PROJECT REPORT

(SUBMITTED FOR THE DEGREE OF B.COM (HONS.) IN

ACCOUNTING & FINANCE UNDER THE UNIVERSITY OF
CALCUTTA)
TITLE OF THE PROJECT
INSURANCE SECTORS IN INDIA
SUBMITTED BY
NAME:-SANDIP PAL
SEMESTER:-VI
COLLEGE ROLL NO.:-18/CH/114
C.U. REGISTRATION NO.:-612-1111-0706-18
C.U. ROLL NO.:-181612-21-0077
SUPERVISED BY
NAME:-PROBIR DUTTA
NAME OF THE COLLEGE:-NABAGRAM HIRALAL PAUL
COLLEGE
MONTH & YEAR OF SUBMISSION
JULY 2021
ANNEXURE- IA:-

SUPERVISOR’S CERTIFICATE

This is to certify that MR. SANDIP PAL a student of B.COM(HONS.)

in ACCOUNTING & FINANCE of NABAGRAM HIRALAL PAUL
COLLEGE under the UNIVERSITY OF CALCUTTA has worked
under my supervision and guidance for his Project Work and prepared a
Project Report with the title INSURANCE SECTORS IN INDIAwhich
he is submitting, is his genuine and original work to the best of my
knowledge.

SIGNATURE

PLACE:- KONNAGAR
NAME:- Prof. PROBIR DUTTA.
DATE:- /07/2021
NAME OF THE COLLEGE:-
NABAGRAM HIRALAL PAUL
COLLEGE
ANNEXURE-IB:-

STUDENT’S DECLARATION

I hereby declare that the Project Work with the title INSURANCE
SECTORS IN INDIA submitted by me for the partial fulfilment of the
degree of B.COM (HONS.) in ACCOUNTING & FINANCE of
NABAGRAM HIRALAL PAUL COLLEGE under the UNIVERSITY
OF CALCUTTA is my original work and has not been submitted earlier
to any other University for the fulfilment of the requirement for any
course of study.
I also declare that no chapter of this manuscript in whole or in part
has been incorporated in this report from any earlier work done by
others or by me. However, extracts of any literature which has been
used for this report has been duly acknowledged providing details of
such literature in the references.

SIGNATURE

NAME:-SANDIP PAL
SEMESTER:-VI
PLACE:-SINGUR. COLLEGE ROLL NO.:-18/CH/114
DATE:- /07/2021
C.U. REGISTRATION NO:- 612-1111-0706-18

C.U. ROLL NO.:-181612-21-0077

 ACKNOWLEDGEMENT

The success and final outcome of this project required a lot of

guidance and assistance from many people and I am extremely
privileged to have got this all along the completion of my project.
All that I have done is only due to such supervision and assistance
and I would not forget to thank them.
I am highly indebted to my supervisor Prof. PROBIR DUTTA for
his valuable suggestions. His motivation, guidance, and commitment
have been instrumental to my performance in all aspect.
My thanks and appreciation also goes to my parents in
completing the project and people who have willingly helped me out
with their abilities.

SIGNATURE

NAME:-SANDIP PAL
SEMESTER:-VI
PLACE:-SINGUR COLLEGE ROLL NO.:-18/CH/114
DATE:- /07/2021
C.U. REGISTRATION NO:-612-1111-0706-18
C.U. ROLL NO:-181612-21-0077
 Index

Contents. Page no.

