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1. INTRODUCTION OF INSURANCE
Insurance is a contract between the insurance company (insurer) and the policyholder (insured).
In return for a consideration (the premium), the insurance company promises to pay a specified
amount to the insured on the happening of a specified event.
As the first step in helping you to gain the knowledge you need to become a professional and
successful life insurance agent, we are going to first take an overview of life insurance what it
is and why it is needed.
In seeing how life insurance works we will need to make reference to the insurance market as a
whole insurance is available for many other things, not just for human life but our focus will
remain firmly on the life insurance part of it.
Case study:Ajay is 35 years old and works for a multinational corporation (MNC). He has a 10 year old son,
Vijay, whom he dreams will one day become a doctor. Ajays spouse is a housewife, and his
parents are retired and depend on him. Ajay has a home loan and is making monthly investments
for Vijays higher studies and marriage and his own retirement. Ajay wants to ensure that Vijay
gets the best of everything and that he himself is not depend on Vijay during his retirement in the
way that Ajays parents are on him. So far everything is going well with Ajays plans. But
imagine what will happen in the following scenario.
One day while returning home from the office Ajay has an accident and dies. What will happen?
Who will take care of the family, Vijays education and marriage, the home loan etc? What are
options available to Ajay so that his family can be taken care of in his absence?
Life insurance provides protection to a family on the untimely death of income provider. If Ajay
has adequate life insurance cover, then should he die, the money received from the life insurance
company can help to support his family. The insurance money will help to take care of the
familys living expenses, Vijays education and marriage, and the cost of the home loan etc.
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Let us continue with our case study of Ajay. The risk of premature death described above is only
one of the risks that Ajay faces. He faces any other risks that he will need medical care at
some point, that his home may burn down, for instance. Ajay can handle these risks
in different ways.
Risk retention: One, not very wise way, of handling these risks is to retain them, i.e. for Ajay
to bear the risk that he will have to provide these situations himself, and so do nothing about
them. While times are good and none of these events happen, Ajay need not be worried. But the
moment any one of them does happen, Ajay will be in trouble. So it is definitely not wise for
Ajay retain, or handle, these risks himself.
Risk transfer: the other way of handling these risks is to transfer them to someone who can
handle them properly. In simple words, the process of transferring risks from one person who
does not have the capacity to bear them to someone who does have the capacity for them, is
known as insurance.
At this point, it may be useful to return to our definition of insurance:
Insurance is a contract between the insurance company (insurer) and the policyholder (insured).
In return for a consideration (the premium), the insurance company promises to pay a specified
amount to the insured on the happening of a specified event.
So, from the above explanation we can see that insurance is:
The process of transferring the risk from the owner (insured person);
To another party (insurer) who can bear that risk;
In for a consideration (premium).
Role of financial services and insurance: we can see from all of this that a well
developed and evolved insurance sector benefits economic development and at the same time
strengthens the risk taking ability of the country. Insurance has a role to play at the individual
level too. Some of the benefits for the policyholder are shown below:
Investment option
security
Tax benefits
Planning for life stage Today the insurance products that are being offered by insurance
companies are designed to suit the needs of individuals in different
needs
saving
Loan
insurance policy
management
Life insurance companies risks that relate to human lives. They offer different benefits
under different types of products and cover the risk of early death, as well as the risk of living
into old age. Under traditional plans, like term insurance plans, insurance companies provide
death cover. If the insured person dies within the term of policy then the nominee\beneficiary
amount (also known as sum assured).
The key objectives of the IRDA include the promotion of competition with a view to
increasing customer satisfaction through more consumer choice and lower premiums, while
insuring the financial security of the insurance market. The IRDA has the power to make
regulations under section 114A of the insurance Act 1938. Since 2000 it has introduced various
regulations ranging from the registration of companies for carrying on insurance business to the
protection of policyholders interests.
The insurance Act 1938 and GIBNA were amended which removed the exclusive
privilege of GIC and its four subsidiaries to write general insurance in Indi. As a result, general
insurance business was opened up to the private sector.
Non-Life
Insurance
Life
Insurance
Reinsuran
ce
Insura
nce
Reinsurance companies
We saw earlier that insurance is a risks transfer mechanism. Risk is transferred from those
who are unable to bear it to those who can. However, insurance companies can only take on so
much risk. Once that limit is reached, the insurer itself is exposed to the risk of loss. When this
happens insurer look to transfer some of their risks to someone else to shield themselves from
overexposure. This is where reinsurance companies come into use. A reinsurance company is an
insurer for the insurance company. Reinsurance companies take on a certain percentage of the
risks on the insurance companys book, in return for the payment of a consideration.
Agents
Corporate Agents
Intermediaries
Underwriters
Acturies
Constituents of
the insurance
market
TPAs
Surveyrs/loss
adjusters
The regulator
Training Institutes
NGOs - Protecting
the customers'
right
History of insurance
The history of insurance in India is deep rooted. Since the earliest times insurance has been
carried out in some from or other. Insurance in India has developed over time and has taken ideas
from countries England particular.
The history of insurance in India can be divided into three phases as follows:
Phase I - PreLiberalisation
Phase II - Liberalisation
Phase III - Post-Liberalisation
1870
1912
1928
The Indian insurance companies Act 1928 give the government the power to
collect statistical information about both life and non life business transacted
1938
1950
1957
1972
Phase II Liberalization
The international payment crisis of the 1990s forced the government to we think its industrial
policies and regulations. The government only had enough foreign currency reserves to finance a
few days of imports.
1993
1999
Bancassurance
SMS.
Many banks have joined with insurance companies to cross
sell insurance products to their customers. Insurance
companies benefit from the wide network and loyal customers
base of banks, and the contribution that Bancassurance makes
to insurance sells has steadily grown over the last few years.
The banks benefit through being able to provide value added
products to their customers and from the fee income they
received in return from the insurance companies. Many banks
Online sells
Micro insurance
Grievance redressal
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cash
payment
surrendered
policies.
against
or
matured
Sudhin
Roy
Insurance
Development
Regularity
Authority
the
Indian
Chamber
of
Commerce.
ATM card can be issued to each policy-holder while signing for the policy, which they
would be able to use after surrender or maturing the policy. Otherwise, poor policy-holders of
interiors have to open bank accounts and are forced to deposit a major portion in fixed deposits
and end up with a paltry sum in their hands. He was addressing a gathering of the insurers and
other stake-holders at the fifth Insurance Summit of the Indian Chamber of Commerce in
Kolkata. The IRDA member does not consider that the Indian insurance sector is lagging behind
and tremendous scope of growth is there. He advised the players to look at Health and Pension
sector for future growth.
The LIC is currently enjoying 95 per cent of the present Pension market, which is a
negligible portion of the total market potential, he said. Advising them to think beyond captive
customers, he said, presently 24 life insurance companies and 26 non-life insurance companies
are in Indian market. Lots of mergers are expected in near future as huge foreign players are
expected to enter the market. Indian companies can survive with innovative products and world12
class customer services. He advised the players to think about One-Time Premium products as
there is strong appetite for such products.
