Kotak Life Insurance Project

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1

A

REPORT

On

“Potential of Life insurance Industry in Surat Market”

By

Chirag Patel

Under the Guidance of

COMPANY GUIDE FACULTY GUIDE

……………….




2

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3

CERTIFICATE

This is to certify that the Summer Internship Project titled “Potential of Life Insurance Industry in Surat market” a bona fide

work of …………, is original and has been done under my

supervision in partial fulfillment of the requirement for the award

of M.B.A for the period of 4 months ……... This report neither

full nor in part has ever before been submitted for awarding of

any degree of either this university or any other university. I am pleased to stay that his performance during the period was

extremely satisfactory.

Faculty Guide




4

DECLARAION

I hereby declare that this work entitled “Potential of Life

Insurance Industry in Surat Market” is my work carried out

under the guidance of my faculty guide Mr. …… and my company

guide …….. This report neither full nor in past has ever been

submitted for award of any other degree of either this University or

any other University.

Chirag Patel




5

TABLE OF CONTENTSContents Page No.

Acknowledgements 5List of Tables 6List of Illustrations/Diagrams 7Executive Summary 9Chapter 1: introduction 10 Objective 15 Limitation 17 Research Mythology 19 Data Collection 22

Chapter 2: Life Insurance Industry 23 Industry profile 24 important milestones in the life insurance business 29 Insurance sector reforms 31 IRDA 32

Chapter 3: Contribution of Life Insurance Industry 36 Contribution of Life Insurance in the Economy 36 Flow of Insurance Industry in India 37 Structure of life Insurance Industry 40 Life Insurance industry 41 Aggregation of Long Term Savings 42 Spread of financial services in rural Areas 43 Long term funds for infrastructure Development of Capital

Markets/Economic Growth44

Employment generation 45 Special Features 46 Growth Potential 47 Phase of transition 47

Chapter 4:Company Profile 49 Management 51 Area of Business 56 KMOM progress till date 65 KMOM-the partnership and Lineage 66 Products 69 Hierarchy of KMOM of Surat branch 71

Chapter 5: Survey 72 Data interpretation , editing and coding 73

Graph analysis 73Chapter 6: Finding and Suggestion 83Chapter 7: Conclusion 84Chapter 8: References 85Chapter 9: Annexure 86




6

List of Tables

Name of Tables Page no

• Potential of Life Insurance sector 38• Market share of LIC and all private

player

38

• Individual Market share of Insurance company

39

• Total asset of Life Insurance

companies

41

• Total premium generated 41

• The future premium incomeGenerated will be

41

• Untimely death benefit to policyholder in the past

44

• Age vise classification 73

• Gender wise classification 74

• Income wise classification 75

• No of member having insurance 76

• How many person having insurancein family

77

• Different policy bought by

customers

78

• Fully insured and under insured persons

79

• Market share of different lifeinsurance policy

80




7

List of Illustrations/Diagrams

Name of Illustrations/Diagrams Page

No• Kotak : Area of Business 57

• Age vise classification 73

• Gender wise classification 74

• Income wise classification 75

• No of member having insurance 76• How many person having insurance in

family

77

• Different policy bought by customers 78

• Fully insured and under insured persons 79

• Market share of different life insurance 80




8

Chapter 1:

Introduction




9

Executive Summary

The service industry is one of the fastest growing sectors in India

today. The upcoming sectors which are really showing the graph

towards upwards are - Telecom, Banking, and Insurance. These

sectors really have a lot of responsibility towards the economy.

Amongst the above-mentioned areas insurance is one sector, which

took a lot of time in positioning itself. The insurance business of

non-life companies was not much in problems but the major

problem was with life insurance. Life Insurance Corporation of

India had monopoly for more than 45 years, but the picture then

was completely different. Previously people felt that “Insurance is

only for classes not for masses” but now the picture is vice-versa.

The story of insurance is probably as old as the story of mankind.

The same instinct that prompts modern businessmen today to

secure themselves against loss and disaster existed in primitive

men also. They too sought to avert the evil consequences of fire

and flood and loss of life and were willing to make some sort of

sacrifice in order to achieve security. Though the concept of

insurance is largely a development of the recent past, particularly




10

after the industrial era – past few centuries – yet its beginnings date

back almost 6000 years.

