Sarpanch, 62
Talathi, Tahsildar or Police Sub-Inspector.
All medical reports, documents and certification shall be issued by the attending physician and who is qualified to provide such document / certification according to the laws of India.
In addition to above documents, Tata AIG Life Insurance Company Ltd. reserves the right to ask for more documents / information, medical examination/tests and autopsy as may be required in consideration of the claim.
Notification of claim, submission of claim forms and / or claim documents to the Tata AIG Life shall not be construed as an admission of liabilities of Tata AIG Life Insurance Company Ltd. No agent is authorized to admit any liabilities on behalf of Tata AIG Life Insurance Company Ltd., nor to alter this list of documents or any claims requirements called for by Tata AIG Life Insurance Company Ltd.
Claims Provided By TATA AIG Life Insurance:

Critical Illness Critical Illness Disability or Dismemberment Hospitalization Death
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a) Claim Forms Part I: Application Form for Critical Illness (Life Insureds Statement) Part II: Confidential Medical Report (to be filled by attending physician) b Attested True Copy of Indoor Case Papers of the Hospital(s). ) c) Discharge Summary of Present and Past Hospitalizations. d Medical Examination Certificate (First Consultation Notes) & follow-up Consultation Notes ) e) All related Medical Examination Reports, e.g. Laboratory test reports. X-Ray / CT Scan / MRI Reports & Plates. Ultrasonography Report. Histopathology Report. Clinical / Hospital Reports. Angiography Reports & Plates Others (please specify) f) Certificate of Diagnosis. g Reason for delay in intimation. )
Disability or Dismemberment Claim Forms a) For Disability: Part I: Total and Permanent Disability Claim Form (Claimants Statement) Part II: Total and Permanent Disability Form (attending Physicians report) For Dismemberment: Part I: Accident/ Hospitalization Claim Form (Claimants Statement) Part II: Accident/Hospitalization Claim Form (attending Physicians report) b Attested True Copy of Indoor Case Papers of the Hospital(s). ) c) Discharge Summary of Present and Past Hospitalizations. 64
Medical Examination Certificate (First Consultation Notes) & follow-up Consultation Notes. ) e) All related Medical Examination Reports, e.g. Laboratory test reports. X-Ray / CT Scan / MRI Reports & Plates. Ultrasonography Report. Histopathology Report. Clinical / Hospital Reports. Angiography Reports & Plates. Others (please specify). f) Clinical Photographs showing the injured areas - if available g Disability Certificate by attending physician / Institute for disabled ) h Rehabilitation Certificate - if applicable. ) i) Sick Leave certificate - if applicable. j) Employers written confirmation / statement - for Disability claims If Hospitalization is due to accidental causes (submit in addition to the above)
k)
All police reports / First Information Report & Final Investigation Report - if due to accidental cause.
(All Dismemberment claims shall submit proof of accident) Reason for delay in intimation. m) Proof of Accident Panchnama / Inquest report - if due to accidental cause.(All Dismemberment
l) n)
claims shall submit proof of accident) Newspaper cutting / Photographs of the accident - if available.(All Dismemberment claims shall submit proof of accident)
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Hospitalization
a) Claim Forms Part I: Accident / Hospitalization Claim Form (Claimants Statement) Part II: Accident / Hospitalization Claim Form (attending Physicians report) b) Hospital Bills for the confinement. c) Attested True Copy of Indoor Case Papers of the Hospital. d) Discharge Summary of Present and Past Hospitalizations. e) Medical Examination Certificate (First Consultation Notes). f) All related Medical Examination Reports, e.g. Laboratory test reports X-Ray / CT Scan / MRI Reports & Plates Ultrasonography Report Histopathology Report Clinical / Hospital Reports 66
Angiography Reports & Plates. Others (please specify). g) Certificate of Diagnosis h) All follow-up Consultation Notes in relation to the hospitalized condition. If Hospitalization is due to accidental causes (submit in addition to the above). i) Reason for delay in intimation. j) All police reports / First Information Report & Final Investigation Report. k) Proof of accident - Panchnama / Inquest report. l) Newspaper cutting / Photographs of the accident - if available.
Death
(all causes of death) a) Claim Forms Part I: Application Form for Death Claim (Claimants Statement) Part II: Physicians Statement Death Certificate issued by a local government body like Municipal Corporation / Village Panchayat Medical cause of Death Certificate issued by attending physician Attested True copy of Indoor Case Papers of the hospital(s) Burial or Cremation ground certificate Original Policy document Postmortem report (Autopsy report) & Chemical Viscera report - if performed The Insureds Photo ID with Date of Birth (if not submitted for policy issue) The Beneficiary : Photo ID with Date of Birth with relationship with the Insured. Proof of legal title to the claim proceeds (e.g. legal succession paper, assignment deed) Reason for delay in intimation, if any
b) c) d) e) f) g) h) i)
j)
If Death due to Accident (submit in addition to the above) 67
k) l) m)
