Beruflich Dokumente
Kultur Dokumente
REPORT
On
COMPANY GUIDE
Mr. Jignesh Madhwani
1
TABLE OF CONTENTS
Contents Page No.
Acknowledgements 5
List of Tables 6
List of Illustrations/Diagrams 7
Executive Summary 9
Chapter 1: introduction 10
➢ Objective 15
➢ Limitation 17
➢ Research Mythology 19
➢ Data Collection 22
Chapter 2: Life Insurance Industry 23
➢ Industry profile 24
➢ important milestones in the life insurance business 29
➢ Insurance sector reforms 31
➢ IRDA 32
Chapter 3: Contribution of Life Insurance Industry 36
➢ Contribution of Life Insurance in the Economy 36
➢ Flow of Insurance Industry in India 37
➢ Structure of life Insurance Industry 40
➢ Life Insurance industry 41
➢ Aggregation of Long Term Savings 42
➢ Spread of financial services in rural Areas 43
➢ Long term funds for infrastructure Development of Capital 44
Markets/Economic Growth
➢ Employment generation 45
➢ Special Features 46
➢ Growth Potential 47
➢ Phase of transition 47
Chapter 4:Company Profile 49
➢ Management 51
➢ Area of Business 56
➢ KMOM progress till date 65
➢ KMOM-the partnership and Lineage 66
➢ Products 69
➢ Hierarchy of KMOM of Surat branch 71
Chapter 5: Survey 72
➢ Data interpretation , editing and coding 73
➢ Graph analysis 73
Chapter 6: Finding and Suggestion 83
Chapter 7: Conclusion 84
Chapter 8: References 85
Chapter 9: Annexure 86
Acknowledgement
2
In preparation of this report by me, I feel great pleasure
because it gives me extensive practical knowledge in my career. I
get idea about Indian Life Insurance Industry by this project.
Chirag Patel
List of Tables
3
Name of Tables Page no
4
• Potential of Life Insurance sector 38
• Market share of LIC and all private 38
player
• Individual Market share of 39
Insurance company
• Total asset of Life Insurance 41
companies
• Total premium generated 41
• The future premium income 41
Generated will be
• Untimely death benefit to policy 44
holder in the past
• Age vise classification 73
• Gender wise classification 74
• Income wise classification 75
• No of member having insurance 76
• How many person having insurance 77
in family
• Different policy bought by 78
customers
• Fully insured and under insured 79
persons
• Market share of different life 80
insurance policy
List of Illustrations/Diagrams
5
No
• Kotak : Area of Business 57
• Age vise classification 73
• Gender wise classification 74
• Income wise classification 75
• No of member having insurance 76
• How many person having insurance in 77
family
• Different policy bought by customers 78
• Fully insured and under insured persons 79
• Market share of different life insurance 80
Chapter 1:
6
➢ Introduction
Executive Summary
The service industry is one of the fastest growing sectors in India
today. The upcoming sectors which are really showing the graph
7
towards upwards are - Telecom, Banking, and Insurance. These
sectors really have a lot of responsibility towards the economy.
8
period were brought up with the purpose of looking after the needs
of European community and these companies were not insuring
Indian natives. 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. Starting as Indian enterprise
with highly patriotic motives, insurance companies came into
existence to carry the message of insurance and social security
through insurance to various sectors of society. Bharat Insurance
Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to
more insurance companies. The United India in Madras, National
Indian and National Insurance in Calcutta and the Co-operative
Assurance at Lahore were established in 1906. In 1907, Hindustan
Co-operative Insurance Company took its birth in one of the rooms
of the Jorasanko, house of the great poet Rabindranath Tagore, in
Calcutta. The Indian Mercantile, General Assurance and Swadeshi
Life (later Bombay Life) were some of the companies established
during the same period. Prior to 1912 India had no legislation to
regulate insurance business. In the year 1912, the Life Insurance
Companies Act, and the Provident Fund Act were passed. The Life
9
Insurance Companies Act 1912 made it necessary that the
premium rate tables and periodical valuations of companies should
be certified by an actuary. But the Act discriminated between
foreign and Indian companies on many accounts, putting the Indian
companies at a disadvantage.