1. Introduction. 7-14
➢ Background

➢ Objective of study

➢ Research Methodology

➢ Source of Data

➢ Chapterisation plan

2. Theoretical framework. 15-39

➢ Meaning of insurance

➢ Definition

➢ History of Insurance

➢ Type of Insurance

➢ Type of Life Insurance

➢ National and international scenario

➢ Profile of company

3.Analysis and Finding. 40-50

➢ Presentation

➢ Finding
4.conclusions and Recommendations. 51-52
➢ Conclusions

➢ Recommendations

➢ Bibliography.
CHAPTER-1

Introduction
The Insurance industry in India has recorded as a significant growth. There are
24 Life Insurance and 28 non-life insurance companies, out of there 52 insurance
companies,45 are in the private sector. GI Indian Insurance industry is quite
sizeable and attracts investment from leading insurance players from different
corners of the world. Currently is being estimated that the Indian insurance
industry will need more than $ 8 worth of capital to improve its solvency
standards and increase the penetration level . A rapidly growing economy,
rising level of incomes, and improving life expectancy rates are some of the
many reasons that will also contribute to the growth of the sector and present a
great opportunity for insurance companies overseas.
1.1 BACKGROUND
Everyone is exposed to various risks. Future is Very uncertain, but there is way
to protect one’s family and one’s children’s future safe. Life Insurance Company
help us to ensure that our family’s future is not just secure but also prosperous.
Life Insurance Will ensure that if anything happens to you, your loved ones will
be able to manage financially. This study titled“ Study of consumers perception
about Life Insurance policies” enables the life insurance companies to understand
how consumers perception differs from person to person. How consumers
selects, organizes and interprets the service quality and the product quality of
different Life Insurance policies, offered by various Insurance companies.

Insurance in India has its history dated back till 1818, when the oriental Life
insurance company was started by European in Kolkata to cater to the need of
European community.
The oldest existing insurance company in India is National Insurance
company Ltd , which was founded in 1906 and is doing business even today.
Insurance industry, earlier comprised of only two state insurer. (1) Life Insurance
corporation of India.(2) General Insurance corporation of India.
In the recent years when the Government of India in 1999 opened up the
insurance sector by allowing private insurance companies to
work in the market by depositing the 100 crore rupees in the reserve of

government
and allowing
FDI up to
26%. This
has
encouraged
many
overseas
insurance
companies,
having a
required
amount in
their reserve,
to open their
branch in our country.

The IRDA opened the market in August 2000 with the application for
registrations . Foreign companies were allowed ownership of up to 26%. The
authority has the power to frame regulations under section 114A of the insurance
Act,1938 and has from 2000 onwards framed various regulations ranging from
registration of companies for carrying on insurance business to protection of
policyholders interest.
In December 2000, the subsidiaries of the General Insurance corporation of India
were restructured as independent companies and at the same time GIC was
covered into a national re-insurer. Parliament passed a bill de-linking the four
subsidiaries from GIC in July 2002 .

Today there are 28 general insurance companies including the ECGC and
Agriculture Insurance corporation of India and 24 life insurance companies
operating in the country.

The insurance sector is a colossal one and is growing a speedy rate of

15-20%. Together with banking services, insurance services add about 7% to the
country’s GDP. A well- developed and evolved insurance sector is a boon for
economic development as it provides long – term funds for infrastructure
development at the same strengthening the risk taking ability of the country.

1.2 LITERATURE REVIEW

While earlier studies on life insurance sector mainly focused upon LIC ,It was
only after reforms in this sector that certain studies covering private players have
taken place. Among early studies, Arora (2002) highlighted that LIC was likely
to face tough competition from private insurers having large established network
and their trained intermediaries throughout the India,analyzed the various types
of products offered by public sector giant and the new global players in the
private sector, opportunities and challenges before the insurance industry in India
due to liberalisation, globalization and privatisation. It is said that bancassurance
provided the best opportunities to tap the large potential in rural and semi urban
areas as banks have a strong network of more than 40,000 branches in these
areas. It is identified that private insurance players introduced a wider range of
insurance products and set up brand promotion as part of their new strategy.
These new covers had flexibility and added benefits to suit the needs of
customers who were unsatisfied with the traditional and rigid plans kulshrestha
and kulshrestha(2006) highlighted that demand for life insurance in rural India
was expanding at the annual rate of 18 per cent as compared to 3.9 percent in
urban areas which provided good opportunity for life insurance to perform.
1.3 Objective of the Study

• To explain the meaning of insurance.