All police reports / First Information Report & Final Investigation Report. Proof of accident - Panchnama / Inquest report Newspaper cutting / Photographs of the accident - if available
PLANS PROVIDED BY TATA AIG LIFE INSURNCE
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Plans provided by Tata AIG
Would be looking to invest your savings in responsible investment avenues. See Tata AIG Life Maha Guarantee
Are hospitalized or have a prolonged illness? See Tata AIG Life Health First & Tata AIG Life Health Protector - 5 Year Guaranteed Renewal Accident and Health Plan\
Cover your hospitalization expenses and get your money back. See Tata AIG Life Hopi Cash Back
Stay protected against 12 critical illnesses. Get your life back and your money. See Tata AIG Life Health Investor
Dont want to face financial risk, but cant afford high premiums? See Tata AIG Life Assure One year/ Five Years/10 Years/ 15 Years / 20 Years / 25 Years Lifeline Plans, and Term to age 60 known as Assure Lifeline to Age 60
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Want your money back if you outlive your policy? See Tata AIG Life Life Plus
Want coverage and the flexibility to get your money when you need it? See Tata AIG Life Assure 21 years Money Saver
Want safety and high returns? See Tata AIG Life Assure 10 Years / 20 Years / 30 Years Security & Growth Plans
Want a low-cost term plan which offers a large cover? See Tata AIG Life Raksha 10/15/20/25
Want high returns at a low premium? See Tata AIG Life ShubhLife
Keep your capital safe and growing with Tata AIG Life Assure Golden Years Plan
Want an immediate annuity plan with Return of Purchase price? See Tata AIG Life Easy Retire
Tata AIG Life realizes that you want the best for your children. We can help you ensure they have:
Ample money available to pay for education or marriage with Tata AIG Life Assure 21 years Money Saver
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A steady, lifetime income with Tata AIG Life MahaLife Gold
The money they need to start a successful career with Tata AIG Life Assure Career Builder
Financial support to receive the best education possible with Tata AIG Life Assure Educare at 18 & Assure Educare at 21
The very best college & post graduate education with Tata AIG Life Starkid
With prices on the rise, its important that you start planning for retirement now. We can ensure that your Golden Years are truly Golden by offering insurance plans that:
Keep your capital safe and growing with Tata AIG Life Assure Golden Years Plan
Want an immediate annuity plan with Return of Purchase price? See Tata AIG Life Easy Retire
Provide a stable, lifetime income for you and your family with Tata AIG Life MahaLife Gold
Give you the flexibility to choose when to retire with Tata AIG Life Nirvana
Guarantee additions to your sum assured with Tata AIG Life Nirvana Plus 71
Tata AIG Life Assure Educare at 18 & Tata AIG Life Assure Educare a
This is a first-of-its-kind juvenile endowment policy geared toward funding your childs education. You can choose between Tata AIG Life Assure Educare 18(Assure Educare 18) and Tata AIG Life Assure Educare 21(Assure Educare 21), depending on your needs: Assure Educare 18: This plan matures when your child turns 18 and is open to children between 0 years and 8 years of age.
Assure Educare 21: This plan matures when your child turns 21, and is open to children between 0 years and 11 years of age
Key features of both of these plans include:
A guaranteed payment of 10% of the sum assured at maturity or on death (policy must be in force for a minimum 10 years).
An additional guaranteed education benefit of 20% of sum assured, payable to you at maturity.
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A non-guaranteed compounded annual bonus credited on the policy anniversary (depending on Company performance). A terminal bonus which is payable on death or maturity (policy must be in force for a minimum 10 years).
Free Look Period - A money-back guarantee, which allows you to return the policy within 15 days of receipt for a full refund (minus nominal administrative charges).
Sum Assured is payable on death or on maturity.
Tax Benefits, Riders and Age Eligibility
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.*
A Pryor Benefit Rider is available which waives all future payments for this policy in the event of your death or disability, at a nominal extra cost.
Assure Educare 18 is open to children between 0 years and 8 years of age, while Assure Educare 21 is open to children between 0 years and 11 years of age.
Tata AIG Life Assure 21 years Money Saver
10% of the sum assured is paid on survival on the 3rd /6th /9th /12th / 15th and 18th policy anniversaries. 73
40% of the sum assured will be paid on maturity (i.e. on the 21st anniversary of this policy). The entire sum assured is distributed to your beneficiaries, irrespective of cash payments already made, in the unfortunate event of your death before the end of the policys term.
A 10% Guaranteed Addition is payable on death or maturity, if the policy has been inforce for 10 years.
A reversionary and terminal bonus payable on death or maturity. Terminal bonus is available only if policy is in force for more than 10 years.
Bonuses are paid depending on performance of the company.
Term, Critical Illness, Accident and Disability riders are available for added protection at a nominal extra cost.
Minimum age to qualify for this product is 30 days. Maximum age limit is 55 years. 74
