"MARKETING STRATEGIES OF FEW INSURANCE POLICIES" of Kotak Life Insurance

MARKETING STRATEGIES OF FEW
INSURANCE POLICIES
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Kotak Mahindra Old Mutual Life insurance
A
Training Report
On
MARKETING STRATEGIES OF FEW INSURANCE POLICIES
With reference to
KOTAK LIFE INSURANCE
Submitted to Kurukshetra university,Kurukshetra in partial Fulfillment for the
Award of degree Masters of Business Administration session
Submitted to Submitted to
S.B.D.I.M.T Neetu
ROLL NO- C0920212
SETH BANARSI DASS INSTITUTE

OF
MANAGEMENT AND TECHNOLOGY
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MARKETING STRATEGIES OF FEW INSURANCE POLICIES
ACKNOWLEDGEMENT
On the event of completion of our project on
Marketing in Banking & Insurance- Om Kotak Mahindra Old Mutual
Life Insurance,
We take the opportunity to express our deep sense of gratitude
towards
Prof. Kanthi- Our professor for Marketing in Banking & Insurance
and
Mr. Soumik Ganguly- Assistant Sales Manager, Chembur branch.
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whose guidance and inspiration right from the conceptualization
to the finishing stages proved to be very essential and valuable in
the completion of the project.
Without the timely help, guidance and inspiration, this project
would have never seen the light of the day.
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INDEX
SR. NO PARTICULARS PAGE NO.
1. Insurance marketing 4
2. Role of marketing 5
3. Insurance marketing in Indian environment 6
4. Objectives of life insurance marketing 6

Marketing mix for insurance organization
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Product planning and development
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Promotion mix 9
Price mix 11
5.
Place mix 13
People 15
Physical evidence 15
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Process
Om Kotak Mahindra Old Mutual Life Insurance
6. 18
Introduction
7. Products offered 21
8. Kotak Child Advantage Plan & marketing strategies 23
9. Kotak Retirement Plan & marketing strategies 26
10. Media Centre 29
11. Biblography 31
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INTRODUCTION:
The aim of all insurance is to compensate the owner against loss arising from a
variety of risks, which he anticipates, to his life, property and business. Insurance
is mainly of two types: life insurance and general insurance. General insurance
means Fire, Marine and Miscellaneous insurance which includes insurance against
burglary or theft, fidelity guarantee, insurance for employer's liability, and
insurance of motor vehicles, livestock and crops.
The Insurance Act, 1972 and the General Insurance Business (Nationalisation) Act,
1972 govern Fire and Marine Insurance, while the Indian Marine Insurance At,
1963 governs marine insurance in our country. These laws contain provisions
relating to the constitution, management and winding up of insurance companies
and the conduct of insurance business of all types. All insurance business in India
has been nationalized.
A Contract of insurance is a contract by which one party undertakes to make good
the loss of another, in consideration of a sum of money, on the happening of a
specified event, e.g. fire accident or death. Law recognizes insurance as a system
of sharing risk too great to be borne by one individual
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Company profile
Stock broking businesses in the UK. Kotak Group was established in 1985.Kotak Mahindra
Bank is the parent company of the group. Kotak Group entered into the life insurance business in
2001. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (76%) and Old Mutual plc. (24%) Old Mutual plc is a world-Class
international financial services company. It was established in South Africa before 160 years.
OLD MUTUAL is the largest financial services business in South Africa, through its life
insurance, asset management, banking and general insurance operations. The company serves 4
million life insurance policyholders and employs over 13 000 South Africans in its local
operations.
In the USA, OLD MUTUAL is one of the top ten fixed annuity businesses offering an array of
specialist asset management skills through its 23 asset management businesses. The companys
US Life business recorded sales of $4 billion at the end of 2002.
Operations in the United Kingdom are focused on wealth management, through Gerrard as one
of the leading private client .The OLD MUTUAL Group has the ability to cater for a variety of
consumer segment and offers a comprehensive and innovative range of products for all income
groups.
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MISSION
To emerge as the leading company offering a comprehensive range of life insurance and pension
products at competitive prices, ensuring high standards of customers satisfaction and world class
operating efficiency thereby becoming a model life insurance company in India in the post
liberalization period
KOTAK MAHINDRA LIFE INSURANCE LIMITED :
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra
Bank Limited and Old Mutual plc. At Kotak Life Insurance, we aim to help customers take
important financial decisions at every stage in life by offering them a wide range of innovative
life insurance products, to make them financially independent and strong.
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INTRODUCTION:
The aim of all insurance is to compensate the owner against loss arising from a variety of risks,
which he anticipates, to his life, property and business. Insurance is mainly of two types: life
insurance and general insurance. General insurance means Fire, Marine and Miscellaneous
insurance which includes insurance against burglary or theft, fidelity guarantee, insurance for
employer's liability, and insurance of motor vehicles, livestock and crops.
The Insurance Act, 1972 and the General Insurance Business (Nationalisation) Act, 1972 govern
Fire and Marine Insurance, while the Indian Marine Insurance At, 1963 governs marine
insurance in our country. These laws contain provisions relating to the constitution, management
and winding up of insurance companies and the conduct of insurance business of all types. All
insurance business in India has been nationalized.
A Contract of insurance is a contract by which one party undertakes to make good the loss of
another, in consideration of a sum of money, on the happening of a specified event, e.g. fire
accident or death. Law recognizes insurance as a system of sharing risk too great to be borne by
one individual
1.1 INSURANCE POLICIES:
Insurance is a cover used for protecting oneself from the risk of a financial loss. It is important to
understand that risk is a part of any persons life and that it increases as a person increases in age,
responsibility and wealth. Insurance is risk coverage against financial losses and should not be
taken as an investment instrument.
There are mainly two parties involved in this the insurer and the insured. The insurer is the
insurance company who will provide the cover to the insured against any financial losses. The
insured may be an individual person or a group of people like an employer, members of a
society, etc.
A policy is the contract between the insurer and the insured, which states the risks covered, the
exclusions, if any, and the benefits reimbursed on the happening of an event like death, illness
etc. The policy is paid through what is called a premium, which is a set amount that must be paid
by the insured on a monthly, semi-annual or annual basis. On the happening of an event like
death, disability, fire, etc, for which the insured is covered, the benefit amount stated in the
policy contract can be claimed by the insured.
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Scope of the Study
Study can be further extended by including Unit Linked Insurance

Plans and endowment plans
Welcome to My Kotak Life :