• To understand the concept and mechanism of insurance.
• To know about the product of life insurance.
• To know the consumer response about Life insurance.
• To compare and analyze the financial performance of private sector
Life Insurance companies and Life Insurance corporation of India
• To discuss the historical background and the present state of insurance
industry after liberlization of insurance sector.
• To find out the customer satisfaction level among the go with their
respecting insurance companies in which they hold the policy
• To offer suggestions based on findings.
• To eliminate the confusion in different assurance policies.
1.4 scope of the study

This study is limited to the consumers within the limit of Kolkata city.
The study will be able to reveal the preference, needs, perception of the
customers regarding the life insurance products, it also help the insurance
companies to know whether the existing products are really satisfying the
customers needs.

1.5 Research Methodology

The scope of methodology is wider, the core concept underlying research is its
methodology. The research or study contents both the primary and secondary
data. the conclusion, it covers the information collected from different sources
internet, journals , blogs and newspapers and belonging to various different
people of age groups, qualifications, occupation and income level.
1.6 SOURCE OF DATA

Primary data

The primary are those which are collected afresh and for the first time, and thus
happened to be original in character. There are several methods of
collectingprimary data particularly in surveys.
For the study :questionnaire method is used for collecting the data while
conducting the research.

Secondary data
The secondary data are those which have already been collected by someone and
which have already been publish through the statistical process. Secondary data
may either be published data or un-published data.

• For the study the secondary data was collected from the following sources.

•Books related to insurance

• website related to insurance
1.7CHAPTERISATION PLAN

1.Introduction
This chapter covers introductions, reviews of literature, objectives of study,
scope of the study, research methodology and limitations of study.

2. Theoretical framework
This chapter deals with the theoretical aspects of performance management
system.

3.profile of the study:

This chapter deals with the insurance industry of India and company profile is
state bank of India Life insurance company Ltd.

4.Analysis and interpretation of data:

This chapter confers the analysis is data collected through primary and secondary
source to study the topic.

5.Major findings , suggestions and conclusion:

This chapter summarises and comprises of major findings. It also dealswith
suggestions and conclusions.
CHAPTER 2
THEORETICAL FRAMEWORK

2.1 MEANING OF INSURANCE

Insurance may be described as a social device to reduce our eliminate risk of

loss to life and property. Insurance is a collective bearing of risk. Insurance
spreads the risks and losses of few people among a large number of people prefer
small fixed liability instead of big uncertain and changing liability. Insurance is a
economic cooperation by which member of the community share the unavoidable
risks.

Insurance can be define as a legal contract between two parties whereby one
party called insurer undertakes to pay a fixed amount of money on the happening
of a particular event, which may be certain or uncertain. The other party called
insure or insurant pays in exchange a fixed sum known as premium. The insurer
and insurant are also known as Assurer or underwriter and Assistant
,respectively. The document which embodies are contract is called the policy.

2.2 DEFINITION

Insurance is nothing but a system of spreading the risk of one into the
shoulders of many. It is a method or process which distributes the burden of the
lid on a number of people .Insurance is a contract in which sum of money is paid
to the assured in consideration of insurer’s incurring risk of paying a large sum
upon s given contingency .
2.3 HISTORY OF INSURANCE

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

Yogakshema,the life insurance corporation of India’s corporates headquarters, is
deprived from the Rig Veda . The term suggests that firm of“ community
insurance ”was prevalent around 1000 BC and practised by the Aryans. Burial
socites of the kind found in ancients Rome were formed in the Bushfire 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 s during the Swadeshi movement in the early
20thcentury that insurance witness a big boom in India with several more
companies being set up.

As these companies grew, the government began to 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 absence of regulatory systems, scams and irregularities were almost a way of
life at most of these companies.

As a result, the government decided nationalise the life assurance business in

India. The life Insurance Corporation Of India was set up in 1956yo 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.
2.4 TYPES OF INSURANCE
 *Life insurance
* General insurance
2.4.1Life Insurance products
Life insurance is a contract for payment of money to the person assured (or to the
person entitled to receive the same) on the concurrence of an event insured
against.
Usually the contract provides for—
Payment of an amount may be on the date of maturity or at specified periodic
intervals or after death, if it occurs earlier.
Periodical payment of insurance premium can be done by the assured to the
corporation who provides the insurance.
2.4.2 General Insurance Products
2.4.2.1 Fire Insurance:
Fire Insurance is a comprehensive policy which covers liss on account of fire,
earth quake, riots,flood , strikes , and malicious intent. It can be taken onlyby the
owner of the promises to be insured .