Industry sources hinted that IRDA is likely to consider hiking the cap on FDI from present 26 per
cent to 49 per cent soon. The regulator is also considering the introduction of policy portability,
where by a policy-holder can migrate to another health insurer without incurring any loss of
benefits, said Mr. Rajiv Mundhra, the senior vice-president of Indian Chamber of Commerce.
Before him, Indian head of the Financial Services, Accenture Management Consulting Samir
Bali urged to make the industry free from frauds from their claims delivery system. Make the
claims settlement process easy, hassle-free and free from frauds which paint the whole industry
in bad light. Releasing the gist of the Knowledge Partners; Report, done by Accenture, Mr.
Bali said, Current percentage of fraudulent activities in Indian Insurance sector is about 10 to 15
percent, which is slightly less than US. The report dealt with distribution system, competition,
maintaining high growth level, maintenance of data privacy and management, digital
experiences, new segments and geographical locations and host of other areas. He feels the buzz
word in insurance sector has changed from Opportunity to Challenges.
However, Swaraj Krishnan, the Managing Director of Magma HDI general Insurance Company
Limited do not subscribe this view and feels, There is enough opportunity, but the way has to be
discovered. Its not that it is impossible. Only Insurance companies have to bring their brains
together and find out the way. But, the message has to be sent to customers that these companies
are not to cheat them, but deliver.
Appeals
If your health insurer refuses to pay a claim or ends your coverage, you have the right to appeal
the decision and have it reviewed by a third party.
You can ask that your insurance company reconsider its decision. Insurers have to tell you why
theyve denied your claim or ended your coverage. And they have to let you know how you can
dispute their decisions.
External review: You have the right to take your appeal to an independent
third party for review. This is called external review. External review means that
the insurance company no longer gets the final say over whether to pay a claim.
Internal Appeals
There are 3 steps in the internal appeals process:
1. You file a claim: A claim is a request for coverage. You or a health care
provider will usually file a claim to be reimbursed for the costs of treatment or
services.
2. Your health plan denies the claim: Your insurer must notify you in writing
and explain why:
3. You file an internal appeal: To file an internal appeal, you need to:
You must file your internal appeal within 180 days (6 months) of receiving notice that your claim
was denied. If you have an urgent health situation, you can ask for an external review at the same
time as your internal appeal.
If your insurance company still denies your claim, you can file for an external review.
A copy of the request for an internal appeal that you sent to your insurance
company
Any documents with additional information you sent to the insurance company
(like a letter or other information from your doctor)
A copy of any letter or form youre required to sign, if you choose to have your
doctor or anyone else file an appeal for you.
15
Notes and dates from any phone conversations you have with your insurance
company or your doctor that relate to your appeal. Include the day, time, name,
and title of the person you talked to and details about the conversation.
Keep your original documents and submit copies to your insurance company.
Youll need to send your insurance company the original request for an internal
appeal and your request to have a third party (like your doctor), file your internal
appeal for you. Make sure to you keep your own copies of these documents.
You received health services from a health provider or facility that isnt in your
plans approved network
It is revoking or canceling your coverage going back to the date you enrolled
because the insurance company claims that you gave false or incomplete
information when you applied for coverage.
Your internal appeal must be completed within 30 days if your appeal is for a
service you havent received yet.
16
Your internal appeals must be completed within 60 days if your appeal is for a
service youve already received.
At the end of the internal appeals process, your insurance company must provide
you with a written decision. If your insurance company still denies you the service
or payment for a service, you can ask for an external review. The insurance
companys final determination must tell you how to ask for an external review.
External Review
There are 2 steps in the external review process:
1. You file an external review: You must file a written request for an external
review within 60 days of the date your insurer sent you a final decision. Some
plans may allow you more than 60 days to file your request. The notice sent to
you by your health insurance issuer or health plan should tell you the timeframe
in which you must make your request.
2. External reviewer issues a final decision: An external review either
upholds your insurers decision or decides in your favor. Your insurer is required
by law to accept the external reviewers decision.
Any denial that involves medical judgment where you or your provider may
disagree with the health insurance plan
Cancellation of coverage based on your insurers claim that you gave false or
incomplete information when you applied for coverage.
State: Your state may have an external review process that meets or goes beyond these
standards. If so, insurance companies in your state will follow your states external review
processes. Youll get all the protections outlined in that process.
Federal: If your state doesnt have an external review process that meets the minimum
consumer protection standards, the federal governments Department of Health and Human
Services (HHS) will oversee an external review process for health insurance companies in your
state.
Depending on your plan and where you live, the following may apply to you:
18
See this state list maintained by the HHSs Center for Consumer Information &
Insurance Oversight.
HEALTH INSURANCE
with
hospitalisation,
by
Dont
say it
will
not happen to me -Every year, millions of adults in
India
20
Why Healthsurance?
The costs involved in even the shortest hospital stay can be
difficult to meet for many individuals and families. Apart
from the costs of the treatment itself, household bills still
need to be paid and there could be extra costs to cover, such
as travel expenses for family visits or additional childcare
costs. You need a plan to help you to manage this extra financial burden.
Advantage of Healthsurance
IDBI Federal Healthsurance Hospitalization and Surgical Plan is a power packed plan with loads
of benefits that aim to keep you tension free.
21
Additional daily benefit equal to the daily hospital cash benefit, from day 2 onwards for
hospitalization in an Intensive Care Unit, (up to an overall maximum daily benefit of Rs.
5,000)
Additional lump sum surgery benefit paid if you undergo any of the wide range of
surgical procedures specified in this brochure: either 50 or 100 times your chosen daily
benefit, depending on the severity of the surgery
Three times your daily hospital cash benefit paid as a lump sum convalescence benefit
(maximum once per year) if your hospital stay is at least 168 continuous hours (at least 7
consecutive days)
Generous total benefit limits. Up to 500 times your daily hospital cash benefit each year;
up to 2,000 times your daily hospital cash benefit over the lifetime of your policy
Cover lasts until you are aged 65 years, provided you continue to pay your premiums in
the agreed manner and as long as your lifetime benefits limit (2,000 times your daily
hospital cash benefit) has not been reached
Your choice of nominee, to whom any outstanding benefits will be paid, in the event of
the death of the insured person
Low-cost monthly premiums that depend on your age at the outset. Your premium will
never increase because of any changes in your age, health, or the number of claims you
make. However, IDBI Federal Life Insurance Co. Ltd. does reserve the right (subject to
IRDA approval) to increase premiums in the future across all its specified plans.
Note: In this plan, "hospitalization" means any admission in hospital upon the written advice of a
medical practitioner for the purpose of necessary medical treatment of an illness or injury and
resulting in an overnight stay. Its easy to apply, and enjoy peace of mind. To apply for the
22
protection of the IDBI Federal Healthsurance Hospitalization and Surgical Plan, simply choose
the level of cover you require from the table below and complete the application form.
Non-life premium growth picked up to 2.6% in 2014, while life premiums resumed
growth, rising by 2.3%. Overall premium volume expanded, but developments in Western
Europe, China and India weighed on the result.
Premium growth will likely improve further in the near term. The gradual hardening of
prices in non-life insurance is likely to broaden and deepen. In life insurance, China and India
are expected to rebound in 2014. However, the weak economy in the Euro zone will remain a
drag on insurance demand in the region.