My Kotak Life is the world of the Kotak Life Insurance. Join in to the fulfilling world of My
Kotak Life. Information you need, reward programs that make sense, meaningful recognition and
finally glory. This journey is exciting every step of the way.
My Kotak Life Intranet provides you information which is useful for your work, the reward
programs help build the right set of talent and behaviour and recognize people as they achieve
various milestones on their path to glory. For those who believe that the sky is the limit, we give
them wings to fly
Every member of the Kotak Life Insurance team will strive to help you achieve your goals
through guidance and support. This program is our initiative to pave the path to success with
rewards worthy of you.
We give you a career worth investing your life in!
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What is My Kotak Life for You?
If you are an employee, My Kotak Life is your everyday support and operates as your link to the
world of Kotak Life. If you our partner, it is your window to the world of Kotak Life Insurance
and your support system. It is your world of rewards, recognition and glory.
Easy Steps to Buying A Policy:
1. Initially, calculate the exact amount of insurance that you need.
2 .Decide which product suits you best based on your life stage and need..
3. Calculate the premium that you need to pay on the basis of the product that you have
decided to buy.
4. Our Life Advisor will assist you in filling up a proposal form. In addition to a proposal
form, you need to submit some financial documents that are required in order to buy a policy.
The Life Advisor will notify the list of financial documents required for the same.
Why do I need life insurance?

Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster
- they're all built into the working of the Universe, waiting to happen.
Insurance then is man's answer to the vagaries of life. If you cannot beat man-made and natural
calamities, well, at least be prepared for them and their aftermath.
Insurance is a contract between two parties - the insurer (the insurance company) and the
insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the insured
for financial losses arising out of any unforeseen events in return for a regular payment of
"premium".
These unforeseen events are defined as "risk" and that is why insurance is called a risk cover.
Hence, insurance is essentially the means to financially compensate for losses that life throws at
people - corporate and otherwise.
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How much does life insurance cost?
In order to buy a life insurance policy, you must pay premiums to the life insurance company.
The amount of premiums payable depends upon the type of policy, term of policy contract, sum
assured and your age.
You could pay these premiums monthly/ half-yearly/ annually/ or as a single premiums
Kotak Group Assure:

It is a comprehensive solution that helps protect your customers assets and savings in the
unfortunate event of death, illness or disability. To your institution, it reduces the risk of default
and provides financial security thereby enabling you to enjoy a competitive advantage.
Advantages:
This is a reducing cover term plan that offers the following advantages: Ensuring against non-
repayment of loans due to death, illness and disability
Various plan options ensure that you can satisfy all customers
High non-medical underwriting limits
Ease in getting Group Insurance
Types:
1. Easy Group Assure
This is a simple group reducing cover term plan in which the Sum Assured will be paid in the
unfortunate event of death of the insured customer
2. Group Assure
This is a group reducing cover term plan that also provides terminal illness cover (a). The
benefits of this plan are as follows:
The Sum Assured will be paid in the unfortunate event of death of the insured customer
In case the insured customer is diagnosed with a terminal illness, the Sum Assured as on that date
is paid to the customer. Terminal Illness is a non-correctable/non-curable medical condition or a
non-response to specific disease therapy.
3. Group Assure plus Disability Benefit
This is a group reducing cover term plan that also provides terminal illness cover (a) plus a
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permanent accidental disability benefit (b). This benefit is payable on either of the two
conditions:
The benefits of this plan are as follows:

The Sum Assured will be paid in the unfortunate event of death of the insured customer
In case the insured customer is diagnosed with a terminal illness, the Sum Assured as on that
date, is paid to the customer
In case the insured is permanently unable to carry out a reasonable occupation or is physically
impaired due to an accident, the Sum Assured will be paid.
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INSURANCE MARKETING
The term insurance marketing refers to the marketing of insurance services with the aim to
create customer and generate profit through customer satisfaction. The insurance marketing
focuses on the formulation of an ideal mix for Insurance Business so that the insurance
organization survives and thrives in the right perspective. The organizations can successfully
increase the market share, maximize the profitability and keep on the process of development
with the help of marketing.
In Indian perspective where rural orientation needs a prime attention, the insurance marketing
may prove to be a deice for combating regional imbalance by maintaining the sectoral balance
as an investment institution; the rural development oriented projects make ways for the
transformation of rural society. It is right to mention that the marketing concept in both bank and
insurance business is a matter of recent origin. The marketing concept in the insurance
business is concerned with the expansion of insurance business in the best interest of the
society vis--vis the insurance organization. The selection of risks (product planning), policy
writing (customer service) rating or actuarial (pricing) and agency management (distribution)- all
marketing activities make up an integrated marketing strategy. We cant negate that during the
yester decades, there have been considerable developments in the perception of customer
servicing firms like banking and insurance companies. The marketing concept in the insurance
business focuses o the formulation of marketing mix or a control over the whole marketing
activities that make up an integrated marketing strategy.
In a view of the above, we observe the following facts regarding the concepts of insurance
marketing:
It is a managerial process
It is a conceptualization of marketing principles.
It is a process of formulating the marketing mix.
It is an advice to make possible customer orientation.
It is another name of marketing professionally.
It is even a social process that paves avenues for social transformation.
It is to make possible product attractiveness.
It is to energize the process of quality upgradation.
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MARKETINGS ROLE HAS CHANGED OVER TIME
Simple trade era

Focus -sell surplus
Production era
Focus- increase supply
Sales era
Focus- beat competition
Focus - coordinate and control
Marketing department era
Marketing company era
Focus -long term customer satisfaction
MARKETING
MICRO MACRO
1. SET OF ACTIVITIES. 1. SOCIAL PROCESS

2. PERFORMED BY 2. MATCHES SUPPLY
ORGANISATION WITH DEMAND
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INSURANCE MARKETING IN INDIAN ENVIRONMENT
The nature and behavior of business is governed by environmental changes. In a developing

economy where financial institutions are accepted to shoulder multi-faceted social burdens in
addition to the task of mobilizing and channelising resources, it is necessary that
professionalism should be developed. Due to mounting problems of regional backwardness and
regional imbalances like making of marketing decisions and complicated in insurance business.
Risk and uncertainties move upward due to increased sophistication. After the nationalization of
LIC in 1956 and GIC in 1974 there have been changes in the organizational objectives. It was in
this background that insurance business was attempted to be expanded in rural areas. The
purpose was to reach all the potential users of the services. In this context it is significant to
mention that the extent of dependence of insurance business on the services of agent and rural
career agents is of high magnitude. The service conditions of rural agents and agents in general
are to be enriched. In the Indian condition the task of motivating the rural prospects is more
difficult as majority of them are illiterate.
Marketing of insurance services needs a rational approach, which means the following:
1. Knowing the market.
2. Suitable pricing decisions.
3. Product to be developed as per needs.
4. Designing of sensitive promotional strategy.
5. Scientific management of agents.
6. Proficiency in management.
OBJECTIVES OF LIFE INSURANCE MARKETING
The following are the objectives of Life Insurance Marketing:
1. Mobilization of savings in the form of pensions.