2.4.2.2Marine Insurance
It includes insurance of Marine Hull Insurance Inland Vessels, ocean going
Vessels, Fishing and scaling Vessels, freight at risk ,construction of ships,
voyage insurance of various Vessels, ship breaking insurance, oil and energy in
respect of onshore and offshore risks, including construction risk.

2.4.2.3 Health Insurance

Health insurance is an insurance that covers the whole or a part of person
incurring medical expenses, spreading the risk over numerous person.

2.4.2.4.Auto insurance:
In auto insurance, the rates were revised ,upwards twice ,once in 1982 and then
in1990 as the high cost of repair coupled with the third party claims had
adversely affect the insured loss ratio. Motor insurance is mandatory leading to
good amount of premium collection but it is not being fancied upon as it could
lead to litigation problem.

2.5TYPES OF LIFE INSURANCE

1. Term Insurance
2. Whole life Insurance
3. Endowment policy
4.Money back plans or cash back plans
5.Children policies
6. Unit Linked Insurance policy
 ➢ Term Insurance :
You can choose to have protection for a set period of time with Term
Insurance. In the event of death or total and permanent Disability if the
benefit is offered, your dependants will be paid a benefit .In Term Insurance,
no benefit is normally payable if the life assured survives the term. This
covers the policy holder for the specific period i.e. 5,10,15,20 or 30 years
 ➢ Whole Life Insurance:
With whole life insurance, you are guaranteed lifelong protection. Whole life
insurance pays out of death benefit so you can be assured that your family is
protected against financial loss that can happen after your death. It is also an
ideal way of creating an estate for your heirs as an inheritance. It covers the
policy holder for long or 100 years whichever is earlier, with the limited
premium paying them.

➢ Endowment policy:
An endowment is saving Linked insurance policy with a specific maturity date,
An unfortunate event by way of death or disability occur to you during the
period, the sum Assured will be paid to your beneficiaries. On your surviving the
term, the maturity proceeds on the policy become payable. This plan is suitable
for fulfillingall long and short term financial needs.
 ➢ Money back plans or cash back plans:
Under this plan, certain percent of the sum assured is returned to the insured
person periodically as survival benefit. On the expiry of the term ,the balance
amount is paid as maturity value. The life risk may be covered for the full sum
assured during the term of the policy irrespective of the survival benefit paid.
 Children policies :These types of policies are taken on the life of the
parent/children for the benefit of the child. By such policy the parent can
plan to get funds when the child attains various stages in life. Some
insure offer wavier of premium in case of unfortunate death of the
parent/proposer during the term of policy.

➢ Unit Linked Insurance Policy:

Unit Linked Insurance policies (ULIPs) offer a combination of investment and
protection and allow you the flexibility and choice on how you premiums are
invested. IN UNIT LINKED PLANS,THE INVESTMENT RISK PORTFOLIO
IS BORNE BY YOU AS YOU ARE THE INVESTOR. Typically the policy will
provide you with a choice of funds in which you may invest. You also have the
flexibility to switch between different funds during the life of the policy. In the
event of death and permanent disability, the policy will provide the sum Assured
(to the extent you are covered) so that you can take comfort in knowing that your
family is protected from sudden financial loss. A ULIP has varying degrees of
risk and rewards. There are various charges applicable for Unit Linked Policies
and the band amount of the premium is only invested in the fund/funds chosen by
you. It is important to ask your insurer out agent or broker question to understand
the sum total of charges that you have to incur. It is important to access your risk
appetite and investment horizon before deciding to buy a ULIP policy. You must
also read the terms and condition of the policy carefully to understand the feature
of the policy including the lock-in period, surrender value, surrender charges etc.
All type of table mentioned above can be offered under ULIP plans.
 2.6 National and international Scenario
In both the national and international level life insurance business strongly
develops the financial sector. While the world is observing India for growth and
expansion. Indian insurance market is the 19th largest globally and ranks 5th in
Asia. But the life Insurance market in India is an underdeveloped market that was
only trapped by the state owned LIC till the entry of private insurer. The
penetrations of life insurance product was 19 percent of total 400 million of the
insurable population. With the entry of the private insurers the rules of the game
have changed. The 12 private insurers in the life insurance market have already
grabbed nearly 9.88 percent of total market in terms of premium income.
LIC is one of the biggest insurance companies in India. It had set its right on
becoming a major global insurer following a RS 280 crores investment from the
Indian government. Since the nationalisations, LIC had built up a vast network of
2048 beaches, 100 divisional and 7 zonal officers spread over the country.
Individual agents are the major source for getting me business in life insurance
industry .It is evident from the fact that LIC and private life insurers got 88.66
percent and 66.3 percent of their total new business respectively through the
individual agents during the year 2006-07.with the entry of private insurers in life
insurance business, it is obvious that some proportion of new business will go in
the hands of private life insurers.An attempt, therefore , had been made to study
the growth of new business in term of police's and premium income of Indian life
insurance industry. Further , the share of private insurers and LIC in total

