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PREFACE
I am pleased to present the project report on "Kotak Mahindra Life
Insurance Ltd. Jabalpur ” before my respected readers. It is a humble
attempt from my part to judge consumer behavior for the effectiveness of
existing and self designed ad-copy of Spices.
This study deals with a number of topics, which will help the reader
understand and learn how consumers make consumption decisions
regarding Spices.
Language of the report is simple and lucid. Attempts have been made to
arrange the subject matter in a systematic and well-knit style. Efforts have
also been made to deal with all topics precisely and gently.
I express thanks to all those prolific teachers and experts of management
whose theories and ideas have been incorporated in this project report.
Despite of this it is very difficult to be perfect to the core and mistakes do
creep in for which I extend my apology and carve the hospitality of the
readers to point them out. Their criticism and suggestions for the
improvement in future are welcomed.
HANMAT SINGH LODHI
ACKNOWLEDGEMENT
Preparing a project of this nature is an arduous task and I was
fortunate enough to get support from a large number of persons. Iwish to
express my deep sense of gratitude to all those who generously helped in
successful completion of this report by sharing their invaluable time and
knowledge.
It is my proud and previledge to express my deep regards to Respected
Mr. Jayant Dubey, Head, Faculty Of M.B.A. Department, B.T.I.R.T.
Collage, Sironja Sagar for allowing me to undertake this project.
I feel extremely exhilarated to have completed this project under the able
and inspiring guidance of Mr. Manish Shrivastava He rendered me all
possible help and guidence while reviewing the manuscript in finalising the
report.
I also extend my deep regards to my teachers, family members, friends
and all those whose encouragement has infused courage in me to
complete the work successfully.
HANMAT SINGH LODHIM.B.A. IV SEM
CERTIFICATE
Date:
The project report titled “KOTAK MAHINDRA LIFE INSURANCE LTD.
JABALPUR” has been prepared by MR. HANMAT SINGH LODHI, , under
the guidance and supervision of MR. MANISH SHRIVASTAVA, for the
partial fulfillment of the degree of M.B.A. IV SEM.
Signature of the Signature of Signature of
Supervisor: Head of the the examiner
Department:
DECLARATION BY THE CANDIDATE
Date:
I declare that the project report titled “KOTAK MAHINDRA LIFE
INSURANCE LTD. JABALPUR” is my own work conducted under the
supervision of MR. MANISH SHRIVASTAVA Department Of Business,
Management, Faculty Of M.B.A. Department, B.T.I.R.T. COLLAGE
SIRONJA SAGAR. To the best of my knowledge the report does not
contain any work, which has been submitted for the award of any degree,
anywhere.
HANMAT SINGH LODHIM.B.A. 4TH SEM
TABLE OF CONTENTS Preface
Acknowledgment
Declaration
Certificate
1. Introduction of Kotak Mahindra Life Insurance Ltd.
Indian Financial System
2. History
3. Objective of the Study
4. Function
5. Operational Policies
6. Milestone of Insurance Companies
7. Subsidiaries of Kotak Mahindra Life Insurance Ltd. Jabalpur
8. Management and organizations
9. Future Strategy
10. Research methodology
11. Objective of the Report
12. Selection Process of Insurance Companies.
13. Limitation
14. Conclusion
15. Bibliography
INTRODUCTION OF KOTAK MAHINDRA
BANK
Kotak Mahindra Bank (BSE: 500247) is a financial organization
established in 1985 in India. It was previously known as Kotak Mahindra
Finance Limited, a non-Insurance financial company. In February 2003,
Kotak Mahindra Finance Ltd, the group's flagship company was given the
license to carry on Insurance business by the Reserve Bank of India
(RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian
Insurance history to convert to a bank. Today it has more than 20,000
employees and Rs. 10,000 crore in revenue.[2]
Mr. Uday Kotak is Executive Vice Chairman & Managing Director of Kotak
Mahindra Bank Ltd. In July 2011 Mr. C. Jayaram and Mr. Dipak Gupta,
whole time directors of the Bank, were appointed the Joint Managing
Directors of Kotak Mahindra Bank. Dr. Shankar Acharya is the chairman
of board of Directors in the company.
The Bank has its registered office at Nariman Bhavan, Nariman
Point, Mumbai.
-
HISTORYIt bought stressed assets from a number of banks, at full loan value of Rs 1,000
crore in 2005.[3] In January 2011, the bank reported a 32% rise in net profit to
Rs188 crore for the quarter ended December 2010 against Rs. 142 crore the
corresponding quarter last year. Kotak Mahindra bank also reached the top 100
most trusted brands of India in The Brand Trust Report published by Trust Research
Advisory in 2011.
Year Milestone
1986 Kotak Mahindra Finance Limited starts the activity of Bill Discounting
1987Kotak Mahindra Finance Limited enters the Lease and Hire Purchase
market
1990 The Auto Finance division is started
1991The Investment Insurance Division is started. Takes over FICOM, one of
India's largest financial retail marketing networks
1992 Enters the Funds Syndication sector
1995
Brokerage and Distribution businesses incorporated into a separate
company - Securities. Investment Insurance division incorporated into a
separate company - Kotak Mahindra Capital Company
1996 The Auto Finance Business is hived off into a separate company -Kotak
Mahindra Prime Limited (formerly known as Kotak Mahindra Primus
Limited). Kotak Mahindra takes a significant stake in Ford Credit Kotak
Mahindra Limited, for financing Ford vehicles. The launch of Matrix
Information Services Limited marks the Group's entry into information
distribution.