2. Improving customer services.
3. Increasing customer base and its spread.
4. Developing corporate image.
5. Spreading Life Insurance Message.
6. Developing guiding policies and their implementation for better results.
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7. Distribution of Life Insurance Policies.
8. Marketing Profit.
MARKETING- MIX FOR INSURANCE ORGANIZATION
The Insurance business deals in selling services and therefore due weight age in the
formulation of marketing mix for the Insurance business is needed. The marketing mix includes
sub-mixes of marketing such as the people, the process and the physical attraction. The public
sector insurance organizations have not been formulating and innovating the marketing mix to
cater to the changing needs and requirements and increasing level of satisfaction of the users.
Majority of the policyholders and dissatisfied with the service-profile and they often complain
regarding the detonating quality of services. Due to this the foreign insurance companies and
private insurance players are snatching away the business of the public sector insurance
organization.
PRODUCT
MIX
MARKETIN
PLACE G MIX PROMOTIO
MIX N MIX
PRICE
MIX
PRODUCT PLANNING AND DEVELOPMENT
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The purpose of insurance business is to generate profits besides sub serving the social
interests. The present business environment is volatile and even the insurance business is likely
to be more competitive. Product is like a stage on which the entire drama of successful
marketing is acted. It is like an engine that pulls the rest of the marketing programmes. It is this
context that the product management in an insurance organization needs an intensive care.
Yesterday, the policy holders had limited hopes and aspirations but today they expect more and
they would like even something more tomorrow. This focuses on the fact that strategic decisions
are influenced by the environmental conditions. The product development needs a new vision, a
new approach and a new strategy. Till now the public sector insurance organization have not
made possible an optimum utilization of their marketing resources especially in rural areas
where tremendous opportunities are available. Thus they should assign due weightage to the
development services/ schemes which cater to changing needs and requirements of the rural
segment. In the development of product, the co-operative investments need due priority.
Channelising the co-oprate investment influences the rate of profitability of insurance companies
and also contributes considerably to the socio economic transformation process.
Thus the product planning and development should
Give due weightage to the socially and economically backward classes.

Maximize the mobilization of saving by offering lucrative schemes.
Assign due weightage to interest of investors.
Maintain economy in business by promoting cost effectiveness.
Act as a trustee of policy holders.
Keep in mind the emerging trends in business environment.
Improve the quality of customers/user services.
PROMOTION MIX
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The formulation of product mix for the insurance business makes it significant to take a look at
the services and schemes of insurance organizations. The product portfolio is known and the
process of formulating a package should be known. It is natural that the users expect a
reasonable return for their investments. It is quite natural that the insurance organizations want
to maximize profitability. It is well known that the key objectives of the insurance business are
mobilization of savings and channelisation of investments. This makes it essential that the
insurance business is made lucrative so that the users/ potential users get incentives to buy a
policy or to invest in the insurance organizations. The insurance organizations also need to
promote the underwriting activities, which would activate the process of arresting the regional
imbalance. In the context of formulating the product mix, it is essential that the insurance
organizations promote innovation an din the product portfolio include even those services and
schemes which are likely to get a positive response in the future. The policies to be launched
should not only generate enough premium but it is also important that the policies cover persons
working in the informal sector, serving as porters, working as manual laborers, or engaged in
farm sector. The formulation of product strategy should assign due weightage to the rural
segment emerging as a big profitable segment especially in the 21 st century. The policies and
schemes should have rural orientation so that backward and neglected regions of the country
get priority attention and the regional imbalance is minimized. The formulation of package is
also found important. Designing a package on the basis of the needs and requirements of the
concerned segment would make the product mix ore competitive.
With Advent of private players in the insurance field, it has now become imperative for all the
insurance companies to resort to rampant promotion. Promotion mix for this sector is as follows
Advertising
Advertising can be done through the telecast media, broad cast media and print media.
Insurance companies have been making optimal use of all the three kinds. Use if World Wide
Web, as a media is almost negligible and will not be very frequent in the near future considering
the fact that the majority of customers base of these companies is not yet exposed to the
internet. The telecast media has been the most effective of all I case of insurance sector. Most
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of the companies have their separate advertising section to take care of this aspect. An
important consideration while making the decision as to the selection of the media is budgetary
constraint. Since the insurance companies work on large scale, usually this constraint does not
stand as an obstacle.
Publicity
It is a device to promote business without making any payment and therefore it could be also
called unpaid form of persuasive communication bearing a high rate of sensitivity. Developing
rapport with media is an important aspect of publicity. This makes it essential that the PR
officers working in the insurance organization maintain contacts with the media personnel,
organize press conference, and offer small gifts and memento to them. These days LGD
marketing is gaining popularity the world over. It also can be applicable here. At the apex and
regional levels, the PROs bear the responsibility off projecting positive image of the
organization. Thus it is necessary to select suitable personnel for this. They should be in
particular taught to deal with people, simple things like talking, greeting etc.
Sales Promotion
Incentives to the end users for taking policy play an important role in promoting insurance
business. Since the insurance business is also related to achieving of a particular target, it is
pertinent that the policymakers assign due wieghtage to the same. The offering of small gifts
during a particular period, the rebate discount, bonus can increase the business organizations
by leaps and bounds. Besides these there can be gift for insurance agents also.
Personal Selling
Personal selling in the case of insurance organizations is a quite important considering the
existence of insurance agents spread at all levels. Selection of these agents, their training is
responsibility of the organization. There is a difference in the urban and the rural market. Rural
customers may be uneducated/ uninformed etc compared to the urban customers. Hence the
organizations will have to make selections of the rural and urban agents accordingly.
Word of mouth promotion
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The word of mouth communication result into wider publicity, which substantially sensitizes the
process of influencing the impulse of users/ prospects of the insurance services. The satisfied
group of customers opinion leaders the social informants ,the popular personalities act as a
word of communication .The advertisement slogans may be incentives the publicity measures
may be ineffective but the positive feeling of friends and relations communicated cannot be
ineffective>this make it clear that the most important thing of any business is the quality of
services.
Telemarketing
With the development of satellite communication facilities and with the expansion of the
television network, we find telemarketing gaining popularity the world over. The organization in
general need to promote telemarketing. the foreign insurance company have been assigning
due to wieghtage to this end in India this is beginning to gain importance with the advent of
competition in the sector>the telecommunicate is supposed to be well aware of the telephonic
code so that the task of satisfying the customer with their queries will not consume much of
time.
World Wide Web
In banking as well as Insurance, more and more importance is being given to online contract
facilities whereby complaints/comments could be sent through an email. Email is fastest written
mode of communication and since it has been recognized legally, its use to clear doubts has
been in full swing.
PRICE MIX
In the insurance business, the pricing decision are concerned with the premium charged
against the policies interest charged for defaulting the payment of premiums & credit facilities,
commission charged for underwriting & consultancy services. The formulation of pricing
strategies becomes significant with the viewpoint of influencing the target market or prospects.
To be more specific in the Indian context where the disposable income in the hands of prospects
is found low, the increasing inflationary pressure has been instrumental in contracting the
discretionary income, the increasing consumerism has been making an assault on the saving
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potentials of masses, it is pertinent that the insurance organizations in general & public sector
insurance organizations in particular adopt such a strategy for pricing that makes is a
motivational tool & paves the ways for increasing the insurance business. Of course, a
motivational pricing strategy is required to be given due weightage. This necessitates a new
vision for setting premium structure & paying the bonus & charging the interest.
The strategy may have a new vision in the sense that the insurance organizations prefer to
make a mix of high & low pricing strategy. The motive is to make the premium structure
commercially viable so that the insurance organizations succeed in having a sound product
portfolio besides fuelling development orientation. The pricing decisions make it essential that
the insurers keep in their minds the nature of policy vis--vis the segment to which the
prospects belong.
In the tangible products, cost of production is taken as the basis for fixation of prices. Even in
the insurance business, it is found to be an important consideration & a dominating base. This
makes the cost of insurance a decisive factor for charging premium. The important bases for
determining the cost are rate of death, rate of interest & the expenses incurred on the insurance
business. The mortality table helps the determination of the death rate. It is to predict future
mortality. The best method of construction of mortality table is to select a large number of
persons at attained age, which is meant age close to the birth rate. The second important
element is the rate of interest. On the basis of mortality rate, it is estimated that when & how
much amount is to be received as premium & would be paid as claims but on the basis of
interest rate, but on the basis of interest rate, it is estimated that how much interest can be
earned by investing the insurance funds. The last element is cost which focuses on different
types of expenses. These are certain expenses, which are incurred at the time of inception of
the policy. This necessitates determination of the nature of expenses. The determination of
expenses according to occurrence & equal distribution of the expenses every year for equitable
distribution of loading are found significant to make possible a sound management of
expenses.
The process of rate of fixation in the insurance organization is not so scientific & identifies the
cases of moral hazard. It is easier to identify the physical hazard but the task of identifying the
moral hazard is found difficult. The premium charged is to be made rational to cater to the
payment of claims on a priority basis including the catastrophic losses, management expenses
& margin for profit. It is essential that various related to both the hazards are estimated in a
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scientific way. The actual process of rating consists of three steps. E.g. classification,
discrimination & scheduling.
The price mix decisions are:
Making possible cost of effectiveness

