122308058 Customer Satisfaction Regarding Kotak Mahindra Life Insurance

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[TITLE OF DISSERTATION]

Customer Satisfaction regarding the Kota !ahindra Life Insurance

Directorate of Distance Education

Su"mitted to Lo#e$% &rofessiona$ 'ni#ersit%

In partial fulfillment of the requirements for the award of degree of

MASTER OF BUSINESS AMINISTRATION

Submitted by: Supervisor:

Name of the Student : Vikas Chugh Project Guide: Malika Thakral

Registration Number : 2!!!"#" $esignation

Directorate of Distance Education

LO(EL) &ROFESSIONAL 'NI(ERSIT)

&*A+,ARA

!"ear of #ompletion$

%



TO ,*O!SOE(ER IT !A) CONCERN

This is to #ertif& that the pro'e#t report titled ()ustomer satisfa#tion regarding the (*ota+

Mahindra ,ife Insuran#e- #arried out .& Mr/0i+as )hugh 1 S2o Ramesh *umar )hugh has

.een a##omplished under m& guidan#e 3 super4ision as a dul& registered MBA student of

the ,o4el& 5rofessional Uni4ersit&1 5hagwara/ This pro'e#t is .eing su.mitted .& him2her in

the partial fulfillment of the requirements for the award of the Master of Business

Administration from ,o4el& 5rofessional Uni4ersit&/

6is2 her dissertation represents his2 her original wor+ and is worth& of #onsideration for the

award of the degree of Master of Business Administration/

77777777777777777777777777777777777

!Name 3 Signature of the 5ro'e#t 8uide$

esignation9

ate9

:





ACKNO,LED+E!ENT

5erse4eran#e1 inspiration and moti4ation ha4e alwa&s pla&ed a great role in the su##ess of

an& 4enture/ At this le4el of understanding it is often diffi#ult to understand the wide

spe#trum of +nowledge without proper guidan#e and ad4i#e/

This report entitled <)ustomer satisfa#tion regarding *ota+ ,ife Insuran#e-1 of ,udhiana

Unit for fulfillment of M/B/A program/I e=tend m& sin#ere gratitude to Mr/Mandeep Singh !Bran#h Manager$ of +ota+ life

insuran#e for granting me the opportunit& to undergo m& stud& in this organi>ation and

#ontinuousl& guiding me throughout the span of m& stud&/

I am also than+ full to ,e#t/ Mali+a Tha+ral who ha4e gi4en me their full #ooperation and

de4oted their 4alua.le time for rendering me their need& ser4i#es and guidelines during the

training period/ ?ith those sin#ere and pre#ious efforts1 I ha4e .een a.le to #omplete m&

pra#ti#al training su##essfull&/

?IT6 SIN)ERE T6AN*S

(ias Chugh

Reg. no./0111232

@



Cha4ter50

E6ecuti#e Summar%7

,ife insuran#e is a form of insuran#e that pa&s monetar& pro#eeds upon the death of the

insured #o4ered in the poli#&/ Essentiall&1 a life insuran#e poli#& is a #ontra#t .etween the

named insured and the insuran#e #ompan& wherein the insuran#e #ompan& agrees to pa& an

agreed upon sum of mone& to the insureds named .enefi#iar& so long as the insureds

premiums are #urrent/

?ith a large population and the untapped mar+et area of this population

insuran#e happens to .e a 4er& .ig opportunit& in India/ Toda& it stands as a .usiness

growing at the rate of %C:D annuall&/ Together with .an+ing ser4i#es1 it adds a.out

per#ent to the #ountr&Gs 85/ In spite of all this growth statisti#s of the penetration of the

insuran#e in the #ountr& is 4er& poor/ Nearl& HD of Indian populations are without life

insuran#e #o4er and the health insuran#e/ This is an indi#ator that growth potential for the

insuran#e se#tor is immense in India/

It was due to this immense growth that the regulations were introdu#ed in

the insuran#e se#tor and in #ontinuation (Malhotra )ommittee- was #onstituted .& the

go4ernment in %; to e=amine the 4arious aspe#ts of the industr&/ The +e& element of the

reform pro#ess was parti#ipation of o4erseas insuran#e #ompanies with :J #apital/ )reating

a more #ompetiti4e finan#ial s&stem suita.le for the requirements of the e#onom& was the

main idea .ehind this reform/

Sin#e then the insuran#e industr& has gone through man& #hanges/ The

li.erali>ation of the industr& the insuran#e industr& has ne4er loo+ed .a#+ and toda& stand as

one of the most #ompetiti4e and e=ploring industr& in India/ The entr& of the pri4ate pla&ers

and the in#reased use of the new distri.ution are in the limelight toda&/ The use of new



distri.ution te#hniques and the IT tools has in#reased the s#ope of the industr& in the longer

run/

Insuran#e is the .usiness of pro4iding prote#tion against finan#ial aspe#ts of

ris+1 su#h as those to propert&1 life health and legal lia.ilit&/ It is one method of a greater

#on#ept +nown as ris+ management Kwhi#h is the need to mange un#ertaint& on a##ount of

e=posure to loss1 in'ur&1 disad4antage or destru#tion/

C$assification of insurance7

The insuran#e industr& in India #an .roadl& #lassif& in two parts/ The& are/

08 Life insurance.

/8 Non5$ife 9genera$8 insurance.

INTROD'CTION A:O'T KOTAK LIFE INS'RANCE

Com4an% *istor%

Old Mutual has a histor& of more than %D &ears as a South Afri#an .ased mutual so#iet&

prior to its pu.li# listing in %/ On this page &ou #an a##ess some of our histori#al

highlights from %H@ to the present1 preC and post our demutualisation/

!ARKET S*ARE

*ota+ Mahindra 8roup in India has mar+et share of :/:/ It has a.ilit& to enter in the

ad'a#ent mar+et1 whi#h will help it to grow further in finan#ial se#tor of India/ *ota+

Mahindra is a finan#ial firm in India fulfilling the finan#ial need of the pu.li#/ *ota+

Mahindra 8roup #ame into .eing in %H as *ota+ )apital Management Finan#e ,imited and

the name #hanged to Kota !ahindra Finance $td/ in %HJ when 6arish Mahindra and

Anand Mahindra too+ it/ From Bill dis#ounting a#ti4it& in %HJ it had entered into the ,ease

and 6ire 5ur#hase Mar+et in %H/ The Auto Finan#e di4ision was started in %D/ In the

J



&ear %H *ota+ Mahindra 4entures into mutual Fund Mar+et with the laun#h of *ota+

!ahindra Asset !anagement Com4an%/ It got tied up with Old Mutual pl#/ and the Life

Insurance :usiness in the &ear :DDD/ "ear :DD; saw the #on4ersion of *ota+ Mahindra

Finan#e ,td/ into a )ommer#ial Ban+/ It is the first Indian )ompan& to do so/ In :DD@ it

laun#hed a pri4ate equit& fund named India 8rowth Fund/ ,i+e all other &ears the :DDJ was

also 4er& fruitful for this group as it .ought : sta+e held .& 8olden Sa#hs in *ota+