For juveniles only Pryor benefit rider is available.
Tata AIG Life MahaLife Gold
SHAPE \* MERGEFORMAT
A guaranteed annual coupon of 5% of
the sum assured every year for the rest of the insureds term from the 10th policy anniversary.
Yearly cash dividends are available from the 6th policy anniversary onwards (depending on Company performance).
The entire sum assured is paid tax-free as per current Income Tax Laws.
The guaranteed 5% coupon and non-guaranteed cash dividends are tax free as per current Income Tax Laws.
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Disability, Accident, Term and Critical Illness riders are available for added protection at a nominal extra cost. (For juveniles, only Payor Benefit Rider is available).
Policy available for persons between 0 years and 60 years of age.
Tata AIG Life Starkid
Your child will receive cash benefits to the equivalent of 20% of the sum assured at the age of 18, 19, 20, 21 & 22.
Flexible and affordable premiums, which can be paid annually, semi-annually, quarterly, or even monthly.
No medical examination of your child is needed.
Free Look Period - A money-back guarantee, which allows you to return the policy within 15 days of receipt for a full refund (minus nominal administrative charges).
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* 76
Inbuilt Pryor Benefit rider: In the event of Pryors death or disability the policy pays out following benefits:
During the premium paying period: All future premiums are waived off.
After the premium paying period: 50% of Sum Assured is paid to the nominee of the policy.
Adults
You work hard to ensure that your family has enough money to lead a good life. Who will look after your family if something happens to you? Retirement Planning
The estimated lifespan of an averagely healthy person is around 75 years. This means that you will have to fund your lifestyle for 20 years without a regular salary if you plan to retire at the age of 55. Let us show you how you can truly make your retirement years into Golden years. Each one of us is unique. Yet many of us share the same concerns over the course of our lives. For instance, you may have asked yourself, Who will take care of my family if something happens to me? Tata AIG Life is here to help provide answers to questions just like that one.
Tata AIG Life Assure Golden Years Plan
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Tata AIG Life Assure Golden Years(Assure Golden Years) is an endowment policy that provides both safety and steady returns. In the unfortunate event of your death, your dependants will receive the sum assured; otherwise your savings will continue to grow. Should you live past the term of the policy, you will receive both the sum assured as well as a host of bonuses.
Key features include: A guaranteed addition of 10% of the sum assured if the policy has been in force for 10 years or more, is payable on death or maturity. A reversionary bonus is payable on death or maturity. A Terminal bonus paid on maturity or death if the policy has been in force for a minimum 10 years. Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance. Tax Benefits, Riders and Age Eligibility Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Term, Accident, Disability and Critical Illness riders are available for added protection. Policy duration runs from the time of purchase up to age 60. Policy is available for persons between 18 to 50 years of age.
Tata AIG Life Easy Retire
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Today, you are busy working hard to achieve your goals. You are going to retire one day. No matter how you want to live your life after retirement you need to plan and arrange for a regular income. Tata AIG Life Insurance Company Ltd presents Tata AIG Life Easy Retire(Easy Retire) an individual immediate annuity, the ideal solution to convert your corpus to regular income. The regular income helps you cope with the expenses that continue even when you stop working and in fact increase with age as a result of mounting health bills and increasing prices. Easy Retire is an immediate annuity plan with Return of Purchase Price (RoPP) which can be purchased through a single premium payment. The plan provides for annuity payments which are paid throughout the life time of an annuitant.
How does the Plan Work?
All you have to do is pay a single premium to Tata AIG Life Insurance Company Ltd. (This amount is your purchase price) Choose annuity payment modes [the frequency at which you want the income] - monthly, quarterly, half-yearly or yearly
Tata AIG Life Insurance Company Ltd guarantees you a rate per thousand at the time of purchase and this depends on the age as well as purchase price.
Opt for either receiving post dated cheques or a direct credit into your bank account. i.e. PDCs / ECS
Definition:
Annuity - Series of regular payments received by the policy holder 79
Annuitant - Person who receives the annuity benefit. RoPP - In this plan the annuity is paid to the annuitant throughout his/her life. On the death of the annuitant the purchase price is returned to the nominee. Entry Conditions Minimum Purchase amount Minimum age of purchase Maximum age of purchase Policy period Premium payment Period Minimum annuity installment Annuity rates - Unisex Medical Requirement Rs. 50,000 21 years 80 years Life time Single Rs. 3,000 p.a Yes None
Note:

No surrender permitted under this plan. Tata AIG Life Insurance Company Ltd. reserves the right to review the annuity rates, subject to IRDA's prior approval. Please ask for latest rates at the time of purchasing the annuity plan Once the annuity is bought, the rate remains constant throughout the lifetime of the annuitant Once the frequency of payment is opted it cannot be changed No loan will be available under this plan Incentives available for higher purchase price
Please refer to the policy documents for more details
Tata AIG Life Nirvan

You need money to live after you retire, but is the money you saved going to be enough? The Tata AIG Life Nirvana (Nirvana) retirement plan is a flexible policy that allows you to choose your retirement age (from 80 50 to 65 years).
Key features include:
Sum Assured is payable on death during the accumulation stage or on vesting age.
A guaranteed 10% addition to the sum assured payable at the time of your death or vesting age if your policy has been in force for 10 years.
A Reversionary bonus declared from the 5th policy anniversary and credited on each policy anniversary.
A Terminal bonus is payable at the time of retirement or death (policy must be in force for a minimum 10 years).
A maximum of one-third of your accumulated sum assured at vesting age can be commuted. The remaining can be used purchase an annuity that pays a monthly pension for the rest of your (or your beneficiarys) life.
The lump sum paid upon on retirement or death is tax-free.
Premiums paid under this plan are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961*.
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Accident, Term and Critical Illness riders are available for added protection.
Policy is available for persons between 18 and 55 years of age.
Tata AIG Life Nirvana Plus
The Tata AIG Life Nirvana Plus (Nirvana Plus) policy is Indias first and only pension policy with a guaranteed addition of 10% of the sum assured every 5 years. You can choose from three levels of cover, which is your amount of Sum Assured: Rs. 1 lakh, Rs. 2 lakes and Rs. 4 lakes. You can also decide the age you want to retire: 55, 58 or 60 years of age.
Key features include:
10% of sum assured is added to your sum assured for every 5 years of paid premiums.
Rs. 1 lake will be paid directly to you should you be diagnosed with a covered critical illness (after a 30 day survival period) for first 3 years of the policy.
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Deaths that occur during the period of the policy will result in an immediate payment of the full sum assured to your beneficiary, plus guaranteed additions and bonuses (if any).
Deaths that occur due to accidental causes during the plan period will result in an immediate payment of double the sum assured, plus guaranteed additions and bonuses (if any). Payment of up to one third of your Sum Assured as lump sum cash upon reaching your chosen retirement age. The remainder is used to buy a monthly income plan that will generate a monthly cash income.
A reversionary bonus will be declared and credited from the 6th policy anniversary onwards
A terminal bonus will be paid upon maturity or death if the policy has been in force for 10 years.
Bonus is not guaranteed and will depend on the performance of the company.
No medical examination is required for persons between 18 and 45 years of age.
Premiums paid under this plan are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961*.
Critical illness cover can be purchased as a rider after the 3rd year of the policy. 83
Policy is available for persons between 18 and 45 years of age.
SWOT ANALYSIS
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SWOT ANALYSIS OF SARAS DAIRY

