Investor Opnion on Kotak Life Insurance Policies

8/2/2019 Investor Opnion on Kotak Life Insurance Policies

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A MARKET SURVEY REPORT

ON

INVESTORS OPENION ON KOTAK LIFE INSURANCEPOLICIES, MORADABAD

Submitted To:

COLLEGE OF MANAGEMENT AND COMPUTER APPLICATION,MORADABAD

In Partial Fulfillment of the Requirement of the Degree ofBachelor of Business Administration (BBA)

SESSION: 2009-2012

Department of ManagementTEERTHANKER MAHAVEER UNIVERSITY

DELHI ROAD, MORADABAD

Project Guide:

Mr. Mohit Rastogi

Lecturer

Project Incharge:

Mr.Abhinav Srivastava&

Mr.Avinash Raj Kumar(Course Co-ordinator, B.B.A.)Submitted By:

Ankur Kashyap

B.B.A. V Semester

Roll No. R0912011042


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CERTIFICATE

This is to certify that Mr............................................................. is pursuing

three year full time Bachelor of Business Administration (BBA) Course from

Teerthanker Mahaveer University, Moradabad as regular student, in session

(2009-2012).

In compliance with the provision/guidelines of Teethanker Mahaveer

University, Moradabad, He has been assigned a market survey report. The

report work has been genuinely carried out by the student for the during

specified by the university.

He has made sincere efforts in the completion of the project work.

MR. Mohit Rastogi

Project Guide


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STUDENT DECLARATION

I Ankur Kashyap hereby declare that the research work presented in this

survey report entitled Investors Opinion on Kotak Life Insurance

Policies, Moradabad for the fulfillment of the award of Bachelor of Business

Administration from Teerthanker Mahaveer University; Moradabad. The report

embodies the result of original work and studies carried out by me and the

contents of the project do not form the basis for the award of any other degree

to me or to anybody else.

Ankur Kashyap

BBA 5th Sem


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ACKNOWLEDGEMENT

It gives me immense pleasure and privilege to acknowledge my deepest

sense of gratitude towards all those who helped me in the successful

execution of this survey report.

I would like to thanks Chancellor Sir, Shri Suresh Jain, Group Vice Chairman

Mr. Manish Jain, for their able guidance. I also extend my gratitude towards

the H.O.D. Dr. M.P. Singh and my course co-coordinator Mr. Abhinav

Srivastava& Mr. Avinash Raj Kumarwho entrusted me for the completion

of this survey report. I am highly indebted to my project guide, Mr. Mohit

Rastogi whose constructive counseling and able guidance helped me

immensely in bringing out this survey report in the present form. And lastly

the entire faculty member and Mr. Sanjeev Singh(Librarian) & the entire Lab

staff for providing me this opportunity and expose me to industrial culture.

The acknowledgement would be incomplete without thanking my family and

friend who were a big support throughout.

Ankur Kashyap

BBA 5th SEM


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PREFACE

Theoretical knowledge without practical knowledge is of little value. In order to

achieve positive & concrete results along with theoretical concept the

exposure of real life situation existing in corporate is very much needed. To

fulfill this need the management course has a provision for the practical

training program. I thank my institute to provide us such opportunity having

training period in our course so that students can have real feeling of

Organization life.


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EXECUTIVE SUMMARY

This project is based on the survey, which was done in the Moradabad city.

The main objective of the survey to know opinions of investors towards Kotak

Life Insurance Policies. We have taken almost opinions of investors, which are

related to investing in Kotak Life Insurance Policy. The market survey report

will help that entire person, which want to get the benefits of all such

insurance policy. The data have been collected by the help of questionnaire,

which is given in the report. The collected data have been analyzed and

shown in the form of graph.


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CONTENTS

1. Introduction

2. Industry Profile

3. Company Profile

4. Objective of the study

5. Assumption

6. Research Methodology

7. Data interpretation and analyses

8. Findings

9. Recommendation

10 Conclusion

11. Limitations

10. Bibliography

11. Annexure


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INTRODUCTION


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INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The

risk is uncertainty of the financial loss. We dont have any command on

uncertainties. This makes it essential that we think in favor of a device that

becomes instrumental in spreading the loss. It is in this context that we think

about insurance. Protection against the possible chances of generating

uncertain losses. It eliminates worries and miseries of losses or destruction

of property and death.

Life insurance is a contract between you and a life insurance company,

which provided you a death during the contract term. Buying insurance is

extremely useful if you are the principal earning member in the family

unfortunate premature demise, your family can remain financially secure

because of the life that you have purchased.

The primary purpose of life insurance is therefore protection of the family in

the even insurance is also seen as a tool to plan effectively for your future

years. Your retire childrens future needs. Today, the market offers insurance

plans that not just cover your same time grow your wealth too. If you have

dependants and financial responsibilities toward them, then you certainly need.

Having a family means dependant, which in turn means financial

commitments. Finance comes in the form of loans, children s education,


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medical expenses etc. Imagine what would happen if you were to lose your life

suddenly or become disabled being insured in a situation like this is a

necessity. When you insured your life, in effect what you are doing insuring

your earning capacity that your dependents will be able to continue living

without financial hardships even in case

Most insurance plans available today come with a savings element built into it.

These policies not only for a financially independents future, which were have

a comfortable retirement. For example, Kotak preferred Retirement plans

such as income plan and Kotak Multiplier plan. Most insurance plans available

today have a bailt in saving elements. Kotak preferred Retirement plans meet

your dual financial goals of life cover and savings for the future.

Insurance sector have characteristic that give can boost to the growth of any

economy .it is due to the savings done at the individual level and at micro level

it generates funds for infrastructure building as the cash flow is constant

while the payout is differed, so that the insurance companies are becoming

biggest investors in long gestation infrastructure development projects and

hence have a great Importance to the developing economy like India. Insurance

sector with an annual growth rate of 15-20% and the largest number of life

insurance policies in force, the potential of the Indian insurance industry is huge.


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. IMPORTANCE OF THE TOPIC

The project report is all about Investors Opinion on Kotak Life Insurance

Policies, Moradabad to find out best sold plan of Kotak Life Insurance,

Moradabad. And to mouser the satisfaction level of inventors of Kotak Life

Insurance. It helps Kotak Life Insurance about the best plan purchased by its

investors. Satisfaction level helps to know whether the investors are satisfied by

service/Plans of Kotak Life Insurance.