Mahindra )apital )ompan& and *ota+ Se#urities/

The ser4i#es offered .& *ota+ 8roup are9

o Ban+

o ,ife Insuran#e

o Mutual Funds

o Se#urities

o )ar Finan#e

o *ota+ Realit& Fund

o *ota+ 5ri4ate Equit&

o Institutional Equities

o In4estment Ban+ing

o *ota+ Mahindra International

o )ommer#ial .an+ing

o Sto#+ Bro+ing

o Finan#ial need of indi4iduals and #orporate are ta+en #are .& *ota+ Mahindra Ban+

Re#ie; of $iterature

%/ Dohert% and Dionne < found that1 some )urrent Insuran#e Mar+ets Are Trou.led

.& the 5resen#e of S&stemati# Ris+ Or .& the Ina.ilit& of the 5arties to Spe#if& the

istri.ution for Aggregate ,oss/ Su#h )ir#umstan#es 5artl& )hara#terise the Topi#al

<,ia.ilit& Insuran#e )risis</ ?e )ompare the 5erforman#e of Alternati4e 0ehi#les for

Ris+ Sharing Under These )ir#umstan#es/ Spe#ifi#all&1 ?e Show That Mutals Appear to

Outperform Sto#+ Insuran#e )ompanies ?hen There Is Undi4ersifia.le Ris+/



:/ &au$% and *irth < propose a guaranteed renewa.ilit& !8R$ insuran#e in whi#h a

sequen#e of premiums would ena.le insurers to .rea+ e4en and would .e #hosen .& .oth

lowC and highCris+ .u&ers1 whether or not the& had suffered a loss/ The premium

s#hedule would #ontinuall& de#line o4er time1 as the insurer #olle#ts more information to

determine who the lowCris+ indi4iduals lea4e for the spot mar+et/ The #on#luding portion

of the arti#le dis#usses the limitations of a 8R poli#& in the health and en4ironmental

lia.ilit& area1 the most serious .eing insta.ilit& in estimates of underl&ing loss trends/

)op&right % .& *luwer A#ademi# 5u.lisher

;/ =heng1 Liu and Deng < this paper ma+es a new assessment and #omparison of

insuran#e growth le4els of #ertain #ountries as well as #ertain e#onomi# groups1 and

further dis#usses the poli#& impli#ations/ The main #on#lusions of this paper are as

follows/ First1 it is ne#essar& to ha4e a new re#ognition of the international insuran#e

growth pattern9 the relati4e le4el of insuran#e growth in de4eloped mar+ets has

de#lined as #ompared with that indi#ated .& traditional indi#ators1 and the relati4e

le4el of insuran#e growth in de4eloping mar+ets has in#reased/

@/ (uorinen< >ar#inen and Lehtine < e=plained1 the widel& used strateg& to #ope with

the dangers of foreign in4estment .& hedging against potential losses is politi#al ris+

insuran#e/ All multinational #orporations are su.'e#t to politi#al ris+ perils/Broadl&

spea+ing1 there are si= different t&pes of politi#al ris+9 #onfis#ation1 e=propriation and

nationali>ationL #ontra#t repudiation and frustrationL unfair regulator& en4ironmentL

#urren#& in#on4erti.ilit&L #ontingen#&L and war ris+/ Similarl&1 poli#ies a4aila.le #an

.e defined a##ording to these si= #ategories/

/ +arcia< Camino and !o$ero <in this paper offers a diagnosis of the #urrent stage

of de4elopment of insuran#e firms operating in Belgium and Spain a##ording to the

differential patterns the& e=hi.it in the adoption of the #on#ept of mar+eting/ The

theoreti#al approa#h we use here has .een defined in order to in#lude three #riti#al

H



dimensions9 the organi>ational pro#ess that en#ompasses the mar+eting adoption #on#eptL

the e=tent to whi#h differential mar+eting patterns are related to .usiness and e#onomi#

performan#eL and finall& to identif& the influen#e of managerial de#isionCma+ing and their

planned patterns of strategi# .eha4ior in the de4elopment and ongoing pro#ess of

mar+eting adoption/

O"?ecti#e7

The main of the present stud& of is a##omplish the following o.'e#ti4e/

%/ To +now a.out .rand awareness of *ota+ ,ife Insuran#e and #ustomerGs preferen#e

a.out *ota+ ,ife Insuran#e/

:/ A##ording the mar+et sur4e& #ome +now a.out how mu#h potential of insuran#e

mar+et in our #it&/

;/ Training aims at re#ruiting ma=imum num.er of ,ife Ad4isors and to Sell the

ma=imum poli#ies for the #ompan& and .ring the .usiness for the #ompan& whi#h

e4er is going at the parti#ular point of time/

S'R(E) AND RESEARC*

TITLE7

To stud& the #ustomer satisfa#tion regarding of +ota+ mahindra life insuran#e/

TITLE >'STIFICATION9



The a.o4e title is self e=planator&/ The stud& deals mainl& with stud&ing the .u&ing pattern

in the insuran#e industr& with a spe#ial fo#us on *ota+ life Insuran#e/ The 4arious segments

of the mar+ets di4ided in terms of Insuran#e Needs1 Age groups 1 Satisfa#tion le4els et# will

also studied/

SI+NIFICANCE OF T*E ST'D)7

This is a limited stud& whi#h ta+es into #onsideration the responses of %DD people/ This data

#an .e e=trapolated to ta+e in the trends a#ross the industr&/ The signifi#an#e for the industr&

lies in stud&ing these trends that emerge from the stud&/ It is a rapidl& #hanging and e4ol4ing

se#tor/ 5eople are onl& .eginning to wa+e up to its 4ast possi.ilities/ A stud& li+e this #an

attempt to guide the future of the industr& .ased on #urrent trends/

SCO&E OF T*E ST'D)7

The data for the resear#h was #olle#ted from different >ones of ,udhain )it& and /

&ROD'CT SCO&E7

The resear#h was #ondu#ted to find out a.out the preferen#e and per#eption of the target

population for different insuran#e produ#ts/ The in4estment pattern and strategies were

dis#o4ered through this resear#h/ Also the awareness a.out *ota+ ,ife Insuran#e was also

found out/

TAR+ET &O&'LATION7

The target population in#luded most of the #ategories of people li+e Ser4i#e #lass1 .usiness

#lass1 students1 houseCwi4es et#/

RESEARC* DESI+N7

The resear#h is primaril& .oth e=plorator& as well as des#ripti4e in nature/ The sour#es of

information are .oth primar& 3 se#ondar&/

A wellCstru#tured questionnaire was prepared and personal inter4iews were #ondu#ted to

#olle#t the #ustomerGs per#eption and .u&ing .eha4ior1 through the questionnaire/