business has also been studied. The total new business policies of life insurance
industry increased From 253.71 lac in 2002-03 to 353.74lac in 2010-11
,registering a growth rate of 16.1 percent during the period of study .Similarly,
total new business premium of life insurance industry increased from
RS.9707.45crore in 2000-01 to RS.92988.71 crore in 2007-08,which showed a
growth rate
Of 35.1%.
 Life insurance companies in India
Following is the list of insurance companies in India which have been
improved by the Insurance and Regulatory and development Authority of India
(IRDAI)
• Life Insurance Corporation of
•HDFC Life Insurance Company Ltd.
•Max Insurance Company Ltd.
• ICICI Prudential Life Insurance Company Ltd.
• Aditya Burks Sun Life Insurance Company Ltd.
• TATA AIA Life Insurance Company Ltd.
•SBI Life Insurance Company Ltd.
•Bajaj Allianz Life Insurance Company Ltd.
•PNB MetLife Indian Insurance Company Ltd.
•Reliance Nippon Life Insurance Company
 2.7 Profile of the company

Life Insurance Corporation of India(LIC) is infusing Rs200.04 crore into

Chennai-based Indian Overseas Bank (IOB) by increasing its stakes to 14.50%
from 10.21%, set the loss making public sector bank in feeling with BSE
The bank which saw Q3 losses widened to rupees 1.425 croreas it setasides
money to cover bad loans has called for share holders' to get the approval for the
preferential issue to LIC at Rs 23.18 a share. In a note to share holders, the bank
said that there is a pressing need to increase its capital to meet regulatory norms.
At the request of IOB ,LIC will buy about 8.62 crore equity share of the troubled
bank on a preferential basis for RS 200.04 crore, bringing down the Indian
government’s stake to 77.32%from 81.19%and stake of public share holders
marginally to 8.18%from 8.60%
 The bank which saw Q3 gross NPAs at an uncomfortable 12.64%has been
pulled by Reserve Bank of India (RBI) fit failure to check bad loans. The bank
was directed to put in place in more stringent credit quality check and not
payouts dividend out enter new lines of business till it's assets quality improve,

following with IOB increased itsQ3 provisions for loans losses by 60% to
Rs1,896.06 crore year over year
LIC zonal office, at Connaught place, new Delhi designed by Charlie Correa
1991

LIC Building at Chennai- was the tallest building in India when it was
inaugurated in 1959.
LIC holds shares worth about RS 2.33 lakh crores in all the Nifty companies put
together , buy it lowered it's holding in total of 27 Nifty companies during the
quarter.
The cumulative value of LIC holding in this 27 companies fell by little over RS
8000 crore during the quarter shows the analysis of changes in their shareholding
patterns.
Individually, LIC is the estimated to have sold share with Rs500-1000 crore in
each of Mahindra & Mahindra, HDFC bank ,ICICI bank , Tata Motors ,L&T
,HDFC ,Wipro, SBI ,Maruti Suzuki, Dr Reddys and Bajaj Auto.
The insurance behemoth also trimmed holding in AmbujaCements ,cipla,TCS,
lupin and Asians paints. A marginal expunge was also witnessed in its stakes in
companies such as IDFC
Vision
“To be the preferred life insurers of the people of Fiji by providing innovative
life insurance products and world class services at affordable rates”.

