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ROLL NO.-81000
TABLE OF CONTENTS
Table Of Contents
S.NO. TOPIC
1. Acknowledgement
2. Preface
3. Introduction
4. Company Profile
-Introduction to Company
-History
-Awards and Recognition
-Product and Services
5. Project Profile
-Market analysis of
company
-Products/Services
Swot Analysis
6. Research Methodology
-Scope
-Objective
ACKNOWLEDGEMENT
An endeavor to transform itself into success needs efforts. These efforts are
individual,standing in isolation. Such individual efforts require 3things for their further
development.These 3 things being-“reason,rationality and self-esteem.”The combination
of these 3 basic traits delivers productivity. However time and again this productivity
requires encouragement and guidance. This much requisite support comes in the form
of individuals furthering in development of amateurs. This acknowledgement is an effort
to recognize these professionals who have made this project a combination of the 3
fundamentals.
This project report and the learning process behind it would not have been
possible without the manager of ‘TATA AIG Ltd.’of India who introduced me to the
marketing strategies of insurance and what goes behind it and under whose able
guidance and leadership I was able to enhance my marketing knowledge as well as my
inter-personal skills . He imparted me with the right approach that my training required
for its successful implementation.
Life Insurance is the only tool to secure our life in future. It also provide a safe guard to
the uncertainity of our life. Life insurance is the cheapest investment tool in which we
can earn more in a short time. “Insurance may be defined as a social device providing
financial compensation for the effect of misfortune,the payment being made from the
accumulated contribution of all the parties participating in the scheme” – D.S Hansell.
The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessman today to secure themselves against loss and disaster
existed in primitive men also. They to sought to avert the evil consequences of fire and
flood and loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial era-past few centuries-yet its beginnings date back
almost 6000 years.
Life insurance in its modern form came to ‘India’ from ‘England’ in the
year 1818. Oriental LI started by Europeans in ‘Calcutta’ was the first insurance on
Indian soil. However, later with the efforts of eminent people like ‘Babu Muttylal Seal’,
the foreign life insurance companies started insuring Indian lives. But Indian lives were
being treated as sub-standard lives and heavy extra premiums were being charged on
them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life
insurance company in the year 1870, and covered Indian lives at normal rates.
INSURANCE PLAN:-
1. Children Plans:
Jeevan kishore
Jeevan anurag
Komal Jeevan
Child future plan
3. Wholelife Plans:
The whole life policy
Jeevan anand
Jeevan tarang
SPECIAL PLANS:-
Golden Jubilee Plans:
Bima Gold
New Bima gold
Special Plans:
Group Schemes :- Group Insurance scheme is life insurance protection to groups of
people. This scheme is ideal for employees, associations, societies etc.and allows you
to enjoy group benefits at really low costs.
GROUP SCHEMES
Group Schemes:-
Group Term Insurance Scheme
Group Insurance Schemes in lieu of EDLI
Group Gratuity Scheme
Group Super Annuation Scheme
Group Savings Linked Insurance Scheme
Group Mortgage Redemption Assurance Scheme
Characteristics of Insurance:-
Insurance is a cooperative device to share the burden of risk which may fall on
happening of some unforseen events,such as death of head of the family or on
the happening of marine perils or loss by fire.
It is a cooperative form of distributing a certain risk over a group of persons who
are exposed to it.
On the happening of specified event,the insurance company is bound to make
payment to the insured.
The amount of payment in indemnity insurance depends on the nature of losses
occurred,subject to a maximum of the sum insured.
Insurance is not a Gambling.
It is not a charity too.
Insurance is a plan of social welfare and protection of interests of people.
Insurance is a contract based on good faith between the parties.
Insurance is a legal contract between the insurer and the insured under which
the insurer promises to compensate the insured financially within the scope of
Why is it superior to other forms of savings?
Aid to thrift: Life insurance encourages ‘thrift’. Long term savings can be
made in a relatively ‘painless’ manner because of the ‘easy instalment’ facility.
Liquidity: Loans can be raised on endoument type and whole life policies as
per policy conditions on the sole security of a policy which has acquired a paid-
up value.
Tax Relief: Tax relief in income tax is available for amounts paid by way of
premium for life insurance subject to the income tax rules in force.
STRENGTHS :
TATA AIG have relation with customers since long time and have a very good
brand image in the mind of around 2 million customers, also in point of view trust
and service.
The prices of some popular TATA AIG products are less compare to its other
competitors.
The agent and advisor of the company are its major strength due to their
professional approach and the consultancy and service they give to the
customers.
WEAKNESSES:
The policies are designed in such a way to cater the needs of middle class and
higher class people only. So the needs of other people remain unfulfilled by the
company.
Still TATA AIG life insurance has not shown its presence in rural market of India.
Not a very aggressive marketing strategy that was adapted by major of the
private players, the company dosen’t go for the advertisements on media.
OPPORTUNITIES:
At present there is around 23% insurable population in India, there is huge
untapped market for ‘TATA AIG’ life insurance.
Total insurable population is more than 300 million and only 60 to 80 millions
have insurance and that also cover only 25% of their needs.
The government is educating the customers through advertisements in form of
documentaries to go for private life insurance companies also.