DATA COLLECTION7

&rimar% Data7

In 5rimar& data1 stru#tured questionnaire was made and the target respondents were as+ed to

fill the questionnaire/ Thus a large amount of data was #olle#ted/

%D



Secondar% Data7

Se#ondar& data was #olle#ted from 4arious sour#es su#h as internet1 news papers1

pu.li#ations and finan#ial maga>ines/

@'ESTIONNAIRE DESI+N7

O.'e#ti4e was to ma+e respondents little familiar with the #onte=t of the questions/ This was

also aimed at #olle#ting data a.out the sample profile thatGll .e su.sequentl& anal&>ed so that

the s#ope of the pro'e#t is full& e=plored/ Initiall&1 a rough draft was prepared +eeping in

mind the o.'e#ti4e of the resear#h/ A pilot stud& was done in order to +now the a##ura#& of

the uestionnaire/ The final uestionnaire was arri4ed onl& after #ertain important #hanges

were done/ Thus m& sampling #ame out to .e 'udgmental and #on4enient/

CONCL'SIONCONCL'SION

After o4erhauling the all situation that .oosted a num.er of 54t/ )ompanies asso#iated with

multinational in the Insuran#e Se#tor to gi4e .efitting #ompetition to the esta.lished

.ehemoth *ota+ in pri4ate se#tor1 we #ome at the #on#lusion that

• There are 4er& tough #ompetitions among the pri4ate insuran#e #ompanies on the

le4el of new trend of ad4ertising to lull a ma'or part of )ustomers/

• *ota+ is not left .ehind in the present ra#e of ad4ertisement/

• The entr& of more 54t/ 5la&ers in the Insuran#e Se#tor has e=panded the produ#t

segment to meet the different le4el of the requirement of the #ustomers/ It has .rought

a.out greater #hoi#e to the #ustomers/

• *ota+ has 4ast mar+et and 4er& firm grip on its traditional #ustomers and monopol&

of life insuran#e produ#ts/

IRA is also pla&ing 4er& #omprehensi4e role .& regulating norms mandating to pri4ate

pla&ers in this se#tor1 that in#reases the #onfiden#e le4el of the #ustomers to the pri4ate

pla&ers/

%%



Suggestions

The stud& has pro4ided with the useful data from the respondents/ There has a lot to .e

re#ommended/ Following are the re#ommendations9

• There is a need for .etter promotion for the in4estment produ#ts 3 ser4i#es/ The

.an+ should ad4ertise its produ#ts through tele4ision .e#ause it will rea#h to the

masses/

• More returns should .e pro4ided on Insuran#e plans/

As the .an+ pro4ides the Insuran#e fa#ilit& to its #ustomers/ It should pro4ide this fa#ilit& .&

tie up with the other Insuran#e organi>ations as well/ The main reason is that1 the entire

#ustomers do not want Insuran#e of onl& one #ompan&/ The& should ha4e #hoi#e while

sele#ting a suita.le Insuran#e plans/ This will definitel& add to the goodwill 3 profit for the

.an+/

%:



Ta"$e of Contents

%;

Cha4ter &articu$ars &age No.

0 Introduction to su"?ect

%/% )ustomer satisfa#tion

%/: Insuran#e

%/; )lassifi#ation of insuran#e

%/@ 6istor& of Insuran#e se#tor in India

%/ IRA

%/J Re4iew of ,iterature

0

0350B

05/1

/15//

//5/2

/25/

/ Introduction of KOTAK LIFE INS'RANCE

:/% A.out *ota+ ,ife Insuran#e

:/: 0ision and Mission

:/; 5rofile of Organi>ation

:/@ Re#ent A#hie4ements

:/ 5rodu#t range of #ompan&:/J Mar+et share of #ompan&

:/ S?OT Anal&ses

/5/B

/

/

2152/

2/522

2352B

2 O"?ecti#es Research !ethodo$og%

;/% O.'e#ti4e

;/: Sur4e& and Resear#h

;/; Sour#es of ata

;/@ ,imitations

251

0

/

/52

Data &resentation< Ana$%sis< and Inter4retation 5

Summar%

/%)on#lusion

/:Suggestion

35B

B5

3 Refrences

B A44endi6

/% Finan#ial Statements

/: uestionnaire

3153

35B2





Cha4ter50

Introduction to Su"?ect7

0.0 Customer Satisfaction7

)ustomer satisfa#tion1 a term frequentl& used in mar+eting1 is a measure of how produ#ts and

ser4i#es supplied .& a #ompan& meet or surpass #ustomer e=pe#tation/ )ustomer satisfa#tion

is defined as <the num.er of #ustomers1 or per#entage of total #ustomers1 whose reported

e=perien#e with a firm1 its produ#ts1 or its ser4i#es !ratings$ e=#eeds spe#ified satisfa#tion

goals/< In a sur4e& of nearl& :DD senior mar+eting managers1 % per#ent responded that the&

found a #ustomer satisfa#tion metri# 4er& useful in managing and monitoring their

.usinesses/

It is seen as a +e& performan#e indi#ator within .usiness and is often part of a Balan#ed

S#ore#ard/ In a #ompetiti4e mar+etpla#e where .usinesses #ompete for #ustomers1 #ustomer

satisfa#tion is seen as a +e& differentiator and in#reasingl& has .e#ome a +e& element of

.usiness strateg&/

<?ithin organi>ations1 #ustomer satisfa#tion ratings #an ha4e powerful effe#ts/ The& fo#us

emplo&ees on the importan#e of fulfilling #ustomersG e=pe#tations/ Furthermore1 when these

ratings dip1 the& warn of pro.lems that #an affe#t sales and profita.ilit&/ These metri#s

quantif& an important d&nami#/ ?hen a .rand has lo&al #ustomers1 it gains positi4e wordCofC

mouth mar+eting1 whi#h is .oth free and highl& effe#ti4e/<

Therefore1 it is essential for .usinesses to effe#ti4el& manage #ustomer satisfa#tion/ To .e

a.le do this1 firms need relia.le and representati4e measures of satisfa#tion/

<In resear#hing satisfa#tion1 firms generall& as+ #ustomers whether their produ#t or ser4i#e

has met or e=#eeded e=pe#tations/ Thus1 e=pe#tations are a +e& fa#tor .ehind satisfa#tion/

?hen #ustomers ha4e high e=pe#tations and the realit& falls short1 the& will .e disappointed

and will li+el& rate their e=perien#e as less than satisf&ing/ For this reason1 a lu=ur& resort1 for

e=ample1 might re#ei4e a lower satisfa#tion rating than a .udget motele4en though its

fa#ilities and ser4i#e would .e deemed superior in a.solute terms/<

%

http://en.wikipedia.org/wiki/Marketing

http://en.wikipedia.org/wiki/Balanced_Scorecard


http://en.wikipedia.org/wiki/Marketing







It was due to this immense growth that the regulations were introdu#ed in the insuran#e

se#tor and in #ontinuation (Malhotra )ommittee- was #onstituted .& the go4ernment in %;

to e=amine the 4arious aspe#ts of the industr&/ The +e& element of the reform pro#ess was

parti#ipation of o4erseas insuran#e #ompanies with :J #apital/ )reating a more #ompetiti4e

finan#ial s&stem suita.le for the requirements of the e#onom& was the main idea .ehind this

reform/

Sin#e then the insuran#e industr& has gone through man& #hanges/ The li.erali>ation of the

industr& the insuran#e industr& has ne4er loo+ed .a#+ and toda& stand as one of the most