1998Enters the mutual fund market with the launch of Kotak Mahindra Asset
Management Company.
2000Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance
business.
2000
Kotak Securities launches its on-line broking site (now
www.kotaksecurities.com). Commencement of private equity activity
through setting up of Kotak Mahindra Venture Capital Fund.
2001 Matrix sold to Friday Corporation
2001 Launches Insurance Services
2003Kotak Mahindra Finance Ltd. converts to a commercial bank - the first
Indian company to do so.
2004 Launches India Growth Fund, a private equity fund.
2005
Kotak Group realigns joint venture in Ford Credit; Buys Kotak Mahindra
Prime (formerly known as Kotak Mahindra Primus Limited) and sells Ford
credit Mahindra.
2005 Launches a real estate fund
2006Bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital
Company and Securities
2008 Launched a Pension Fund under the New Pension System
2009
Kotak Mahindra Bank Ltd. Opened a representative office in Dubai
Entered Ahmedabad Commodity Exchange as anchor investor
2010Ahmedabad Derivatives and Commodities Exchange, a Kotak anchored
enterprise, became operational as a national commodity exchange.
2011Kotak Mahindra Bank Ltd entered into a Business Cooperation
arrangement with CIMB Group Sdn Bhd, Malaysia.
OBJECTIVES OF THE STUDY
To know how to face the problem of corporate world.
To face original market situations and to gain real marketing
experience.
To enhance the knowledge and skills by working in particular company.
To apply the theoretical knowledge in corporate sector.
To collect information of other life Insurance Companies.
To face the problem of corporate world and tackle them in polite way.
To educate the customers about facilities provided by Kotak Mahindra
Life insurance Ltd. )
To get suspect convinced and convert into Prospect.
INDIAN FINANCIAL SYSTEM
IFSC or Indian Financial System is an alpha-numeric code that uniquely
identifies a bank-branch participating in the NEFT system. This is a 11 digit
code with the first 4 alphabetic characters representing the bank, and the
last 6 characters (usually numeric, but can be alphabetic) representing the
branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to
route the messages to the destination banks / branches.[1]
NEFT is a system that functions across the nation and allows all
individuals, firms and corporate to transfer funds, via an electronic
medium, from any bank to a individual, firm and corporate holding a bank
account in any bank in the country, which is under the scheme. To be a
part of the NEFT network the bank has to be NEFT-enabled. NEFT
functions in hourly batches, which are from 9am to 7pm on weekdays and
9am to 1 pm on Saturdays. People who don’t have any bank account(walk-
in customers) can also avail services of the banks under the NEFT
scheme, however their money transfers are restricted to Rs 50,000 per
transaction and they have to submit complete information about
themselves. The NEFT scheme allows one way transfer of money, across
the border of India and Nepal which is known as the Indo-Nepal
Remittance Facility Scheme. A person from India can easily transfer funds
to any NEFT enabled bank in Nepal, wherein it is not necessary for the
other party to have a bank account with a bank in Nepal. The transaction
takes place in Nepalese currency (Rupees). However, the limit of such a
transaction is Rs. 50,000.
WORKING OF NEFT The individual, firm or corporate who intends to
begin the process of transferring funds needs to fill in an application form
which contains details about the beneficiary (name of the beneficiary,
name of the bank in which he holds an account, account number, IFSC,
etc) and the amount involved. The originator allows his bank to debit funds
from his account and transfer them to the receiver’s account. Certain
banks also provide this service through their ATMs as well as through
online transactions. The second step is where the originator banks sends a
message to the NEFT Service Centre which is then forwarded to the NEFT
Clearing Centre. The job of the Clearing Centre is to sort the funds
according to the destination of the banks and also enters transactions into
the books of accounts regarding the amount received by the originator
banks and the amount to be remitted to the destination banks. The
destination banks then receive the message from the Clearing Centre and
forward the credit to the beneficiary customer’s account.
Bank-wise list of IFSCs is available with all the bank-branches participating
in NEFT. List of bank-branches participating in NEFT and their IFSCs is
available on the website of Reserve Bank of India at All the banks have
also been advised to print the IFSC of the branch on cheques issued by
branches to their customers. For net Insurance customers many banks
have enabled online search / pop-up of the IFSC of the destination bank
branch.
-
-
OVERVIEW
Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint
venture between Kotak Mahindra Bank Ltd., its affiliates and Old
Mutual plc. A Company that combines its international strengths
and local advantages to offer its customers a wide range of
innovative life insurance products, helping them take important
financial decisions at every stage in life and stay financially
independent. The company covers over 3 million lives and is one
of the fastest growing insurance companies in India. For further
information on Kotak Mahindra Old Mutual Life Insurance, please
visit www.kotaklifeinsurance.com
Established in 1985, the Kotak Mahindra group is one of India's
leading financial services conglomerates. In February 2003, Kotak
Mahindra Finance Ltd. (KMFL), the group's flagship company,
received the Insurance license from the Reserve Bank of India
(RBI). With this, KMFL became the first non-Insurance finance
company in India to become a bank - Kotak Mahindra Bank Ltd.