Life Insurance in its modern form came to India from England in

the year 1818. Oriental Life Insurance Company started by

Europeans in Calcutta was the first life insurance company on

Indian Soil. All the insurance companies established during that

period were brought up with the purpose of looking after the needs

of European community and these companies were not insuring

Indian natives. However, later with the efforts of eminent peoplelike Babu Muttylal Seal, the foreign life insurance companies

started insuring Indian lives. But Indian lives were being treated as

sub-standard lives and heavy extra premiums were being charged

on them. Bombay Mutual Life Assurance Society heralded the

birth of first Indian life insurance company in the year 1870, and

covered Indian lives at normal rates. Starting as Indian enterprise

with highly patriotic motives, insurance companies came into

existence to carry the message of insurance and social security

through insurance to various sectors of society. Bharat Insurance

Company (1896) was also one of such companies inspired by

nationalism. The Swadeshi movement of 1905-1907 gave rise tomore insurance companies. The United India in Madras, National

Indian and National Insurance in Calcutta and the Co-operative

Assurance at Lahore were established in 1906. In 1907, Hindustan




11

Co-operative Insurance Company took its birth in one of the rooms

of the Jorasanko, house of the great poet Rabindranath Tagore, in

Calcutta. The Indian Mercantile, General Assurance and Swadeshi

Life (later Bombay Life) were some of the companies established

during the same period. Prior to 1912 India had no legislation to

regulate insurance business. In the year 1912, the Life Insurance

Companies Act, and the Provident Fund Act were passed. The Life

Insurance Companies Act 1912 made it necessary that the

premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between

foreign and Indian companies on many accounts, putting the Indian

companies at a disadvantage.

The formation of IRDA, entrance of private life insurance

companies into India with one foreign partner, compulsory training

of Insurance agents etc. developments started to take place. And

this was the time when these companies started searching for

proper channel partners who can help the organization in

expanding its network and business in India.

Channel partners are those who are going to be into direct selling

of company’s products i.e. the insurance policies. They are the link




12

between the customers and the management or company. These

channel partners are people with different profiles. They are

selected on some grounds like their network of people, their

problem handling ability, convincing power and lot many things.

The main idea behind company’s Questionnaire Survey is to find

out and analyze the proper profile that can be recruited by

company as a channel partner. Company has been focusing on

some of the profile that can be very beneficial for the company.For example Chartered Accountants, Tax Consultants, Postal

agents, Bank’s Daily Collection Agents etc. the main idea behind

targeting the above profile is strong client network which is really

very important for an insurance company.

The project title is “Potential of Life Insurance

Industry in Surat Market”. This shows the scope for private

insurance companies have great opportunities to cover the market

and can insure the customer. With the initiation of the deregulation

in the Indian insurance market, the monopoly of big public sector

companies in life insurance market has been broken. New private players have entered the market and with their innovative

approaches and better use of distribution channels and technology,

they are eating in to the shares of established public sector




13

companies in Indian Insurance Market. Since the deregulation has

been put in to place, the market share of LIC has come down to

71.4% in life insurance market while the private players have

captured around 17% market in the general insurance segment.

This report includes the key private players in the insurance market

such as ICICI Prudential, Kotak Life Insurance Bajaj Allianz, Birla

Sun life, and TATA AIG. It also includes the leading competitors

in the life insurance and general insurance segments along with

their market shares.




14

Chapter 2

Objective

Limitation

Methodology

Data collection




15

1. Objective:

The main of the present study of is accomplish the following

objective.

Proper understanding and analysis of life insurance

industry.

To know about brand awareness of Kotak Life

Insurance and customer’s preference about Kotak Life

Insurance.

Conduct market survey on a sample selected from the

entire population and derived opinion on that research.

According the market survey come know about how

much potential of insurance market in our city.

And base on analysis of the result thus obtained make a

report on that research.

Training aims at recruiting maximum number of Life

Advisors and to Sell the maximum policies for the

company and bring the business for the company which

ever is going at the particular point of time.

Along with it I will be gaining the thorough knowledge

of insurance sector. This will give me in more

confidence in marketing products given to me.




16

As the Kotak Life Insurance well reputed company in

India it’s great chance for me to observed different

products launch by other competitor companies like

ICICI prudential, Bajaj alliance ,LIC, Max New York

life etc. In all, it is to understand the overall working of

the Life insurance sector.

The objective behind the project is as follows:

To find the right candidate.

To about their family background, occupation, social

relation, Qualification, Age.

Finalize candidates for the IRDA training




17

5: 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 peoplethink 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%




18

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.

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 customers 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.




19

RESEARCH METODOLOGYResearch always starts with a question or a problem. Its purpose is

to question through the application of the scientific method. It is a

systematic and intensive study directed towards a more complete

knowledge of the subject studied. Marketing research is the

function which links the consumer, customer and public to the

marketer through information- information used to identify and

define marketing opportunities and problems generate, refine, and

evaluate marketing actions, monitor marketing actions, monitor

marketing performance and improve understanding of market as a

process.

Marketing research specifies the information required to address

these issues, designs, and the method for collecting information,

manage and implemented the data collection process, analyses the

results and communicate the findings and their implication.

I have prepared our project as descriptive type, as the objective of

the study demands the answers of the question related to find the




20

potentiality of life insurance in Surat: How much potential is there

in Surat?

The Marketing Research Process

As marketing research is a systemic and formalized process, it

follows a certain sequence of research action. The marketing

process has the following steps:

Formulating the problems

Developing objectives of the research

Designing an effective research plan

Data collection techniques

Evaluating the data and preparing a research report

There are two types of data collection method use in my project

report.