#ompetiti4e and e=ploring industr& in India/ The entr& of the pri4ate pla&ers and the

in#reased use of the new distri.ution are in the limelight toda&/ The use of new distri.ution

te#hniques and the IT tools has in#reased the s#ope of the industr& in the longer run/

Insuran#e is the .usiness of pro4iding prote#tion against finan#ial aspe#ts of ris+1 su#h as

those to propert&1 life health and legal lia.ilit&/ It is one method of a greater #on#ept +nown

as ris+ management Kwhi#h is the need to mange un#ertaint& on a##ount of e=posure to loss1

in'ur&1 disad4antage or destru#tion/

The .usiness of insuran#e is related to the prote#tion of the e#onomi# 4alues of assets/ E4er&

asset has a 4alue/ The asset would ha4e .een #reated through the efforts of the owner/ The

asset is 4alua.le to the owner1 .e#ause he e=pe#ts to get some .enefit from it/ The .enefit

ma& .e an in#ome or in some other form/

In India1 insuran#e .egan in %H%H with life insuran#e .eing transa#ted .& an English

#ompan&/ The first insuran#e #ompan& was the Bom.a& mutual assuran#e so#iet& ltd1 formed

in %HD in Mum.ai/ Insuran#e helps to redu#e the #onsequen#es of ad4erse situation/

Insuran#e is the method of spreading and transfer of ris+/ The fortunate man& who are

e=posed to some or similar ris+ shares loss of the unfortunate/ Insuran#e does not prote#t the

assets .ut onl& #ompensates the e#onomi# or finan#ial loss/

%



In insuran#e the insured ma+es pa&ment #alled (premiums- to an insurer1 and in return is a.le

to #laim a pa&ment from the insurer if the insured suffers a defined t&pe of loss/ This

relationship is usuall& drawn up in a formal legal #ontra#t/

Insuran#e #ompanies also earn in4estment profits1 .e#ause the& ha4e the use of the premium

mone& from the time the& re#ei4e it until the time the& need it to pa& #laims/ This mone& is

#alled the float/ ?hen the in4estments of float are su##essful the& ma& earn large profits1

e4en if the insuran#e #ompan& pa&s out in #laims e4er& penn& re#ei4ed as premiums/ In fa#t1

most insuran#e #ompanies pa& out more mone& than the& re#ei4e in premiums/ The e=#ess

amount that the& pa& to poli#&holders is the #ost of float/ An insuran#e #ompan& will profit if

the& in4est the mone& at a greater return than their #ost of float/

An insuran#e #ontra#t or poli#& will set out in detail the e=a#t #ir#umstan#es under whi#h a

.enefit pa&ment will .e made and the amount of the premiums/

Marine insuran#e is the oldest t&pe of insuran#e and one of the earliest re#ords of a marine

poli#& relates to a Mediterranean 4o&age in %;@/ This was followed .& life insuran#e some

;DD &ears later/ Fire insuran#e1 howe4er1 did not .egin until after the 8reat fire of ,ondon in

%JJJ/ In India all the three insuran#e de4eloped as under

• Fire Insurance

• !arin insurance

• Life Insurance

0.2 C$assification of insurance7

The insuran#e industr& in India #an .roadl& #lassif& in two parts/ The& are/

08 Life insurance.

/8 Non5$ife 9genera$8 insurance.

08 Life insurance75

Traditionall&1 life insuran#e used to pro4ide finan#ial prote#tion to &our famil& and

dependents in the e4ent of an& unforeseen e4ent or &our untimel& death/ But nowada&s1 life

insuran#e has .e#ome s&non&mous with sa4ings1 wealth generation and prote#tion/ ,ife

insuran#e #ompaniesCthese da&sCpro4ide plans through whi#h &ou #an not onl& se#ure the

%H



finan#ial future of &our dependents in the e4ent of death .ut also .uild wealth for them and

.e finan#iall& se#ure from e4entualities su#h as disease and disa.ilit&/

In %H%H British introdu#ed to India1 with the esta.lishment of the oriental life

insuran#e #ompan& in )al#utta/ The first Indian owned ,ife Insuran#e )ompan&L the Bom.a&

mutual life assuran#e so#iet& was set up in %HD/ The life insuran#e a#t1 %%: was the first

statuar& measure to regulate the life insuran#e .usiness in India/ In %H;1 the earlier

legislation was #onsolidated and amended .& the insuran#e a#t1 %;H1 with #omprehensi4e

pro4isions for detailed effe#ti4e #ontrol o4er insuran#e/ The union go4ernment had opened

the insuran#e se#tor for pri4ate parti#ipation in %1 also allowing the pri4ate

)ompanies to ha4e foreign equit& up to :J/ Following the opening up of the

insuran#e se#tor1 %: pri4ate se#tor #ompanies ha4e entered the life insuran#e .usiness/

Different T%4es of Life Insurance &$ans7

Traditiona$ $ife insurance 4$ans7

Traditional life insuran#e plans1 also +nown as nonCunit lin+ed insuran#e plans1 ensure that

the ma'orit& of the in4estments made .& the poli#&holders are in to safe de.t instruments/

These plans are ideal for ris+Ca4erse in4estors as the& pro4ide assuran#e of returns to a large

e=tent/

'nit Lined Insurance &$ans 9'LI&s87

U,I5s1 also +nown as mar+etClin+ed life insuran#e plans1 allow for in4estments made .& the

poli#&holders to get e=posed to equities/ U,I5s are suited for #ustomers who aim for wealth

#reation o4er a long term/

:enefits of $ife insurance7

,ife insuran#e is required .e#ause of the following fa#tors C

%



,ife insuran#e ta+es #are of those who are finan#iall& dependent on &ou e4en when &ou are

not around to loo+ after them/

Retirement planning ta+es #are of &our retirement1 as there is no guarantee of a #onsistent

in#ome post retirement/

The e=penses &ou ma& in#ur in future will +eep in#reasing due to inflation1 and thus e4en a

flu#tuation in &our in#ome ma& lead to a #ompromised lifest&le/

Sa4ings plan ena.les indi4iduals to se#ure their finan#ial future .& helping &ou to get

attra#ti4e returns/

/8 Non5$ife 9genera$8 Insurance75

Triton insuran#e #o/ ltd was the first general insuran#e #ompan& to .e esta.lished in India in

%HD1 whose shares were mainl& held .& the British/ The first general insuran#e #ompan& to

.e set up .& an Indian was Indian mer#antile insuran#e #o/ ,td/1 whi#h was sta.ili>ed in