Channel partners are those who are going to be into direct selling
of company’s products i.e. the insurance policies. They are the link
between the customers and the management or company. These
channel partners are people with different profiles. They are
selected on some grounds like their network of people, their
problem handling ability, convincing power and lot many things.
11
Chapter 2
➢ Objective
➢ Limitation
➢ Methodology
➢ Data collection
12
1. Objective:
The main of the present study of is accomplish the following
objective.
➢ Proper understanding and analysis of life insurance
industry.
➢ To know about brand awareness of Kotak Life
Insurance and customer’s preference about Kotak Life
Insurance.
➢ Conduct market survey on a sample selected from the
entire population and derived opinion on that research.
13
➢ According the market survey come know about how
much potential of insurance market in our city.
➢ And base on analysis of the result thus obtained make a
report on that research.
➢ Training aims at recruiting maximum number of Life
Advisors and to Sell the maximum policies for the
company and bring the business for the company which
ever is going at the particular point of time.
➢ Along with it I will be gaining the thorough knowledge
of insurance sector. This will give me in more
confidence in marketing products given to me.
➢ As the Kotak Life Insurance well reputed company in
India it’s great chance for me to observed different
products launch by other competitor companies like
ICICI prudential, Bajaj alliance ,LIC, Max New York
life etc. In all, it is to understand the overall working of
the Life insurance sector.
➢ The objective behind the project is as follows:
➢ To find the right candidate.
➢ To about their family background, occupation, social
relation, Qualification, Age.
➢ Finalize candidates for the IRDA training
14
5: Limitation:
16
company is trying to increase their Insurance Advisors so that
they can increase their reach in the market. This situation has
created a scenario in which to recruit Life insurance Advisors and
to sell life Insurance Policy has became very very difficult.
RESEARCH METODOLOGY
Research always starts with a question or a problem. Its purpose is
to question through the application of the scientific method. It is a
systematic and intensive study directed towards a more complete
knowledge of the subject studied. Marketing research is the
function which links the consumer, customer and public to the
marketer through information- information used to identify and
define marketing opportunities and problems generate, refine, and
evaluate marketing actions, monitor marketing actions, monitor
marketing performance and improve understanding of market as a
process.
17
Marketing research specifies the information required to address
these issues, designs, and the method for collecting information,
manage and implemented the data collection process, analyses the
results and communicate the findings and their implication.
18
– Secondary data.
19
DATA COLLECTION
20
Chapter: 3
➢ Industry profile:
➢ important milestones in the life insurance
business
➢ Insurance sector reforms
21
Brief History of the Insurance Sector in
India
The business of life insurance in India in its existing form started
in India in the year 1818 with the establishment of the Oriental
Life Insurance Company in Calcutta.
22
period were brought up with the purpose of looking after the needs
of European community and these companies were not insuring
Indian natives. 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. Starting as Indian enterprise
with highly patriotic motives, insurance companies came into
existence to carry the message of insurance and social security
through insurance to various sectors of society. Bharat Insurance
Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to
more insurance companies. The United India in Madras, National
Indian and National Insurance in Calcutta and the Co-operative
Assurance at Lahore were established in 1906. In 1907, Hindustan
Co-operative Insurance Company took its birth in one of the rooms
of the Jorasanko, house of the great poet Rabindranath Tagore, in
Calcutta. The Indian Mercantile, General Assurance and Swadeshi
Life (later Bombay Life) were some of the companies established
during the same period. Prior to 1912 India had no legislation to
regulate insurance business. In the year 1912, the Life Insurance
Companies Act, and the Provident Fund Act were passed. The Life
23
Insurance Companies Act 1912 made it necessary that the
premium rate tables and periodical valuations of companies should
be certified by an actuary. But the Act discriminated between
foreign and Indian companies on many accounts, putting the Indian
companies at a disadvantage.