Asian insurance markets will continue to rise in importance over the next 10 years. In the
very long-run, projected population patterns suggest that Africa could become the next star of
the industry.
Premium volume for non-life business increased by 2.6% in 2014 to USD 1 992 billion
(2013: 1.9%). However, this is still less than the average pre-crisis growth rate. In
emerging markets, non-life premiums expanded by 8.6% in 2014 (2013: 8.1%). The
recovery in the advanced markets gained momentum with growth picking up to 1.5%
(2013: 0.9%), the fourth consecutive year of rising premiums following the decline in
2010.
Daniel Staib, one of the authors of the study, says: "Premium growth held up well given
the challenging economic environment. The non-life market was supported by steady
increases in risk exposures in emerging markets and by selective premium rate increases
in some advanced markets, particularly in Asia."
23
Most insurers recognize that they need an optimized operating platform to meet these objectives
yet so many are still reliant on old systems.
4. MARKET SEGMENTATION
Market
Segmentation
This
document
prepared
and
presented
by
Business Resource Software, including , Market segmentation the purpose for segmenting a
market is to allow your marketing/sales program to focus on the subset of prospects that are most
likely to purchase your offering.
If done properly this will help to insure the highest return for your marketing/sales expenditures.
Depending on whether you are selling your offering to individual consumers or business, there
are definite differences in what you will consider when defining market segments.
Category of Need
-The first thing you can establish is a category of need that your offering satisfies. The following
classifications may help.
25
For businesses strategic: Your offering is in some way important to the enterprise mission,
objectives and operational oversight. For example, a service that helped evaluate capital
investment
this
opportunities
domain
offering
will
Operations
would
of
influence.
The
purchase
be
made
the
prospect's
your
by
offering
affects
the
fall
decision
top
level
general
for
this
into
category
executive
operating
of
management.
policies
and
some
techniques
used
to
make
segmentation
work
the
Insurance distribution:
Marketing of insurance products is done through two channels:
Direct
marketing
channels
Indirect
marketing
channels
Resistance to insurance:
Lower Health Insurance Premiums to Come at Cost of Fewer Choices:
26
best.
WASHINGTON Federal officials often say that health insurance will cost consumers less
than expected under President Obamas. But they rarely mention one big reason: many insurers
are significantly limiting the choices of doctors and hospitals available to consumers.
When insurance marketplaces open on Oct. 1,
most of those shopping for coverage will be lowand moderate-income people for whom price is
paramount. To hold down costs, insurers say,
they have created smaller networks of doctors
and hospitals than are typically found in
commercial insurance. And those health care
providers will, in many cases, be paid less than
what they have been receiving from commercial insurers.
Some consumer advocates and health care providers are increasingly concerned. Decades of
experience with, the program for low-income people, show that having an insurance card does
not guarantee access to specialists or other providers.
Consumers should be prepared for much tighter, narrower networks of doctors and hospitals,
said Adam M. Linker, a health policy analyst at the North Carolina Justice Center, a statewide
advocacy group.
That can be positive for consumers if it holds down premiums and drives people to higherquality providers, Mr. Linker said. But there is also a risk because, under some health plans,
consumers can end up with astronomical costs if they go to providers outside the network.
Insurers say that with a smaller array of doctors and hospitals, they can offer lower-cost policies
and have more control over the quality of health care providers. They also say that having
insurance with a limited network of providers is better than having no coverage at all.
The networks will be narrower than the networks typically offered to large groups of employees
in the commercial market, said Joseph Mondy, a spokesman for Cigna.
27
The current concerns echo some of the criticism that sank the Clinton administrations plan for
universal coverage in 1993-94. Republicans said the Clinton proposals threatened to limit
patients options, their access to care and their choice of doctors.
At the same time, House Republicans are continuing to attack the new health law and are
threatening to hold up a spending bill unless money is taken away from the health care program.
In a new study, the Health Research Institute of PricewaterhouseCoopers, the consulting
company, says that insurers passed over major medical centers when selecting providers in
California, Illinois, Indiana, Kentucky and Tennessee, among other states.
Doing so enables health plans to offer lower premiums, the study said. But the use of narrow
networks may also lead to higher out-of-pocket expenses, especially if a patient has a complex
medical problem thats being treated at a hospital that has been excluded from their health plan.
In California, the statewide Blue Shield plan has developed a network specifically for consumers
shopping in the insurance exchange.
Juan Carlos Davila, an executive vice president of Blue Shield of California, said the network for
its exchange plans had 30,000 doctors, or 53 percent of the 57,000 doctors in its broadest
commercial network, and 235 hospitals, or 78 percent of the 302 hospitals in its broadest
network.
Mr. Davila said the new network did not include the five medical centers of the University of
California or the Cedars-Sinai Medical Center near Beverly Hills.
We expect to have the broadest and deepest network of any plan in California, Mr. Davila said.
But not many folks who are uninsured or near the poverty line live in wealthy communities like
Beverly Hills.
Daniel R. Hawkins Jr., a senior vice president of the National Association of Community Health
Centers, which represents 9,000 clinics around the country, said: We serve the very population
that will gain coverage low-income, working class uninsured people. But insurers have shown
little interest in including us in their provider networks.
28
Dr. Bruce Siegel, the president of Americas Essential Hospitals, formerly known as the National
Association of Public Hospitals and Health Systems, said insurers were telling his members: We
dont want you in our network. We are worried about having your patients, who are sick and
have complicated conditions.
In some cases, Dr. Siegel said, health plans will cover only selected services at our hospitals,
like trauma care, or they offer rock-bottom payment rates.
In New Hampshire, Anthem Blue Cross and Blue Shield, a unit of WellPoint, one of the nations
largest insurers, has touched off a furor by excluding 10 of the states 26 hospitals from the
health plans that it will sell through the insurance exchange.
Christopher R. Dugan, a spokesman for Anthem, said that premiums for this select provider
network were about 25 percent lower than they would have been for a product using a broad
network of doctors and hospitals.
Anthem is the only commercial carrier offering health plans in the New Hampshire exchange.
Peter L. Gosline, the chief executive of Monadnock Community Hospital in Peterborough, N.H.,
said his hospital had been excluded from the network without any discussions or negotiations.
Many consumers will have to drive 30 minutes to an hour to reach other doctors and hospitals,
Mr. Gosline said. Its very inconvenient for patients, and at times its a hardship.
State Senator Andy Sanborn, a Republican who is Chairman of the Senate Commerce
Committee, said, The people of New Hampshire are really upset about this.
Many physician groups in New Hampshire are owned by hospitals, so when an insurer excludes
a hospital from its network, it often excludes the doctors as well.
David Sandor, a vice president of the Health Care Service Corporation, which offers Blue Cross
and Blue Shield plans in Illinois, Montana, New Mexico, Oklahoma and Texas, said: In
the exchange, most individuals will be making choices based on costs. Our exchange products
will have smaller provider networks that cost less than bigger plans with a larger selection of
doctors and hospitals.
29
Premiums will vary across the country, but federal officials said that consumers in many states
would be able to buy insurance on the exchange for less than $300 a month and less than
$100 a month per person after taking account of federal subsidies.
Competition and consumer choice are actually making insurance affordable, Mr. Obama said
recently.
Many insurers are cutting costs by slicing doctors fees.