– Primary data

– Secondary data.

For my project, I decided on primary data collection method for

observing working of company and approaching customersdirectly in the field, tele-calling, cold calling, campaigning and

through references to know their interest in business with company




21

in my project and also make questionnaire for creating database of

business class people is Surat city for company.

I decided on Secondary data collection method was used by

referring to various websites, books, magazines, journals and daily

newspapers for collecting information regarding project under

study.




22

DATA COLLECTION

After the research methodology, research problem in

marketing has been identified and selected; the next step is

together the requisite data. There are two types of data collection

method – primary data and secondary data.

In our live project, we decided primary data collection

method because our study nature does not permit to apply

observational method. In survey approach we had selected a

questionnaire method for taking a customer view because it is

feasible from the point of view of our subject & survey purpose.

We conducted 200 sample of survey in our project.




23

Chapter: 3

Industry profile:

important milestones in the life insurance

business

Insurance sector reforms

The Insurance Regulatory and

Development Authority (IRDA)




24

Brief History of the Insurance Sector in

India

The business of life insurance in India in its existing form started

in India in the year 1818 with the establishment of the Oriental

Life Insurance Company in Calcutta.

The story of insurance is probably as old as the story of mankind.

The same instinct that prompts modern businessmen today to

secure themselves against loss and disaster existed in primitive

men also. They too sought to avert the evil consequences of fire

and flood and loss of life and were willing to make some sort of

sacrifice in order to achieve security. Though the concept of

insurance is largely a development of the recent past, particularly

after the industrial era – past few centuries – yet its beginnings date

back almost 6000 years.

Life Insurance in its modern form came to India from England in

the year 1818. Oriental Life Insurance Company started by

Europeans in Calcutta was the first life insurance company on

Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs

of European community and these companies were not insuring

Indian natives. However, later with the efforts of eminent people




25

like Babu Muttylal Seal, the foreign life insurance companies

started insuring Indian lives. But Indian lives were being treated as

sub-standard lives and heavy extra premiums were being charged

on them. Bombay Mutual Life Assurance Society heralded the

birth of first Indian life insurance company in the year 1870, and

covered Indian lives at normal rates. Starting as Indian enterprise

with highly patriotic motives, insurance companies came into

existence to carry the message of insurance and social security

through insurance to various sectors of society. Bharat InsuranceCompany (1896) was also one of such companies inspired by

nationalism. The Swadeshi movement of 1905-1907 gave rise to

more insurance companies. The United India in Madras, National

Indian and National Insurance in Calcutta and the Co-operative

Assurance at Lahore were established in 1906. In 1907, Hindustan

Co-operative Insurance Company took its birth in one of the rooms

of the Jorasanko, house of the great poet Rabindranath Tagore, in

Calcutta. The Indian Mercantile, General Assurance and Swadeshi

Life (later Bombay Life) were some of the companies established

during the same period. Prior to 1912 India had no legislation to

regulate insurance business. In the year 1912, the Life InsuranceCompanies Act, and the Provident Fund Act were passed. The Life

Insurance Companies Act 1912 made it necessary that the

premium rate tables and periodical valuations of companies should




26

be certified by an actuary. But the Act discriminated between

foreign and Indian companies on many accounts, putting the Indian

companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in

insurance business. From 44 companies with total business-in-

force as Rs.22.44 crore, it rose to 176 companies with total

business-in-force as Rs.298 crore in 1938. During the

mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance

Act 1938 was the first legislation governing not only life insurance

but also non-life insurance to provide strict state control over

insurance business. The demand for nationalization of life

insurance industry was made repeatedly in the past but it gathered

momentum in 1944 when a bill to amend the Life Insurance Act

1938 was introduced in the Legislative Assembly. However, it was

much later on the 19th of January 1956 that life insurance in India

was nationalized. About 154 Indian insurance companies, 16 non-

Indian companies and 75 provident were operating in India at the

time of nationalization. Nationalization was accomplished in twostages; initially the management of the companies was taken over

by means of an Ordinance, and later, the ownership too by means

of a comprehensive bill. The Parliament of India passed the Life




27

Insurance Corporation Act on the 19th of June 1956, and the Life

Insurance Corporation of India was created on 1st September,

1956, with the objective of spreading life insurance much more

widely and in particular to the rural areas with a view to reach all

insurable persons in the country, providing them adequate financial

cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch

offices, apart from its corporate office in the year 1956. Since life

insurance contracts are long-term contracts and during the currencyof the policy it requires a variety of services need was felt in the

later years to expand the operations and place a branch office at

each district headquarter. Re-organization of LIC took place and

large numbers of new branch offices were opened. As a result of

re-organization servicing functions were transferred to the

branches, and branches were made accounting units. It worked

wonders with the performance of the corporation. It may be seen

that from about 200.00 Crores of New Business in 1957 the

corporation crossed 1000.00 Crores only in the year 1969-70, and

it took another 10 years for LIC to cross 2000.00 crore mark of

new business. But with re-organization happening in the earlyeighties, by 1985-86 LIC had already crossed 7000.00 crore Sum

Assured on new policies.