The first two decades of the twentieth century saw lot of growth in
insurance business. From 44 companies with total business-in-
force as Rs.22.44 crore, it rose to 176 companies with total
business-in-force as Rs.298 crore in 1938. During the
mushrooming of insurance companies many financially unsound
concerns were also floated which failed miserably. The Insurance
Act 1938 was the first legislation governing not only life insurance
but also non-life insurance to provide strict state control over
insurance business. The demand for nationalization of life
insurance industry was made repeatedly in the past but it gathered
momentum in 1944 when a bill to amend the Life Insurance Act
1938 was introduced in the Legislative Assembly. However, it was
much later on the 19th of January 1956 that life insurance in India
was nationalized. About 154 Indian insurance companies, 16 non-
Indian companies and 75 provident were operating in India at the
time of nationalization. Nationalization was accomplished in two
stages; initially the management of the companies was taken over
by means of an Ordinance, and later, the ownership too by means
24
of a comprehensive bill. The Parliament of India passed the Life
Insurance Corporation Act on the 19th of June 1956, and the Life
Insurance Corporation of India was created on 1st September,
1956, with the objective of spreading life insurance much more
widely and in particular to the rural areas with a view to reach all
insurable persons in the country, providing them adequate financial
cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch
offices, apart from its corporate office in the year 1956. Since life
insurance contracts are long-term contracts and during the currency
of the policy it requires a variety of services need was felt in the
later years to expand the operations and place a branch office at
each district headquarter. Re-organization of LIC took place and
large numbers of new branch offices were opened. As a result of
re-organization servicing functions were transferred to the
branches, and branches were made accounting units. It worked
wonders with the performance of the corporation. It may be seen
that from about 200.00 Crores of New Business in 1957 the
corporation crossed 1000.00 Crores only in the year 1969-70, and
it took another 10 years for LIC to cross 2000.00 crore mark of
new business. But with re-organization happening in the early
eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum
Assured on new policies.
25
Today LIC functions with 2048 fully computerized branch offices,
100 divisional offices, 7 zonal offices and the corporate office.
LIC’s Wide Area Network covers 100 divisional offices and
connects all the branches through a Metro Area Network. LIC has
tied up with some Banks and Service providers to offer on-line
premium collection facility in selected cities. LIC’s ECS and ATM
premium payment facility is an addition to customer convenience.
Apart from on-line Kiosks and IVRS, Info Centers have been
commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and many other cities. With
a vision of providing easy access to its policyholders, LIC has
launched its SATELLITE SAMPARK offices. The satellite offices
are smaller, leaner and closer to the customer. The digitalized
records of the satellite offices will facilitate anywhere servicing
and many other conveniences in the future.
From then to now, LIC has crossed many milestones and has set
unprecedented performance records in various aspects of life
insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire
us at LIC to take this message of protection to light the lamps of
security in as many homes as possible and to help the people in
providing security to their families.
26
Some of the important milestones in the life
insurance business in India are:
1956 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by
an Act of Parliament, viz. LIC Act, 1956, with a capital
contribution of Rs. 5 Crore from the Government of India.
27
by the British. Some of the important milestones in the general
insurance business in India are:
1907 The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance business.
1957 General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for ensuring fair
conduct and sound business practices.
1968 The Insurance Act amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee set
up.
1972 The General Insurance Business (Nationalization) Act,
1972 nationalized the general insurance business in India with
effect from 1st January 1973. 107 insurers amalgamated and
grouped into four companies’ viz. the National Insurance
Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance
Company Ltd. GIC incorporated as a company.
28
The Malhotra committee was set up with the objective of
complementing the reforms initiated in the financial sector. The
reforms were aimed at “creating a more efficient and competitive
financial system suitable for the requirements of the economy
keeping in mind the structural changes currently underway and
recognizing that insurance is an important part of the overall
financial system where it was necessary to address the need for
similar reforms…” In 1994, the committee submitted the report
and some of the key recommendations included.
But the scenario changed with the private and foreign companies
foraying in to the insurance sector. This necessitated the need for a
strong, independent and autonomous Insurance Regulatory
Authority was felt. As the enacting of legislation would have taken
time, the then Government constituted through a Government
resolution an Interim Insurance Regulatory Authority pending the
enactment of a comprehensive legislation.
The act extends to the whole of India and will come into force on
such date as the Central Government may, by notification in the
Official Gazette specify. Different dates may be appointed for
30
different provisions of this Act.
The Act has defined certain terms; some of the most important
ones are as follows
Words and expressions used and not defined in this Act but
defined in the Insurance Act, 1938 or the Life Insurance
Corporation Act, 1956 or the General Insurance Business
(Nationalization) Act, 1972 shall have the meanings respectively
assigned to them in those Acts
31
such Indian insurance company (c) whose sole purpose is to carry
on life insurance business, general insurance business or re-
insurance business.