The Kotak Mahindra Group has a consolidated net worth of
approximately US$ 2.5 billion as on June 30, 2011. The Group
offers a wide range of financial services that encompass every
sphere of life. From commercial Insurance , to stock broking,
mutual funds, life insurance and investment Insurance , the
Group caters to the diverse financial needs of individuals and the
corporate sector. The Group has a wide distribution network
through branches and franchisees across India, and international
offices in London, New York, California, Dubai, Abu Dhabi,
Bahrain, Mauritius and Singapore. For more information, please
visit the company's website athttp://www.kotak.com
Old Mutual plc is an international long-term savings, protection
and investment Group. Originating in South Africa in 1845, the
Group provides life assurance, asset management, Insurance
and general insurance to more than 15 million customers in
Europe, the Americas, Africa and Asia. Old Mutual plc is listed on
the London Stock Exchange and the Johannesburg Stock
Exchange, among others. In the year ended 31 December 2010,
the Group reported adjusted operating profit before tax of £1.5
billion (on an IFRS basis) and had £309 billion of funds under
management, from core operations. For further information on
Old Mutual plc, please visit the corporate website
at www.oldmutual.com
MANAGEMENT
Management Overview
We at Kotak Life Insurance work as a team and have a flat
management structure. Our top management has many years of
experience which has helped guide the company into a position of
leadership.
Mr. Gaurang Shah - Director
Mr. G Murlidhar - Managing Director
Mr. Andrew Cartwright - Appointed Actuary
Mr. Sudhakar Shanbag - Chief Investment Officer
Mr. Sugata Dutta - Executive Vice President and Head, Human
Resources
Mr. Suresh Agarwal - Executive Vice-President and Head –
Distribution & Strategic Initiatives
Ms. Kirti Patil - Senior Vice President and Head, Information
Technology
Mr. Anand Dewan - Senior Vice President and Head, Business
Impact Group
Mr. Cedric Fernandes - Senior Vice President and Chief Financial
Officer
Ms. Elizabeth Venkataraman - Senior Vice President and Head,
Marketing
Mr. Hitesh Veera - Senior Vice President and Head, Operations,
Customer Service, Underwriting & Claims
Mr. Sandip Shrikhande - Senior Vice President and Head, Group
Business
Mr. Subhasis Ghosh - Senior Vice President and Head, Financial
Institutions Group
OPERATION POLICIESKotak Life Insurance Plans
Click on the individual plans to read their Detailed Review.
Term Insurance Plans Unit Linked Insurance Plan - ULIP
Kotak Term Plan Kotak Platinum Plan
Kotak Preferred Term Plan Kotak Single Invest Advantage
Kotak e-Term Plan Kotak Ace Investment Plan
Kotak e-Preferred Term Plan Kotak Wealth Insurance Plan
Kotak Premium Return Plan Kotak Secure Invest Insurance Plan
Kotak Invest Maxima
Endowment Plans
Kotak Endowment Plan Retirement Plans
Kotak Surakshit Jeevan Kotak Capital Multiplier Plan
Kotak Retirement Income Plan
Money Back Plan
Kotak Money Back Plan Whole Life Plans
Kotak Saral Suraksha Plan
Child Plans Kotak Eternal Life Plan
Kotak Child Advantage Plan
Kotak Head Start Child Assure Plan Loan Protection Plan
Kotak Child Edu Plan Kotak Loan Protection Plan
Kotak Child Future Plan
ABOUT KOTAK LIFE INSURANCE COMPANY
Kotak Mahindra Old Mutual Life Insurance Limited is a joint venture
between Kotak Mahindra Bank (74%) and Old Mutual Plc (26%)
headquartered in London. The company started its operations in the year
2001.
The Kotak Mahindra Group is one of India’s trusted name in financial
services established in 1985 and currently caters to the entire spectrum of
financial products. Kotak Mahindra Bank is one of its flagship businesses
with an established presence as a private bank in the country. Its other
established lines of businesses include asset management, broking,
investment Insurance and realty funds. The wide financial services
experience makes it an ideal lead partner in the life insurance
business. Old Mutual, based in London, UK has a 165 year old history
and has operations in 34 different countries around the world. Its major
operations are in US and the UK. It has a portfolio of insurance, asset
management, Insurance and long term savings products.
Kotak Life Insurance is a fast growing life insurance company in India.
The company has more than 200 branches in India and along with the
distribution reach of its group companies, is well positioned to reach out to
the length and breadth of the country. It has a large spectrum of life
insurance products catering to protection, savings and retirement
solutions.
Leadership
Pankaj Desai is the Managing Director of Kotak Life Insurance Company
Contact Points
Corporate Office
Kotak Mahindra Life Insurance,
9th floor, Godrej Coliseum,
Behind Everard Nagar, Sion (E),
Mumbai - 400 022.
Tel : 91 22 6621 5999
Fax : 91 22 6621 5757, 6621 5858
Website : www.insurance.kotak.com
Phone : 1800 209 8800
SMS : “KLIFE” to 5676788
Mailing Address
Kotak Mahindra Old Mutual Life
Insurance Ltd.
Kotak Infiniti, Building no. 21, Infinity
Park,
Off Western Express Highway,
General A K Vaidya Marg,
Malad (E), Mumbai – 400 097
Kotak Life Insurance is one of the leading life insurance companies in India and
has a host of life insurance products offering protection, savings, retirement,
child plans – both traditional and ulips. Compare life insurance plans from Kotak
Life Insurance Company and other insurance companies.
MILESTONE OF THE KOTAK MAHINDRA LIFE INSURANCE LTD.
a) Credit Risk:
Securities carry a Credit risk of repayment of principal or interest
by the borrower. This risk depends on micro-economic factors
such as financial soundness and ability of the borrower as also
macro-economic factors such as Industry performance,
Competition from Imports, Competitiveness of Exports, Input
costs, Trade barriers, Favourability of Foreign Currency
conversion rates, etc.