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INDUSTRY PROFILE


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ABOUT INSURANCE

Insurance may be defines as social device to protect the economic value of

the Life and other assets. Under the plan of Insurance a group of people are

brought together and their share of money is pooled to manage the loss

suffered by any of them.

in its basic form is defined as A contract between two parties whereby one

party called Insurance insurer undertakes in exchange for a fixed sum called

premiums, to pay the other party called insured a fixed amount of money on

the happening of a certain event."

In simple terms it is a contract between the person who buys Insurance and

an Insurance company who sold the Policy. By entering into contract the

Insurance Company agrees to pay the Policy holder or his family members a

predetermined sum of money in case of any unfortunate event for a

predetermined fixed sum payable which is in normal term called Insurance

Premiums.

Insurance is basically a protection against a financial loss which can arise on

the happening of an unexpected event. Insurance companies collect

premiums to provide for this protection. By paying a very small sum of money

a person can safeguard himself and his family financially from an unfortunate

event.


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For Example if a person buys a Life Insurance Policy by paying a premium to

the Insurance company , the family members of insured person receive a fixed

compensation in case of any unfortunate event like death.

There are different kinds of Insurance Products available such as Life

Insurance, Vehicle Insurance, Home Insurance, Travel Insurance, Health or

Mediclaim Insurance etc.

Insurance, in law and economics, is a form of risk management primarily used

to hedge against the risk of potential financial loss. Insurance is defined as the

equitable transfer of the risk of a potential loss, from one entity to another, in

exchange for a premium and duty of care.


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CHARACTERISTICS OF INSURANCE

1. Sharing of Risk

2. Cooperative device

4. Payment on event of happening of any special event

5. The amount of payment depends on the size and type of loss.

6. The success of Insurance business depends on the law of large number of

people insured against similar risk.

7. Insurance is a business which spreads the loss and the risk of few people

in the large Number of people.

8. The insurance is a plan in which insured transfer his risk to insurer.

9. Insurance is a legal contract


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ORIGIN OF INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear

risk of the caravan trade by giving loans that had to be later repaid with

interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi

granted legal status to the practice. That, perhaps, was how insurance made

its beginning.

Life insurance had its origins in ancient Rome, where citizens formed burial

clubs that would meet the funeral expenses of its members as well as help

survivors by making some payments.

As European civilization progressed, its social institutions and welfare

practices also got more and more refined. With the discovery of new lands,

sea routes and the consequent growth in trade, medieval guilds took it upon

themselves to protect their member traders from loss on account of fire,

shipwrecks and the like.


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ORIGIN IN INDIA

Insurance in India can be traced back to the Vedas. For instance,

yogakshema, the name of Life Insurance Corporation of India's corporate

headquarters, is derived from the Rig Veda. The term suggests that a form of

"community insurance" was prevalent around 1000 BC and practiced by the

Aryans.

Burial societies of the kind found in ancient Rome were formed in the Buddhist

period to help families build houses, protect widows and children. Bombay

Mutual Assurance Society, the first Indian life assurance society, was formed

in 1870. Other companies like Oriental, Bharat and Empire of India were also

set up in the 1870-90s.

It was during the swadeshi movement in the early 20th century that insurance

witnessed a big boom in India with several more companies being set up.

As these companies grew, the government began to exercise control on them.

The Insurance Act was passed in 1912, followed by a detailed and amended

Insurance Act of 1938 that looked into investments, expenditure and

management of these companies' funds.

By the mid-1950s, there were around 170 insurance companies and 80

provident fund societies in the country's life insurance scene. However, in the


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absence of regulatory systems, scams and irregularities were almost a way of

life at most of these companies.

As a result, the government decided nationalizes the life assurance business

in India. The Life Insurance Corporation of India was set up in 1956 to take

over around 250 life companies.

For years thereafter, insurance remained a monopoly of the public sector. It

was only after seven years of deliberation and debate - after the RN Malhotra

Committee report of 1994 became the first serious document calling for the re-

opening up of the insurance sector to private players -- that the sector was

finally opened up to private players in 2001.

The evolution of Insurance in India can be summarized as


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KINDS OF INSURANCE

Insurance is divided in two basic zones:-

1. General Insurance

2. Life Insurance

1. About General Insurance

Insurance of the non life assets are called general insurance, this includes

loss of asset against water, fire, earthquake etc. With the desertification in the

Indian Market in General Insurance the monopoly of the general Insurance

public sectors companies has been broken. With the entrance of the new

private player market innovative technique has been introduced to capture the

mark Non-life insurance companies have products that cover property against

Fire and allied perils, flood storm and inundation, earthquake and so on. There

are products that cover property against burglary, theft etc. The non-life

companies also offer policies covering machinery against breakdown, there

are policies that cover the hull of ships and so on. A Marine Cargo

policy covers goods in transit including by sea, air and road. Further,

insurance of motor vehicles against damages and theft forms a major chunk of

non-life insurance business.


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In respect of insurance of property, it is important that the cover is taken for

the actual value of the property to avoid being imposed a penalty should there

be a claim. Where a property is undervalued for the purposes of insurance,

the insured will have to bear a ratable proportion of the loss. For instance if

the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a

loss to the extent of say Rs.50/-, the maximum claim amount payable would

be Rs.25/- (50% of the loss being borne by the insured for underinsuring the

property by 50%). This concept is quite often not understood by most insured.

Personal insurance covers include policies for Accident, Health etc. Products

offering Personal Accident cover are benefit policies. Health insurance covers

offered by non-life insurers are mainly hospitalization covers either on

reimbursement or cashless basis. The cashless service is offered through

Third Party Administrators who have arrangements with various service

providers, i.e., hospitals. The Third Party Administrators also provide service

for reimbursement claims. Sometimes the insurers themselves process

reimbursement claims.

Accident and health insurance policies are available for individuals as well as

groups. A group could be a group of employees of an organization or holders

of credit cards or deposit holders in a bank etc. Normally when a group is

covered, insurers offer group discounts.


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Liability insurance covers such as Motor Third Party Liability Insurance,

Workmens Compensation Policy etc offer cover against legal liabilities that

may arise under the respective statutesMotor Vehicles Act, The Workmens

Compensation Act etc. Some of the covers such as the foregoing (Motor Third

Party and Workmens Compensation policy) are compulsory by statute.