Dr. Barbara L. McAneny, a specialist in Albuquerque, said that insurers in the New Mexico
exchange were generally paying doctors at levels, which she said were often below our cost of
doing business, and definitely below commercial rates.
Outsiders might expect insurance companies to expand their networks to treat additional patients
next year. But many insurers see advantages in narrow networks, saying they can steer patients to
less expensive doctors and hospitals that provide high-quality care.
Even though insurers will be forbidden to discriminate against people with pre-existing
conditions, they could subtly discourage the enrollment of sicker patients by limiting the size of
their provider networks.
5. INTRODUCTION TO IRDA
30
What is IRDA:
MISSION STATEMENT OF THE AUTHORITY:
To protect the interest of and secure fair treatment to policyholders;
To bring about speedy and orderly growth of the insurance industry (including annuity
and superannuation payments), for the benefit of the common man, and to provide
long term funds for accelerating growth of the economy;
To set, promote, monitor and enforce high standards of integrity, financial soundness,
fair dealing and competence of those it regulates;
To ensure speedy settlement of genuine claims, to prevent insurance frauds and other
malpractices and put in place effective grievance redressal machinery;
To promote fairness, transparency and orderly conduct in financial markets dealing
with insurance and build a reliable management information system to enforce high
standards of financial soundness amongst market players;
To take action where such standards are inadequate or ineffectively enforced;
To bring about optimum amount of self-regulation in day-to-day working of the
industry consistent with the requirements of prudential regulation.
IRDAs Members:
1. A Chairman,
2. Five whole time members,
3. Four part time members.
31
Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.
Subject to the provisions of this Act and any other law for the time being in force, the Authority
shall have the duty to regulate, promote and ensure orderly growth of the insurance business
and re-insurance business.
WWithout prejudice to the generality of the provisions contained in sub-section (1), the powers and
functions of the Authority shall include
insurance;
Specifying requisite qualifications, code of conduct and practical training for
including
audit
of
the
insurers,
intermediaries,
insurance
1938 (4 of 1938);
Specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance
intermediaries;
Regulating investment of funds by insurance companies;
Regulating maintenance of margin of solvency;
Adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
Supervising the functioning of the Tariff Advisory Committee;
Specifying the percentage of premium income of the insurer to finance schemes for
33
Head Office :
Insurance
Regulatory
and
Development
Authority
Delhi Office:
Insurance
Regulatory
Delhi
Office
Jeevan
Tara
and
Building,
Development
Gate
Authority
No.
First
3
Floor
Contact information:
To enable effective monitoring of Policyholder protection Regulations and Grievance
Guidelines and turnaround times thereby mandated, as well as to create a central repository of
industry-wide insurance grievances data, IRDA has implemented the Integrated Grievance
Management System (IGMS).
IGMS provides a gateway for policyholders to register complaints with insurance companies
first and if need be escalate them to the IRDA Grievance Cells. IGMS is a comprehensive
solution which not only has the ability to provide a centralized and online access to the
policyholder but complete access and control to IRDA for monitoring market conduct issues of
which policyholder grievances are the main indicators. It uses Web interface to ensure that it is
accessible at all places and is on real time. It has also a mechanism to capture complaints
34
received in physical as well as email form or voice calls received by IRDA Grievance Call
centre (IGCC).
How IGMS works: Policy holder needs to login in to www.igms.irda.gov.in and create a
profile for registering a complaint. Policy holders can register one or more complaints. Once
the policy holder registers in to IGMS then details of complaint are passed on to
respective insurance companies. Policy holder can see the details of the branch offices of the
insurance company while registering the complaint. Policy holder receives the confirmation
email after registering the complaint along with IRDA token no which will be used by IRDA
and Insurance Company for tracking of the complaint through IGMS. A complaint registered
through IGMS flows to the insurers system as well as the IRDA repository. If the complainant
is not satisfied with the resolution provided by Insurer, he/she can escalate the complaint for a
review by IRDA for a potential violation of Regulations. All the transactions between the
Insurer, Insured and Remarks by IRDA are visible to the complainant.
35
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Indias premier
development and commercial bank, Federal Bank, one of Indias leading private sector banks
and Ageas, a multinational insurance giant based out of Purpose. In this venture, IDBI Bank
owns 48% equity while Federal Bank and Ageas own 26% equity each. . Having started in
March 2008, in just five months of inception, IDBI Federal became one of the fastest growing
new insurance companies to garner Rs 100 Cr in premiums. Through a continuous process of
innovation in product and service delivery IDBI Federal aims to deliver world-class wealth
management, protection and retirement solutions that provide value and convenience to the
Indian customer. The company offers its services through a vast nationwide network of 2137
partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of
advisors and partners. As on 28th February 2013, the company has issued over 8.65 lakh policies
with a sum assured of over Rs. 26,591Cr.
IDBI Federal today is recognized as a customer-centric brand, with an array of awards to their
credit. They have been awarded the PMAA Awards (2009) for best Dealer/Sales force Activity,
EFFIE Award (2011) for effective advertising, and conferred with the status of Master Brand
2012-13 by the CMO Council USA and CMO Asia.
IDBI BANK
IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge core Banking IT
platform. The Bank offers personalized banking and financial solutions to its clients in the retail
and corporate banking arena through its large network of Branches and ATMs, spread across
length and breadth of India. We have also set up an overseas branch at Dubai and have plans to
36
open representative offices in various other parts of the Globe, for encasing emerging global
opportunities.
As on March 31, 2011, the Bank had a network of 816 Branches and 1372 ATMs. The Bank's
total business, during Fey 2010-11, reached Rs. 3,37,584 Crore, Balance sheet reached Rs.
2,53,377 Crore while it earned a net profit of Rs. 1650 Crore (up by 60%).
IDBI Bank Ltd. is today one of India's largest commercial Banks. For over 40 years, IDBI Bank
has essayed a key nation-building role, first as the apex Development Financial Institution (DFI)
(July 1, 1964 to September 30, 2004) in the realm of industry and thereafter as a full-service
commercial Bank (October 1, 2004 onwards). As a DFI, the erstwhile IDBI stretched its canvas
beyond mere project financing to cover an array of services that contributed towards balanced
geographical spread of industries, development of identified backward areas, emergence of a
new spirit of enterprise and evolution of a deep and vibrant capital market. On October 1, 2004,
the erstwhile IDBI Bank converted into a Banking company (as Industrial Development Bank of
India Limited) to undertake the entire gamut of Banking activities while continuing to play its
secular DFI role. Post the mergers of the erstwhile IDBI Bank with its parent company (IDBI
Ltd.) on April 2, 2005 (appointed date: October 1, 2004) and the subsequent merger of the
erstwhile United Western Bank Ltd. with IDBI Bank on October 3, 2006, the tech-savvy, new
generation Bank with majority Government shareholding today touches the lives of millions of
Indians through an array of corporate, retail, SME and Agri products and services.
Headquartered in Mumbai, IDBI Bank today rides on the back of a robust business strategy, a
highly competent and dedicated workforce and a state-of-the-art information technology
platform, to structure and deliver personalized and innovative Banking services and customized
financial solutions to its clients across various delivery channels.