Credit risks of most issuers of Debt securities are rated by
Independent and professionally run rating agencies. Ratings of
Credit issued by these agencies typically range from "AAA" (read
as "Triple A" denoting "Highest Safety") to "D" (denoting
"Default"), with about 6 distinct ratings between the two
extremes.
The highest credit rating (i.e. lowest credit risk) commands a low
yield for the borrower. Conversely, the lowest credit rated
borrower can raise funds at a relatively higher cost. On
account of a higher credit risk for lower rated borrowers lenders
prefer higher rated instruments further justifying the lower yields.
Sovereign Risk: The Federal Government of a country (i.e.
Central Govt. in case of India) is the issuer of the local currency in
that country. The Government raises money to meet its Capital
and Revenue expenditure by issuing Debt or Discounted
Securities. Since payment of interest and principal amount has a
sovereign status implying no default, such securities are known
as securities with sovereign credit. For domestic borrowers and
lenders, the credit risk on such
Sovereign credit is near zero and is popularly known as "riskfree
security" or "Zero-Risk security". Thus Zero-Risk is the lowest
risk, even lower than a security with "AAA" rating and hence
commands a yield, which is lower than a yield on "AAA" security.
b) Price-Risk or Interest-Rate Risk:
From the perspective of coupon rates, Debt securities can be
classified in two categories, i.e., Fixed Income bearing Securities
and Floating Rate Securities. In Fixed Income Bearing Securities,
the Coupon rate is determined at the time of investment and
paid/received at the predetermined frequency. In the Floating
Rate Securities, on the other hand, the coupon rate changes -
'floats' - with the underlying benchmark rate, e.g., MIBOR,
1 yr. Treasury Bill.
Fixed Income Securities (such as Government Securities, bonds,
debentures and money market instruments) where a fixed return
is offered, run price-risk. Generally, when interest rates
rise, prices of fixed income securities fall and when interest rates
drop, the prices increase. The extent of fall or rise in the prices is
a function of the existing coupon, the paymentfrequency
of such coupon, days to m aturity and the increase or decrease in
the level of interest rates. The prices of Government Securities
(existing and new) will be influenced only by movement in
interest rates in the financial system. Whereas, in the case of
corporate or institutional fixed income securities, such as bonds
or debentures, prices are influenced not only by the change in
interest rates but also by credit rating of the security and liquidity
thereof. The following table indicates the likely impact of interest
rate changes on prices of Government Securities. It will be seen
that if interest rate rises by 1%, the prices of Government
Securities fall in the range of 0.48% and 6.70% of the prices. On
the other hand, if the interest rate declines by 1%, the
prices rise in the range of 0.49% to 7.33% for respective
maturities shown by way of an illustration in the table below:
Existing Government
Securities
If Interest rate changes by
Security Coupon 1% point _ 1% point _
Maturity % p.a. then Price changes by
6 Month 6.70 0.48% _ 0.49% _
12 Month 6.80 0.94% _ 0.96% _
3 Year 7.05 2.62% _ 2.71% _
5 Year 7.14 4.04% _ 4.25% _
10 Year 7.32 6.70% _ 7.33% _
The NAV of the Units of the Scheme can go up or down due to the
price fluctuations caused by various factors that affect the money
markets. Floating rate securities issued by a government (coupon
linked to treasury bill benchmark or a real return inflation linked
bond) have the least sensitivity to interest rate movements, as
compared to other securities. The Government of India has
already issued a few such securities and the Investment Manager
believes that such securities may become available
in future as well. These securities can play an important role in
minimizing interest rate risk on a portfolio.
c) Risk of Rating Migration:
The following table illustrates the impact of change of rating
(credit worthiness) on the price of a hypothetical AA rated
security with a maturity period of 3 years, a coupon of 7.50% p.a.
and a market value of Rs. 100. If it is downgraded to A category,
which commands a market yield of, say, 8.50% p.a., its market
value would drop to Rs. 97.44 (i.e. by 2.56%).
If the security is up-graded to AAA category which commands a
market yield of, say, 6.50% p.a. its market value would increase
to Rs. 102.64 (i.e. by 2.64%). The figures shown in the table are
only indicative and are intended to demonstrate how the price of
a security can be affected by change in credit rating.
Rating Yield Market
(% p.a.) Value
(Rs.)
AA 7.50 100.00
If upgraded to AAA 6.50 102.64
If downgraded to A 8.50 97.44
d) Basis Risk:
During the life of floating rate security or a swap the underlying
benchmark index may become less active and may not capture
the actual movement in the interest rates or at times the
benchmark may cease to exist. These types of events may result
in loss of value in the portfolio. Where swaps are used to hedge
an underlying fixed income security, basis risk could
arise when the fixed income yield curve moves differently from
that of the swap benchmark curve.
e) Spread Risk:
In a floating rate security the coupon is expressed in terms of a
spread or mark up over the benchmark rate. However depending
upon the market conditions the spreads may move adversely or
favourably leading to fluctuation in NAV.
f) Reinvestment Risk:
Investments in fixed income securities may carry reinvestment
risk as interest rates prevailing on the interest or maturity due
dates may differ from the original coupon of the bond.