Restructuring of premium
Due priority to profit generation Investments.
Rationalizing of optimizing the social costs
Paving avenues for channelising the productive investments
Assigning the weightage to the polices meant for the socially and economically
backward classes.
Making the ways for maximizing profitability.
PLACE MIX
Another component of the marketing mix is related to the place decision in which our focus
would be on the two important facets managing the insurance personnel and locating a branch.
The management of agents and insurance personnel is found significant with the view point 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 majority of the services generating organizations such a gap is found existent which has
been instrumental in generating aggravating the image problem. The policy makers make
provision: the senior executives specify of making available the promised services to the end
users. The public sector, insurance organization has failed in both the areas. The agents rural
career agents, front-line-staff and even a majority of the branch managers become a party gap.
The transformation of potential policyholders into actual policyholders is a difficult task that
depends upon the professional evidence of personal. The agents and the rural career agents
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acting as link lack professionalism. The Front-line-staff & the branch managers are found not
assigning due weightage to the degeneration process. The insurance personnel if not managed
properly would make all of efforts incentive. Even if the policy makers make provisions for
quality upgradation, the promised services hardly reached to the end users. This makes it
significant that the insurance organizations in general and public sector organization in
particular keep in their mind the changing expectations of customers and the prospects. The
behavioral profile of insurance personnel is studied in a right fashion and the changes required
due to the changing perception of expectations are incorporated. It is 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 show there excellence. While recruiting agents, the branch
manager needs to prefer local persons and by conducting refresher courses to brush up their
facilities so that they know the art of influencing the users/ prospects. In addition to the agents,
the front-line-staff also need an intensive training programme. This makes it essential that
ongoing training programme is organized by the branch managers which focus on the
behavioral management.
Another important dimension of the place mix is related to the location of insurance branches.
While locating branches branch managers need to consider a number of factors, such as
smooth accessibility, availability of infrastructural facilities and the management of branch
offices and premises. In addition to it is also significant that the branch manager assign due
weightage to the safety provisions. The management of offices makes it significant that the
branch managers are particular to the office furnishing, civic amenities & facilities, parking
facilities and interior decoration.
Thus the place management of insurance branch offices needs a new vision, distinct approach
and an innovative strategy. This is essential to make work place conducive, attractive, and pro-
active to the generation of efficiency. The motives are to offer the promised services to the end
users without any distortion and making the branch offices a point of attraction. The branch
managers need professional excellence to make place decision productive.
THE PEOPLE
People are most important component of marketing mix for the insurance industry.
Sophisticated in the process of technological advances makes the way for the development of
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personnel in such a way that an organization succeeds in making possible a productive
utilization of technologies used or likely to be used. Professional qualification requirements
change as technology develops and evolves. The use of computers micro-computers, fax
machines, sophisticated telephonic services, and e-mailing, inter-net and intra-net services have
been found throwing a big impact on the perception of quality of services. This makes it
essential that the insurance organizations also think in favor of developing personnel in line with
the development and use of information technologies. The front line staffs as well as the branch
managers are required to be given the training facility so that they are in position to make
possible and effective use of the technologies. The insurance organization bear the
responsibility of the developing the credentials of their employees. In this context, it is also
significant that they think about the behavior profile of insurance personnel. It is pertinent that
the employees are well aware of the behavioral management they know and understand the
changing level f expectations of users and make sincere efforts to fulfill the same. In this
context, it is also significant that the senior executive while the recruiting, training and
developing the insurance personnel make it sure that employees serving the organizations have
a high behavioral profile in which empathy has been given due place. The psychological
attributes becomes significant with the view point of influencing the prospect a retaining the
users, it is in this context that the insurance companies need a rational plan for the development
of insurance personnel.
PHYSICAL EVIDENCE
Physical evidence includes facility design, equipment signage, employee dress, tangibles,
reports and statements.
Signage
Signage personifies the insurance company. It gives a identity by which users recognize the
company. A signage depicts the companys philosophy and policy. Following are some of the
examples
Tangibles
Insurance companies give their customers and agents various tangible items like pen, letter
pad, calendars. Such things try to reduce the intangibility characteristics of this industry.
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Statements
The statements are punch line which briefly depicts the vision and attitude of a insurance
company towards its users/potentials. It also indicates their business motive.
PROCESS
Flow of activities
Since major activities are conducted through the agents, the agents are given training and
refreshers courses etc. There are branches of insurance organizations were this agents go for
processing of proposals/ claims etc.
Standardization
The proposal/ claim forms an other formalities are standardized. In case of each branch 0f an
organization. Standardization here implies procedural standardizations. But the proceedings
may differ from case to case in case of claim.
Customization
As stated earlier, each case has its own peculiarities. Hence amount of premium, proceedings
of a claim etc. are quite subjective
Number of Steps
Clients of a insurance company differ from an individual policy-holder to a large conglomerate.
Number of steps in case of each group will definitely differ. However, in case of individual
customer, the agents handle the proceedings. Thus the actual customer is not involved in
proceedings for a majority of steps. In case if the corporate, usually separate officer to take care
of each case. Standardization reduces many steps as well as the time taken.
Simplicity
Use of national language/ regional language, customer friendly forms and instructions manuals.
Segregations of various departments into counters, etc. Has made entire process quite simple.
Complexity
25
Insurance works on spread of risk principle the company have to use others money and hence
they are very careful while processing the claims but also while accepting the proposals in the
first place. Because of some stringent norms, the process of obtaining and furnishing
documents proofs etc. Becomes complex; but it has been quite simplified by the existence of
the agents.
Customer involvements
Customer involvement in case of insurance organization is quite limited. The insurance agents
act as pros for the company, they perform majority of the necessary formalities. The customers
are only involved in case of formalities like medical examination, interviews etc. But the
organization makes it a point to let the customer express their concerns through the customer
complaint cells and mail/email contact.
26
OM KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE
Kotak Mahindra Old Mutual Life Insurance is a joint venture of the Kotak Mahindra Bank Limited
(KMBL) and old Mutual Plc. The Kotak Mahindra Old Mutual Life Insurance was established in
2001 and it is considered as one of the fastest growing insurance companies in India. Old
Mutual has a history of more than 150 years as a South African based mutual society prior to its
public listing in 1999.The Old Mutual Group offers a diverse range of financial services in three
principal geographies. This section is an overview of our business operations in South Africa,
the United States and the United Kingdom & Rest of World.
THE KOTAK MAHINDRA GROUP
Kotak Mahindra is one of Indias leading financial conglomerates, offering complete financial
solutions that encompass every sphere of life. From Commercial banking, to stock broking, to
mutual funds, to Life insurance, to investment banking, the group caters to the financial needs of
individuals and corporate.
The Group has a net worth of over Rs.3380 crores, employs around 12300 people in its various
businesses and has a distribution network of branches, franchises, representative offices and
satellite offices across 320 cities and towns in India and offices in New York, London, Dubai,
Mauritius and Singapore. The group services around 2.9 million customer accounts.
The Kotak Mahindra group has many subsidiaries like Kotak Mahindra Capital Co. Ltd., Kotak
Securities Ltd., Kotak Mahindra old mutual Life Insurance Ltd., and Kotak Mahindra Trustee Co.
Ltd., and Kotak Mahindra Investments Ltd. The international subsidiaries include Kotak
27
Mahindra Securities Ltd., Kotak Mahindra Trusteeship Services Ltd., and Kotak Forex
Brokerage Ltd.
PERFORMANCE
The joint venture between Kotak Mahindra Life Insurance and KMBL started off with an initial
net worth of Rs.150 crore. In the joint venture, KMBL currently owns a 26% stake with an option
to increase this to 49% when applicable local legislation permits. Kotak Mahindra old mutual
has shown robust process with gross premiums for the nine months ended December 31, 2006
of Rs.5047 Mn, a 96% increase on 2005.
The Company has a wide network of 79 branches in 51 cities. Kotak Life Insurance has
covered nearly 339700 individual policies on books representing a basic sum assured of Rs.206
bn (excluding riders). Additionally, Kotak Life Insurance has around 260 group policies covering
528100 lives with an aggregate sum assured of Rs.150 bn.
Kotak Mahindra Life Insurance Company Ltd. will launch its unit linked insurance product in the
next quarter tied to debt insurance.
In view of high volatility in the equity market, new insurance life players had put off their unit-
linked plans. Kotak will commence operations with 3 products Single Premium Bond, Money
Back Plan and Endowment Plan.
28
PRODUCTS OFFERED
29
INDIVIDUAL
Kotak Smart Advantage
Kotak Eternal Life Plans
Kotak Platinum Advantage Plan
Kotak Headstart Child Plans
Kotak Sukhi Jeevan Plan
Kotak Privileged Assurance Plan
Kotak Term Plan
Kotak Preferred Term Plan
Kotak Money Back Plan
Kotak Child Advantage Plan
Kotak Endowment Plan
Kotak Capital Multiplier Plan
Kotak Retirement Income Plan
Kotak Retirement Income Plan
(Unit-linked)
Kotak Safe Investment Plan II
Kotak Flexi Plan
Kotak Easy Growth Plan
Kotak Premium Return Plan
GROUP
Employee Benefits
Kotak Term Grouplan
Kotak Credit-Term Grouplan
Kotak Complete Cover Grouplan
Kotak Gratuity Grouplan
Kotak Superannuation Grouplan
RURAL
Kotak Gramin Bima Yojana
30
MARKETING STRATEGIES OF FEW
INSURANCE POLICIES
KOTAK CHILD ADVANTAGE PLAN
Every child has a dream. We help realise it.
The Kotak Child Advantage Plan is an investment plan designed