As on March 31, 2013 IDBI Bank has a balance sheet of Rs. 3,22,769 Crore and business size
(deposits plus advances) of Rs 4,23,423 Crore. As a Universal Bank, IDBI Bank, besides its core
banking and project finance domain, has an established presence in associated financial sector
businesses like Capital Market, Investment Banking and Mutual Fund Business. Going forward,
IDBI Bank is strongly committed to work towards emerging as the 'Bank of choice' and 'the most
valued financial conglomerate', besides generating wealth and value to all its stakeholders.
37
Industrial Development bank of India (IDBI) was constituted under Industrial Development bank
of India Act, 1964 as a Development Financial Institution and came into being as on July 01,
1964 vide Go I notification dated June 22, 1964. It was regarded as a Public Financial Institution
in terms of the provisions of Section 4A of the Companies Act, 1956. It continued to serve as a
DFI for 40 years till the year 2004 when it was transformed into a Bank.
In response to the felt need and on commercial prudence, it was decided to transform IDBI into a
Bank. For the purpose, Industrial Development bank (transfer of undertaking and Repeal) Act,
2003 [Repeal Act] was passed repealing the Industrial Development Bank of India Act, 1964. In
terms of the provisions of the Repeal Act, a new company under the name of Industrial
Development Bank of India Limited (IDBI Ltd.) was incorporated as a Govt. Company under the
Companies Act, 1956 on September 27, 2004. Thereafter, the undertaking of IDBI was
transferred to and vested in IDBI Ltd. with effect from the effective date of October 01, 2004. In
terms of the provisions of the Repeal Act, IDBI Ltd. has been functioning as a Bank in addition
to its earlier role of a Financial Institution.
FEDERAL BANK
Federal Bank Ltd is engaged in the banking business. The Bank operates in four segments:
treasury operations, wholesale banking, retail banking and other banking operations. Treasury
operations include investment and trading in securities, shares and debentures. The Bank's
products and services include working capital, term finance, trade finance, specialized
corporate finance products, structured finance, foreign exchange, syndication services and
38
electronic banking requirements. Federal Bank Ltd was incorporated on April 28, 1931 with
the name Travancore Federal Bank Ltd. The company was established with an authorized
capital of rupees five thousand at Nedumpuram, a place near Tiruvalla in Central Travancore
under the Travancore Company's Act. The Bank was founded by K.P.Hormis. They started
business of auction -chitty and other banking transactions connected with agriculture and
industry. In May 18, 1945, the registered office of the Bank was shifted to Aluva. They
opened their first branch at Aluva and commenced operations. In the year 1946, they opened
their second branch at Angamally. In March 24, 1947, the name of the Bank was changed to
Federal Bank Ltd. In April 1947, they opened their third branch of the Bank was at
Perumbavoor. In July 11, 1959, the Bank was licensed under Sec.22 of the Banking
Companies Act, 1949. The Bank floated several kuries one after another. They also introduced
several new deposit schemes during the same period. In the year 1964, the Bank took over the
assets and liabilities of the Chalakudy Public Bank Ltd, The Cochin Union Bank Ltd and The
Alleppey Bank Ltd. In the year 1965, the St.George Union Bank Ltd was amalgamated
merged with the Bank. In the year 1968, The Marthandom Commercial Bank Ltd was
amalgamated with the Bank. In the year 1970, the Bank became a Scheduled Commercial
Bank. In the year 1973, the Bank became an Authorized Dealer in Foreign Exchange and the
International Banking Department of the bank was started functioning from Mumbai. In the
year 1975, the Bank opened 53 branches. In the year 1976, they opened 42 branches. In the
year 1982, the Bank shifted the International Banking Department to Cochin as part of
consolidation and centralization of activities.
As part of the organization redesigning recommended by National Institute of Bank
Management (NIBM), the Agricultural Finance Department was set up in head office in
November 1984. In July 1985, the Bank set up Personnel and Industrial Relations
Department. Also, they installed the first Advanced Ledger Posting Machine (ALPM-a Wipro
banker) at Br.Aluva-Bank Junction branch. In the year 1987, they inaugurated the
administrative building complex. In the year 1989, the Bank entered into the Merchant
Banking Operations. In March 1994, the Bank came out with the public issue. In February 17,
1997, the bank inaugurated their first ATM at Ernakulum North. In the year 2000, the Bank
started their Any Where Banking (ABB) at Bangalore connecting all branches located in the
Bangalore metro. They launched Depository Services in association with NSDL. Also, they
39
commenced Internet Banking under the name of 'Fed Net' with software support from Infosys
Technologies Ltd. They entered into marketing pacts with some commercial agencies for their
E-commerce business. In the year 2001, the bank made a tie up with Escortel
Communications to launch mobile banking services using SMS technology. Also, they
launched a new deposit scheme christened as 'Suraksha' for senior citizens. The bank became
a member of INFINET, the financial network supported by RBI. In February 2002, they set up
full-fledged systems for the RBI's Negotiated Dealing Systems (NDS) at the Funds &
Investment Branch in Mumbai, enabling online trading in securities. In the year 2003, the
Bank unveiled the Anywhere Banking that provided the convenience of doing transactions
from 300-plus interconnected branches.
In the year 2004, the Bank obtained the level of 100% interconnectivity among all their
branches. Also, they launched an Equity Subscription Scheme, a new retail product for
financing the IPOs and public issue applications of their own customers. The Bank joined
hands with ICICI Prudential Life Insurance Company Ltd for premium collection through
their branches and introduced new Fed e-Pay services. In the year 2005, JRG Securities Ltd
forged an alliance with the Bank for providing loans for subscribing to initial public offers
(IPOs). The bank emerged as the first bank in India to offer Real Time Gross Settlement
(RTGS) across all of their branches. In September 2, 2006, Ganesh Bank was amalgamated
with the Bank and the 32 branches of erstwhile Ganesh Bank of Kurundwad Ltd were
successfully integrated to bank's network. During the period of 2006-07, the Bank entered
into a joint venture agreement with IDBI Ltd & Fortis Insurance International N V for
incorporating a Life Insurance Company under the name of IDBI Fortis Life Insurance
Company Ltd. During the year 2007-08, the Bank opened their Representative office at Abu
Dhabi, Capital of UAE for the gateway of the bank to the whole of Middle East and also as an
interface between their existing customers of GCC countries and its Branches /Offices in
India. In March 2008, the Bank's joint venture life insurance company, IDBI Fortis Life
Insurance Company Ltd commenced their operation. During the year 2009-10, the Bank
opened 60 new branches and 115 new ATM centres. During the year 2010-11, they opened 71
new branches and 73 new ATMs. As on March 31, 2011, the total number of branches and
ATMs of the Bank increased to 743 and 805 respectively, as against 672 and 732 in the last
financial year. As of March 31, 2011, the Bank had two A category branches and 78 branches
40
AGEAS
Ageas is an international insurance group with a heritage spanning more than 180 years.
Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its
business activities in Europe and Asia, which together make up the largest share of the global
insurance market.
These are grouped around four segments: Belgium, United Kingdom, Continental Europe and
Asia and served through a combination of wholly owned subsidiaries and partnerships with
strong financial institutions and key distributors around the world. Ageas operates successful
partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and
Thailand and has subsidiaries in France, Hong Kong and UK.