Chapter: 4
STRUCTURE OF INSURANCE
INDUSTRY: Snap Shot
Historical Perspective
(i) Prior to 1956 242 companies operating
33
(ii) 1956 - 2001 Nationalization – LIC monopoly
player – Government control
(iii) 2001 -- Opened up sector
Industry
Snap Shot - Contd.
• (a) LIC – Fully owned by Government
(b) Postal Life Insurance
• (ii) Private players -
1. Bajaj Allianz Life Insurance Co. Ltd.
2. Birla Sun Life Insurance Co. Ltd. (BSLI)
3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD
LIFE)
4. ICICI Prudential Life Insurance Co. Ltd. (ICICI
PRU)
5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA)
6. Max New York Life Insurance Co. Ltd. (MNYL)
7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE)
8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
9. SBI Life Insurance Co. Ltd. (SBI LIFE)
10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)
11. Reliance Life Insurance
12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA)
13. Sahara India Life Insurance Co. Ltd. (SAHARA
34
LIFE)
14. Shriram Sunlam
• (iii) Other likely players – PNB Life Insurance,
Axa Bharti Enterprises
Market share:
35
Industry growth rate at 36% (2004-05) with premium income
From new business.
Source: Financial Express-
Delhi
Market Share
36
Company Indian Foreign Market
Promoter/ Insurance share
Partner based on
premium
Aviva life Dabur Aviva, UK 1.12
Bajaj Bajaj Auto Allianz, 6.12
Allianz Germany
Birla sun Aditya Sun Life, 1.84
life Birla Canada
group
HDFC HDFC Standard 2.96
Standard Life, UK
ICICI ICICI Prudential, 7.11
Prudential Bank UK
ING Vysya ING 0.63
Vysya Bank Insurance,
Netherlands
Kotak Kotak Old Mutual 0.71
Mahindra, Mahindra South
Old Bank Africa
Mutual
Max New Max India New York 1.32
York Life, US
MetLife Jammu & MetLife, 0.40
Kashmir US
Bank
Sahara Sahara None 0.80
Life India
Insurance
SBI Life SBI Cardiff, 1.52
France
Tata AIG Tata AIG, US 1.78
Group
37
CONTRIBUTION TO INDIAN
ECONOMY
(i) Life Insurance is the only sector which garners
long term savings
(ii) Spread of financial services in rural areas and
amongst socially less privileged
(iii) Long term funds for infrastructure
(iv) Strong positive correlation between
development of capital markets and insurance/
pension sector
(v) Employment generation
38
2,80,450Cr 3,52,608Cr 4,23,000 Cr
39
(ii) In the socially weaker sections
• Life Insurance offices are spread over nearly
1400 centers.
• Presence of representative in every tensile –
deeper penetration in rural areas.
• Insurance agents numbering over 6.24 lakhs
in rural areas.
• Policies sold in rural areas (2004-05) - No. of
policies - 55 lakhs Sum assured 46,000 cr
• Social security - No. of lives covered 2003-04
17.4 lakhs 2004-05 42.1 lakhs
40
• An investment of 6, 19,600 crore is anticipated in the next 5 years
(Source : SSKI India)
• Tenure of funding required for infrastructure
normally ranges from 10 to 20 years.
• Major portion of these funds are routed through debt/private
equity participation
41
20,800 Cr 24,200 Cr 28,700 Cr
EMPLOYMENT GENERATION
42
SPECIAL FEATURES
• Tax clubbing of various savings short term and long term into
same bracket have a bias towards short term savings.
• Distinction between the short term savings and long term savings
is critical from investor’s point of view. More prone to inflationary
pressures
• Clearly, long term savings more than 10 years deserve special
consideration under tax regime.
43
GROWTH POTENTIAL
PHASE OF TRANSITION
• Life Insurance industry is under the phase of infancy after 50
years of monopoly
• Competition from within and other sectors of financial market
• Needs environmental support till it reaches a comfort zone
44
Chapter: 5
➢ Company profile
➢ Management
➢ Areas of Business
➢ KMOM- Progress till date
➢ KMOM- the Partnership and
Lineage
➢ Products
➢ Hierarchy of KMOM Life
Insurance Ltd. (Surat Branch)
COMPANY PROFILE
45
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.