28

Today LIC functions with 2048 fully computerized branch offices,

100 divisional offices, 7 zonal offices and the corporate office.

LIC’s Wide Area Network covers 100 divisional offices and

connects all the branches through a Metro Area Network. LIC has

tied up with some Banks and Service providers to offer on-line

premium collection facility in selected cities. LIC’s ECS and ATM

premium payment facility is an addition to customer convenience.

Apart from on-line Kiosks and IVRS, Info Centers have been

commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,Hyderabad, Kolkata, New Delhi, Pune and many other cities. With

a vision of providing easy access to its policyholders, LIC has

launched its SATELLITE SAMPARK offices. The satellite offices

are smaller, leaner and closer to the customer. The digitalized

records of the satellite offices will facilitate anywhere servicing

and many other conveniences in the future.

From then to now, LIC has crossed many milestones and has set

unprecedented performance records in various aspects of life

insurance business. The same motives which inspired our

forefathers to bring insurance into existence in this country inspireus at LIC to take this message of protection to light the lamps of

security in as many homes as possible and to help the people in

providing security to their families.




29

Some of the important milestones in the life

insurance business in India are:

1850Non life insurance debuts with triton insurance company.

1870 Bombay mutual life assurance society is the first Indian

owned life insurer

1912 The Indian Life Assurance Companies Act enacted as the

first statute to regulate the life insurance business.

1928 The Indian Insurance Companies Act enacted to enable

the government to collect statistical information about both life and

non-life insurance businesses.

1938 Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of the

insuring public.

1956 245 Indian and foreign insurers and provident societies taken

over by the central government and nationalized. LIC formed by

an Act of Parliament, viz. LIC Act, 1956, with a capital

contribution of Rs. 5 Crore from the Government of India.




30

The General insurance business in India, on the other hand, can

trace its roots to the Triton Insurance Company Ltd., the first

general insurance company established in the year 1850 in Calcutta

by the British. Some of the important milestones in the general

insurance business in India are:

1907 The Indian Mercantile Insurance Ltd. set up, the first

company to transact all classes of general insurance business.

1957 General Insurance Council, a wing of the Insurance

Association of India, frames a code of conduct for ensuring fair

conduct and sound business practices.

1968 The Insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory Committee set

up.

1972 The General Insurance Business (Nationalization) Act,1972 nationalized the general insurance business in India with

effect from 1st January 1973. 107 insurers amalgamated and

grouped into four companies’ viz. the National Insurance

Company Ltd., the New India Assurance Company Ltd., the

Oriental Insurance Company Ltd. and the United India Insurance

Company Ltd. GIC incorporated as a company.

Insurance sector reforms




31

In 1993, Malhotra Committee, headed by former Finance Secretary

and RBI Governor R. N. Malhotra, was formed to evaluate theIndian insurance industry and recommend its future direction.

The Malhotra committee was set up with the objective of

complementing the reforms initiated in the financial sector. The

reforms were aimed at “creating a more efficient and competitive

financial system suitable for the requirements of the economy

keeping in mind the structural changes currently underway and

recognizing that insurance is an important part of the overall

financial system where it was necessary to address the need for

similar reforms…” In 1994, the committee submitted the report

and some of the key recommendations included.

1997 Insurance regulator IRDA set up

2000 IRDA starts giving licenses to private insurers: Kotak

Life Insurance ICICI prudential and HDFC Standard Life

insurance first private insurers to sell a policy

2001 Royal Sundaram Alliance first non life insurer to sell

a policy 2002 Banks allowed to sell insurance plans.




32

The Insurance Regulatory and Development

Authority (IRDA)

The Insurance Act, 1938 had provided for setting up of the

Controller of Insurance to act as a strong and powerful supervisory

and regulatory authority for insurance. Post nationalization, the

role of Controller of Insurance diminished considerably in

significance since the Government owned the insurance

companies.

But the scenario changed with the private and foreign companies

foraying in to the insurance sector. This necessitated the need for a

strong, independent and autonomous Insurance Regulatory

Authority was felt. As the enacting of legislation would have takentime, the then Government constituted through a Government

resolution an Interim Insurance Regulatory Authority pending the

enactment of a comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is

an act to provide for the establishment of an Authority to protect

the interests of holders of insurance policies, to regulate, promote

and ensure orderly growth of the insurance industry and for matters

connected therewith or incidental thereto and further to amend the




33

Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and

the General insurance Business (Nationalization) Act, 1972 to end

the monopoly of the Life Insurance Corporation of India (for life

insurance business) and General Insurance Corporation and its

subsidiaries (for general insurance business).

The act extends to the whole of India and will come into force on

such date as the Central Government may, by notification in the

Official Gazette specify. Different dates may be appointed for different provisions of this Act.