Ageas is the market leader in Belgium for individual life and employee benefits, as well as a
leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the
fourth largest player in private car insurance and the over 50s market. Ageas employs more than
13,000 people in the consolidated entities and over 20,000 in the non-consolidated partnerships
and has annual inflows of more than EUR 21 billion.
Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked
among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business
41
activities in Europe and Asia, which together make up the largest share of the global insurance
market.
These are grouped around four segments: Belgium, United Kingdom, Continental Europe and
Asia and served through a combination of wholly owned subsidiaries and partnerships with
strong financial institutions and key distributors around the world. Ageas operates successful
partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and
Thailand and has subsidiaries in France, Hong Kong and UK.
Ageas is the market leader in Belgium for individual life and employee benefits, as well as a
leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the
fourth largest player in private car insurance and the over 50s market. Ageas employs more than
13,000 people in the consolidated entities and over 20,000 in the non-consolidated partnerships
and has annual inflows of more than EUR 21 billion.
MILESTONES
42
March 2008
August 2008
IDBI Federal becomes one of the fastest growing new life insurers to collect
premiums worth Rs 100 crores.
IDBI Wealthsurance Cup 2009 India v/s Sri Lanka held in Sri Lanka.
March 2009
collected premium of over 328 corers and 87,000 policies and a Sum
assured of Rs 2825 crores since inception
Launches Retirements & Termsurance Grameen Suraksha
November
2009
March 2010
September
2010
March 2011
VISION
To be the leading provider of wealth management, protection and retirement solutions that meets
the needs of our customers and adds value to their lives.
MISSION
43
VALUES
Value to Customers: A product and service offering in which customers perceive value
Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims
44
45
47
marketing
of
Insurance
products,
in
the
following
manner:
PRODUCT
A product means what we produce. If we produce goods, it means tangible product and when we
produce or generate services, it means intangible service product. A product is both what a seller
48
has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore
services are their product. When a person or an organization buys an Insurance policy from the
insurance company, he not only buys a policy, but along with it the assistance and advice of the
agent, the prestige of the insurance company and the facilities of claims and compensation. It is
natural that the users expect a reasonable return for their investment and the insurance companies
want to maximize their profitability. Hence, while deciding the product portfolio or the productmix, the services or the schemes should be motivational. IDBI Federal provides many products
which cater to the needs of the Indian customers.
PRICING
In the insurance business the pricing decisions are concerned with:
i) The premium charged against the policies
ii) Interest charged for defaulting the payment of premium and credit facility, and
iii) Commission charged for underwriting and consultancy activities.
With a view of influencing the target market or prospects the formulation of pricing strategy
becomes significant. In a developing country like India where the disposable income in the hands
of
prospects
is
low,
the
pricing
decision
also
governs
the
transformation
of
potential policyholders into actual policyholders. The strategies may be high or low pricing
keeping in view the level or standard of customers or the policyholders. The pricing in insurance
is in the form of premium rates.
The three main factors used for determining the premium rates under a life insurance plan
are mortality, expense and interest. The premium rates are revised if there are any significant
changes in any of these factors.
Mortality (deaths in a particular area): When deciding upon the pricing strategy the average
rate of mortality is one of the main considerations. In a country like South Africa the threat to life
is very important as it is played by host of diseases.
Expenses: The cost of processing, commission to agents, reinsurance companies as well as
registration are all incorporated into the cost of instalments and premium sum and forms the
integral part of the pricing strategy.
49
Interest: The rate of interest is one of the major factors which determine peoples willingness
to invest in insurance. People would not be willing to put their funds to invest in insurance
business if the interest rates provided by the banks or other financial instruments are much
greater than the perceived returns from the insurance premiums.
PLACE
This component of the marketing mix is related to two important facets
i) Managing the insurance personnel, and
ii) Locating a branch.
The management of agents and insurance personnel is found significant with the viewpoint of
maintaining the norms for offering the services. This is also to process the services to the end
user in such a way that a gap between the services- promised and services offered is bridged
over. In a majority of the service generating organizations, such a gap is found existent which has
been instrumental in making worse the image problem. The transformation of potential
policyholders to the actual policyholders is a difficult task that depends upon the professional
excellence of the personnel.
The agents and the rural career agents acting as a link, lack professionalism. The front-line staff
and the branch managers also are found not assigning due weight age to the degeneration
process. The insurance personnel if not managed properly would make all efforts insensitive.
Even if the policy makers make provision for the quality up gradation, the promised services
hardly reach to the end users.
It is also essential that they have rural orientation and are well aware of the lifestyles of the
prospects or users. They are required to be given adequate incentives to show their excellence.
50
While recruiting agents, the branch managers need to prefer local persons and provide them
training and conduct seminars. In addition to the agents, the front-line staff also needs
an intensive training programmed to focus mainly on behavioral management. Another important
dimension to the Place Mix is related to the location of the insurance branches.
While locating branches, the branch manager needs to consider a number of factors, such as
smooth accessibility, availability of infrastructural facilities and the management of branch
offices and premises. In addition it is also significant to provide safety measures and also factors
like office furnishing, civic amenities and facilities, parking facilities and interior office
decoration should be given proper attention.
Thus the place management of insurance branch offices needs a new vision, distinct approach
and an innovative style. This is essential to make the work place conducive, attractive and
proactive for the generation of efficiency among employees. The branch managers need
professional excellence to make place decisions productive. IDBI Federal has around thousands
and thousands of insurance agents all over India to manage their regional customers effectively.
Also, IDBI Federal has over 796 branches all over India which help in increasing their customer
base.
PEOPLE
Understanding the customer better allows in designing appropriate products. Being a service
industry which involves a high level of people interaction, it is very important to use this
resource efficiently in order to satisfy customers. Training, development and strong relationships
with intermediaries are the key areas to be kept under consideration. Training the employees, use
of IT for efficiency, both at the staff and agent level, is one of the important areas to look into.
IDBI Federal has created various financial products which have been tailored according to the
needs of the customers. They have over thousands of sales personnel who are trained efficiently
to bridge in the gap between the customers and the company.
PROCESS
51
The process should be customer friendly in insurance industry. The speed and accuracy of
payment is of great importance. The processing method should be easy and convenient to the
customers. Instalment schemes should be streamlined to cater to the ever grow.
PROMOTION
The insurance services depend on effective promotional measures. In a country like India, the
rate of illiteracy is very high and the rural economy has dominance in the national economy. It is
essential to have both personal and impersonal promotion strategies.
In promoting insurance business, the agents and the rural career agents play an important role.
Due attention should be given in selecting the promotional tools for agents and rural career
agents and even for the branch managers and front line staff. They also have to be given proper
training in order to create impulse buying. Advertising and Publicity, organization of conferences
and seminars, incentive to policyholders are impersonal communication. Arranging Kirtans,
exhibitions, participation in fairs and festivals, rural wall paintings and publicity drive through
the mobile publicity van units would be effective in creating the impulse buying and the rural
prospects would be easily transformed into actual policyholders.
They have brought out many interesting and humorous ads of their products such as
Wealthsurance, Incomesurance, Retiresurance etc which has got very good response from
customers. They have also conducted events with an aim to create interest around financial
52
planning with Life Insurance at branches which was critical to getting prospects interested in
IDBI Federal products.