to meet ones child's future financial needs. It's a plan that gives
child the "azaadi" to realize his dreams. The plan is a participating
plan with a 15-day free look period.
Age of the child required to attain the plan:

Minimum 0 years.
Maximum 17 years.
Term: 10- 30 years.
Maximum sum assured allowed: 25,00,000
Advantages of this plan:
31
1. On Maturity, one would receive the sum assured plus the
bonus addition. Bonus addition is the amount in the
Accumulation Account*, in excess of the sum assured.
2. The balance available in the Accumulation Account is
invested in various financial instruments (as per IRDA
regulations) so ones money works hard to earn more for
child.
3. The Automatic Cover Maintenance facility ensures the
policy remains in force even if one misses premium
payments. This facility is available after the first three years
of the Term.
4. One can take a loan against this plan, after the policy has
been in force for at least three years.
5. One has the option of paying premiums quarterly, half
yearly or yearly.
Accumulation Account is personal account in which the

premiums that one pay are deposited, the return
declared every year is added and risk and expense
charges are deducted.
6. One has the benefit of a 15 day free look period.
PROMOTION MIX
Advertisements
This product has been advertised through telecast media
broadcast media and print media. Since this product is for children
up to 17 years of age the focus of advertisement is on television
which is more appealing. Kotak has recognized the need for this
plan and therefore has adopted suitable marketing strategy which
involves advertisements in popular kids channel like pogo,
hungama, star plus etc.
Publicity
32
The PROs of Kotak Mahindra life insurance has publicized this
product taking into consideration the eligibility and features and
has thereby come with an appealing strategy emphasizing not
only on children who are main benefit holders of this product but
also the family who will actually pay the premium for this product.
the PROS of Kotak life have developed a good rapport with
hungama to publish it can be seen from the banner of this plan
that the happiness is shown on parents face as soon as they
secure their childs future which is the prime motive of this plan.
This plan gives your child the "azaadi" to realize his dreams even
before he is an adult.
Sales promotion
The promotion activities are carried out by the agents,
development officers and branch officers. Kotak life has promoted
this plan by giving calenders dairies bags which they thought
should be given as a token of gift along with the plan. Kotak life
also conducts, seminars quiz, other contest, games in various
malls and play schools. All such activities have increased the
volume of saled and has also created a medium of awareness for
the children.
Personal selling
As we know that customer is the king kotak gives at most
importance to personal selling of this product.moreover kotak life
conducts special training session for ita agents who will finally
approach the end customers so that they can demonstrate
effectively which will enable the endusers i.e childrens to buy the
product.
PRICE MIX
The disposable income in the hands of the prospects is found low
or almost nil so Kotak has adopted his strategy that is beneficial to
33
the end user and also paves the ways for increasing the insurance
business.
The price mix decisions basically depend upon the premium that
they are going to charge from the endusers. As in this case the
premium charged will be low in the initial stages and will increase
with the increasing age of the child. But in case if the child is
physically disabled the premium charged will be high. The
customers can even avail for loan facility if they opt for higher
premium plan.Kotak life gives more importance to pricing strategy
because they feel that it is the only means for attracting the
customers in true sense.
PLACE MIX
Kotak life has adopted the place strategy in such a way that a gap
between the services promised and services offered is bridged
over. Kotak agents,brokers,branch office, retail finance service
distributors alliances with banks etc. play an important role in
delivering their services to policy holders at the right time and at
right place. This product is promoted in places like school,
colleges and other child zone areas. This product is highly flexible
as it is present for children in urban well as rural areas and
thereby it facilitates mobility.
KOTAK RETIREMENT INCOME PLAN
34
The Kotak Retirement Income Plan is a savings plan designed to
meet post-retirement needs. It is a plan that gives "Jeene ki
azaadi". It gives the choice to remain independent even after
retirement. The Kotak Retirement Income Plan is a participating
plan. The plan comes in two forms: (i) With Cover (ii) Without
Cover.
Age of the person required Minimum 45 years.
to attain the plan: Maximum 65 years.
Minimum 18 years. Intervals at which premium
Maximum 60 years. can be paid: Quarterly, Half
Term: 5-30 years. Yearly, Annually.
Age to receive annuity: Advantages of this plan:
1. can choose to retire at any age between 45 yrs and 65 yrs.
2. On Retirement: may take a lump sum in cash of up to a
third of one Basic Sum Assured or Accumulation Account*,
whichever is higher; and the balance of the benefit one are
eligible for will be used to buy an annuity of one choice.
3. Annuity Options: may buy an annuity either from Kotak
Life Insurance (subject to the choice and rates available at
that time), or from any other insurer.
35
4. Early Retirement Benefits: may opt to retire early, i.e. at
any age before the normal retirement date (subject to the
policy being in force for 3 years or on attaining a minimum
age of 45 yrs, whichever is later). One can then secure
benefits with Accumulation Account, net of an early
retirement charge of 5%. If the early retirement is due to ill