Mission
“Explore and enhance the quality of life of the people through financial security
by providing products and service of aspired attribute with competitive returns
and by renders resources for economic development”.
 List of some life insurance company in India

• Birla Sun Life Insurance Company

Birla Sun Life Insurance Company limited (BSLI) is a joint venture
between Aditya Birla groupa week known India conglomerate and Sun Life
FinancialInc one of the leading international financial service organisation
from Canada. With an experience of over a decade,BSLI has contributed to
the growth and development of India Life Insurance industry and currently
is one the leading Life insurance company in the country.

• Foreign partner
Sun Life Financial is a leading international financialservice organisation
providing a diverge range of protection and wealth accumulationproduct
and service to individual and corporate customers. Sun Life Financial and it
partner tohavekey operation in worldwide including Canada, the united
states, united kingdom, Ireland, Hong Kong, the Philippines,
Japan,Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and
Bermuda. As of June 13, 2013 The Sun Life Financial group of companies
has total assets under the management of $591 billion.
 Sun Life Financial Inctaxes on the Toronto(TSX), New York(NSYE) and
Philippines (PSE) stock exchange under the under the striker symbol of
(SLF)

• HDFC-standard life
HDFC Standard Life Insurance Company is a joint venture between India's
largest housing finance provider and Europe largest Mutual Life Assurance
company-The Standard Life Assurance company. HDFC Standard Life Insurance
Company Limited is the first private sectors life insurance company to be granted
licence.
HDFC life continue to have one of the widest reaches among new insurance
companies with about 500 branches in India touching customers in above 900
cities and towns. The company has also established a liaison office in Dubai.
HDFC has strong life presence in existing markets with a strong base of
Financial Consultants.
 Foreign Partner
Established in 1825 Standard Life Plc is a leading provider of a long term saving
and investment to around six million customers worldwide. Headquarters in
Edinburgh Standard Life Plc has around 8,500 employees internationally.
The Standard Life Plc group including saving and investment business, which
operate across the UK, Canada, Europe, Asia and Middle East. Workplace
pension and benefits business in UK and Canada. Standard Life Investment, a
global investment manager which manages over £179bn globally, and it's
Chinese and India joint venture business. At the end of September 2013 the
Group had total assets under the administration of over £237bn . It is one of the
very few insurance company in world to ‘AAA'rating from two of the leading
international credits rating agencies.
Standard Life Plc is Listed on the London Stock Exchange and has
approximately 1.5 million individual shareholders in over 50 countries around
the world. If I'd also listed in the Dow Jones Sustainability world index, ranking
it's among the top 10% of sustainable companies in the world.
• Kotak Mahindra Life Insurance
Kotak Mahindra Old Life Insurance Ltd is a 74:26 joint venture between kotak
Mahindra Bank Ltd, it affiliates an Old Mutual Plc. The company started
operation in 2001, and strives to offer it customer value through high customer
empathy, consistent and benchmarked service and suit of products that
leverage the combined process of protection and long term saving. The
company cover over 4 million lives and one of the fastest growing insurance
company in India.
Foreign Partner
Old Mutual provide life assurance, asset management, banking and general
insurance to more than 14 billion customers in Africa , the Americas, Asus
and Europe. Originating in south Africa in 1845 Old Mutual has been listed on
the London and johannesburg Stock exchange, among others since 1999. In
the year ended 31 December 2012, the Group reported adjusted profit before
tax of £1.6billion(on an IFRS) basis and £262 billions of fund under
management from core operation.