Consequently the proceeds may get invested at a lower rate.
g) Currency Risk / Potential Loss associated with
Offshore Investments
Should the Scheme be permitted to invest in offshore securities,
such investments run currency risk in addition to other risks
faced by the investments, investments made in US dollar or any
other foreign currency denominated securities may lose in value
if the Indian rupee appreciates with respect to the foreign
currency or gain in value if the Indian rupee depreciates. In case
of offshore investments the risk shall also include
country risk associated with an investment. Country risk would
include events such as introduction of extraordinary exchange
control, economic deterioration and bilateral conflict leading to
immobilisation of the assets.
h) Liquidity Risk:
The corporate debt market is relatively illiquid vis-a- vis the
government securities market. There could therefore be
difficulties in exiting from corporate bonds in times of
uncertainties. Liquidity in a scheme therefore may suffer. Even
though the Government Securities market is more liquid
compared to that of other debt instruments, on occasions, there
could be difficulties in transacting in the market due to extreme
volatility or unusual constriction in market volumes or on
occasions when an unusually large transaction has to be put
through. In view of this, redemption may be limited or suspended
after approval from the Boards of Directors of the AMC and the
Trustee, under certain circumstances as described elsewhere in
this Offer Document.
SUBSIDIARIES OF KOTAK MAHINDRA
BANK
he present Kotak Mahindra Bank was known as the Kotak
Mahindra finance and was established back in the year 1985. It
is the result of a joint venture of Mr. Uday Kotak and Mr. Anand
Mahindra of the Mahindra group. In the year 2003, it achieved
Insurance license from the reserve bank of India. Since then it
has made its foray in the Insurance business. Today the Kotak
Mahindra bank is one of the biggest banks in the country. It has
in fact a pan India presence and has branches all over the
country. It is one of the first private banks to set up office here
in India.
The Kotak Mahindra bank is one of the finest in the country. The
management is one of the finest in the country. The number of
branches here are limited. However, the beauty of this bank is
that most of the branches are profitable. Along with Insurance ,
this group like any other major banks today has entered the
insurance sector. The Kotak Mahindra Life insurance company is
also doing very well. Like other banks, it also has a credit card
division also. Here based on certain criteria customers are given
credit cards. Based on the creditability of the customer an
amount is sanctioned which he can use.
However, the main activity of a bank is account opening. Like
any other major, bank the Kotak bank to offers customers
savings accounts, current accounts as well as term deposits.
These are the basic function, which are there with any major
bank. A customer can open a savings bank account with a
minimum balance of Rs 5,000. This minimum balance has to be
maintained in your savings account. According to the recent
norms of the Reserve Bank of India banks today have to pay
there customers interest on a daily basis. The interest is
deposited to the savings account twice during the financial year.
Currents accounts are opened by business houses. Here the
minimum balance, which is to be maintained, is a bit higher.
Another advantage it offers to its customers is the facility of
term deposits. Here to just like any other bank the customer can
keep his excess money in term deposits. Here you can keep
your excess money with the bank for a certain period, which is
fixed. The rate of interest is a tag higher than the normal rate of
interest on a savings account.
However, the main disadvantage here is that you cannot
withdraw the money before the term ends. If you do, so a penalty
will be charged.
Today consumer spending in India is growing on a large scale.
However, a huge percentage of this spending is being done on
borrowed money. Therefore, loans are an important source of
revenue for the bank. Actually, it works both ways as it helps the
borrower to achieve his desire immediately. The majority of the
loans that are given are home loans. India is a very populous
country and affordable housing is a problem. Today people can
take home loans from these banks and live in there own homes.
As a borrower, you will need to give salary slip if you are in
service or your last three years I.T returns if you are a
businessperson. You can take personal loans to meet some short-
term expenditure. However if you do want a huge some of
money you will have to offer your property as mortgage. The
bank will value your property and sanction an amount based on
the value of your property.
Today Kotak Mahindra Bank has also made its foray into the
investment sector. It is offering you demat facilities. A demat
account is very much like a bank account. In a bank account, you
can keep money. Here in a demat account you can keep shares
after buying them from the equity markets. Mutual funds are
another exciting thing, which the bank offers to its customers.
Today the Indian markets are very bullish and have generated
huge returns over a period. However, the public is not at all
comfortable with the volatility of the indices. Buying mutual
funds are a good way to make profits in the stock markets.
Riding on the back of a successful fund manager you can grow
your money. The Kotak Mahindra Life Insurance Co, which is a
subsidiary of the bank, offers you huge scope in the life
insurance and general insurance space. The bank offers its
customers as well as the public to buy gold from its various
branches.
The Kotak Mahindra group has its head quarters situated in the
city of Mumbai, which is the financial capital of India. However as
mentioned earlier it does have a pan India presence. They have
just not restricted their activities to Insurance . In fact, they have
diversified in the financial sector. Today they operate various
subsidiaries. Kotak securities is there stock broking arm. While
the Kotak Mahindra Asset Management Company Ltd has been
set upto look after the mutual funds section of the business.
Next, we have the Kotak Mahindra Capital Company, which is
related to the investment Insurance services. The Kotak Private
Equity group provides equity capital for business expansion. The
Kotak Reality fund is there to fund real estate projects.
Looking after customers and solving there queries is also an
integral part of the business. Customer satisfaction is something,
which must never be compromised at any cost. The customer
can enjoy phone Insurance and net Insurance facilities of the
Kotak Bank. Phone Insurance is the process where you will have
to dial a toll free number and speak to the customer care
executives over the phone. They will try to solve your problem as
fast as possible. Net Insurance is something, which is slowly
emerging. Here you can access your account from the internet.
You can check your balance and probably even transfer funds.
Then we come to the ATM facility. Here Kotak Bank has a special
ATM arrangement with HDFC Bank all around the country from
where you can withdraw money. The Kotak Mahindra Bank is one
of the most well managed banks in the country.