health, then he/she may retire before attaining the age of
45. One can then secure benefits with full Accumulation
Account.
5. Late Retirement Benefits: may opt to retire after the
retirement date originally selected, and select a new
retirement date (subject to a maximum of 65 years). No
further premiums will be payable and the death benefit will
be equal to the balance in Accumulation Account.
(However, all riders will cease at the original retirement
date).
6. Can make lump-sum injections into policy at any time
before retirement (such lump-sum injections during a
year may not exceed 25% of the Basic Sum Assured). A
Supplementary Accumulation Account will be created for
this, and will be paid out in the same manner as other
benefits.
7. May exercise the option of paying premiums from the
Supplementary Accumulation Account, created for
"lump-sum injections", if the need arises.
8. For a "With Cover" plan, one have the facility of Automatic
Cover Maintenance, which ensures that the cover
remains in force even when one, misses the premium
payments. This facility is available after the first three years
of the term.
9. One has the facility of a 15-day free look period.
PROMOTION MIX
36
Advertisement
This plan is mostly advertised in newspapers, websites like
naukri.com, onthejob.com, broad caste media and television
channels like CNBC, India TV, and Star News Etc.
Today there is so much of competition in the life insurance
companies that their advertisements should attract the target
customers as well as prospects. This plan is offered by almost all
the insurance companies so there is need to make difference
which is successfully done by Kotak Life.
Publicity
The marketing department of Kotak Life has done a lot of survey
among the people of age group 18-60. They have prepared
questionnaires to get a view about this plan. They mostly used
office premises for putting pamphlets of this plan as well as
banners on buses and in all branches of kotak Mahindra Bank.
Sales Promotion
Incentives to the end users for taking the policy play an important
role in promoting the insurance business and so Kotak Life has
promoted this plan by providing accidental Life policy of Rs
100000 for the first 10 subscribers of this policy .it also gives free
gifts to customers and update the records of the customers
birthdays and anniversaries for sending complimentary gifts to
them for maintaining long time relationship with them
Telemarketing
Instead of personal selling kotak life finds more convenient to sell
their products through Telemarketing. This function is carried out
by the branch offices as well as way of call centers with whom
they have entered into contract with. Since the premium to be paid
in this policy is Rs 11000 annually this is affordable even by the
people who come in the low bracket.
37
PRICE MIX
Price is a critical component of marketing mix. The plans price
mix is comfortable for the future needs of the employee. It allows
one to pay the premium on quarterly, half yearly and on annual
basis. Moreover the early and late retirement benefits add to the
low and convenient price mix advantage of the product. People
with all types of income density can be accommodated in this
plan.
PLACE MIX
The location of the branches are quite flexible with around 80
branches all over India in its respective metropolitan cities. There
is an intensive training programme given to all the employees of
the Kotak group to ensure smooth customer relationship and
better quality management. The branch managers are particular
with office furnishing, civic amenities and facilities, parking,
interiors etc. to bring in proper motivation towards work and the
organization. Recruitments of staff are done keeping in mind the
location, availability and accessibility.
MEDIA CENTRE
38
39
S W O T A N A LYS I S O F K O TAK
LIFE INSURANCE
STRENGTHS
One of the fastest growing companies in India. it has
reached at 6th spot with in few years.
Good return in the last financial year among all the
Insurance companies i.e. 69%
Brand name of Kotak.
KOTAK LIFE is improving month over month.
High quality of service.
Good quality, prospering & increasing distribution channel
is key to. success of the company.
KOTAK LIFE offers complete range of CUSTOMISED
PRODUCTS
WEAKNESSES
KOTAK LIFE has less no of agents as compared to LIC.
KOTAK LIFE has less no of employees as compared to
SBI.
KOTAK LIFE has less no of branches as compared
to SBI
KOTAK LIFE is still in its evolution stage, it is not much
known among masses as compared to SBI.
People dont have faith in company because it is a
private company.
Less range of products offered by the company.
40
OPPORTUNITIES
KOTAK LIFE is going to open 108 branches with in 1 year.
Company is planning to open more ATMs for payment of
premium through ATMs.
Company soon will start on line premium payment
facilities for its customers.
The insurance sector is growing so there is opportunity for
business growth.
THREATS
Competition is very intense as there are as many as 15
players in insurance sector.
41
Research Methodology
Research is an important pre-requisite for a dynamic organization
to be prcised. Research is more systematic activity directed
towards the discovery and development of organized body of
knowledge. Some of the characteristics of research methodology
are as follows:
Research is directed towards a solution of problem. It may
attempt to answer a question or determine the relation
between two or more variables.
Research involves gathering new data for primary of first
hand sources or using existing data for new purposes.
Research is based on observable experience or empirical
evidence.
Research strives to be objective and logical applying every
possible test to validate the proceed are employed the data
collection and conclusion research.
OBJECTIVES OF THE STUDY
To know about the Life Insurance sector.