46
Mission:
47
MANAGEMENT
48
thrust. Mr. Shah has a commendable expertise in managing a
large number of employees.
Mr. Shah has been previously associated with Kotak
Mahindra Primus since its inception and has contributed
towards its growth to become a Rs.2000 Cr plus business.
Before coming to Kotak Life Insurance, Gaurang Shah was
Group Head of Retail Assets for Kotak Mahindra Bank. The
Retail Assets include commercial vehicles, personal loans,
structured products, car loans and loans against shares.
49
Ltd. Prior to Kotak Life Insurance; he held the
position of VP-Finance at Gujarat Glass Ltd.
As Chief Financial Officer at Kotak Life Insurance, he
oversees all aspects of Finance including Operations,
Regulatory, Internal Control, Finance, Accounts and Treasury.
50
Financing (Kotak Mahindra Finance Ltd) to Stock broking &
Distribution of investment products/ Mutual funds (Kotak
Securities). Mr. Vaidya set up the private banking business and
private equity fund for the Kotak group.
51
than 20 years ago. Eksteen started with Old Mutual as a Legal
Adviser and after that held various positions. He sold life
assurance for some time, served as Head of Old Mutual's Training
Division, Head of Old Mutual's Trust Company, Project Leader for
implementing a new Sales Process with McKinsey's, Head of
Conventions and Motivation, Head of Agency Marketing and
finally Head of Banc assurance with Old Mutual Bank. In addition
he played a role in the wider Industry. He was Vice-President of
the South African Insurance Institute for two years as well as Vice-
President of the Financial Planning Institute for three years. In this
time Eksteen pioneered the introduction of the CFP qualification
into South Africa. He has traveled widely during his career,
working in the USA and England and also implemented Training
Programme in Namibia, Zimbabwe, Malawi and Kenai. His
current role is to substantially upgrade the level of Training and
assist in the implementation of Performance Management Systems
in Kotak Life Insurance.
AREAS OF BUSINESS
Kotak Mahindra one of India's leading financial institutions was
born in 1985 as Kotak Capital Management Finance Limited. This
52
company was promoted by Mr. Uday Kotak, Mr. Sidney A. A.
Pinto and Kotak & Company. Industrialists Mr. Harish Mahindra
and Mr. Anand Mahindra took a stake in 1986, and that's when the
company changed its name to Kotak Mahindra Finance Limited.
It's been a steady and confident journey to growth and success.
53
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 around Rs.2,000 crore and employs
around 6,000 employees across its various businesses servicing around
one million four hundred thousand customer accounts through a
distribution network of branches, franchisees, representative offices
and satellite offices across 216 cities and towns in India and offices in
New York, London, Dubai and Mauritius.
54
KOTAK GROUP IS INVOLVED IN THE FOLLOWING
AREAS OF BUSINESS:-
55
agencies supporting the distribution network and servicing around
113,000 customers.
56
It’s the first Indian Investment Bank to be appointed by the
Government of India as a Co-lead Manager in their international
divestment of Gas Authority of India Ltd through a GDR offering.
Kotak Investment Bank today well positioned in an increasing
globalize environment to provide full service to its clients based
either in India or overseas.
58
Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank Ltd., is
one of India’s largest brokerage and distribution house. Over the
years Kotak Securities has been one of the leading investment
service providers catering to the needs of various investor
categories both institutional and non-institutional.
The Private client group (PCG) of the Company provides value
added investment advisory services to high net worth individuals,
NRI investors, trusts, corporate and Banks. The investment product
range offered by PCG covers equity investment and equity trading,
equity derivatives, portfolio management, IPO’s and Mutual funds.
The Company has a full fledged research division involved in
macro economic studies, sectoral research and company specific
equity research combined with a strong and well networked sales
force which helps deliver current and up to date market
information and news.
Kotak Securities Ltd., Depository Participant with National
Securities Depository Limited (NSDL) and Central Depository
Services Ltd. (CDSL) provides dual benefit services wherein the
investors can use the brokerage services of the Company for
executing the transactions and the depository services for settling
them.