53
WEALTHSURANCE:
The Wealthsurance Milestone Plan is a unique Insured Wealth Plan designed to help cross
different milestones in ones life. It enables customers to save and build wealth under the
protection of Insurance to meet their financial goals. The Wealthsurance Milestone Plan offers a
wide range of Investment options, Insurance options and unmatched flexibility that allows
customers to customize a plan suited to their needs. Customers can plan for their milestones like
completion of school education for their child, a marriage, acquisition of a new house and so on.
This Plan comes with a wide range of 13 investment options and 7 insurance benefits - all
packaged with a low charge structure and unmatched flexibility.
INCOMESURANCE:
IDBI Federal Incomesurance Endowment and Money Back Plan is loaded with lots of benefits
which ensure that you get Guaranteed Annual Payout along with insurance protection which will
help you to reach you goals with full confidence. Incomesurance Plan is very flexible and allows
you to customise your Plan as per your individual and familys future requirements. Moreover it
also allows you to choose Premium Payment Period, Payout Period, Payout Options and more.
54
BONDSURANCE:
The IDBI Federal Bondsurance Advantage Plan is a single premium plan where you need to
make just a one-time investment. You can choose a Maturity Period of 5, 7, 10, 15 or 20 years.
At the end of the chosen period, you will receive a guaranteed maturity amount. In case of death
of the insured person before the Maturity Date, a guaranteed Death Benefit will be paid.
TERMSURANCE:
IDBI Federal Termsurance Protection Plan (Termsurance) comes with three cover options which
you can select on the basis your requirement. Termsurance is designed with a host of benefits &
options aimed at satisfying your every need. It not only allows you to customise your plan as per
your individual and familys needs, it also comes with a host of benefits like convenient
insurance cover options, flexible premium payment terms, choice of policy term and lots more
flexible options.
HEALTHSURANCE:
Presenting the IDBI Federal Healthsurance Hospitalisation and Surgical Plan. If youre aged 18
years to 55 years and currently in good health, this new insurance plan is designed to help you
manage the extra financial burden that comes with hospitalisation, by providing a wide range of
attractive benefits.
55
RETIRESURANCE:
A retirement plan designed to accumulate money to aid a comfortable retirement. The plan
provides a guaranteed return on your investment and grows steadily over the years to ensure that
you have a corpus on your retirement date, guaranteed.
MICROSURANCE:
IDBI Federal Group Microsurance Plan provides affordable life insurance cover to groups. This
plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to insure the
lives of their group members and thus provide security to the group members families. The plan
can also be used for providing loan protection to the group members families.
HOMESURANCE:
IDBI Federal Homesurance Plan is a mortgage reducing term assurance plan MRTA, which
offers protection to your home from your home loan. The Plan provides a cover equal to the
outstanding balance of your home loan against any unfortunate events that may occur to you.
This plan gives you the option of a Single Premium.
56
LOANSURANCE:
Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the
unfortunate event of death of the insured member. This term assurance plan provides cover to a
person directly liable for loan repayment (and the partners, in case of a partnership), as per the
benefit schedule.
CHILDSURANCE:
Whether your child wants to be a doctor, an engineer, an MBA, a sportsman, a performing artist,
or dreams of being an entrepreneur, the IDBI Federal Childsurance Dream builder Insurance
Plan will keep you future-ready against both, changing dreams and lifes twists. It allows you to
create build and manage wealth by providing several choices and great flexibility so that your
plan meets your specific needs. However, what makes Childsurance a must-have for any parent
who is looking to make their childs future shock-proof is its powerful insurance benefits.
Childsurance allows you to protect your child plan with triple insurance benefits so that your
wealth-building efforts remain unaffected by unforeseen events and your childs future goals can
be achieved without any hindrance.
Despite all these tailored products there is still scope for improvement in this field. The Group
Insurance scheme is required to be promoted, the Crop Insurance is required to be expanded and
the new schemes and policies for the villagers or the rural population are to be included. . The
introduction of Rural Career Agents Scheme has been found instrumental in inducing the rural
prospects but the process is at infant stage and requires more professional excellence. So there is
lot of potential in insurance sector which is waiting to be uncorked hence revealing to the
57
economy the benefits of insurance industry. The policymakers are required to activate the
efforts. It would be prudent that the LIC is allowed to pursue a policy of direct investment for
rural development. Investment in Government securities should be stopped and the investment
should be channelized in private sector for maximizing profits. In short, the formulation
of product-mix should be in the face of innovative product strategy, while initiating the
innovative processes it is necessary to take into consideration the strategies adopted by private
and foreign insurance companies.
58
PART B
Specific Aims:
The specific aim is a formal statement of the objectives and milestones of a research project in a
grant application. The purpose of this section is to clearly and concisely describe what the
proposed research is intended to accomplish.
Should be hypothesis-based.
Critically evaluate existing knowledge, including background literature and relevant data.
60
Discussion should convey the importance and relevance of the research aims.
Highlight why research findings are important beyond the confines of the specific
research project (e.g., significance; how research results can be applied).
If you do not have the required expertise for a specific methodology, enlist a collaborator
or consultant (include a letter of support or agreementSection J of the Research Plan).
Accuracy and overall presentation are important in figures, tables and graphs.
61
The purpose of the research design and methods section is to describe how the research will be
carried out. This section is critical for demonstrating that the applicant has developed a clear,
organized and thoughtful study design.
Include details related to specific methodology; explain why the proposed methods are
the best to accomplish study goals.
Consider and discuss potential limitations and alternative approaches to achieve study
aims.
is much higher than anticipated to achieve the final sample size. However, this assumes that units
have been activated from the designated sample in a random fashion. Survey researchers may
also be interested in the sample size.
-
Gary M. Shapiro
DEFINING SAMPLE AND COLLECTING DATA:The Scientific Method is an Essential Tool in Research
This image lists the various stages of the scientific method.
63
investigating
phenomena, acquiring
new
knowledge,
or
correcting
and
integrating
previous
knowledge.
Key points:
Like any research paper, a sociological research report typically consists of a literature
review, an overview of the methods used in data collection, and analysis, findings, and
conclusions.
A literature review is a creative way of organizing what has been written about a topic by
scholars and researchers.
The methods section is necessary to demonstrate how the study was conducted, including
the population, sample frame, sample method, sample size, data collection method, and data
processing and analysis.
In the findings and conclusion sections, the researcher reviews all significant findings,
notes and discusses all shortcomings, and suggests future research.
64
10.
1-
QUESTIONNAIRE DESIGNING
Yes
(b)
65
No
100
80
Yes
60
No
40
20
0
Yes
No
2-
Life Insurance
(b)
General Insurance
100
80
60
Life Insurance
General Insurance
40
20
0
Life Insurance
General Insurance
Finding90% Prefer Life Insurance and only 10% Prefer General Insurance.
3-
Bank
(b)
66
Insurance Company
90
80
70
60
50
Bank
Insurance Company
40
30
20
10
0
Bank
Insurance Company
Finding-
85% People want their Investment in Bank and 15% People want their Investment in Insurance
Company.