Liability Insurance not compulsory by statute is also gaining popularity these

days. Many industries insure against Public liability. There are liability covers

available for Products as well.

There are general insurance products that are in the nature of package

policies offering a combination of the covers mentioned above. For instance,

there are package policies available for householders, shop keepers and also

for professionals such as doctors, chartered accountants etc. Apart from

offering standard covers, insurers also offer customized or tailor-made ones.

Suitable general Insurance covers are necessary for every family. It is

important to protect ones property, which one might have acquired from ones

hard earned income. A loss or damage to ones property can leave one

shattered. Losses created by catastrophes such as the tsunami, earthquakes,

cyclones etc have left many homeless and penniless. Such losses can be

devastating but insurance could help mitigate them. Property can be covered,

so also the people against Personal Accident.


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A Health Insurance policy can provide financial Relief to a person undergoing

medical treatment whether due to a disease or an injury.

Name of Life General Company

Royal Sundaram Alliance Insurance Company Limited

IFFCO Tokyo General Insurance Co. Ltd

TATA AIG General Insurance Company Ltd.

Bajaj Allianz General Insurance Company Limited

ICICI Lombard General Insurance Company Limited

Apollo DKV Insurance Company Limited

Future Generally India Insurance Company Limited

Universal Sompo General Insurance Company Ltd.

Export Credit Guarantee Corporation Ltd.

HDFC-Chubb General Insurance Co. Ltd.

Bharti Axa General Insurance Company Ltd
http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.hdfcchubbindia.com/http://www.hdfcchubbindia.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.bajajallianz.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.itgi.co.in/


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2. About Life Insurance

Life Insurance is insurance for you and your family's peace of mind. Life

insurance is a policy that people buy from a life insurance company, which

can be the basis of protection and financial stability after one's death. Its

function is to help beneficiaries financially after the owner of the policy dies.

It can also be a form of savings in the long run if you purchase a plan, which

offers the option of contributing regularly. Additionally, a little known function

of life insuranceis that it can be tied in with a person's pension plan. A person

can make contributions to a pension that is funded by a life insurance

company. These are considered private pension arrangements. In addition,

you should also make a list of what you feel needs to be protected in your

family's way of life. With a life insurance policy in place, you can:

provide security for your family

protect your home mortgage

take care of your estate planning needs

look at other retirement savings/income vehicles


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LIFE INSURANCE IN INDIA

Life Insurance in India existed from long time. The modern concept of

Insurance was brought by Bruisers in India, and Oriental Insurance Company

was the first Insurance Company who did Insurance for the Indian in 1818 and

was established in Calcutta nowadays Kolkata. Then due to no interference of

government in it, private market players ruled the market as they want to, that

is why government intervened in between to protect the interest of the mass

and to safeguard the money involved in it. Government took the initiative and

banned the private players to involve in Insurance market. All private

companies were took over by Government and Insurance market was turned

to Public sector and Life Insurance Corporation of India was formed in 1956 to

make the Insurance reachable at remote areas and that even by low

premiums or better said as affordable premium so as to secure their life. From

the beginning of Insurance in India till now a lot of changes have been made

but the most significant change was in 1999, when IRDA was formed. IRDA

means Insurance Regulatory and Development Authority. This was formed to

rethink upon opening the insurance sector for the Private players again but

along with that to have a check upon those private players an IRDA has to act

as a governing body to safeguard the interest of the public hose money is

involved in it From that time i.e. from the year 2001 insurance sector was

opened for the private players too. Since then Insurance Sector is on the


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boom and business is flourishing and a lot of private players are coming into

business. Here the private players doesnt indicate to Indian Private

Companies but also foreign players are also involved in it, but to manage the

money flow in and outside the country IRDA takes care of the contribution of

the money by foreign partners of private insurance companies. To control that

IRDA has set a limit of FDI i.e. 26%.


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NAME OF LIFE INSURANCE COMPANY

1. Kotak Mahindra Old Mutual Life Insurance Limited

2. HDFC Standard Life Insurance Company Ltd.

3. Max New York Life Insurance Co. Ltd.

4. ICICI Prudential Life Insurance Company Ltd.\

5. Birla Sun Life Insurance Company Ltd.

6. Tata AIG Life Insurance Company Ltd.

7. SBI Life Insurance Company Limited .

8. ING Vysya Life Insurance Company Private Limited

9. Bajaj Allianz Life Insurance Company Limited

10. MetLife India Insurance Company Ltd.

11. Future Generally India Life Insurance Company Limited

12. IDBI Fortis Life Insurance Company Ltd.

13. AMP Sanmar Life Insurance Company Limited.

14. Sahara India Insurance Company Ltd.

15. Aviva Life Insurance Co. India Pvt. Ltd.

16. Shriram Life Insurance Company Ltd.

17. Aegon Religare Life Insurance Company Ltd.

18. Reliance Life Insurance

19. Star Union Dai-chi life Insurance

20. Oriental Life Insurance
http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.allianzbajaj.co.in/http://www.ingvysyalife.com/http://www.sbilife.co.in/http://www.tata-aig-life.com/http://www.birlasunlife.com/http://www.iciciprulife.com/http://www.maxnewyorklife.com/http://www.hdfcinsurance.com/


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MAJOR PLAYER OF INSURANCE IN INDIA

The Life Insurance Corporation of India (LIC) is the

largest life insurance company in India and also the

country's largest investor. It is fully owned by the

Government of India. It also funds close to 24.6% of the Indian Government's

expenses. It was founded in 1956.Headquartered in Mumbai, which is

considered the financial capital of India, the Life Insurance Corporation of

India currently has 8 zonal Offices and 101 divisional offices located in

different parts of India, at least 2048 branches located in different cities and

towns of India along with satellite Offices attached to about some 50

Branches, and has a network of around one million and 200 thousand agents

for soliciting life insurance business from the public. Over its existence of

around 50 years, Life Insurance Corporation of India, which commanded a

monopoly of soliciting and selling life insurance in India, created huge

surpluses, and contributed around 7 % of India's GDP in 2006.

The Corporation, which started its business with around 300 offices, 5.6

million policies and a corpus of INR 459 million, has grown to 25000 servicing

around 180 million policies and a corpus of over INR 3.4 trillion.
http://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/Gross_Domestic_Producthttp://en.wikipedia.org/wiki/Gross_Domestic_Producthttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Life_insurance


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Bajaj Allianz General Insurance Company Limited is

a joint venture between Bajaj Finserv Limited (recently

demerged from Bajaj Auto Limited) and Allianz AG.