The Act has defined certain terms; some of the most important

ones are as follows

appointed day means the date on which the Authority is established

under the act. Authority means the established under this Act.

Interim Insurance Regulatory Authority means the Insurance

Regulatory Authority set up by the Central Government through

Resolution No. 17(2)/ 94-lns-V dated the 23rd January, 1996.

Words and expressions used and not defined in this Act but

defined in the Insurance Act, 1938 or the Life Insurance

Corporation Act, 1956 or the General Insurance Business




34

(Nationalization) Act, 1972 shall have the meanings respectively

assigned to them in those Acts

A new definition of "Indian Insurance Company" has been

inserted. "Indian insurance company" means any insurer being a

company (a) which is formed and registered under the Companies

Act, 1956

(b) in which the aggregate holdings of equity shares by a foreign

company, either by itself or through its subsidiary companies or itsnominees, do not exceed twenty-six per cent. Paid up capital in

such Indian insurance company (c) whose sole purpose is to carry

on life insurance business, general insurance business or re-

insurance business.




35

Chapter: 4

Contribution of Life Insurance

Sector in the Economy

FLOW OF Insurance Industry in

India

STRUCTURE OF INSURANCE

INDUSTRY: Snap Shot Industry

Aggregation of Long Term

Savings

Spread of financial services in rural

Areas

Long term funds for infrastructure Development of Capital Markets/

Economic Growth

Employment generation

Special Futures

Growth Potential

Phase of transition




36

FLOW OF Insurance Industry inIndia

• Structure of Insurance Industry: Snap Shot

• Contribution to Indian Economy

• Special Features

STRUCTURE OF INSURANCEINDUSTRY: Snap Shot

Historical Perspective(i) Prior to 1956 242 companies operating(ii) 1956 - 2001 Nationalization – LIC monopoly player – Government control

(iii) 2001 -- Opened up sector

IndustrySnap Shot - Contd.




37

• (a) LIC – Fully owned by Government

(b) Postal Life Insurance

• (ii) Private players -1. Bajaj Allianz Life Insurance Co. Ltd.2. Birla Sun Life Insurance Co. Ltd. (BSLI)

3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD LIFE)4. ICICI Prudential Life Insurance Co. Ltd. (ICICI

PRU)5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA)6. Max New York Life Insurance Co. Ltd. (MNYL)

7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE)8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.9. SBI Life Insurance Co. Ltd. (SBI LIFE)

10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)11. Reliance Life Insurance12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA)13. Sahara India Life Insurance Co. Ltd. (SAHARA

LIFE)

14. Shriram Sunlam• (iii) Other likely players – PNB Life Insurance,Axa Bharti Enterprises

Potential of the Insurance sector:




38

Source: Financial Express-Delhi.

Market share:

2001-02 2002-03 2003-04 2004-05 2005-06

LIC98% 94% 87% 78% 72%

PrivatePlayers 2% 6% 13% 22% 28%

Industry growth rate at 36% (2004-05) with premium income From new business. Source: Financial Express-Delhi

Market Share

Total population 1.1 billion

Total population of Insurable class

253 millions

Total populationinsured

88.5 millions




39

Company Indian

Promoter/

Partner

Foreign

Insurance

Market

share

based on

premium

Aviva life Dabur Aviva, UK 1.12Bajaj

AllianzBajaj Auto Allianz,

Germany6.12

Birla sunlife

AdityaBirlagroup

Sun Life,Canada

1.84

HDFCStandard

HDFC Standard Life, UK

2.96

ICICIPrudential

ICICIBank

Prudential,UK

7.11

INGVysya

VysyaBank

INGInsurance,

Netherlands

0.63

Kotak Mahindra,

Old

Mutual

Kotak Mahindra

Bank

Old MutualSouthAfrica

0.71

Max NewYork

Max India New York Life, US

1.32

MetLife Jammu &Kashmir

Bank

MetLife,US

0.40

SaharaLife

Insurance

SaharaIndia

None 0.80

SBI Life SBI Cardiff,France

1.52

Tata AIG TataGroup

AIG, US 1.78




40

CONTRIBUTION TO INDIANECONOMY

(i) Life Insurance is the only sector which garnerslong term savings

(ii) Spread of financial services in rural areas and

amongst socially less privileged

(iii) Long term funds for infrastructure

(iv) Strong positive correlation between

development of capital markets and insurance/

pension sector

(v) Employment generation

Aggregation of Long Term

Savings(i) Total Assets of Life Insurance

Companies




41

2002-2003 2003-2004 2004-2005

2,80,450Cr 3,52,608Cr 4,23,000 Cr

(ii) Total Premium generated

2002-2003 2003-2004 2004-2005

57,708 Cr 66,278 Cr 79,000 Cr

(iii) Industry is growing @ 19 p.a.

(iv) At this growth rate, the futurepremium income generated will be

2005-2006 2006-2007 2007-2008

94,000 Cr 1,12000 Cr 1,33,000 Cr

(v) Life Insurance funds account for 15% of household savings.