• Allianz bajaj life Insurance Company

Bajaj Allianz is a joint venture between Bajaj Finenserv Limited and
Alliance SE. Both enjoy a reputation of expertise, stability and strength.
This joint venture company incorporate global expertise with local
experience. Bajaj Auto, one of the biggest two and three wheelers
manufacture in world. The comprehensive, innovative solution combined
the technical expertise and experience of Alliance SE, and in-depth market
knowledge and goodwill of “Bajaj “brand in India.

Foreign partner
It is one of the world leading insurer and financial service provider.
Founded in 1890 in Berlin, Allianz in note present over 70 countries with
almost 174,000 employees. At the top ab International Group is the holding
company, Allianz AG, with it has office in Munich. Allianz group provide
it more than 60 millions customers.
•

• Tata AIA life insurance Company Limited

Tata AIA Life Insurance Company Limited (Tata AIA life) is a joint
venture Company, formed by Tata sons and AIA Limited (AIA). Tata AIA
Life combines Tata's preeminent leadership position in India and AIA's
presence as the largest, independent listed pan-Asia life insurance group in
the world spanning 17 markets in Asia pacific. Tata sons hold a majority
stake (74%)
In the company and AIA hold %through an AIA Group Company. Tata
AIA life Insurance Company.

Foreign partner
AIA group limited and it's subsidiary’s comprises the largest independent
publicly listed pan-Asia life insurance group. It has operation in 17 markets
in Asia pacific-wholly owned branch and subsidiary’s in Hong Kong,
Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia,
Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97%
subsidiary in Sri lanka,a26%joint venture in India And a representative
office in Myanmar. It has total assets of $147 billions as of 31 May 2013.
 CHAPTER – 3
Analysis and finding

TABLE.3.1 : AGE GROUP OF RESPONDENTS

Interpretation
From the graph it if clear that, out of 123 respondents, 16 respondents fall in the
Age group of (below 18),33 respondents are fall in the Age group of (18 to
35),55 respondents are fall in the Age group of (36 to 50) and 19 respondents fall
in the Age group of (50 and above). Thus show that the interest in investing
insurance is more for people aged between age group of 35-50 years.
Table 3.2 Education knowledge of respondents

Interpretation
From the above table it is clear that it off 123 respondents, majority (i.e 107)
respondents are educated and only 13%respondents are uneducated
Interpretation
From the above table it is clear that it off 123 respondents, majority (i.e 52)
respondents are belong to Under Graduate which show under graduate at more
interested in investing in life insurance, 31 respondents are belong to graduate,
21 respondents are belong to post graduate and 19 respondents belong to other
categories, like professional course. Thus show their less interest in insurance
investment. Based on the occupation level, respondents were able to choose the
suitable life insurance products.
Interpretation
From the above it has been observed that, 20 out of 123 respondents are belong
to agriculture, 20 respondents are govt employees, 45 respondents are belong to
private employees are more interested in taking life insurance policy, 21
respondents belong to businessman, 17 are belong to other categories like
students.
Table 3.5 Income Group of respondents
Interpretation
The income level of the family of the respondents influence the choice of
respondents products. From the graph it has been observed that, out of 123
respondents, 36 respondents have the income between (100000 to 300000) which
show more interest in investing in life insurance, 32 respondents have the income
between (300000 to 500000) which show they give moderate preference to life
insurance investment, 29 respondents have the income (less than 100000),21
respondents have the income between (500000& above) and 05 respondents not
earning any income. Thus show they give less preference to life insurance
investments.

Table 3.6 The respondents investment as percentage of annually

Interpretation
From the above graph it has been observed that, 22 out of 123 invest below 10
percent of their saving, 58 respondents are invest 10-20%,18 respondents are
invest 20 to 30,25 respondents are invest above 30 percent of their saving
Take 3.7 The kind of investment preferred by respondents
Interpretation
From the above table, 27 out of 123 respondents are preferred short time
investment, 65 respondents are preferred long term investment, 31 respondents
are preferred both your of investment
Table 3.8 The factor influence for choosing SBI life insurance
Interpretation
From the table, out of 123 respondents, 41 respondents are chosen SBI life
insurance because of high return, 31 are chosen because of security and
investment, 28 respondents are chosen because of reputation of the company, 12
respondents are chosen because of good service, and 11 respondent are chosen
because of others, like product quality, growth of investment. So that most of the
respondents are look for high return while investing in State Bank of India Life
Insurance.