Both enjoy a reputation of expertise, stability and

strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to

conduct General Insurance business (including Health Insurance business) in

India. The Company has an authorized and paid up capital of Rs 110 crores.

Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz.

Tata AIG Life Insurance Company Limited (Tata AIG Life)

is a joint venture company, formed by the Tata Group and

American International Group, Inc. (AIG). Tata AIG Life

combines the Tata Groups pre-eminent leadership position in India and AIGs

global presence as one of the worlds leading international insurance and

financial services organization. The Tata Group holds 74 per cent stake in the

insurance with AIG holding the balance 26 per cent. Tata AIG Life Insurance

Company was licensed by Insurance Regulatory and Development Authority

to operate in India on February 12, 2001 and started on April 1, 2001.
http://c/wiki/Allianzhttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Indiahttp://c/wiki/Tata_Grouphttp://c/wiki/American_International_Grouphttp://c/wiki/American_International_Grouphttp://c/wiki/Tata_Grouphttp://c/wiki/Indiahttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Insurance_Regulatory_and_Development_Authorityhttp://c/wiki/Allianz


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Max New York Life Insurance Company Ltd. is a joint

venture between New York Life; a Fortune 100 company

and Max India Limited; one of India's leading multi-business corporations. The

company has positioned itself on the quality platform. In line with its vision to

be the Most Admired Life Insurance Company in India , it has developed a

strong corporate governance model based on the core values of excellence,

honesty, knowledge, caring, integrity and teamwork. The strategy is to

establish itself as a Trusted Life Insurance Specialist through a quality

approach to business. Incorporated in 2000, Max New York Life started

commercial operation in 2001. In line with its values of financial responsibility,

Max New York Life has adopted prudent financial practices to ensure safety of

policyholder's funds. The Company's paid up is Rs. 1,782 crore.

ICICI Prudential is a joint venture between ICICI

Bank and Prudential plc engaged in the

business of life insurance in India. ICICI Prudential is the largest private

insurance company and second largest insurance in India after LIC. ICICI

Prudential Life Insurance Company is a joint venture between ICICI Bank, a

premier financial powerhouse, and prudential plc, a leading international

financial services group headquartered in the United Kingdom. ICICI

Prudential was amongst the first private sector insurance companies to begin


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operations in December 2000 after receiving approval from Insurance

Regulatory Development Authority (IRDA).ICICI Prudential Life's capital

stands at Rs. 37.72 billion (as on March, 2008) with ICICI Bank and Prudential

plc holding 74% and 26% stake respectively. For the year ended March 31,

2008, the company garnered Retail New Business Weighted premium of Rs.

6,684 crores, registering a growth of 68% over the last year and has

underwritten nearly 3 million retail policies during the period. The company

has assets held over Rs. 30,000 crore as on April 30, 2008.ICICI Prudential

Life is also the only private life insurer in India to receive a National Insurer

Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating

is the highest rating, and is a clear assurance of ICICI Prudential's ability to

meet its obligations to investors at the time of maturity or claims. For the past

seven years, ICICI Prudential Life has retained its leadership position in the

life insurance industry with a wide range of flexible products that meet the

needs of the Indian investor at every step in life.


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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

(IRDA)

The Insurance Regulatory and Development Authority (IRDA)[1] is a national

agency of the Government of India, based in Hyderabad. It was formed by an

act of Indian Parliament known as IRDA Act 1999, which was amended in

2002 to incorporate some emerging requirements. Mission of IRDA as stated

in the act is "to protect the interests of the policyholders, to regulate, promote

and ensure orderly growth of the insurance industry and for matters connected

therewith or incidental thereto."

The law of India has following expectations from IRDA

1. To protect the interest of and secure fair treatment to policyholders;

2. To bring about speedy and orderly growth of the insurance industry

(including annuity and superannuation payments), for the benefit of the

common man, and to provide long term funds for accelerating growth of the

economy;

3. To set, promote, monitor and enforce high standards of integrity, financial

soundness, fair dealing and competence of those it regulates;
http://www.irda.gov.in/Defaulthome.aspx?page=H1http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Government_of_Indiahttp://www.irda.gov.in/Defaulthome.aspx?page=H1


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4. To ensure that insurance investors receive precise, clear and correct

information about products and services and make them aware of their

responsibilities and duties in this regard;

5. To ensure speedy settlement of genuine claims, to prevent insurance

frauds and other malpractices and put in place effective grievance redressal

machinery;

6. To promote fairness, transparency and orderly conduct in financial markets

dealing with insurance and build a reliable management information system to

enforce high standards of financial soundness amongst market players;

7. To take action where such standards are inadequate or ineffectively

enforced;

8. To bring about optimum amount of self-regulation in day to day working of

the industry consistent with the requirements of prudential regulation.


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Duties, Powers and Functions of IRDA

Section 14 of IRDA Act, 1999 laysdown the duties,powers and functions of

IRDA

(1) Subject to the provisions of this Act and any other law for the time being in

force, the Authority shall have the duty to regulate, promote and ensure

orderly growth of the insurance business and re-insurance business.

(2) Without prejudice to the generality of the provisions contained in sub-

section (1), the powers and functions of the Authority shall include,

(a) Issue to the applicant a certificate of registration, renew, modify, withdraw,

suspend or cancel such registration;

(b) protection of the interests of the policy holders in matters concerning

assigning of policy, nomination by policy holders, insurable interest, settlement

of insurance claim, surrender value of policy and other terms and conditions of

contracts of insurance;

(c) Specifying requisite qualifications, code of conduct and practical training

for intermediary or insurance intermediaries and agents;

(d) Specifying the code of conduct for surveyors and loss assessors;

(e) Promoting efficiency in the conduct of insurance business;


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(f) Promoting and regulating professional organizations connected with the

insurance and re-insurance business;

(g) Levying fees and other charges for carrying out the purposes of this Act;

(h) calling for information from, undertaking inspection of, conducting

enquiries and investigations including audit of the insurers, intermediaries,

insurance intermediaries and other organizations connected with the

insurance business;

(i) control and regulation of the rates, advantages, terms and conditions that

may be offered by insurers in respect of general insurance business not so

Controlled and regulated by the Tariff Advisory Committee under section 64U

of the Insurance Act, 1938 (4 of 1938);

(j) Specifying the form and manner in which books of account shall be

maintained and statement of accounts shall be rendered by insurers and other

insurance intermediaries;

(k) Regulating investment of funds by insurance companies;

(l) Regulating maintenance of margin of solvency;

(m) Adjudication of disputes between insurers and intermediaries or insurance

intermediaries;

(n) Supervising the functioning of the Tariff Advisory Committee;


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(o) Specifying the percentage of premium income of the insurer to finance

schemes for promoting and regulating professional organizations referred to in

clause (f);

(p) Specifying the percentage of life insurance business and general

insurance business to be undertaken by the insurer in the rural or social

sector; and

(q) Exercising such other powers as may be prescribed.