4-
Yes
(b)
67
No
90
80
70
60
50
Yes
No
40
30
20
10
0
Yes
No
Finding-
90% People Have Insurance Policy & 10% People do not have Insurance Policy.
5-
(a)
LIC
(b)
HDFC
(c)
IDBI FEDERAL
(d)
ICICI
(e)
Bharti AXA
(f)
Others
100
90
80
70
60
50
LIC
HDFC
IDBI FEDERAL
ICICI
Bharti AXA
Others
40
30
20
10
0
LIC
HDFC
IDBI FEDERAL
ICICI
Bharti AXA
Others
Finding-
100% People know about LIC, 60% Know about HDFC, 75% know about IDBI Federal, 6%
know about Bharti AXA & 80% know about ICICI.
69
6-
LIC
(b)
HDFC
(c)
ICICI
(d)
Bharti AXA
(e)
Other
(f)
IDBI Federal
70
60
50
40
LIC
HDFC
IDBI FEDERAL
ICICI
Bharti AXA
Others
30
20
10
0
LIC
HDFC
IDBI FEDERAL
ICICI
Bharti AXA
Othe rs
Finding-
65% People Prefer LIC, 1% Prefer HDFC, 20% Prefer IDBI Federal, 1% Prefer Bharti AXA,
10% Prefer ICICI & 3% Other Insurance Company.
70
7-
Are you satisfied with whatever services provided by IDBI Federal Life
Yes
(b)
90
80
70
60
50
40
30
20
10
0
Yes
No
No
Yes
No
Finding-
90% People satisfied with services Provided by IDBI Federal & 10% are not satisfied.
71
8-
Low Cost
(b)
Brand
(c)
Guaranteed Returns
(d)
Others
100
90
80
70
60
50
Low Cost
Brand
Guaranteed Returns
Others
40
30
20
10
0
Low Cost
Brand
72
Guarante ed Re turns
Others
Finding-
100% People Prefer IDBI Federal Products because of Low Cost, Brand, Guaranteed Returns &
50% by others Services.
9-
Children Plan
(b)
Investment Plan
(c)
Pension Plan
(d)
Others
73
90
80
70
60
50
Children Plan
40
Investment Plan
Pansion Plan
Others
30
20
10
0
Children Plan
Investment Plan
Pansion Plan
Others
Finding-
10% Scheme for Children Plan, 85% Scheme for Investment Plan, 5% for Pension Plan, 0%
Scheme for others.
10-
LIC
(b)
HDFC
(d)
ICICI
(e)
Bharti AXA
(f)
74
Others
70
60
50
40
LIC
HDFC
IDBI FEDERAL
ICICI
Bharti AXA
Others
30
20
10
0
LIC
HDFC
IDBI FEDERAL
ICICI
Bharti AXA
Othe rs
Finding-
65% People think that Charge of LIC is Minimum while 1% People for HDFC, 20% People for
IDBI, 10% for ICICI, 1% People for Bharti AXA & 3% People think that charge of others
Insurance company are minimum.
11-
(a)
LIC
(b)
Bharti AXA
(c)
HDFC
(d)
ICICI
(e)
IDBI Federal
(f)
Others
75
60
50
40
30
LIC
bharti AXA
HDFC
ICICI
IDBI Federal
Others
20
10
0
LIC
bharti AXA
HDFC
ICICI
IDBI Federal
Others
Findings-
60% People think that LICs Distribution channel is best while 5% People think for Bharti AXA,
5% People think for HDFC, 10% People think for ICICI and 20% people think that the IDBIs
distribution channel is best.
12-
profitable?
(a)
Income insurance
(b)
76
Wealth insurance
50
45
40
35
30
Income Insurance
Wealth Insurance
25
20
15
10
5
0
Income Insurance
Wealth Insurance
Findings-
Both the Product Incomesurance & Wealthsurance life Insurance company is most profitable.
11.
The companys advertisement should be more in Local TV channel and News Papers.
2.
3.
The policies amount should be taken by the company, is small installment, so that
more and more investors can take the policies of the company.
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4.
5.
Attractive gift packages should be given by, company to customer, on the basis of
lottery system in every year.
6.
Attractive package of salary should be given by, company to the employee so, that
they can motivate hard work.
7.
8.
9.
12.
LIMITATIONS
1.
2.
I had selected the only 100 number of sample size, by which my survey report
analysis is not more fluctuate.
3.
4.
Some respondent due to unawareness about new tern they cant be respondent well
manner.
5.
6.
Lack of resources.
7.
Lack of time.
8.
13.
ANNEXURE
4. Phone No.:
5. Gender: Male / Female
6. Marital status: Single / Married
7. Educational qualification:
8. Occupation:
9. Income per month:
a) Below 7500/b) 7501/- 12500/c) 12501/- 17500/d) Above 17500/10. Family size (if Married):
a) Spouse: Working / Home-maker
If working, where? __________
b) No. of children and their ages:
Any other dependence
11. Are you aware about insurance?
(a)
Yes
(b)
No
Life Insurance
(b)
General Insurance
Bank
(b)
Insurance Company
(b)
No
Yes
LIC
(b)
HDFC
(c)
IDBI FEDERAL
(d)
ICICI
(e)
Bharti AXA
(f)
Others
17.
(a)
LIC
(b)
HDFC
(c)
IDBI Federal
(d)
ICICI
(e)
Bharti AXA
(f) Others
Are you satisfied with whatever services provided by IDBI Federal Life Insurance Co.?
(a)
Yes
(b)
No
Low Cost
(b)
Brand
(c)
Guaranteed Returns
(d)
Others
Children Plan
(b)
Investment Plan
(c)
Pension Plan
(d)
Others
LIC
(b)
HDFC
(c)
IDBI FEDERAL
(d)
ICICI
(e)
Bharti AXA
(f)
Others
LIC
(b)
Bharti AXA
(c)
HDFC
(d)
ICICI
(e)
IDBI Federal
(h)
Others
22. Which product of IDBI Federal Life Insurance Company is most profitable?
(a)
Income insurance
(b)
80
Wealth insurance
14.
81
www.google.com
www.wikipedia.org
www.yahoo.com/question-answer/
www.idbifederal.com
www.ageas.com
www.federal.com
www.irda.org
http://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_wo
rld_insurance_in_2012_shows_premium_growth__resumed.html
http://www.idbifederal.com/Products/Healthsurance/Pages/What-isHealthsurance.aspx#
http://www.studymode.com/essays/Market-Segmentation-40523.html
http://en.wikipedia.org/wiki/Q_methodology
15.
CONCLUSION:
Summer training is a best example for a trainee to learn about the company working, corporate
culture under which he is operating the functions.
IDBI Federal Life Insurance Co. Ltd. is a life insurance company under which I gained a
significant knowledge with respect to life insurance, its importance and applicability as well as
undertook the task to research and compare with global markets which is conductive for the
company to grow with more prosperity.
What I taught in the management institute utilized them fruitfully leading to the best advantage
to the company and to the best experience for mine.
At far I can conclude that life insurance is a noble service which is very important for every
citizen to learn and realize its importance because this is the only source which can remain the
status where one is with the family bread earner and ever when he is not.
With the growing financial sector, I would like to choose this industry for my future career
advancement and as an opportunity to service this industry.
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