(vi)The industry has the potential to increasethe share to 20%.

Spread of financial services inrural areas and amongst socially

underprivileged




42

• IRDA Regulations provide certain minimum business to be done

(i) In rural areas

(ii) In the socially weaker sections

• Life Insurance offices are spread over nearly

1400 centers.

• Presence of representative in every tensile –

deeper penetration in rural areas.

• Insurance agents numbering over 6.24 lakhs

in rural areas.

• Policies sold in rural areas (2004-05) - No. of

policies - 55 lakhs Sum assured 46,000 cr

• Social security - No. of lives covered 2003-04

17.4 lakhs 2004-05 42.1 lakhs

Long term funds forinfrastructure




43

• For GDP to grow at 8 to 10%, qualitative improvement in

infrastructure is essential.

• Estimates of funds required for development of infrastructurevary widely.

• An investment of 6, 19,600 crore is anticipated in the next 5 years

(Source : SSKI India)

• Tenure of funding required for infrastructure

normally ranges from 10 to 20 years.

• Major portion of these funds are routed through debt/private

equity participation

Development of Capital Markets/Economic Growth

•Industry also contributes in economic development through

investments in capital market. Present level of investments is over

Rs. 40,000 crore. (Mark to Market basis around 80,000 Crores).

•Annual Investment of around 9000 Crores in capital markets.




44

•Contribution to Five Year Plans9th Plan 2, 30,900 Crores Last

Two Years 1, 70,900 Crores

• Helps inculcate a sense of security by protecting earning of people in case of untimely death. Benefits to Policy Holders

2002-2003 2003-2004 2004-2005

20,800 Cr 24,200 Cr 28,700 Cr

EMPLOYMENT GENERATION

• Life insurance industry provides increased

employment opportunities.

• Employees in insurance sector as on 31st March,

2005 is around 2 lakhs.

• Many agents depend on insurance for their

Livelihood–No. of agents on 31st March 2004 –

15.59 lakhs




45

•Brokers, corporate agents, training establishments

provide extra employment opportunities.

• Many of these openings are in rural sectors.

SPECIAL FEATURES• Tax clubbing of various savings short term and long term into

same bracket have a bias towards short term savings.

• Distinction between the short term savings and long term savings

is critical from investor’s point of view. More prone to inflationary

pressures

• Clearly, long term savings more than 10 years deserve special

consideration under tax regime.




46

GROWTH POTENTIAL

At present insurance penetration in India is quite low

– 2.26% of GDP.

PHASE OF TRANSITION• Life Insurance industry is under the phase of infancy after 50

years of monopoly




47

• Competition from within and other sectors of financial market

• Needs environmental support till it reaches a comfort zone

Chapter: 5

Company profile

Management

Areas of Business

KMOM- Progress till date

KMOM- the Partnership and

Lineage




48

Products

Hierarchy of KMOM Life

Insurance Ltd. (Surat Branch)

COMPANY PROFILE

Stock broking businesses in the UK. Kotak Group was established

in 1985.Kotak Mahindra Bank is the parent company of the group.

Kotak Group entered into the life insurance business in 2001.

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

between Kotak Mahindra Bank Ltd. (76%) and Old Mutual plc.

(24%) Old Mutual plc.Is a world-Class international financial

services company. It was established in South Africa before 160

years.

OLD MUTUAL is the largest financial services business in South

Africa, through its life insurance, asset management, banking and

general insurance operations. The company serves 4 million life




49

insurance policyholders and employs over 13 000 South Africans

in its local operations.

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

businesses offering an array of specialist asset management skills

through its 23 asset management businesses. The company’s US

Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth

management, through Gerrard as one of the leading private client

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.




50

Mission:

“At Kotak Life Insurance, we aim to help customers take important

financial decisions at every stage in life by offering them a wide

range Of innovative life insurance products, to make them

financially independent.”

MANAGEMENT

MR. UDAY KOTAK is the CEO of the company.

Other Top Management persons are as follows:-

Mr. Gaurang Shah (Managing Director)




51

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 itsgrowth to become a Rs.2000 Cr plus business. Before coming

to Kotak Life Insurance, Gaurang Shah was Group Head o

Retail Assets for Kotak Mahindra Bank. The Retail Assets




52

include 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 hasearlier 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.




53

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 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.




54

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 LegalAdviser 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




55

implementing a new Sales Process with McKinsey's, Head o

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 o

the South African Insurance Institute for two years as well as Vice-

President of the Financial Planning Institute for three years. In this

time Eksteen pioneered the introduction of the CFP qualification

into South Africa. He has traveled widely during his career,

working in the USA and England and also implemented TrainingProgramme in Namibia, Zimbabwe, Malawi and Kenai. His

current role is to substantially upgrade the level of Training and

assist in the implementation of Performance Management Systems

in Kotak Life Insurance.