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COMPANY PROFILE


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COMPANY PROFILE

Kotak Group was established in 1985.Kotak Mahindra Bank is the parent company of

the group. Kotak Group entered into the life insurance business in 2001. Kotak

Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra

Bank Ltd. (76%) and Old Mutual plc. (24%) Old Mutual plc.Is a world-Class

international financial services company. It was established in South Africa before

160 years.

OLD MUTUAL is the largest financial services business in South Africa, through its

life insurance, asset management, banking and general insurance operations. The

company serves 4 million life insurance policyholders and employs over 13 000 South

Africans in its local operations.

In the USA, OLD MUTUAL is one of the top ten fixed annuity businesses offering

an array of specialist asset management skills through its 23 asset management

businesses. The companys US Life business recorded sales of $4 billion at the end

of 2002. Operations in the United Kingdom are focused on wealth management,

through Gerrard as one of the leading private client The OLD MUTUAL Group has the

ability to cater for a variety of consumer segments and offers a comprehensive and

innovative range of products for all income groups.


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MISSION:

At Kotak Life Insurance, we aim to help investors take important financial decisions

at every stage in life by offering them a wide range Of innovative life insurance

products, to make them financially independent.


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MANAGEMENT

MR. UDAY KOTAK is the CEO of the company.

Other Top Management persons are as follows:-

Mr. Gaurang Shah (Managing Director): Mr. Gaurang Shah is the Managing

Director of Kotak Mahindra Old Mutual Life Insurance Limited. Mr. Gaurang Shah

is a Chartered Accountant and a Cost and Works Accountant. He has also done

his Company Secretary ship from the Institute of Company Secretaries of India.

Mr. Gaurang Shah has been with the Kotak Group for the past eight years where

he has held different positions of great responsibility and juggled multiple tasks

effectively. His cumulative experience, primarily in financial services, stands at

over 21 years, several of those in building the retail finance business. At Kotak

Life Insurance, Mr. Shah will focus on developing new lines of businesses and

leveraging the company's existing competencies and network to steer Kotak Life

Insurance on its ongoing growth path with even greater 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


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commercial vehicles, personal loans, structured products, car loans and loans

against shares.

Mr. G Murlidhar (Chief Financial Officer): Mr. Murlidhar is a Chief Financial

Officer and Company Secretary of Kotak Life Insurance. Mr. Murlidhar is an

associate member of the Institute of Chartered Accountants of India, an

associate member of the Institute Of Company Secretaries of India, and graduate

member of the Institute of Cost & Works Accountants of India. Mr. Murlidhar

possesses over 20-year work experience and has earlier worked with National

Dairy Development Board (NDDB), MDS Switchgear Limited and Nicholas

Piramal India Limited and Ion Exchange 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.

Mr. Nandip Vaidya (Vice President - Sales): Mr. Nandip Vaidya is the Vice

President - Sales at Kotak Life Insurance. Mr. Vaidya holds a B.Tech

(Mechanical) degree from IIT Mumbai and has also completed his Post Graduate

Diploma in Business Management from IIM-Ahmedabad.

He started his career as a Management Consultant at A.F. Fergusson. After


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completing 5 years there, he moved onto various positions within the Kotak

Mahindra group starting from Car 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.

Mr. Arun Patil (Vice President - Sales & Management Development): Mr.

Eksteen de Waal is the Sales Training Head of Kotak Life Insurance. He joined

on secondment from Old Mutual South Africa for a period of two years. Eksteen

is a post- graduate in Law and practiced Law as well as lectured at South African

Universities before joining the Life Insurance Industry. He has over 23 years'

experience in the Life Insurance Industry. He worked for Sanlam Life in South

Africa for 3 years before joining Old Mutual more 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


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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.


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AREAS OF BUSINESS

Kotak Mahindra one of India's leading financial institutions was born in 1985 as Kotak

Capital Management Finance Limited. This 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.

In October 2005, Kotak Group acquired the 40% stake in Kotak Mahindra Prime

held by Ford Credit International (FCI) and FCI acquired the stake in Ford Credit

Kotak Mahindra (FCKM) held by Kotak Group.


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In March 2006, Kotak Group has agreed to buy 25% stake held by Goldman

Sachs in KMCC and KS subject to regulatory approvals.

Kotak Mahindra is one of India's leading financial institutions, 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,

employees across its various businesses servicing around one million four hund

thousand investors accounts through a distribution network of branches, franchise

representative offices and satellite offices across 216 cities and towns in India and off

in New York, London, Dubai and Mauritius.


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KOTAK IS INVOLVED IN THE FOLLOWING AREAS OF BUSINESS

Kotak Mahindra Prime Ltd.

Kotak Mahindra Prime Limited (KMPL) is a 100% subsidiary of Kotak Mahindra

Group (Kotak Group) formed to finance all passenger vehicles. The company is

dedicated to financing and supporting automotive and automotive related

manufacturers, dealers and retail customers. The Company offers car financing in the

form of loans for the entire range of passenger cars and multi utility vehicles. The

Company also offers Inventory funding to car dealers and has entered into strategic

arrangement with various car manufacturers in India for being their preferred

financier.

As on March 31, 2005, KMP has a retail distribution network comprising of 54

branches (including representative offices) covering about 100 locations in 17 states

in the country and has a wide network of Direct Marketing Associates, brokers and

agencies supporting the distribution network and servicing around 113,000

customers.

