PROMOTION OF LIFE INSURANCE

POLICIES OF INDIA FIRST LIFE

INSURANCE. LTD
TO OUR CUSTOMERS- STRATEGIES

(AREA: NEW BEL ROAD)

Group no - 10
GROUP MEMBERS:
Sreedev A.S
Sumit Satwani
Pavan Kumar
Dinesh Bharath
Tushar Bhatia

GUIDE: Mr. Rajmohan Muthuswamy

INTRODUCTION

About the product:

 Incorporated in November 2009, the product range of

IndiaFirst Life Insurance covers typical needs of health,
term insurance, savings and wealth
 Headquartered in Mumbai,
 India First is one of India's youngest life insurance
companies promoted by two large public sector banks
Bank of Baroda and Andhra Bank along with Legal &
General, UK's leading risk, wealth and investment
company.
 Bank of Baroda holds 44% stake in the company, while
Andhra Bank and Legal & General have 30% and 26%
stakes respectively.
Life insurance products can be classified as: (PIPS)

 Protection Products
 Investment Products
 Pension Products
 Savings Products

Eligibility:

 Age of 18yrs to 59 yrs.,

 Salaried, self-employed, business man or own business
 Maximum tenure is 40 years
 Minimum sum assured is 1 lakh
 Maximum sum assured is 50 crores
 BRANCH PROFILE(NEW BEL
ROAD)
 Scale 3 branch
 Manager: Mr. Ashok B Marali
 Credit officer: Prathyusha.K
 Operations head: Anjali Nair (11th bath)
 No of savings accounts---5703
 Current accounts---401(many of shops accounts in that
vicinity were opened by this branch)
 Life insurances offered---153/212(all were assigned under
loan; all are term plans only)
 Total networth---105.4crores
 CASA---66.47%--70.059 crores
 Advances—33.53%--35.34 crores
 NPA----0%
BRANCH PROFILE
Products of Branch

4%
6%

Savings Accounts
Current Accounts
Insurance

90%
OBJECTIVES

 To know about the customer base of life

insurance policies
 Formulation of strategies to promote the
India First life insurance policies
EXECUTIVE SUMMARY

Life insurance is a contract of indemnity, where a

persons life is insured against risk. This project
concentrates on life insurance products of IndiaFirst. The
methodology we have adopted is quantitative in nature.
The project plan includes
Day 1: field survey
Day 2: branch visit
Day 3: customer interaction
We prepared a questionnaire, a descriptive method in
acquiring information and we made analysis on the data
collected. The findings and suggestions are made as per
the analysis
Questionnaire to the customer
1. Are you the customer of Bank of Baroda?
2.Are you satisfied with the branch services
offered by the bank?
3.Are aware of insurance products offered by
bank/ branch?
If yes,

a)Have you availed life insurance?

b)Which policy you have availed?
c)How do you pay premium?
d)How do you check your policy status?
MUTHU SWAMY
owner of meenakshi supermarket, 43 years , married,
2 daughters.
view on life insurance:
He was insured under life insurance. He availed home
loan and he was insured by branch under term plan.
policy was assigned to branch.

RAJESH GOWDA
26 years , single
working in Wipro as system analyst
view on life insurance:
He availed term plan, very happy with the services of
Bank of Baroda.
SULOCHANA PATNAIK
working as a head nurse in global maternity hospital
35 years, 1 son& daughter
view on life insurance:
She is aware of life insurance and she is not availing
any life insurance

JOHN MARY
working as a teacher in st. mary’s high school,
sadashiva nagar,29 years
view on insurance:
She availed insurance. In the beginning she paid
premiums regularly and now she is not. She said she
don’t know about the policy status. We advised her to
check her policy status through website with her
designated user id and password.
 CUSTOMER BASE

CUSTOMER BASE OF VARIOUS BANKS IN NEW BEL

ROAD AREA

BOB ICICI
22% 23%

HDFC
AXIS 9%
14%

SBI
31%
Questionnaire:
To the branch:
1.is your branch offering life insurance products?
If yes,
a)Under which companies you are offering?
b)What are the policies you are offering?
c)Whom do you prefer most
d)What factors do your branch look at?
2. which policy is mostly offered by your branch, why?
3.What are the current no of policies?
4.What is the share of life insurance policies in your
branch profile?
5.What benefits does branch gets by offering these life
insurance policies?
If no,
1. what are reasons for not doing so?
INTERACTION WITH EMPLOYEES

Pratyusha.K: credit officer

Marketing strategies for selling life insurance products

focus on

• In house clients(loan, transaction history)

Sources of information:
• Our own client data
• Finance/Staff Depts. of schools, colleges and Institutions.
• Our own education, housing loan borrowers
BRANCH DATA ON LIFE
INSURANCE

Insurance Products

34%
India First
Others

66%
STRATEGIES IN PROMOTION OF
PRODUCT

 Create awareness
 Understanding needs and wants of customer

 Effective use of customer database

 Setting up of special desks in branch

 Setting up of camps and melas

 Lead generation and follow up through kiosks

and DSS
 Effective use of digital media

 Linking insurance plan with other products

 Ask for referrals