Under the Portfolio Investment Scheme offered by the Company,
the funds of the investors are managed by a highly competent team
59
comprising of Equity Strategist, a Portfolio Manager and a team of
equity, technical and derivatives analysts.
Kotak Securities Ltd., also an Approved Intermediary under the
Securities Lending Scheme, 1997, facilitates clients to borrow and
lend securities.
• 44 branches in 31 cities.
• 7500 life advisors.
• 1000employees of very good quality.
• Ranks 2nd in terms of average premium per policy.
60
• Ranks 4th in total advertising awareness.
• First year premium income:
2001-02: 7 Crores
2002-03: 35 Crores
2003-04: 124 Crores
2004-05: 375 Crores
Old Mutual was established more than 150 years ago. Old
mutual plc. is a world-class international financial service
company. It owns the largest companies in the following areas in
South Africa. They are:
1. Life Insurance Company
2. Asset Management Company
3. Bank
62
4. Non-life insurance company
It has been developed into an International financial services group
whose activities are focused on asset gathering and asset
management. The Old Mutual Group offers a diverse range of
financial services in three principal geographies: South Africa, the
United States and the United Kingdom. The company is listed on
the London Stock Exchange with a market capitalization of
approximately $6 billion and is a member of the elite FTSE 100
index. In the 2003 rankings of the World's 500 largest corporations
by Fortune magazine, Old Mutual climbed 87 places to position
number 366 and was also listed as the 14th largest insurance
company in the world.
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 company’s 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
stock broking businesses in the UK.
63
The Old Mutual Group has the ability to cater for a variety of
consumer segments and offers a comprehensive and innovative
range of products for all income groups.
PRODUCTS
Term Plans
Kotak Term Assurance Plan
Kotak Preferred Term Plan
Endowment Plans
Kotak Endowment Plan
Kotak Money Back Plan
Kotak Child Advantage Plan
Kotak Capital Multiplier Plan
Kotak Retirement Income Plan
Kotak Premium Return Plan
Unit Linked Plans
64
Kotak Retirement Income Plan (Unit-linked)
Kotak Safe Investment Plan II
Kotak Flexi Plan
Kotak Easy Growth Plan
Kotak Privilege Assurance Plan
Group
Employee Benefits
Kotak Term Grouplan
Kotak Credit-Term Grouplan
Kotak Complete Cover Grouplan
Rural
Kotak Gramin Bima Yojana
65
HIERARCHY OF KMOM LIFE INSURANCE
LIMITED
(SURAT BRANCH)
Branch manager
Sales Manager
Operation Executive
Assistant SM Operations
66
Life advisor
Chapter: 5
67
Gender No of Member
MALE 66
FEMALE 34
AGE No Of Members
18-25 11
26-30 22
31-45 44
46 to above 23
68
Income No of Members
40K -70K 17
70K-1 Lake 41
1 Lake to 3 Lakes 28
3 Lacks 14
69
Among that 42% people who having insurance, they have
insurance 40% for self 28%for spouse 21% for children and 18%
for their parents and 11% for all family member.
70
Under insurable persons Fully insurable persons
82% 18%
71
Chapter 6:
➢Finding
➢ Suggestion
72
Finding and Suggestion
Chapter 7
73
Conclusion
8 References
74
In order to obtain more information regarding the present study
and to substantiate it with theoretical proof, the following
references were made: -
Websites visited:
➢ www.kotaklifeinsurance.com
➢ www.google .com
Chapter 9:
Annexure
Questionnaire
75
1) Name ______________________________
2) Age
1) 18-25 2)26 to 30 3) 31 to 45 4) 46 to above
3) Gender 1) male ____) female____
4) Occupation:
1) Service 2) Business 3) Professional 4 ) other
5) Family member
1) 2 to 4 2) 5 to 8 3) 8 to above
Yes_______ No_______
If yes,
Which is it?
Company’s Term Endow Whole Money Retire Child Unit
name plan ment life back ment Plan link
Plan
LIC
ICICI
Prudential
Birla
Sunlife
SBI Life
HDFC
Standard
Life
Bajaj
Alliance
TATA AIG
76
Kotak
Mahindra
ING Vysya
Max
Newyork
Met Life
Reliance
Shri Ram
Sahara
77
78