Kotak Investment Banking* (KIB) is India's premier Investment Bank. Kotak

Investment Banking (KIB) and Kotak Institutional Equities represent the securities

business of the Kotak Mahindra Group ** (KI),

Kotak Investment Bank is a full service Investment Bank bringing to its clients the

global reach and the local knowledge and skills of Kotak Mahindra. As a full service


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Investment Bank, Kotak Investment Bakings core business areas include Equity

Issuances, Mergers & Acquisitions, Advisory Services and Fixed Income Securities

and Principal Business. Its strength lies in understanding the clients' businesses

backed by a strong research team and an extensive distribution network, which spans

a wide variety of investors across the country. It is also the first Indian Investment

Bank to be registered with the Securities & Futures Authority in the UK (through our

wholly owned subsidiary) and the National Association of Securities and Dealers in

the USA.

Its 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.

Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank Limited (KMBL) is the holding company and the flagship of the

Kotak Mahindra Group. It was actually incorporated as Kotak Capital Management

Finance Limited on November 2, 1985 and obtained its Certificate of

Commencement of Business on February 11, 1986. It commenced operations with

Bill Discounting and soon started other fund-based activities like corporate leasing &

hire purchase, automobile finance and money market operations. Subsequently, it

also entered the funds syndication and the Investment banking business.


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Kotak Mahindra Asset Management Company

Kotak Mahindra Asset Management Company (KMAMC), a wholly owned subsidiary

of KMBL, is the asset manager for Kotak Mahindra Mutual Fund (KMMF). KMAMC

started operations in December 1998 and has over 1, 35,000 investors in various

schemes. KMMF offers schemes catering to investors with varying risk- return profiles

and was the first fund house in the country to launch a dedicated gilt scheme

investing only in government securities.

International Subsidiaries

Kotak Mahindra International Limited (KMIL) is the international arm of the Kotak

Mahindra Group and was incorporated in 1994 in Mauritius, with a branch in Dubai.

Today the international operations also cover the United Kingdom, through Kotak

Mahindra U.K. Limited and in the USA, through Kotak Mahindra Inc. USA. These

companies are subsidiaries of Kotak Mahindra Capital Company (KMCC) the

Investment Banking Division of the Group. Services offered include GDR and ADR

trading and broking, debt syndication, placement of Indian securities and advisory

services. Kotak Mahindra was the first Indian group to be registered with the

Securities and Futures Authority, U.K. Also, Kotak Mahindra is the first Indian group

registered in the US providing service to both Institutional investors and High Net

worth Clients in the US for their investments into Indian markets.


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Kotak Securities

Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank Ltd., is one of Indias 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, IPOs 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 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.


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PRODUCT

a) Kotak Flexi plan

Advantages:

1 Choice of 5 professionally managed funds included Gilt Fund, Floating

Rate Fund, Bond Fund, Balanced Fund, Growth Fund.

2 Add lump sum injections as and when suitable

3 Premium holiday facility

4 Riders options for enhanced protection

5 Loan facilities in case of emergencies

6 Simplified documentation and procedures

b) Kotak Retirement Income Plan

The Kotak Retirement Income Plan is a savings plan designed to meet your

post retirement needs. It is a plan that gives you jeene Ki azaadi by giving you the

choice to remain independent even after retirement.

Advantages:

1 In this plan minimum age of 18 years of old and maximum age is 60 years.


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2 You may buy an annuity either from Kotak Life Insurance.

3 You can make lump sum injections into your policy at any time before retirement.

4 For a with cover plan you have the facility of Automatic cover

Maintenance, which ensures that the cover remains in force even when you miss the

premium payments. This facility is available after the first 3 years of the term.

5 You may exercise the option of paying premium from the Supplementary

Accumulation Account, created from will be created from lump sum injections, if

the need arises.

c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover.

These policies designed to accumulate wealth and at the same time cover

your life. In simple words, issued for specific time periods during which you

pay a regular premium. If you die during policy, your beneficiaries will

receive the sum assured along with the accumulated bonus outlive the

policy tenure you will receive the sum assured along with accumulated bonus.

Advantages:


2 You can take a loan against your policy has been in force for at least three years.


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3 You have the option of paying premiums quarterly, half yearly or yearly.

4 You have the benefit of a 15-day free look period.

d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such

a way that it allows your money to multiply, and gives you the flexibility of

using this money the way you need it, in regular and irregular withdrawals. This is an

endowment plan, which is very flexible and has a lot of in-built benefits.

Advantages:


2 At the start of your withdrawals period, you can draw the full proceeds or

you can draw up to 50% of your basic sum assured or accumulation account,

whichever is higher.

3 In addition to the regular premiums, you can make lum sum injection into

your plan during the premium paying period. A Supplementary

Accumulation Account will be created.

4 You have the facility of Automatic Cover Maintenance, which ensures that the policy

remains in force even when you miss the premium payments. This facility is available

after the first 3 years of the term.


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e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet

your child s future needs. It is a plan that gives your child the azaadi to

realize his/her dreams. This is an endowment plan where the life insured is the child.

This is a participating plan.

Advantages:


2 You may take a loan against this plan, after the policy has been in force for at least

three years.

3 You have the option of paying premiums quarterly, half yearly or yearly.

4 You have the benefit of a 15-day free look period.


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OBJECTIVE OF STUDIES


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OBJECTIVE OF THE STUDY

To study all factors which the investor consider for Investment.

To know expectation of investors from KOTAK Life Insurance.

To know whether the investors are satisfied by product/service of Kotak Life

Insurance.


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ASSUMPTION


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ASSUMPTION

Investor opinion towards KOTAK Life Insurance Policies in Moradabad is positive.


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RESEARCH METHODOLOGY


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RESEARCH METHODOLOGY

Introduction of the problem: To Study investors opinion on Kotak life insurance

policies, Moradabad.

Research design: Research design is simply the framework or plan for a study. For

the study i.e for conducting the research I selected the Descriptive research design.

Descriptive research design: Descriptive research is also called Statistical

Research. The main goal of this type of research is to describe the data and

characteristics about what is being studied. The idea behind this type of research is to

study frequencies, averages, and other statistical calculations. Although this research

is highly accurate, it does not gather the causes behind a situation. Descriptive

research is mainly done when a researcher wants to gain a better understanding of a

topic. that is, analysis of the past as opposed to the future.

Descriptive research is the exploration of the existing certain phenomena. The details

of the facts wont be known. The existing phenomenas facts are not known to the

persons.


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Sampling design:

I. Population:

Investors of Moradabad

II. Sampling unit:

The sampling unit is invertors of kotak life insurance.

III. Sample size:

The sample size of the report is 50 investors.

IV. Sampling method:

For the study: In this report non probability convenience sampling is used to

conduct a research.