Table 3.9How the respondents know about the SBI life insurance
Interpretation
Most of the respondents (i.e 79) come to know about SBI life insurance from
family and friends. 10 respondents China to know about SBI Life Insurance from
periodicals, 06 respondents come to know about SBI life insurance from
financial consultants, 11 of them from advertisement and 17 of them from others,
like agents, colleagues.
Take 3.10 Respondents purpose for buying insurance policy

Interpretation
Most of the people (i.e 46) by insurance policy for their family needs because
they want to save money fit their family needs and only 15%people buy
insurance for opposite circumstances
CHAPTER -4
CONCLUSION AND RECOMMENDATION

4.1 .Conclusion:
Future is always uncertain and full of risk. We don't know what is going to be
happen tomorrow . Therefore a man is always worried about security of life. Life
insurance is a means of meeting out kids caused by future risks and uncertainties.
Family welfare is the main factor, which investor think while investing in any
life insurance company. But others factor such as returns, security and tags
benefits are also varying almost samepreference . People used to buy Insurance
for tax exemption but time has changed now, people understand the need of life
insurance in their lives and people are talking initiatives to buy it. Company need
to introduce new products that provide wide covers and meet the needs of
customers .
Thus study enabled us to understand how consumer’s perceptions about life
Insurance if differs from person to person and also held to know how the
consumer selected organise and interprets the service quality and product quality
of different Life Insurance Policieoffered by the company
State Bank of India Life Insurance has set all thestrategies and mission after
proper vision and it's achieving the largest by working in co-operative and co-
ordinate manner and giving the people full services and facilities and making
easy. SBI group operate around the India with the intension of providing
financial assistance to the people of India Life bank, insurance service that lead
to improve standards of living of people and also improve the economy of nation.
The conclusion of this project report is that the policies of state Bank of India
Life insurance are very good and you to mark on the basis Of consumers
perception are providing good returns and investment security against the
investors money.
4.2 Recommendations.
• Life insurance products are taken mainly by middle and higher income
group. Hence they should be regarded as main targeted income groups. Life
insurance products which are suitable for lower income group should also
be realised so that market share increase.
• Due to intense competition in life insurance market the SBI life insurance
company had to adopt better strategies to attract more customers.
• As the competition is increasing company should use the new emerging
method for collection of premium to get the competitive advantage on
other.
• Return on investment, company reputation and premium outflow are most
preferred attribute that are expected by the respondents hence greater focus
should be given to these attributes.
• Most of the person doesn't know about the full knowledge about insurance
policy company so company should provide complete knowledge about
insurance policy to the customers.
• Whenever company launches a new products company can conduct some
function for existing policyholders who insure direct interaction with
existing customers and create the policy holder club that give sense of
belongingness.

Bibliography
• www.lic.com
• www.irda.com
• www.wikipedia.com
Newspaper
• The telegram
• Sanmarg
• The times of India
ANNEXURE-II:-

Personal details
Name: .
Address. .
Gender. Male [ ]. Female [ ]
Mobile number. .
Email. .

Q.1 Are you currently covered any LIC investment policy ?

a) yes
b) no

Q.2What is your major reason for opting LIC investment?

a) Insurance
b) Investment

Q.3 Are you currently undergoing under any medical treatment or I’ll?
a) yes
b) no

Q.4 Are you satisfied with your insurance policy?

a)yes
b) no

Q.5 Are you looking for a better LIC policy?

a) yes
b) no

Q.6Your Occupation?
a) service.
b) business.
C)retired
d) others.

Q.7Your income?
a)10000-15000
b)15001-25000
C) above 25000

Q.8 What do you feel after investing in LIC?

a) good
b) adversely satisfied with insurance decision
C)cheated

Q.9 Do you invest in insurance plans because of tax benefits?

a) yes
b) no
Q.10 Does the insurance agent /Marketing Executive recommends for life
insurance?
a) yes
b) no