AREAS OF BUSINESS

Kotak Mahindra one of India's leading financial institutions was

born in 1985 as Kotak Capital Management Finance Limited. This

company was promoted by Mr. Uday Kotak, Mr. Sidney A. A.

Pinto and Kotak & Company. Industrialists Mr. Harish Mahindra




56

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.

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




57

of life. From commercial banking, to stock broking, to mutual

funds, to life insurance, to investment banking, the group caters to

the financial needs of individuals and corporate.

The group has a net worth of around Rs.2,000 crore and employs

around 6,000 employees across its various businesses servicing around

one million four hundred thousand customer accounts through a

distribution network of branches, franchisees, representative offices

and satellite offices across 216 cities and towns in India and offices in New York, London, Dubai and Mauritius.




58

KOTAK GROUP 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




59

wide network of Direct Marketing Associates, brokers and

agencies supporting the distribution network and servicing around

113,000 customers.

Kotak Mahindra Capital Company Ltd.

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 Investment Bank, Kotak

Investment Baking’s 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




60

owned subsidiary) and the National Association of Securities and

Dealers in the USA.

It’s the first Indian Investment Bank to be appointed by theGovernment 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.




61

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 inMauritius, 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,




62

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.

Kotak Securities

Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank Ltd., is

one of India’s largest brokerage and distribution house. Over the

years Kotak Securities has been one of the leading investment

service providers catering to the needs of various investor

categories both institutional and non-institutional.

The Private client group (PCG) of the Company provides value

added investment advisory services to high net worth individuals,

NRI investors, trusts, corporate and Banks. The investment product

range offered by PCG covers equity investment and equity trading,

equity derivatives, portfolio management, IPO’s and Mutual funds.

The Company has a full fledged research division involved in

macro economic studies, sectoral research and company specific

equity research combined with a strong and well networked sales

force which helps deliver current and up to date market

information and news.

Kotak Securities Ltd., Depository Participant with National

Securities Depository Limited (NSDL) and Central Depository

Services Ltd. (CDSL) provides dual benefit services wherein the




63

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.




64

KMOM – PROGRESS TILL DATE

• 44 branches in 31 cities.

• 7500 life advisors.

• 1000employees of very good quality.

• Ranks 2nd in terms of average premium per policy.

• Ranks 4th in total advertising awareness.

• First year premium income:

2001-02: 7 Crores

2002-03: 35 Crores

2003-04: 124 Crores

2004-05: 375 Crores




65

KMOM – THE PARTNERSHIP AND

LINEAGE

A 26%-74% JOINT VENTURE BETWEEN

KOTAK MAHINDRA AND OLD MUTUAL

KOTAK LIFE INSURANCE

Brand equity

Entrepreneurial employees

Branch network

Knowledge of the Indian market

Access to customer base

Distribution associates

OLD MUTUAL PLC

Domain knowledge

Technology

Product innovation

Training expertiseGlobal perspective

System and processes

Multi channel management




66

Old Mutual was established more than 150 years ago. Old

mutual plc. is a world-class international financial service

company. It owns the largest companies in the following areas in

South Africa. They are:

1. Life Insurance Company

2. Asset Management Company

3. Bank

4. Non-life insurance company

It has been developed into an International financial services group

whose activities are focused on asset gathering and asset

management. The Old Mutual Group offers a diverse range of

financial services in three principal geographies: South Africa, the

United States and the United Kingdom. The company is listed on

the London Stock Exchange with a market capitalization of

approximately $6 billion and is a member of the elite FTSE 100

index. In the 2003 rankings of the World's 500 largest corporations

by Fortune magazine, Old Mutual climbed 87 places to position

number 366 and was also listed as the 14th largest insurance

company in the world.

Old Mutual is the largest financial services business in South

Africa, through its life insurance, asset management, banking and




67

general insurance operations. The company serves 4 million life

insurance policyholders and employs over 13 000 South Africans

in its local operations.

In the USA, Old Mutual is one of the top ten fixed annuity

businesses offering an array of specialist asset management skills

through its 23 asset management businesses. The company’s US

Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth

management, through Gerrard as one of the leading private clientstock broking businesses in the UK.

The Old Mutual Group has the ability to cater for a variety of

consumer segments and offers a comprehensive and innovative

range of products for all income groups.