To know about the awareness of Kotak life insurance
company among the people.
42
To know about the peoples interest in Kotak life
insurance company.
To state about the benefits which the consumer can
avail from Kotak Life insurance.
To know the satisfaction level of the customers with
this scheme.
RESEARCH DESIGN
Research design is a framework or the blue print for conducting

the research project. Research design is the arrangement of
conditions for collection and analysis of data in a manner that aims
to combine relevance to the research purpose with economy in
procedure. It includes an outline of what the researcher will do
from writing the hypothesis and its operational implications to the
final analysis of data.
STEPS OF METHODOLOGY
COLLECTION OF DATA
ORGANIZATION OF DATA
PRESENTATION OF DATA
ANALYSIS OF DATA
INTERPRETATION OF DATA
TYPES OF
RESEARCH DESIGN
43
Exploratory research design
Descriptive research design
Experimental research design
EXPLORATORY RESEARCH DESIGN

It is also termed as formulative research design. The main purpose
of the study is to formulate a problem for more precise
investigation.
DESCRIPTIVE RESEARCH DESIGN
In descriptive research design, those studies are taken which are
concerned with describing the characteristics of a particular
individual or a group.
EXPERIMENTAL RESEARCH DESIGN
In this casual relationships between the variables are tested. It is
also known as hypothesis testing research design.
The present project is exploratory in nature. The main objective of
the exploratory research design is to define the problem into
researchable one and transformation of discovered problem into
defined one. So the data is being adjusted according to the need.
SAMPLE DESIGN
Sample design is a technique or the procedure which the researcher

would adopt in selecting items for the sample. It is not possible for
any researcher to include each and every member of the universe
in his research process. So, he selects small portion of the universe,
which is its true representative. This group known is sample and
this process is called Sampling.
44
Sample designs are basically of two types:
Non Probability Sampling
Probability Sampling
NON- PROBABILITY SAMPLING
In this items for the sample are selected deliberately by the
researcher, by using his own judgment. In this every item of
universe does not have equal chances of inclusion in the sample.It
can be of following type:
Convenience Sampling
Judgment Sampling
Quota Sampling
PROBABILITY SAMPLING
It is also known as Random Sampling or Chance Sampling. In
this, each population element has equal chance of selection.It can
be of following type:
Random Sampling
Stratified Sampling
Cluster Sampling
Multi stage Sampling
Sample size
45
It indicates the number of individuals who would be
surveyed. Here the sample size is 30 respondents.
Sampling:
In this case Judgement Sampling would be used. In judgement

sampling the researchers judgement is used for selecting items
which he considers as representative of the population. It is used
quite frequently in qualitative research.
DATA COLLECTION
After defining the problem and deciding about the sample and its
size we need to collect data to further carry out our report work.
The gathering of data may range from a simple observation at one
location to a grandiose survey of multinational corporations at sites
in different parts of the world. The main method of data collection
adopted here are-
PRIMARY DATA COLLECTION

Primary data are those data, which is originally collected. This
methodology is used for the proximity to the truth and control over
errors. These are several methods of primary data collection like
questionnaire, interview, observation etc. The method used by me
is
46
Questionnaire.
It is considered as the heart of survey operations and therefore
should be very carefully constructed. It consists of a number of
questions printed or typed in a definite order which is filled by the
respondents on their own. A good questionnaire should be
comparatively short and simple and the sequence shall be from
easy the difficult ones. Questionnaires have many positive features
like:
a) They are economical.
b) They are free from the biasness of the interviewers.
c) Respondents have adequate time to give well thought to their
answers.
d) Respondents can be reached conveniently.
SECONDARY DATA
Secondary data are those data which are collected and which has
been passed through statistical research. The source used in this
case are-
Books.
Magazines.
News papers.
Websites.
In this project, primary data has been collected from the

respondents.
47
LIMITATIONS OF STUDY
The study suffers from some limitations; few of them are as

follows:
In some cases, needed data could not be found.
It was sometimes difficult to obtain data and sometimes
wrong information was provided by the source, which has
to be cross, check and verified.
Due to shortage of time the studies conducted on very small

scale i.e. based upon material and information provided by
the company.
Some of the officers were too busy to give a sincere
response to investigation and hence their response may not
relate to real picture.
The findings of the research are limited to a particular area
& cannot be applied to all places.
As the human behavior is not constant so that results
collected through questionnaire may or may not apply to
future
48
FINDINGS
On the basis of previous study we find that many of the

people have knowledge about the insurance sector.
The study shows that those people who does not know
about insurance are wish to know about it.
The study shows that people know about KOTAK