%D/ There emerged man& a pla&er on the Indian s#ene thereafter/ The general insuran#e

.usiness was nationali>ed after the promulgation of 8eneral Insuran#e )orporation !8I)$ OF

India undertoo+ the postCnationali>ation general insuran#e .usiness/

0. :rief *istor% of the Insurance Sector in India

The .usiness of life insuran#e in India in its e=isting form started in India in the &ear %H%H

with the esta.lishment of the Oriental ,ife Insuran#e )ompan& in )al#utta/

The stor& of insuran#e is pro.a.l& as old as the stor& of man+ind/ The same instin#t that

prompts modern .usinessmen toda& to se#ure themsel4es against loss and disaster e=isted in

primiti4e men also/ The& too sought to a4ert the e4il #onsequen#es of fire and flood and loss

of life and were willing to ma+e some sort of sa#rifi#e in order to a#hie4e se#urit&/ Though

the #on#ept of insuran#e is largel& a de4elopment of the re#ent past1 parti#ularl& after the

industrial era K past few #enturies K &et its .eginnings date .a#+ almost JDDD &ears/

:D



,ife Insuran#e in its modern form #ame to India from England in the &ear %H%H/ Oriental ,ife

Insuran#e )ompan& started .& Europeans in )al#utta was the first life insuran#e #ompan& on

Indian Soil/ All the insuran#e #ompanies esta.lished during that period were .rought up with

the purpose of loo+ing after the needs of European #ommunit& and these #ompanies were not

insuring Indian nati4es/ 6owe4er1 later with the efforts of eminent people li+e Ba.u Mutt&lal

Seal1 the foreign life insuran#e #ompanies started insuring Indian li4es/ But Indian li4es were

.eing treated as su.Cstandard li4es and hea4& e=tra premiums were .eing #harged on them/

Bom.a& Mutual ,ife Assuran#e So#iet& heralded the .irth of first Indian life insuran#e

#ompan& in the &ear %HD1 and #o4ered Indian li4es at normal rates/ Starting as Indian

enterprise with highl& patrioti# moti4es1 insuran#e #ompanies #ame into e=isten#e to #arr& the

message of insuran#e and so#ial se#urit& through insuran#e to 4arious se#tors of so#iet&/

Bharat Insuran#e )ompan& !%HJ$ was also one of su#h #ompanies inspired .& nationalism/

The Swadeshi mo4ement of %DC%D ga4e rise to more insuran#e #ompanies/ The United

India in Madras1 National Indian and National Insuran#e in )al#utta and the )oCoperati4e

Assuran#e at ,ahore were esta.lished in %DJ/ In %D1 6industan )oCoperati4e Insuran#e

)ompan& too+ its .irth in one of the rooms of the orasan+o1 house of the great poet

Ra.indranath Tagore1 in )al#utta/ The Indian Mer#antile1 8eneral Assuran#e and Swadeshi

,ife !later Bom.a& ,ife$ were some of the #ompanies esta.lished during the same period/

5rior to %%: India had no legislation to regulate insuran#e .usiness/ In the &ear %%:1 the

,ife Insuran#e )ompanies A#t1 and the 5ro4ident Fund A#t were passed/ The ,ife Insuran#e

)ompanies A#t %%: made it ne#essar& that the premium rate ta.les and periodi#al 4aluations

of #ompanies should .e #ertified .& an a#tuar&/ But the A#t dis#riminated .etween foreign

and Indian #ompanies on man& a##ounts1 putting the Indian #ompanies at a disad4antage/

The first two de#ades of the twentieth #entur& saw lot of growth in insuran#e .usiness/ From

@@ #ompanies with total .usinessCinCfor#e as Rs/::/@@ )rore1 it rose to %J #ompanies with

total .usinessCinCfor#e as Rs/:H )rore in %;H/ uring the mushrooming of insuran#e

#ompanies man& finan#iall& unsound #on#erns were also floated whi#h failed misera.l&/ The

Insuran#e A#t %;H was the first legislation go4erning not onl& life insuran#e .ut also nonC

life insuran#e to pro4ide stri#t state #ontrol o4er insuran#e .usiness/ The demand for

nationali>ation of life insuran#e industr& was made repeatedl& in the past .ut it gathered

momentum in %@@ when a .ill to amend the ,ife Insuran#e A#t %;H was introdu#ed in the

,egislati4e Assem.l&/ 6owe4er1 it was mu#h later on the %th of anuar& %J that life

insuran#e in India was nationali>ed/ A.out %@ Indian insuran#e #ompanies1 %J nonCIndian

:%



#ompanies and pro4ident were operating in India at the time of nationali>ation/

Nationali>ation was a##omplished in two stagesL initiall& the management of the #ompanies

was ta+en o4er .& means of an Ordinan#e1 and later1 the ownership too .& means of a

#omprehensi4e .ill/ The 5arliament of India passed the ,ife Insuran#e )orporation A#t on the

%th of une %J1 and the ,ife Insuran#e )orporation of India was #reated on %st Septem.er1

%J1 with the o.'e#ti4e of spreading life insuran#e mu#h more widel& and in parti#ular to the

rural areas with a 4iew to rea#h all insura.le persons in the #ountr&1 pro4iding them adequate

finan#ial #o4er at a reasona.le #ost/

0. The Insurance Regu$ator% and De#e$o4ment Authorit% 9IRDA87

Insuran#e Regulator& 3 e4elopment Authorit& is regulator& and de4elopment authorit&

under 8o4ernment of India in order to prote#t the interests of the poli#&holders and to

regulate1 promote and ensure orderl& growth of the insuran#e industr&/ It is .asi#all& a ten

mem.ers team #omprising of a )hairman1 fi4e full time mem.ers and four partCtime

mem.ers1 all appointed .& 8o4ernment of India/ This organi>ation #ame into .eing in %

after the .ill of IRA was passed in the Indian parliament/

&o;ers and Functions of IRDA

• It issues the appli#ants in insuran#e arena1 a #ertifi#ate of registration as well as

renewal1 modifi#ation1 withdrawal1 suspension or #an#ellation of su#h registrations/

• It prote#ts the interests of the poli#& holders in an& insuran#e #ompan& in the matters

related to the assignment of poli#&1 nomination .& poli#& holders1 insura.le interest1

and resolution of insuran#e #laim1 su.mission 4alue of poli#& and other terms and

proposals in the #ontra#t/

• It also spe#ifies o.ligator& #redentials1 #ode of #ondu#t and pra#ti#al instru#tions for

mediator as well as the insuran#e #ompan&/ Apart from this1 it also defines the #ode of

#ondu#t for the sur4e&ors and loss assessors in4ol4ed with the insuran#e .usiness/

::



• One of the ma'or fun#tions of IRA in#ludes endorsing #ompeten#e in the insuran#e

