EXECUTIVE SUMMARY

Monopoly of LIC has been broken to make Indian Insurance to change its face and pace to tap
the market and to make the new challenges in it. Insurance in India is not about India only; it is
an open sector for the private players. The name which you would see in Indian insurance market
is something like: - BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian
company) + Aig (foreign player) and so many like them. Companies now are tapping a lot of
ways to capture the market and hence adopting different ways to hold the large portion of the
market. My project was to understand the different marketing strategies adopted by the
companies to increase their market share and along with it meeting their own targets to achieve
the position of no.1 in respective field or segment of the market. My summer training learning
helped me a lot to complete my project in order to learn a lot of things of the corporate. As a
project trainee the first task given to me was to understand the
basic behaviour of the consumer in order to manipulate the market according to the our target
competition. For this we did developed a questionnaire and I did my survey in important location
of Jodhpur, Jaipur.

ABOUT INSURANCE
Insurance may be defines as social device to protect the economic value of the Life and
other assets. Under the plan of Insurance a group of people are brought together and their share
of money is pooled to manage the loss suffered by any of them.
in its basic form is defined as A contract between two parties whereby one party called
Insurance insurer undertakes in exchange for a fixed sum called premiums, to pay the other party
called insured a fixed amount of money on the happening of a certain event."
In simple terms it is a contract between the person who buys Insurance and an Insurance
company who sold the Policy. By entering into contract the Insurance Company agrees to pay
the Policy holder or his family members a predetermined sum of money in case of any
unfortunate event for a predetermined fixed sum payable which is in normal term called
Insurance Premiums.
Insurance is basically a protection against a financial loss which can arise on the happening of an
unexpected event. Insurance companies collect premiums to provide for this protection. By
paying a very small sum of money a person can safeguard himself and his family financially
from an unfortunate event.
For Example if a person buys a Life Insurance Policy by paying a premium to the Insurance
company , the family members of insured person receive a fixed compensation in case of any
unfortunate event like death.
There are different kinds of Insurance Products available such as Life Insurance, Vehicle
Insurance, Home Insurance, Travel Insurance, Health or Mediclaim Insurance etc.

Insurance, in law and economics, is a form of risk management primarily used to hedge against
the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a
potential loss, from one entity to another, in exchange for a premium and duty of care.

Characteristics of Insurance
1. Sharing of Risk
2. Cooperative device
4. Payment on event of happening of any special event
5. The amount of payment depends on the size and type of loss.
6. The success of Insurance business depends on the law of large number of

people

insured against similar risk.

7. Insurance is a business which spreads the loss and the risk of few people in
Number of people.
8. The insurance is a plan in which insured transfer his risk to insurer.
9. Insurance is a legal contract

the large

EXECUTIVE SUMMARY
Monopoly of LIC has been broken to make Indian Insurance to change its face and pace to tap
the market and to make the new challenges in it. Insurance in India is not about India only; it is
an open sector for the private players. The name which you would see in Indian insurance market
is something like: - BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian
company) + Aig (foreign player) and so many like them. Companies now are tapping a lot of
ways to capture the market and hence adopting different ways to hold the large portion of the
market. My project was to understand the different marketing strategies adopted by the
companies to increase their market share and along with it meeting their own targets to achieve
the position of no.1 in respective field or segment of the market. My summer training learning
helped me a lot to complete my project in order to learn a lot of things of the corporate. As a
project trainee the first task given to me was to understand the
basic behaviour of the consumer in order to manipulate the market according to the our target
competition. For this we did developed a questionnaire and I did my survey in important location
of Jodhpur, Jaipur.

ABOUT INSURANCE
Insurance may be defines as social device to protect the economic value of the Life and
other assets. Under the plan of Insurance a group of people are brought together and their share
of money is pooled to manage the loss suffered by any of them.
in its basic form is defined as A contract between two parties whereby one party called
Insurance insurer undertakes in exchange for a fixed sum called premiums, to pay the other party
called insured a fixed amount of money on the happening of a certain event."
In simple terms it is a contract between the person who buys Insurance and an Insurance
company who sold the Policy. By entering into contract the Insurance Company agrees to pay
the Policy holder or his family members a predetermined sum of money in case of any
unfortunate event for a predetermined fixed sum payable which is in normal term called
Insurance Premiums.
Insurance is basically a protection against a financial loss which can arise on the happening of an
unexpected event. Insurance companies collect premiums to provide for this protection. By
paying a very small sum of money a person can safeguard himself and his family financially
from an unfortunate event.
For Example if a person buys a Life Insurance Policy by paying a premium to the Insurance
company , the family members of insured person receive a fixed compensation in case of any
unfortunate event like death.
There are different kinds of Insurance Products available such as Life Insurance, Vehicle
Insurance, Home Insurance, Travel Insurance, Health or Mediclaim Insurance etc.

Insurance, in law and economics, is a form of risk management primarily used to hedge against
the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a
potential loss, from one entity to another, in exchange for a premium and duty of care.

Characteristics of Insurance
1. Sharing of Risk
2. Cooperative device
4. Payment on event of happening of any special event
5. The amount of payment depends on the size and type of loss.
6. The success of Insurance business depends on the law of large number of

people

insured against similar risk.

7. Insurance is a business which spreads the loss and the risk of few people in
Number of people.
8. The insurance is a plan in which insured transfer his risk to insurer.
9. Insurance is a legal contract

the large

ABOUT KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE

Kotak Group and Mahindra Group had their partnership 1985 between Uday Kotak and Mr.
Mahindra. Kotak Mahindra is in business since 1985, and insurance part of their business came
into existence in the year 2001.

As stated above Kotak Mahindra Life Insurance has Joint venture with Old Mutual plc. Old
Mutual Plc is the 12th largest Insurance Company in the world. It has its base of over 4 million
life assurance policyholders. It has one of the best Payouts among insurers in the world. It has
one of the best Solvency Ratios among insurers in the world. A FTSE 100 financial services
group and ranks as a Fortune Global 500 company. The Old Mutual group manages in excess of
239 billion pounds in funds (Dec06). The company is 160 years old and has prominent presence
in the United States and the United Kingdom.

Fact of Kotak Mahindra Old Mutual Life Insurance:

Old Mutual plc. Is a world class international financial services company, with the
operations in life insurance, asset management and banking? It is one of the big players in
the U.S., U.K. and the African Continent.

Over 150 Years of experience in Life Insurance.

One of the best returns amongst insurers worldwide.

Base of over 3.8 million Life assurance policyholders.

A FTSE 100 Financial services group, and ranks as Fortune Global 500 Company.

3rd largest insurer listed on London Stock Exchange.

The Old Mutual group manages in excess of $235 billion in funds i.e., a total asset base of
more than Rs. 11 Lakh core.

South Africas largest life insurance, banking & mutual funds company

AUM : US $ 306 billion

Kotak Groups Companies:

KOTAK MAHINDRA BANK LTD

KOTAK MAHINDRA CAPITAL COMPANY LTD

KOTAK'S INTERNATIONAL BUSINESS

KOTAK MAHINDRA PRIME LTD

KOTAK SECURITIES LTD

KOTAK MAHINDRA ASSET MANAGEMENT COMPANY

Branch Office: KOTAK MAHINDRA BANK LTD.

# 5-8-231, LOWER GROUND FLOOR,
PUBLIC GARDEN ROAD, NAMPALLI,
HYDERABAD, TELANGANA -500 001

Phone : 040-65552136