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Data collection method:

I. Primary data:.

For the study: Questionnaire method is used for collecting the data while conducting

the research.

II. Secondary data:

For the study: Internet is used for collecting secondary data while conducting the

research.

Data sources- Primary, Secondary.

Data approaches- Questionnaire.

Sampling unit- investors of kotak life insurance.

Sample size- 50 investors.

Sample procedure-Non Probability Convenience sampling.


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DATA INTERPRETATION

AND ANALYSIS


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Q.: Your Name?

Ans..

Q:. Your age?

(a) 18-24 (b) 24-35 (c) 35-45

(d) 45-55 (e) Above 55

Classes (Age) No. of Respondents

18-24 06

24-35 19

35-45 16

45-55 08

Above 55 01

Total 50

Analysis:- The diagram consist five classes of different age groups. Here 06

respondents belongs to 18-24 age group, 19 fall in the age group 24-35. other 16

respondents are in the class 35-45 years, the age group of 45-55 consist 08

respondents, remaining 01 respondent is in age group Above 55. Here majority of

investors belong to the age group 24-35 years.

0

10

20

30

40

50

60

18-24 24-25 35-45 45-55 Above 55


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Q:. Your occupation?

(a) Business

(b) Employee

(c) Other

Classes (Occupation) No. of Respondents

Business 18

Employee 11

Others 21

Total 50

Analysis:- This diagram consist three classes of different occupation. Here 18

respondents are businessman, 11 respondents are employee and remaining 21

respondents are in other occupation.

0

10

20

30

40

50

60

Business Employee Other


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Q:. Do you think is it essential to have Life Insurance?

(a) Yes

(b) No

No. of Respondents

YES 45

NO 05

Total 50

OBSERVATIONS

Analysis:-According to the given diagram 45 respondents reported YES and 05

reported NO.

0

10

20

30

40

50

60

Yes No


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Q:. Which are the companies you invested your money for Life Insurance?

(a) Kotak Life Insurance (b) L.I.C. (c) Max New York

(d) L.I. Tata AIG (e) Bajaj Allianz (f) HDFC L.I

(g) ICICI Prudential L. I. (h) S.B.I.

Companies No. of Respondents

Kotak L.I. 13

L.I.C. 11

Max New York L.I. 06

Tata AIG 04

Bajaj Allianz 02

HDFC L.I. 05ICICI Prudential L.I. 07

S.B.I. 02

Total 50

Analysis:- From the above figure we come to know that investor are also

investing money in other insurance companies. The major player in insurance is

LIC holding 11 respondents of total sample. The second major player ICICI is

holding 07. M.N.L.I. is having 06, HDFC is holding 05. Bajaj & SBI are having

equal share of 02 respondents.

0

10

20

30

40

50

60


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Q:. Why did you choose Kotak Life Insurance?

(a) Tax Benefit

(b) Security /safety

(c) Low Premium

No. of Respondents

Tax Benefits 18

Security/Safety 23

Low Premium 09

Total 50

Analysis:- The diagram shows 18 of respondents choose because of tax

benefits, 23 because of security/safety, and 09 because of low premium

respectively.

0

10

20

30

40

50

60

Tax BeneFits Security/Safety Low Premium


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Q:. In which of the following plane you have invested?

(a) Kotak Flexi plan (b) Kotak retirement Plan

(c) Kotak Endowment Plan (d) Kotak Capital Multiplier Plan

(e) Kotak Child Advantage Plan

No. of Respondents

Kotak Flexi Plan 18

Kotak Retirement Plan 13

Kotak Endowment Plan 08

Kotak Multiplier Plan 04

Kotak Child Advantage Plan 07

Total 50

Note:- Some of investors are having more than one plan total survey investorsare 50.

Analysis:- From the 50 respondents maximum 18 respondents having Kotak

Flexi Plan, where 13 having Kotak Retirement Plan and remaining respondents

are having Endowment, Multipiler and Child advantage Plan.

0

10

20

30

40

50

60

K. Flexi Plan K. Retirment

Plan

K. Endowment

Plan

K. Multiplier

Plan

K. Child

Advantage Plan


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Q:. What kind of services you expect from your insurance provides?

(a) Time to time premium collection

(b) Bonus & other schemes

No. of Respondents

Time to Premium collection 17

Bonus & Other Schemes 33

Total 50

Analysis:- Out of 50 respondents 17 respondents wants time to time premium

collection from his insurance provider and 33 respondents wants bonus and

other schemes.

0

10

20

30

40

50

60

T-T Premium Collection Bonus & Other Schemes


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Q:. How will you rate the services given by Kotak Mahindra Life

Insurance?

(a) Poor

(b) Average

(c) Good

(d) Excellent

No. of Respondents

Poor 01

Average 15

Good 28

Excellent 09

Total 50

Analysis:- Out of 50 respondents 01 have ratted Kotak Life Insurance services

as poor and 15 ratted as average, 28 ratted as good and remaining 09

respondents rated as excellent.

0

10

20

30

40

50

60

Poor Average Good Excellent


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Q:. What difference you find between Kotak & your previous Insurance

provider?

(a) Good Returns (b) Effective Service

(c) Tax Planning (d) Security / Safety

(e) Capital Protection

No. of Respondents

Good Returns 16

Effective Service 12

Tax Planning 28

Security/Safety 14

Capital Protection 08

Total 50

Analysis:- Out of 50 respondents 16 respondents have ratted as Good Return,

12 have ratted as Effective Service, 28 have ratted as Tax Planning, 14 have

ratted as Security/Safety and remaining 08 respondents rated as Capital

Protection.

0

10

20

30

40

50

60

Good Returns Effective

Service

Tax Planning Security/Safety Capital

Protection


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Q:. Do have any suggestion for Kotak Mahindra Life Insurance? If yes,

please specify.

(a) Yes

(b) No

No. of Respondents

YES 39

NO 11

Total 50

Analysis:-According to the given diagram 39 respondents reported YES and

11 reported NO.

0

10

20

30

40

50

60

Yes No


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Q:. In future, will you purchase policies from Kotak Mahindra Life

Insurance?

(a)Yes

(b)No

No. of Respondents

YES 32

NO 18

Total 50

Analysis:-According to the given diagram 32 respondents reported YES and

18 reported NO.

0

10

20

30

40

50

60

Yes No


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FINDINGS


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FINDINGS

Majority of the investors belonged to age group of 25-35 years that is 19

investors.