SHARE HOLDING OF LIFE
INSURANCE INVESTOR CENTER
ING Vysya Life Insurance Company Limited is one of the leading
private insurance providers in India. A joint venture between ING
Insurance International B.V. (INGI) - the second largest
insurance company in the world, Vysya Bank Limited - one of the
largest private sector banks in India, and GMR Industries, ING
Vysya Life Insurance Company Ltd, based in Bangalore, was
established in the year 2001. The company also has some other
joint venture partners in the form of Exide Industries Ltd, Enam
Group and Ambuja Cement Ltd.
ING Vysya Life Insurance offers a host of life insurance products
and services to its customers, which include individual life
insurance plans and products, group products, financial tools
and calculators etc. The company has over 140 branches across
the nation that serves more than 4.5 lakh customers. ING Vysya
Life Insurance has over 3,000 employees and more than 21,000
sales insurance agents.
MANAGEMENT AND ORGANIZATIONS
Management Profile
.
Chairman and Managing Director
Sh.Nagesh Pydah
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Executive Directors
Sh. S.C.Sinha
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Sh. V. Kannan
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Board of Directors
Ms. Sreya Guha
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Shri B. Srinivas
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Sh. K.B.R. Naidu
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Sh. K. H. Pandey
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Sh. S. S. Shishodia
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Sh. K. S. Sreenivasan
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Sh. Chandraprakash Singh
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Smt. Abha Chaturvedi
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Sh. T. Valliappan
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Sh. P. B. Santhanakrishnan
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FURTURE STRATEGYKotak Life Insurance today announced the launch of two
traditional child plans — Kotak Child Edu Plan and Kotak
Child Future Plan.
Kotak Child Edu Plan addresses the future financial
requirements of children aged between 0 (newborns) and 10
years and Kotak Child Future Plan addresses the future
financial requirements of children aged between 11 and 15
years.
Kotak Child Edu Plan provides defined benefits at specific
milestones — ‘Edu Boosters’ at ages 15, 17, 19 and 21 to
support the child’s education and skill development. Premium
payment term continues till the child attains 17 years of age.
Kotak Child Future Plan too provides defined benefits at
specific milestones — ‘Future Boosters at ages 23 and 25 to
financially support the child’s pursuit of career or life goals
without any worries. The plan has a fixed premium payment
term of 10 years from the date of entry.
Further, both the plans also offer enhanced protection in the
unfortunate event of death of life insured (parent,
grandparent, etc.) In such cases, the plans immediately pay
out 200 per cent of the sum assured but future premium
payment obligation also ceases. Both the plans also waive off
future premiums in the case of accidental disability of the life
insured.
RESEARCH METHDOLOGY
ICD Research's ‘Kotak Mahendra Life Insurance Ltd. Jabalpur- Company
Capsule’ is a crucial resource for industry executives and anyone looking
to access key information about “Oriental Bank of Commerce
ICD Research's ‘Kotak Mahendra Life Insurance Ltd. Jabalpur- Company
Capsule’ reports utilize a wide range of primary and secondary sources,
which are analyzed and presented in a consistent and easily accessible
format. ICD Research strictly follows a standardized research methodology
to ensure high levels of data quality and these characteristics guarantee a
unique report.
Scope
• Identifies crucial company information about ‘Oriental Bank of Commerce’
along with major products and services for business intelligence
requirements.
• Details locations, subsidiaries, affiliates and joint ventures.
• Identifies key competitors as well as key employees to assist with key
business decisions.
• Provides annual and interim financial ratios
Reasons to Buy
• Enhance your understanding of “Oriental Bank of Commerce”.
• Increase business/sales activities by understanding your competitors’ and
customers’ businesses better.
• Recognize potential partnerships and suppliers.
• Qualify prospective partners, affiliates or suppliers.
• Acquire up-to-date company information and an understanding of the
company’s financial health.
OBJECTIVE OF THE REPORT
1. To promote and develop in India sound and progressive Insurance
principles, practices and conventions and to contribute to the
developments of creative Insurance .
2. To render assistance and to provide various common services to
Members and to the Insurance industry.
To develop and implement new ideas and innovations in Insurance
services, operations and procedures.
To organize co-ordination and co-operation on procedural, legal,
technical, administrative or professional problems and practices of
banks and the Insurance industry.
3. To initiate advance planning for introduction of new systems or
services in the Insurance industry.
4. To collect, classify and circulate statistical and other information on
the structure and working of the Insurance system.
5. To act as a clearing house for dissemination and exchange of
statistical data, information, views and opinions on the systems,
procedures and practices, and organization and methods of banks
and on the structure, working and operations of the Insurance
system.
6. To explore, plan, co-ordinate and organize detailed surveys on
Insurance , business, resources, personnel and management
development programmes of banks and the Insurance industry.
7. To pool together talents and resources available with members and
to organize exchange of expertise and experiences of members for
simplifying forms and procedures, for reducing cost of operations,
for increasing efficiency and productivity and for such other common
purposes as may be necessary or relevant to banks and the
Insurance industry.
8. To organize exchange of credit information and opinions, export
information or information and views on any other aspects of
interest to banks or the Insurance industry.
9. To promote education and knowledge of the law and practice of
Insurance .
10. To issue periodical newsletters, bulletins or magazines and publish
books, pamphlets or other literature on matters of interest to
members and to the Insurance industry.
11. To project a good public image of Insurance as a service industry
and develop good public relations.
12. To promote harmonious personnel relations in Insurance industry
and to devise ways and means for involving Insurance personnel in
the endeavours of banks for growth and development of Insurance
and the economy of the country.