.usiness/ Apart from this1 upholding and regulating professional organi>ations in

insuran#e and reCinsuran#e .usiness is also a ma'or dut& of IRA/

• IRA is also entitled to for as+ing information1 underta+ing inspe#tion and

in4estigating the audit of the insurers1 mediators1 insuran#e intermediaries and other

organi>ations related to the insuran#e se#tor/

• It is also #on#erned with the regulation of the rates1 profits1 pro4isions and #onditions

that ma& .e offered .& insurers in respe#t of general insuran#e .usiness if it is not

#ontrolled or regulated .& the Tariff Ad4isor& )ommittee/

• It is also entitled to super4ise the fun#tioning of the Tariff Ad4isor& )ommittee/

• IRA spe#ifies the terms and pattern in whi#h .oo+s of a##ounts are to .e maintained

and statement of a##ounts shall .e pro4ided .& insurers and other insuran#e

mediators/

Im4act Of IRDA On Indian Insurance Sector

The #reation of IRA has .rought re4olutionar& #hanges in the Insuran#e se#tor/ In last %D

&ears of its esta.lishment the insuran#e se#tor has seen tremendous growth/ ?hen IRA

#ame into .eingL onl& pla&ers in the insuran#e industr& were ,ife Insuran#e )orporation of

India !,I)$ and 8eneral Insuran#e )orporation of India !8I)$1 howe4er in last de#ade :;

new pla&ers ha4e emerged in the filed of insuran#e/ The IRA also su##essfull& deals with

an& dis#repan#& in the insuran#e se#tor/

0.3 Re#ie; of $iterature

0. Dohert% and Dionne < found that1 some )urrent Insuran#e Mar+ets Are Trou.led .&

the 5resen#e of S&stemati# Ris+ Or .& the Ina.ilit& of the 5arties to Spe#if& the

istri.ution for Aggregate ,oss/ Su#h )ir#umstan#es 5artl& )hara#terise the Topi#al

<,ia.ilit& Insuran#e )risis</ ?e )ompare the 5erforman#e of Alternati4e 0ehi#les for

Ris+ Sharing Under These )ir#umstan#es/ Spe#ifi#all&1 ?e Show That Mutals Appear to

Outperform Sto#+ Insuran#e )ompanies ?hen There Is Undi4ersifia.le Ris+/

/. &au$% and *irth< propose a guaranteed renewa.ilit& !8R$ insuran#e in whi#h a sequen#e of

premiums would ena.le insurers to .rea+ e4en and would .e #hosen .& .oth lowC and highCris+

:;



.u&ers1 whether or not the& had suffered a loss/ The premium s#hedule would #ontinuall&

de#line o4er time1 as the insurer #olle#ts more information to determine who the lowCris+

indi4iduals lea4e for the spot mar+et/ The #on#luding portion of the arti#le dis#usses the

limitations of a 8R poli#& in the health and en4ironmental lia.ilit& area1 the most serious .einginsta.ilit& in estimates of underl&ing loss trends/ )op&right % .& *luwer A#ademi# 5u.lisher

2. =heng1 Liu and Deng< this paper ma+es a new assessment and #omparison of insuran#e

growth le4els of #ertain #ountries as well as #ertain e#onomi# groups1 and further dis#usses

the poli#& impli#ations/ The main #on#lusions of this paper are as follows/ First1 it is

ne#essar& to ha4e a new re#ognition of the international insuran#e growth pattern9 the relati4e

le4el of insuran#e growth in de4eloped mar+ets has de#lined as #ompared with that indi#ated

.& traditional indi#ators1 and the relati4e le4el of insuran#e growth in de4eloping mar+ets has

in#reased/

@/ (uorinen< >ar#inen and Lehtine< e=plained1 the widel& used strateg& to #ope with

the dangers of foreign in4estment .& hedging against potential losses is politi#al ris+

insuran#e/ All multinational #orporations are su.'e#t to politi#al ris+ perils/Broadl&spea+ing1 there are si= different t&pes of politi#al ris+9 #onfis#ation1 e=propriation

and nationali>ationL #ontra#t repudiation and frustrationL unfair regulator&

en4ironmentL #urren#& in#on4erti.ilit&L #ontingen#&L and war ris+/ Similarl&1 poli#ies

a4aila.le #an .e defined a##ording to these si= #ategories/

/ +arcia< Camino and !o$ero <in this paper offers a diagnosis of the #urrent stage

of de4elopment of insuran#e firms operating in Belgium and Spain a##ording to the

differential patterns the& e=hi.it in the adoption of the #on#ept of mar+eting/ The

theoreti#al approa#h we use here has .een defined in order to in#lude three #riti#al

dimensions9 the organi>ational pro#ess that en#ompasses the mar+eting adoption #on#eptL

the e=tent to whi#h differential mar+eting patterns are related to .usiness and e#onomi#

performan#eL and finall& to identif& the influen#e of managerial de#isionCma+ing and their

planned patterns of strategi# .eha4ior in the de4elopment and ongoing pro#ess of

mar+eting adoption/

:@



J/ &au$% and !ar< in this paper dis#uss the theoreti#al and empiri#al findings

#on#erning insuran#e reim.ursement of patients or pro4iders .& insurers operating in

pri4ate mar+ets or in mi=ed pu.li# and pri4ate s&stems/ Most insuran#es other than health

insuran#e do not <reim.urse<L instead the& pa& #ash to insureds #onditional on the

o##urren#e of a prespe#ified e4ent/ In #ontrast1 health insuran#e ties the pa&ment to

medi#al e=penditures or #osts in#urred in some fashion1 often ma+ing pa&ments dire#tl& to

medi#al pro4iders/

/ >an#r% and A$ain< e=plained the pra#ti#e of mutual insuran#e is #onditioned .& two

t&pes of transa#tion #osts9 <asso#iation< #osts in esta.lishing lin+s with insuran#e partners and <e=tra#tion< #osts in using these lin+s to implement insuran#e transfers/

ata on insuran#eCmoti4ated water e=#hanges among households along two

irrigation #anals in 5a+istan show that householdGs e=#hange .ilaterall& with

neigh.ors and famil& mem.ers .ut the ma'orit& e=#hange with mem.ers of tightl&

+nit #lusters/

H/ F$eur"ae% and :ossert< anal&>e the equit& properties of insuran#e premium

s#hemes where agents are partitioned into groups with different a4erage a##ident

pro.a.ilities and ea#h indi4idual has to pa& a premium a##ording to the a4erage

pro.a.ilit& of the group to whi#h it .elongs/ In parti#ular1the& e=amine the question

whether #hoosing finer partitions to define these groups generates more equita.le

situations than #oarser groups/ Though it turns out that partitioning the agents into

finer groups #an ne4er .e ,oren> dominated .& the #oarser partition1 it #annot .e

guaranteed that finer partitions represent impro4ements o4er #oarser ones e=#ept in

4er& restri#ti4e #ir#umstan#es/

/ S$eet< e=plained that so#ial insuran#e arrangements that are optimal from the

perspe#ti4e of a utilitarian planner #onfronting a population of pri4atel& informed

agents frequentl& e=hi.it an <immiseration< propert& C with pro.a.ilit& % an agents