In any organization, strength and weakness indicate the capability and preparedness of the organization to respond the business opportunities likely to be available in the environment and the extent to which it is able to use its strength to neutralize the treats, SWOT analysis is done for generating a corporate plan. It is a macro level process, which has to be interpreted at different micro level like technical, financial, human resources etc.
STRENGTHS:
Quality of services is very good. good Standardized Measurement:. Measurement: Easy Availability for the customer Image of TATA AIG is very good among people.: ISO 9002 : It is a symbol of international quality. It provide proper training to is employee so the working stile of employee is very good. Ability to overcome commercial and technical challenges. Provide services with consumer satisfaction Strong foundation laid by the top management. Organization sells his product directly to the industrial users. 85
Improves the quality of a service continuously. Quality and accuracy is the main strength. Organization's productivity is too high Business focus approach Product planning
WEAKNESSES:
A big pat of people is non aware by the TATA AIG Life Insurance Precipitation of people is not clear about TATA AIG Life Insurance. Lack of credit facility. facility High overheads No product range Work force with low skill levels Lack sufficient personnel in frontier areas of technology Company does not make the public relation by giving sponsorship, seminars, speeches and company magazines. Company is not upgrading its website regularly Company does not introduce new product line. Improper strategic decisions. Early project termination.
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OPPORTUNITY:
TATA AIG Life Insurance having a loyalty & name itself so it should take an advantage of it. Proper marketing policy will able to get market share. Competitors are having too much problems TATA AIG Life Insurance must get the benefits from it & try to grab the opportunity. Consumers education and awareness camps can increase the market share for TATA AIG Life Insurance . Covering maximum market in India Company advertises its policies on internet. Start on line facility It can give the customer services training programs to his employee for satisfaction of his customer. Market research, inspection and development Using the standard weights, grade and standardization. Growing health consciousness among consumers. Vast untapped market potential. Lucrative markets in satellite towns. Increasing dissatisfaction among other Insurance companies.
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THREATS:
The growing market share of the competitor People are more attached emotionally only with the private Insurance companies which is not possible with the TATA AIG Life Insurance company Ltd. Private Insurance companies easily decrease their price when they see that there is a recession period in the market but it is not possible with the TATA AIG Life Insurance. It regularly provide the training to his employee according to requirement.
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CONCLUSION
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Conclusion
According to the consumer perception and data collection it is found that: The awareness of TATA AIG is high.
As from the study about the TATA AIG we can say that a big area of population is adopt the TATA AIG life insurance policy.
Consumer wants the stability in price.
TATA AIG LIFE Insurance is provide the proper customer services training program for increase in customer services.
Consumer wants modification I the schemes of TATA AIG life insurance
TATA AIG LIFE Insurance is regularly provide new schemes and better services to his customers. The "Quality Policy" of this enterprise is the core factor of the organization. As is evidence from the objective laid down by the organization it believes in development of good people, good techniques, and good environment. The carport's philosophy of TATA AIG Life Insurance Company is very strong. It was very heartening to see that there are absolutely no compromise customer services. 90
RECOMMENDATIONS AND SUGGESTIONS
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RECOMMENDATIONS FOR ATTRACTING CUSTOMERS

1. The attribute ranking shows that TATA AIG Life Insurance enjoy tremendous popularity among its users but not among non- users of Insurance . The occasional buyer is at best indifferent to it. It is this section that needs to be attracted immediately. 2. The non- users of TATA AIG Life Insurance have widespread misconception about TATA AIG Life Insurance. For eliminating all the myths a detailed Consumer Awareness Programs needs to be devised. Advertising and sales promotion should catch the fancy of the discerning non- users and occasional buyer. Activities that can be taken up are a round the year lucky dip contest having two aspects to it. The coupon would contain a number and a printed message that dispels all the fears of the public and educates then on the goodness of TATA AIG Life Insurance. First part of the contest would simply pick a random person with a coupon number as the winner. The second part would focus on the message recall with a quiz contest distributed each month. The all correct entry gets the prize on the basis of lots. Early bird prizes could include good quality white T-Shirts with TATA AIG Life Insurance logo painted. Sports sponsorship could also be resorted too. Recipes of customer services and customer services tanning programs can also be issued in the Sunday section of local daily Dainik Navjyoti. TATA AIG Life Insurance provide the many Insurance plans children, adult and retired persons so for improvement in customers it can adopt many advertisement way. Marketing staff needs
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comprehensive education on how to deal with consumers and redress their grievances. Their movement should be result oriented rather than a formality. 3. Consumer complaints, TATA AIG Life Insurance weaknesses / irritants, and suggestions given by consumers should be duly considered. 4. Customer services and Customer services tanning programs are properly observed by the higher authority of the company after the formulation.
5. The action plan for marketing the above plans could primarily rest on capitalizing the existing agent network. For the company it is very necessary that it do the observation of is agents because it is very important for ay organization. 6. Consumer awareness camps and education programmers should be organized from time to time.
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ANNUXERE
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Questionnaire
Q. 1) CONSUMER PROFILE A. Household's name :B. Age :C. Family size :D. Education :E. Occupation :.
Q. 2) Do You Know About Life Insurance? (A) Yes (B) No
Q. 3) Do You Know about Tata AIG life Insurance? (A) Yes (B) No
Q. 4) Do You Know About the rate of insurance policy of Tata AIG? (A) Yes (B) No
Q. 5) what you think about the rate of insurance policy of Tata AIG? (A) high (B) Normal (C) Low
Q. 6) If Tata AIG Life Insurance plan Available for You, Then Would You Like To have It.
(A) Yes
(B) No
Q. 7) Do you have any insurance policy? (A) Yes (B) No 95
Q. 8) When Asked, what you give Preference to any insurance policy? (A) Privet (B) Limited Q. 9) Do you Know about different Insurance services of Tata AIG Life Insurance.? (A) Yes (B) No
Q, 10Do you know about the customer services tanning programs provided by the Tata AIG life Insurance? (A) Yes (B) No
Q. 10) What Suggestions You Want To Give For Tata AIG life Insurance?
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BIBLOGRAPHY
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BIBLOGRAPHY
Books & References
Principles of Marketing: Philip Kotler, Gary Armstrong Marketing Management: Ramaswami, Namakumari Research Methods & Techniques: G. C. Beri, C.R. Kothari
Websites
www.tataaiglife.com www.google.com www.sbride.com
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A PROJECT STUDY REPORT ON TRAINING UNDERTAKEN AT TATA AIG LIFE INSURANCE SIKAR Customer Services & Customer Services