INSURANCE through various sources like friends, agents,
advertisements and others.
The study shows that while doing policy through agent, a

very small number of people face any problem.
The study shows that people know about all the benefits of
the policy.
SUGGESTIONS
Awareness of customer is very low in India .even

educated person are ignorant about various products of
insurance.
49
Company should have make endeavour in this context
like advertisements.
Give assurance to people that they will not go any

where taking there money ,because this is regulated by
IRDA and backup by RBI.
Company should provide more benefits with their

products like major surgical benefits and income
benefits.
Companys should open customer services points in

rural areas also.
CONCLUSION
After overhauling the all situation that boosted a number of Pvt.
Companies associated with multinational in the Insurance Sector to
give befitting competition to the established behemoth Kotak in
private sector, we come at the conclusion that
There are very tough competitions among the private insurance

companies on the level of new trend of advertising to lull a major
part of Customers.
Kotak is not left behind in the present race of advertisement.
50
The entry of more Pvt. Players in the Insurance Sector has
expanded the product segment to meet the different level of the
requirement of the customers. It has brought about greater choice
to the customers.
Kotak has vast market and very firm grip on its traditional
customers and monopoly of life insurance products.
IRDA is also playing very comprehensive role by regulating norms

mandating to private players in this sector, that increases the
confidence level of the customers to the private players
QUESTIONNAIRE
PERSONAL DETAILS:
NAME:
AGE:
SEX:
OCCUPATION:
51
CONTACT NO:
Q1: Do you know about INSURANCE?
1)YES
2)NO
Q2: If no , do you wish to know?
1)YES
2)NO
Q3:What is your family s monthly income?
1)10000-20000
2)20000-50000
3)50000 and above
4: How much of your income you want to invest in?
1)5000-10000
2)10001-25000
3) 25001- 50000
4) 50000 and above
5: Where you wish to invest maximum part of your income?
1) FIXED DEPOSIT
2) LIFE INSURANCE
3) POST OFFICE
6: Which companys INSURANCE you are having?
1) LIC
2) ICICI PRUDENTIAL
3) BAJAJ ALLIANZ
4) KOTAK MAHINDRA
5) ANY OTHER COMPANY1
7:Are you satisfy with your policy?
1)YES
2)NO
8: How much preference you give to protection while buying

policy?
52
A)High Preference
B) Average
C)No Preference
9: How much preference you give to saving?
A) High Preference
B) Average
C)No Preference
10:Are you aware about KOTAK LIFE INSURANCE?
1)YES
2)NO
11:How did you come to know about KOTAK LIFE

INSURANCE?
1) Friends
2) Advertisement 3) Others
12: Are you aware of these plans of this company?
1) ENDOWMENT PLAN
2) CHILD PLAN
3) PENSION PLAN
4) MONEY BACK
13: Do you know complete benefits of your plan ?
1) YES
2) NO
14: Do you wish to buy any other savings plan ?
1) YES
2) NO
15: Do you know how much return you are getting ?
1)6%
2)8%
3)More then 8%
16: Have you faced any kind of mis-statement from your agent?
53
1) YES
2) NO
17: Is the plan you are having completes your requirements or

not?
1) YES
2) NO
18: Did you face any kind of problem in knowing your fund
value?
1) YES
2) NO
19: Did ypu face any kind of problem while surrendering the
policy?
1) YES
2) NO
3) HAVE NOT SURRENDERED
20: Do you think LIFE INSURANCE should be a compulsion

on everyone?
1) YES
2) NO
BIBLIOGRAPHY
BOOKS-
Marketing in Banking & Insurance

Author- Romeo S. Mascarenhas
54
Publication- Vipul Prakashan
WEBSITES-
www.google.com
www.kotaklifeinsurance.com
55

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MARKETING STRATEGIES OF FEW

SETH BANARSI DASS INSTITUTE

On the event of completion of our project on

Marketing in Banking & Insurance- Om Kotak Mahindra Old Mutual

We take the opportunity to express our deep sense of gratitude

Prof. Kanthi- Our professor for Marketing in Banking & Insurance

Mr. Soumik Ganguly- Assistant Sales Manager, Chembur branch.

to the finishing stages proved to be very essential and valuable in

the completion of the project.

Without the timely help, guidance and inspiration, this project

would have never seen the light of the day.

SR. NO PARTICULARS PAGE NO.

3. Insurance marketing in Indian environment 6

4. Objectives of life insurance marketing 6

8. Kotak Child Advantage Plan & marketing strategies 23

9. Kotak Retirement Plan & marketing strategies 26

10. Media Centre 29

KOTAK MAHINDRA LIFE INSURANCE LIMITED :

Study can be further extended by including Unit Linked Insurance

Welcome to My Kotak Life :

Why do I need life insurance?

Kotak Group Assure:

The benefits of this plan are as follows:

Simple trade era

1. SET OF ACTIVITIES. 1. SOCIAL PROCESS

The nature and behavior of business is governed by environmental changes. In a developing

OBJECTIVES OF LIFE INSURANCE MARKETING

The following are the objectives of Life Insurance Marketing:

1. Mobilization of savings in the form of pensions.

MARKETING- MIX FOR INSURANCE ORGANIZATION

Thus the product planning and development should

Give due weightage to the socially and economically backward classes.

Word of mouth promotion

World Wide Web

The price mix decisions are:

Making possible cost of effectiveness

Due priority to profit generation Investments.

Rationalizing of optimizing the social costs

Paving avenues for channelising the productive investments

Making the ways for maximizing profitability.

THE KOTAK MAHINDRA GROUP

KOTAK CHILD ADVANTAGE PLAN

Every child has a dream. We help realise it.

The Kotak Child Advantage Plan is an investment plan designed

Age of the child required to attain the plan:

Advantages of this plan:

Accumulation Account is personal account in which the

6. One has the benefit of a 15 day free look period.

KOTAK RETIREMENT INCOME PLAN

OBJECTIVES OF THE STUDY

To know about the Life Insurance sector.

Research design is a framework or the blue print for conducting

Descriptive research design

Experimental research design

EXPLORATORY RESEARCH DESIGN

Sample design is a technique or the procedure which the researcher

Multi stage Sampling

In this case Judgement Sampling would be used. In judgement

PRIMARY DATA COLLECTION

In this project, primary data has been collected from the

The study suffers from some limitations; few of them are as

Due to shortage of time the studies conducted on very small

On the basis of previous study we find that many of the