The rise in the concept of the ULIP in the people’s mind. The need of getting
RESEARCH METHDOLOGY
SCOPE:
The wide scope of research is very dynamic and it covers the vast knowledge
which includes search of new facts and observations. In this synopsis I have
covered the scope related to the growing demand of TATA AIG Co. which works
for insurance sector. The new protection, saving, retirement policies that works
well for the common public. TATA AIG is the old name in this industry hence the
range is wide and extravagant. Scope defines the systematized effort to gain new
knowledge and to get the desired result.
OBJECTIVE:
The objective is exploratory in nature. Which says that how can we see the
increasing value of Life insurance.The formulation of research problem is this
only. To cover the objective, from the whole population sample are taken and a
framed questionnaire is there which helps in knowing the basic framework of
individuals what their view is and how much they prefer this policy.
Here the Null Hypotheses(Ho) is that the customers are not satisfied with
TATA AIG’s products & policies.
Here the Alternative hypotheses(H1) is that the customers are best satisfied with
TATA AIG’s products & policies given to them.
Review Of Literature
A Literature Review is a body of text that aims to review the critical points of current
knowledge including substantive findings as well as theoretical and methodological
contributions to a particular topic. Literature reviews are secondary sources, and as
such, do not report any new or original experimental work.
MR.NAVEEN JAIN HAS ANALYSED THE WHOLE ARTICLE BY KEEPING ALL THE
VARIED POINTS IN MIND.
According to my view, you may not find Electricity or Drinking Water in the
remotest part of India, but you will surely find an insurance Agent. So famous is
insurance that even well educated
People associate the term Life Insurance with TATA AIG Co. So if they have to
buy life insurance, they will say "Mujhe Life insurance karvana hai". Such a
powerful brand is insurance.
Let me make it clear that I am a of employee of TATA AIG Co. and having the idea
of all goods and bads of that corporation
I wish to make a note of the Positive side of TATA AIG as well as Negative side of
TATA AIG. I encourage other readers to correct me if I am wrong and also add
light to any point that I may have missed.
4. TATA has the world’s largest sales force, yes over 10 lac
agents and now universities in western countries are trying to
study how a company managed to appoint such a large sales
force. A sales force of over 1 million! Truly a remarkable
achievement.
5. Many people argue that TATA AIG has not been able to
penetrate the market as it has insured only 15% of the population.
My point is, in a poor country like India where there are so many
people living below the poverty line, so many people who die of
starvation, so many people who don’t have access to basic
medication, so many people who don’t have basic necessities of
life like food, shelter, education and clothing. Will such a person
first feed his children or buy Insurance? Let’s not forget that a
majority of the Indian population is poor and a substantial
percentage is living below the poverty line. At a personal level i
feel that TATA AIG has done a satisfactory job of insuring people.
RESEARCH DESIGN AND INSTRUMENT
The formidable problem that follows the task of defining the research problem is the
preparation of the design of the research project, popularly known as the “research
design”. This 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 the outline of what the researcher will do from writing the
hypothesis.
For the design is questionnaire that shows the pattern of response the individual make
for the questions that has been framed. Each question mainly focuses on the customer
satisfaction through the TATA AIG’s services. This could be said like survey also.
This has been done with those who have some knowledge regarding that policies,
rewards etc. A set of questions was there which covers all the points and different idea.
Through this design and used instrument, it is easy for me to held the survey done on
‘customer satisfaction’ of TATA AIG’s customers.
SAMPLING TECHNIQUE
This technique has been defined as the procedure that researcher would
accept or adopt in selecting items for the sample. This is done before the
data is been collected. Some steps followed are:
The task of data collection begins after a research problem has been defined and
design been made. the data is need to be considered as the primary data and the
secondary data.
Primary data-The raw data which will be collected at the spot and time which is not
copied from anywhere else. It has its own nature, content.
Secondary data-Those data which has already been collected by someone and which
has been passed through some process.
The methods of collecting primary and secondary data differ as the primary one focuses
on the prime data collection while secondary one the main work is that of compilation.
WEB REFERENCE:-
WWW.GOOGLE.COM
WWW.WIKIPEDIA.COM
WWW.TATAAIG.COM
BOOK REFERENCE:-
“RESEARCH METHDOLOGY” book by C.R KOTHARI.
“INSURANCE WORLD” book by J.THOMAS.
OTHERS:-
Agents and workmen in the company helped me in knowing all things better.
QUESTIONNAIRE
NAME-
AGE-
SEX-
ADDRESS-
1. PRIVATE JOB
2. GOVERNMENT JOB
3. OWN BUSINESS
4. SPECIFIC SECTOR.
1. TATA AIG
2. ING VYSYA
3. BAJAJ ALLIANZ
1. ABOVE 50,000
2. ABOVE 80,000
3. ABOVE 1, 50,000
Q4.HOW YOU GET TO KNOW ABOUT THESE INSURANCE?
1. NEWSPAPER
2. ADVERTISMENT
3. AGENTS
4. CATALOGUE
1. RISK FACTOR
2. INVESTMENT
3. TAX PURPOSE
4. PENSION
1. TERM PLAN
2. ENDOWMENT
3. WHOLE LIFE
4. PENSION
1. MONTHLY
2. QUATERLY
3. HALF YEARLY
4. ANNUALLY
Q9.DO YOU THINK ‘TATA AIG’ IS SATISFYING IT’S CUSTOMERS THROUGH ITS
BEST SERVICES AND POLICIES?
1. YES
2. NO
1. YES
2. NO