45 investors think Life Insurance is essential for them.

50 respondents are investing in life insurance companies like Kotak Life

Insurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and SBI.

23 Respondents of the total respondents invest in Kotak Life Insurance for

getting security/safety.

Most of respondent s preferred Kotak Flexi Plan.

33 Respondents of the total respondents expect bonus and other schemes from

Kotak Life Insurance.

28 respondents of the total respondents satisfied with services given by

Kotak Life Insurance.

As per 28 of respondents Kotak Life Insurance providers good tax benefits to

the Investors.


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RECOMMENDATIONS


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RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group 18-24

years here potential of investors are there.(Example. Software professional, BPO

employees, and professionals) Flexi plan can be sold by concentrating on age

group 35-45 years. (Example, Government employees, executives and businessman)

2) As major respondents think to have life insurance policy is very essential there

is lot of scope for insurance company.

3) Kotak Life Insurance should try to build trust among the public by making people

aware of their investment is safe, high return on investment, Tax Benefits.

4) As more respondents are investing in Kotak Life Insurance for getting high return

on investment the company should try to provide attractive returns on investments in

future.

5) Kotak Life Insurance should introduce attractive policies & also attractive bonus on

policies to attractive more potential investors.

6) Approx 36% of respondents differ with their previous insurance provider, they

field that Kotak Life Insurance providing good tax benefit for their investment so

Kotak Life Insurance if possible try to provided more tax benefit investor.

7) 64% respondents are willing to purchases Kotak Life Insurance policies in

future this benefit Kotak Life Insurance as mort potential investor in future.


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LIMITATIONS


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LIMITATION

Some of the difficulties and limitations faced by me during my training are as

follows:

Lack of awareness among the people This is the biggest limitation found in

this sector. Most of the people are not aware about the importance and the

necessity of the insurance in their life. They are not aware how useful life

insurance can be for their family members if something happens to them.

Perception of the people towards Insurance sector People still consider

insurance just as a Tax saving device. So today also there is always a rush to

buy an Insurance Policy only at the end of the financial year like January,

February and March making the other 9 months dry for this business.

Insurance does not give good returns Still today people think that

Insurance does not give good returns. They are not aware of the modern Unit

Linked Insurance Plans which are offered by most of the Private sector players.

They are still under the perception that if they take Insurance they will get only

5-6% returns which is not true nowadays. Nowadays most of the modern Unit

Linked Insurance Plans gives returns which are many times more than that of

bank Fixed deposits, National saving certificate, Post office deposits and Public

provident fund.


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Lack of awareness about the earning opportunity in the Insurance sector

People still today are not aware about the earning opportunity that the

Insurance sector gives. After the privatization of the insurance sector many

private giants have entered the insurance sector. These private companies in

order to beat the competition and to increase their Insurance Advisors to

increase their reach to the investors are giving very high commission rates but

people are not aware of that.

Increased competition Today the competition in the Insurance sector has

became very stiff. Currently there are 14 Life Insurance companies working in

India including the LIC (life insurance Corporation of India). Today each and

every 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.


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CONCLUSION


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CONCLUSION

After conducting market research for Kotak Life Insurance Company we came to

know different needs of investors, their valuable suggestions, responses to the

different questions. With this information we can conclude that there is good market

awareness about Kotak Life Insurance Company in the market.

Investor satisfaction level of most respondents is higher for Kotak Life

Insurance Company, which is provided by survey. Higher satisfaction level of Kotak

life insurance company was monthly due to Kotak provides good tax benefit for the

investors also ROI, security etc.

Kotak Flex s plan is the best-sold plan in market by Kotak Life Insurance. This

conveys that the investors are switching to retirement plan.


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BIBLIOGRAPHY


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BIBLIOGRAPHY

REFERENCES BOOKS

DD Sharma Marketting research.

Philip Kotler Marketting research.

MAGAZINE

Business & Economy Magazine

COMPUTER WEBSITE

www.kotaklifeinsurance.com

www.google .com

www.IRDA.com

www.licindia.com

www.hdfcinsurance.com

www.businessindiaonline.com

www.maxnewyorklife.com

www.brandonline.com

www.iciciprulife.com
http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.irda.com/http://www.licindia.com/http://www.hdfcinsurance.com/http://www.businessindiaonline.com/http://www.maxnewyorklife.com/http://www.brandonline.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.brandonline.com/http://www.maxnewyorklife.com/http://www.businessindiaonline.com/http://www.hdfcinsurance.com/http://www.licindia.com/http://www.irda.com/http://www.kotaklifeinsurance.com/


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ANNEXURE


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QUESTIONNAIRE

Q.: Your Name?

Ans..

Q:. Your age?

(a) 18-24 (b) 24-35 (c) 35-45

(d) 45-55 (e) Above 55

Q:. Your occupation?

(a) Business

(b) Employee

(c) Other

Q:. Do you think is it essential to have Life Insurance?

(a) Yes

(b) No

Q:. Which are the companies you invested your money for Life Insurance?

(a) Kotak Life Insurance (b) L.I.C. (c) Max New York

(d) L.I. Tata AIG (e) Bajaj Allianz (f) HDFC L.I (f) S.B.I.

(g) ICICI Prudential L. I.


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Q:. Why did you choose Kotak Life Insurance?

(a) Tax Benefit

(b) Security /safety

(c) Low Premium

Q:. In which of the following plane you have invested?

(a) Kotak Flexi plan

(b) Kotak retirement Plan

(c) Kotak Endowment Plan

(d) Kotak Capital Multiplier Plan

(e) Kotak Child Advantage Plan

Q:. What kind of services you expect from your insurance provides?

(a) Time to time premium collection

(b) Bonus & other schemes

Q:. How will you rate the services given by Kotak Mahindra Life

Insurance?

(a) Poor

(b) Average

(c) Good

(d) Excellen


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Q:. What difference you find between Kotak & your previous Insurance

provider?

(a) Good Returns

(b) Effective Service

(c) Tax Planning

(d) Security / Safety

(e) Capital Protection

Q:. Do have any suggestion for Kotak Mahindra Life Insurance? If yes,

please specify.

(a) Yes

(b) No

Q:. In future, will you purchase policies from Kotak Mahindra Life

Insurance?

(a) Yes

(b) No


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THE END

Documents

Investor Opnion on Kotak Life Insurance Policies