To organize, promote and afford facilities for indoor and outdoor
games, any form of sports, recreation, sports competitions, events,
cultural activities, social activities, fine arts, social meetings,
entertainments and to organize meetings for the above purposes
and to provide for purposes by purchasing, acquiring, taking on
lease, own, hire or otherwise playing fields, grounds, buildings,
pavilions and other facilities.
To give financial assistance to individuals or bodies, from out of its
own funds, or by collection from its members, or from any other
source, and for the purpose of such collection, to accept grants,
donations, etc. in cash or kind from Government, its members, other
organizations, members of the public, etc. and to collect
subscriptions, membership and other fees and to levy fees or
charges for the use of the facilities and to raise funds in any manner
to strengthen the financial position of the Association, from time to
time, for the purpose of providing education, training and facilities
for imparting basic, advance knowledge and techniques in games,
sports, cultural activities, social activities, fine arts, etc. and to give
donations, technical and other assistance, sports equipments,
sports facilities and expert guidance to organizers for this purpose
whether its members or not and to conduct, organize, participate or
to associate itself in State-Level, Nation, International Tournaments
and competitions pertaining to sports, cultural activities, social
activities, fine arts, etc., held in or outside India.
To found, establish, develop and finance a separate body for the
promotion of objects contained in Clauses n, nn, nnn, and generally,
and to register it as a Society and/or Public Trust, or a Company
under the provisions or relevant Acts, as the case may be.
13. To maintain continuous communications with the representatives of
bank employees, to conduct talks, discussions, and negotiations
with them and to arrive at Settlements.
14. To provide assistance and guidance to members in interpretation
and implementation of Awards, Settlements, etc.
15. To assist, advise and guide all members and the smaller members in
particular on all their needs, difficulties and problems of growth,
development and working.
To act as an agent or a representative of a member or members in
respect of matters connected with any of their operations working or
administration.
16. To maintain close co-ordination and liaison with Reserve Bank of
India, All Financial Institutions, Chambers of Commerce,
Organisations of Insurance Industry, Management or Educational
Institutes, Universities and such other Organisations for realizing the
subject and purposes of the Association.
17. Generally to do all and any other thing that may be necessary or
relevant for the realization of the objects and purposes of the
Association directly or indirectly.
18. To carry on publicity for the purpose of educating public opinion with
regard to the scope, importance and activities of the Insurance
industry, for creative growth and development.
19. To do all and such other things as are incidental or conductive to the
attainment of any or all of the above objects.
TRAINING AND PLACEMENT OPPORTUNITIES OF KOTAK MAHENDRA LIFE INSURANCE LTD.
Employment Insurance
Cross this off your to-do list. Have your benefit payments
deposited automatically into your bank account.
Employment Insurance (EI) provides temporary financial
assistance to unemployed Canadians who have lost their job
through no fault of their own, while they look for work or upgrade
their skills.
Canadians who are sick, pregnant, or caring for a newborn or
adopted child, as well as those who must care for a family
member who is seriously ill with a significant risk of death, may
also be assisted by Employment Insurance.
Types of Employment Insurance benefits
There are several types of benefits available to Canadians,
depending on their situation.
Applying for EI
General information when Applying for Employment Insurance
Benefits
Apply in person at your local Service Canada Centre.
Employment Insurance Frequently Asked Questions.
Online services
Start your Employment Insurance Application
Use My Service Canada Account to access your EI information,
including electronic Records of Employment and T4E tax slips,
and to apply for direct deposit and have your EI payments
deposited directly to your bank account.
Submit your EI reports online that demonstrate your continuing
entitlement using the Internet Reporting Service.
Records of Employment on the Web for employers.
1. Employment Insurance Regular Benefits are available to
individuals who lose their jobs through no fault of their own (for
example, due to shortage of work, seasonal layoffs, or mass
layoffs) and who are available for and able to work, but can’t find
a job.
2. Employment Insurance Maternity and Parental
Benefits provide support to individuals who are pregnant, have
recently given birth, are adopting a child, or are caring for a
newborn.
3. Employment Insurance Sickness Benefits are for individuals
who are unable to work because of sickness, injury, or
quarantine.
4. Employment Insurance Compassionate Care Benefits are
available to people who have to be away from work temporarily
to provide care or support to a family member who is gravely ill
with a significant risk of death.
5. Employment Insurance Fishing Benefits provide support to
qualifying, self-employed fishers who are actively seeking work.
Employment Insurance Initiatives
Employment Insurance Benefits for Self-Employed People
o Registered and qualified self-employed Canadians can
access Employment Insurance (EI) special benefits:
maternity, parental, sickness, and compassionate
care.
Extension of EI Regular Benefits for Long-Tenured Workers
o EI eligible long-tenured workers may be eligible to
additional benefits if they have contributed to the
Employment Insurance (EI) program for a significant
period of time and have previously made limited use
of EI regular benefits.
Extension of Eligibility Period for Employment Insurance
Parental Benefits for Military Families
o If your parental leave has been deferred or interrupted
because of an imperative military requirement, the
parental eligibility period during which Employment
Insurance (EI) parental benefit can be paid may be
extended by one week for every week that you are
unable to collect EI parental benefits
General Employment Insurance Information
Employment Insurance A-Z
Employment Insurance Forms
Employment Insurance Frequently Asked Questions
Employment Insurance Publications
Hours Required to Qualify for Benefits
While on Employment Insurance
Related information
Employment Insurance and Workers and/or Residents
Outside Canada
o Certain individuals who reside outside Canada may be
eligible for EI if their job is insured under
Canada’s EI program.
Employment Insurance Family Supplement
o The EI Family Supplement provides additional benefits
to low-income families with children.