PRODUCTS




68

Term Plans

Kotak Term Assurance Plan

Kotak Preferred Term Plan

Endowment Plans

Kotak Endowment Plan

Kotak Money Back Plan

Kotak Child Advantage Plan

Kotak Capital Multiplier Plan

Kotak Retirement Income Plan

Kotak Premium Return Plan

Unit Linked Plans

Kotak Retirement Income Plan (Unit-linked)

Kotak Safe Investment Plan II

Kotak Flexi Plan

Kotak Easy Growth Plan

Kotak Privilege Assurance Plan

Group

Employee Benefits

Kotak Term Grouplan

Kotak Credit-Term Grouplan

Kotak Complete Cover Grouplan

Kotak Gratuity Grouplan




69

Kotak Superannuation Group Plan

Rural

Kotak Gramin Bima Yojana

HIERARCHY OF KMOM LIFE INSURANCE

LIMITED




70

(SURAT BRANCH)

Branch manager

Assistant BM Branch Operations In

charge (BOE)

Sales Manager

Operation Executive

Assistant SM Operations

Life advisor

Chapter: 5




71

Data interpretation of the Survey

Graph analysis




72

AGE No Of Members

18-25 11

26-30 22

31-45 4446 to above 23

11

22

44

23

0

5

10

15

20

25

30

35

40

45

N o . o f C u s t o m e r s

18-25 26-30 31-45 46 & Above

Years

Age Wise Clasification




73

Gender No of Member

MALE 66

FEMALE 34




74

66

34

0

10

20

30

40

50

60

70

N o . o f

MALE FEMALE

Years

Gender wise clasification




75

Family member No of Member

2-4 40

5-8 48

8 to above 12

40

48

12

0

5

10

15

20

25

30

35

40

45

50


2 to 4 5 to 8 8 to aboce

No of members

Members




76

Income No of Members

40K -70K 17

70K-1 Lake 41

1 Lake to 3 Lakes 28

3 Lacks 14

17

41

28

14

0

5

10

15

20

25

30

35

40

45


40 k to 70k 70k to 1 Lake 1 Lake to 3

Lakes

3 Lake to

Above

Income (P.A)

Income Wise Classification




77

Only 42%people having insurance in surat so it is potential for insurance company to capture to all that market

Insurable Member Uninsurable member

42% 58%

NO OF MEMBER HAVING INSURANCE

YES

42%

NO

58%




78

Among that 42% people who having insurance, they have

insurance 40% for self 28%for spouse 21% for children and 18%

for their parents and 11% for all family member.

Having insurance No of members

self 40

spouse 28

40

28

21

18

11

0

5

10

15

20

25

30

35

40

N o . o f C

u s t o m e r s

Self Spouse Children Parents All




79

children 21

parents 18

all 11

Different policy bought bye customers

0

5

10

15

20

25

30

35

N

o . o f C u s t o m e r s

Term Plan Endowment Whole life Money Back Retirement Child Plan Unit Link

Plan

Different Plans

LIC

ICIC

Birl

Sun

SBI

HDF

Baja

Allia

TAT

AIG

Kota

Mah

a




80

Only 42 % people having life insurance but among them 82% people are underinsurance and only 18% people are fully insured according to them income

Under insurable persons Fully insurable persons

82% 18%

Potential of life insurance

Fully Insured

18%

Under Insured

82%




81

Insurance Plan Market Share

Term Plan 39%

Money back Plan 14%

Endowment Plan 15%

Child Plan 8%

Unit link Plan 24%

Market share of diffrent Insurance plan

Endownment Plan

15%

Moneyback Plan

14%

Term Plan

39%

Unitlink plan24% Child Plan

8%




82

Chapter 6:

Finding

Suggestion




83

Finding and Suggestion

• According the survey only 42% people are insured in

Surat so reaming other part is potential for insurance

sector.

• Among that 42% people who having insurance, they

have insurance 40% for self 28%for spouse 21% for

children and 18% for their parents and 11% for allfamily member, also its very help full for insurance

sector so they should take necessary step for capture

this potential.

• Only 42% people having insurance in Surat in that 42%

there are 82 % people are under insured and other 18% people are fully insured according to their income so

that is also plus point for insurance sector to capture the

market




84

Chapter 7

Conclusion

All the insurance company must advertise more in the market because not all people know more about life Insurance policy.

Most number of people wants Guaranteed Returns so

company must focus on this for the customer investment.

Make insurance policy which can buy any one so we caninsured them through this type of life insurance policy.




85

8 References

In order to obtain more information regarding the present study

and to substantiate it with theoretical proof, the following

references were made: -

Insurance chronicle, January 2006 Special issue

“Insurance Industry 2006”.

Websites visited:

www.kotaklifeinsurance.com

www.google .com




86

Chapter 9:

Annexure

Questionnaire

1) Name ______________________________

2) Age

1) 18-25 2)26 to 30 3) 31 to 45 4) 46 to above

3) Gender 1) male ____) female____

4) Occupation:

1) Service 2) Business 3) Professional 4 ) other

5) Family member

1) 2 to 4 2) 5 to 8 3) 8 to above

6) Do u have a life insurance?

Yes_______ No_______

If yes,

Which is it?




Company’s

name

Term

plan

Endow

ment

Whole

life

Money

back

Retire

ment

Child

Plan

Unit

link

Plan

LIC

ICICIPrudential

Birla

Sunlife

SBI Life

HDFC

Standard

Life

BajajAlliance

TATA AIG

Kotak

Mahindra

ING Vysya

Max

Newyork

Met LifeReliance

Shri Ram

Sahara

7) What is your annual income?

Documents

Kotak Life Insurance Project