Submitted By:Shilpi Bilkhiwal M.B.A. Part-II 2008-2010

Submitted to:Ms Pankuri Sexena Lecturer

SOBHASARIA ENGINEERING COLLEGESIKAR (RAJASTHAN)

To promote a better sense of productivity/quality consciousness vis-a-vis competition in the company.

INTRODUCTION OF TATA AIG LIFE INSURANCE

FACT & FINDING

CUSTOMER SERVICES OF TATA AIG LIFE INSURANCE

CUSTOMER SERVICES TRAING PROVIDED BY TATA AIG LIFE INSURANCE

CLAIMS PROVIDED BY TATA AIG LIFE INSURANCE

PLANS PROVIDED BY TATA AIG LIFE INSURANCE

10. SWOT ANALYSIS

12. 13. 14.

RECOMMENDATIONS AND SUGGESTIONS ANNUXERE BIBLIOGRAPHY

Insurance business is divided in to four classes:

Life Insurance Fire Insurance Marine Insurance Miscellaneous Insurance

Types of Life Insurance

Permanent Life Insurance

The four basic types pay and endowment.

Whole life coverage

Universal life coverage

Related Life Insurance Products

Benefits from Life Insurance

INTRODUCTION TO TATA AIG LIFE INSURANCE

Tata AIG Life Insurance Company Ltd.

The Tata AIG Group

American International Group, Inc. (AIG)

ShareTata AIG Life Insurance total annual premium up 77 % to Rs 880 cores.

Highlights of the period:

Certified Financial Planner

Points about Insurance & TATA AIG Life Insurance

TITLE OF THE STUDY

PROJECT REPORT DURATION IS 45 DAYS AT 20-05-10 TO 30-06-10.

OBJECTIVE OF THE PROJECT

The following phases detail the work undertaken:

Phase 1: Initial Appraisal

Phase 2: SCHEDULE DESIGN AND PRE-TESTING

Phase 3: CONDUCTING CONSUMER SURVEYS

Phase 4: CONDUCTING AGENTS SURVEYS

Phase 5: DATA ANALYSIS AND RECOMMENDATIONS

Opportunities and problems; generate define and

Actions, monitor marketing performance, and improve understanding of

Applied research Descriptive research

SAMPLE SIZE AND METHOD OF SELECTING SAMPLE

FACT & FINDING

Q:-(1) Q:-(2) Q:-(3)

Very Good Good Normal

CUSTOMER SERVICES OF TATA AIG

Customer Services of TATA AIG:

Unit Linked Policies

O) Partial Withdrawal & Surrender Form

55 Chowringhee Road,Kolkata 700071 10/5, Kasturba Road,Bangalore - 560001

Customer Care Cell

If it is not simultaneously under any litigation

CUSTOMER SERVICE TRAINING PROGRAMS PROVIDED BY TATA AIG

Customer Service Training Programs:

Industry certification and recognition based on performance

Customer Service Training (Non-Technical):

practices in customer communication to bring

your representatives all the skills

Customer Service Training for Technical Support:

Customer Service Training for Field Service:

CLAIMS PROVIDED BY TATA AIG LIFE INSURANCE