Employment Insurance Information for Employers
o Find information about Records of Employment,
programs to assist employers, help for employers to
protect the EI fund, and more.
Contact Employment Insurance
o Find answers to frequently asked questions, and how
to contact Employment Insurance representatives by
telephone, by mail, or in person.
Appealing an Employment Insurance Decision
o You can appeal a decision concerning your EI claim for
benefits. Find information on how to file and prepare
for an appeal.
Employment Insurance Act and Regulations
o Read the Employment Insurance Act and Regulations,
as well as past amendments.
Employment Insurance Digest of Benefit Entitlement
Principles
o The Digest of Entitlement Principles contains the
principles applied by Human Resources and Skills
Development Canada when making decisions on
claims for benefits under the EI legislation. See also:
o Digest Publications and Amendments
o Index of Jurisprudence
o Jurisprudence Library
Related programs and services
Canada Benefits
Employment Benefits and Support Measures
Finding a Job
Job Bank
Job Creation Partnerships
Job Futures
Self-Employment Program
Social Insurance Number
Training and Careers
SELECTION PROCESS OF KOTAK MAHINDRA LIFE INSURANCE LTD
JABALPUR
People are a company’s most important assets. They can make or break the fortunes of a business. In today’s highly competitive business environment placing the right people in the right position is very critical for the success of any organization.
The recruitment and selection decision is of prime importance as it is the vehicle for obtaining the best possible person-to-job fit that will, contribute significantly towards the Company's effectiveness. It is also becoming increasingly important, as the Company evolves and changes, that new recruits show a willingness to learn, adaptability and ability to work as part of a team. The Recruitment & Selection procedure ensures that these criteria are addressed
In this project I have studied Recruitment and Selection process of Kotak Mahendra Life Insurance Ltd. Jabalpur and attempted to provide some ways so as to make recruitment more effective and to reduce the cost of hiring an employee.
I am privileged to be one of the students who got an opportunity to do my training with Kotak Mahendra Life Insurance Ltd. Jabalpur. My involvement
in the project has been very challenging and has provided me a platform to leverage my potential in the most constructive way.
Kotak Mahendra Life Insurance Ltd. Jabalpur is one of India's leading financial institutions offering complete financial solutions that encompass every sphere of life. In a short span of time,KOTAK has set an example by having a steady and confident journey to growth and success.
During the training period I have studied deeply the process of hiring in Kotak Mahendra Life Insurance Ltd. Jabalpur and did a SWOT analysis of Kotak Mahendra Life Insurance Ltd. Jabalpur to find out the existing shortcomings and potential threats and thereby recommended suggestions.
This project however is an attempt to share as best as possible my experience in corporate world with all my colleagues and my faculty.
I would be delighted to receive reader’s comments which maybe valuable lessons for my future projects.
EXECUTIVE SUMMARY
In today’s rapidly changing business environment, organizations have to respond quickly to requirements for people. The Financial market has been witnessing growth which is manifold for last few years. Many private players have entered the economy thereby increasing the level of competition. In the competitive scenario it has become a challenge for each company to adopt practices that would help the organization stand out in the market. The competitiveness of a company of an organization is measured through the quality of products and services offered to customers that are unique from others. Thus the best services offered to the consumers are result of the genius brains working behind them. Human Resource in this regard has become an important function in any organization. All practices of marketing and finances can be easily emulated but the capability, the skills and talent of a person cannot be emulated. Hence, it is important to have a well-defined recruitment policy in place, which can be executed effectively to get the best fits for the vacant positions. Selecting the wrong candidate or rejecting the right candidate could turn out to be costly mistakes for the organization. Therefore a recruitmentpractice in an organization must be effective and efficient in attracting the best manpower.
Coverage –The extent and limitation
With largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. Its business is growing at 15-20% annually and presently is of the order of Rs. 450m. Together with banking sector it adds about 7% to the GDP.
Like in the case of BPO’s, Insurance sector too faces the problem of attrition. Thus,recruitment is an ongoing process carried through out the year. The project is based on the study of recruitment process. The various recommendations suggested have been the result of the study. The idea is to generate ways of dealing with high attrition and making hiring process manageable and efficient.
LIMITATIONS OF THE STUDY
Shortage of time- The main limitation I come across is shortage of
time I have short time to collect data and analyze the problem and
come to the solution.
Primary data collected totally dependent on the respondents’
view - Data collected from respondents is totally their opinion and it
may be biased in nature and may not represent the truth.
Since the study is wide in nature and can’t be taken for
consideration- The study is big in nature and data collected is only
from Chandigarh and Panchkula people so it can’t be taken into
consideration for whole OBC BANK and its branches.
People were reluctant to join this job, as it doesn’t provide any fixed
salary.
People perceived this profession as a low status profession.
CONCLUSION
Insurance is an integral part of any personal financial plan. The type
of insurance and the amount of coverage you obtain all depends on your
unique financial and family circumstances, and must be evaluated
carefully. When considering purchasing coverage, you should review all
the potential risks and the financial impact of these risks on your financial
health. This will help you determine what options to look for and what
questions to ask. What you need to keep in mind is that you do not want to
be underinsured or overinsured, which means you have to do your
homework before you buy. And as with any type of financial product, you
must read the fine print and consult with a competent advisor.
BIBLIOGRAPHY
BOOKS:-
1) Marketing Management T. N. Chhabra
2) Marketing Research D.D.Sharma
3) Marketing Management Philip Kotler
4) Marketing Management - S.A. Sherlekar.
MAGAZINES:-
1) Annual Report of the Company
2) Journals & Catalogues of the company
WEB:-
5) www.google.com