#ontinuation utilit& will drift downwards to its minimal le4el/ Thus1 the e= ante

optimal pro4ision of in#enti4es implies se4ere e= post inequalit& and are time

:



in#onsistent/ This paper introdu#es an additional fri#tion9 it assumes that the

utilitarian planner #an not #ommit/

%D/ :hattachar%a< +o$dman and Sood< e=plained that se#ondar& life insuran#e mar+ets

are growing rapidl&/ From nearl& no transa#tions in %HD1 a wide 4ariet& of similar

produ#ts in this mar+et has de4eloped1 in#luding 4iati#al settlements1 a##elerated

death .enefits1 and life settlements and as the population ages1 these mar+ets will

.e#ome in#reasingl& popular/

C*A&TER5/C*A&TER5/

Introduction of KOTAK LIFE INS'RANCE

/.0 A"out Kota !ahindra O$d !utua$ Life Insurance7

*ota+ Mahindra Old Mutual ,ife Insuran#e ,td is a @9:J 'oint 4enture .etween *ota+

Mahindra Ban+ ,td/1 its affiliates and Old Mutual pl#/ The #ompan& started operations in

:DD%1 and stri4es to offer its #ustomers outstanding 4alue through high #ustomer empath&1

#onsistent and .en#hmar+ed ser4i#e and a suite of produ#ts that le4erage the #om.ined

prowess of prote#tion and long term sa4ings/ The #ompan& #o4ers o4er @ million li4es and is

one of the fastest growing insuran#e #ompanies in India/

Esta.lished in %H1 the *ota+ Mahindra 8roup is one of IndiaGs leading finan#ial ser4i#es

#onglomerates/ In Fe.ruar& :DD;1 *ota+ Mahindra Finan#e ,td/ !*MF,$1 the 8roupGs

flagship #ompan&1 re#ei4ed a .an+ing li#ense from the Reser4e Ban+ of India !RBI$/ ?ith

this1 *MF, .e#ame the first nonC.an+ing finan#e #ompan& in India to .e#ome a .an+ C

*ota+ Mahindra Ban+ ,imited/

:J



The *ota+ Mahindra 8roup has a #onsolidated net worth of Rs %:1D% #rore !appro= USP :/

.illion$ as on Mar#h ;%1 :D%:/ The group offers a wide range of finan#ial ser4i#es that

en#ompass e4er& sphere of life/ From #ommer#ial .an+ing1 to sto#+ .ro+ing1 mutual funds1

life insuran#e and in4estment .an+ing1 the group #aters to the di4erse finan#ial needs of

indi4iduals and the #orporate se#tor/ The group has a wide distri.ution networ+ through

.ran#hes and fran#hisees a#ross India1 and international offi#es in ,ondon1 New "or+1

)alifornia1 u.ai1 A.u ha.i1 Bahrain1 Mauritius and Singapore

:



:H



:



/./ (ision and !ission7

An uncommon "ond. Strengthened "% a common #ision.Apart from #ommon .eliefs1 4alues and o.'e#ti4es we .elie4e in the 4ision of a .etter

tomorrow/ It is this deep 4eneer of faith that has .rought us together and fortified our .ond/

The g$o"a$ Indian financia$ ser#ices "rand

Our #ustomers will en'o& the .enefits of dealing with a glo.al Indian .rand that .est

understands their needs and deli4ers #ustomised pragmati# solutions a#ross multiple

platforms/ ?e will .e a worldC#lass Indian finan#ial ser4i#es group/ Our te#hnolog& and .est

pra#ti#es will .e .en#hmar+ed along international lines while our understanding of #ustomers

will .e uniquel& Indian/ ?e will .e more than a repositor& of our #ustomers sa4ings/ ?e1 the

group1 will .e a single window to e4er& finan#ial ser4i#e in a #ustomers uni4erse/

The most 4referred em4$o%er in financia$ ser#ices

A #ulture of empowerment #oupled with a spirit of enterprise1 attra#ts .right minds with an

entrepreneurial strea+ to 'oin us and sta& with us/ ?or+ing with a homeCgrown1

professionall&Cmanaged #ompan&1 whi#h has partnerships with international leaders1 gi4esour people a perspe#ti4e that is uni4ersal as well as unique/

The most trusted financia$ ser#ices com4an%

?e will #reate an ethos of trust a#ross all our #onstituents/ Adhering to high standards of

#omplian#e and #orporate go4ernan#e will .e an integral part of .uilding trust/

(a$ue creation

0alue #reation rather than si>e alone will .e our .usiness dri4er/

;D



/.2 !anagement O#er#ie;7

*ota+ ,ife Insuran#e wor+ as a team and ha4e a flat management stru#ture/ Our top

management has man& &ears of e=perien#e whi#h has helped guide the #ompan& into a

position of leadership/

Mr/ 8aurang Shah

ire#tor

Mr/ 8 Muralidhar

Managing ire#tor

Mr/ Sunil Sharma

Appointed A#tuar&1 *ota+ Mahindra Old Mutual ,ife

Insuran#e ,td

Mr/ Sudha+ar Shan.ag

)hief In4estment Offi#er1 *ota+ Mahindra Old Mutual

,ife Insuran#e ,td

Mr/ Suresh Agarwal

E=e#uti4e 0i#e 5resident and 6ead1

istri.ution 3 Strategi# Initiati4es

Ms/ *irti 5atil

Senior 0i#e 5resident and 6ead1 Information Te#hnolog&

/. AC*IE(E!ENTS

;%

http://insurance.kotak.com/

http://insurance.kotak.com/



/113

Best equit& 6ouse in India .& Euro Mone&

Best Equit& 6ouse in India .& Asia Mone&

/11B

IndiaGs Best Equit& 6ouse in India .& Finan#e Asia

Best Equit& 6ouse in India .& Euro Mone&

Best Equit& 6ouse in India .& Asia Mone&

Best India Equit& 6ouse .& IFR

/11

Best Bro+er in India .& Finan#e Asia

Best Equit& 6ouse in India .& Euro mone&

/11

Ran+ed no/% in si= #ategories in the Annual Euro mone& 5ri4ate Ban+ing

Sur4e& 5oll for :DD for India

Best In4estment Ban+ in India .& Finan#e Asia

Ran+ed Q% in the league ta.le for Boo+ runner2,ead Manager in pu.li# equit&

offerings in terms of the 4alue of transa#tion #ompleted during fis#al :DD

a##ording to 5rime ata.ase/

/101

Best Bro+er In India .& Finan#e Asia

Topped the .est Mutual Fund 6ouse in the NT0 Business ,eadership

Awards:D%D

Best Bond Fund 8roup O4er Three "ears .& ,ipper Fund Awards India

Ran+ed the .est de.t fund o4er &ears .& lipper for the *ota+ Bond Regular

5lan

;:



Ran+ed I)RAC MFRI and was the re#ipient of the Sil4er Awards .& I)RA for the

*ota+ Bond Regular 5lanG

/100

Most 5opular In4entor Relation ?e.site for the Asia25a#ifi# Region )ondu#ted .& IR

8lo.al Ran+ings

Emerged winner in %J #ategories in the Euro mone& 5ri4ate Ban+ing 5oll:D%%1

in#luding the Best lo#al 5ri4ate Ban+/

/.3 &roduct Range7

&rotection &$ans

Insuran#e 5rote#tion plans help &ou se#ure &our lo4ed ones future against lifes un#ertainties/

A term life insuran#e poli#& is one where the person insured paid a #ertain premium

periodi#all& and either re#ei4es the .enefits at the term or1 in the e4ent of the assured persons

death1 the famil& gets the .enefit/ These plans are quite #ostCeffe#ti4e as the& fo#us on

pro4iding onl& life #o4er and no other returns/

• *ota+ Saral Sura+sha

• *ota+ eCTerm2 eC5referred Term

• *ota+ ,oan 5rote#tion 5lan

• *ota+ Term 5lan2 5referred Term 5lan

• *ota+ Eternal ,ife 5lans

Retirement &$ans

Retirement 5lanning ensures that &ou en'o& the same lifest&le whi#h &ou are used to and

following the same ho..ies and pleasura.le a#ti4ities1 e4en &ears after &our retirement and do

not depend upon &our +in for support/ A sound pension plan also guarantees the finan#ial

independen#e of the famil& in the unfortunate e4ent of the insureds demise/

• *ota+ )apital Multiplier 5lan

• *ota+ Retirement In#ome 5lan

;;



Sa#ings In#estment &$ans

The Sa4ings and In4estment 5lans wor+ as growth plans that help &ou ma=imi>e wealth

#reation/ In the re#ent times1 life insuran#e produ#ts ha4e e4ol4ed .e&ond pro4iding 'ust ris+

prote#tion/ Toda&1 life insuran#e plans are attra#ti4e options for #reating wealth C an

in4estment 4ehi#le that #an ma=imi>e returns/ Su#h in4estment plans gi4e &ou #ompetiti4e

returns apart from added in#enti4es li+e .onuses/ These growth plans pro4ide the dual

.enefits of finan#ial prote#tion as a ris+ #o4er and attra#ti4e returns o4er a long term/

• *ota+ Assured In#ome 5lan

• *ota+ 5latinum

• *ota+ Single In4est Ad4antage

• *ota+ A#e In4estment 5lan

• *ota+ ?ealth Insuran#e

• *ota+ Se#ure In4est Insuran#e

• *ota+ Endowment 5lan

• *ota+ Mone& Ba#+ 5lan

• *ota+ 5remium Return 5lan

• *ota+ Sura+shit ee4an

Chi$d &$ans

?hether it is to fund an edu#ation or a new age #areer #hoi#e or a fair&tale wedding or an&

other purpose for the well .eing of &our +id through his2her #hildhood and teenage &ears1 a

#hild plan poli#& pro4ides for all the .enefits and helps &ou plan a finan#iall& se#ure future

for &our #hild/

• *ota+ 6eadstart )hild Assure

• *ota+ )hild Ad4antage 5lan

+rou4 &$ans

5ro4iding &our emplo&ees with 4arious group life insuran#e poli#ies is one wa& of showing

them that &ou trul& #are a.out them/ ?hen &our emplo&ees are happ& and satisfied1 the&

automati#all& ta+e pride in wor+ing for &our organi>ation whi#h1 in turn1 in#reases &our

organisations produ#ti4it& and output/ Thus1 group life insuran#e poli#ies not onl& help &ou

retain emplo&ee .ut also impro4e their effi#ien#& and in the long term1 .oost profits/

;@



• *ota+ 8roup Shield

• *ota+ 8roup Assure

• *ota+ Term 8rouplan

• *ota+ 8ratuit& 8roup 5lan

• *ota+ )reditCTerm 8rouplan

• *ota+ )omplete )o4er 8rouplan

Rura$ &$ans

*ota+ 8ramin Bima "o'ana prote#ts &our lo4ed ones against un#ertainties and pro4ides &ou

with guaranteed returns1 'ust li+e &our fi=ed deposit/ The plan allows &ou to pa& a oneCtime

premium thus sa4ing &ou the hassle of annual pa&ments and also ensures that &ou get %/

times the a#tual prin#iple on maturit&/

• *ota+ 8ramin Bima "o'ana

;





*ota+ Mahindra 8roup in India has mar+et share of :/:/ It has a.ilit& to enter in the

ad'a#ent mar+et1 whi#h will help it to grow further in finan#ial se#tor of India/ *ota+

Mahindra is a finan#ial firm in India fulfilling the finan#ial need of the pu.li#/ *ota+

Mahindra 8roup #ame into .eing in %H as *ota+ )apital Management Finan#e ,imited and

the name #hanged to Kota !ahindra Finance $td/ in %HJ when 6arish Mahindra and

Anand Mahindra too+ it/ From Bill dis#ounting a#ti4it& in %HJ it had entered into the ,ease

and 6ire 5ur#hase Mar+et in %H/ The Auto Finan#e di4ision was started in %D/ In the

&ear %H *ota+ Mahindra 4entures into mutual Fund Mar+et with the laun#h of *ota+

!ahindra Asset !anagement Com4an%/ It got tied up with Old Mutual pl#/ and the Life

Insurance :usiness in the &ear :DDD/ "ear :DD; saw the #on4ersion of *ota+ Mahindra

Finan#e ,td/ into a )ommer#ial Ban+/ It is the first Indian )ompan& to do so/ In :DD@ it

laun#hed a pri4ate equit& fund named India 8rowth Fund/ ,i+e all other &ears the :DDJ was

also 4er& fruitful for this group as it .ought : sta+e held .& 8olden Sa#hs in *ota+

Mahindra )apital )ompan& and *ota+ Se#urities/

The ser4i#es offered .& *ota+ 8roup are9

o Ban+

o ,ife Insuran#e

o Mutual Funds

o Se#urities

o )ar Finan#e

o *ota+ Realit& Fund

o *ota+ 5ri4ate Equit&

o Institutional Equities

o In4estment Ban+ing

o *ota+ Mahindra International

o )ommer#ial .an+ing

o Sto#+ Bro+ing

o Finan#ial need of indi4iduals and #orporate are ta+en #are .& *ota+ Mahindra Ban+

;



/.B S,OT Ana$%ses7

STREN+T*S7

I/ Financia$ Acumen C 6olds a sta.le and di4ersified portfolio and has re#ei4ed some

of the highest ratings in finan#ial strength from industr&Gs independent rating

agen#ies/

;H



II/ Disci4$ined fund management C "ears of e=perien#e in asset management1 and a

strong tra#+ re#ord in managing funds C .a#+ed .& the a##laimed e=pertise of Old

Mutual pl#

III/ Inno#ati#eness C *nown for .eing an inno4ator in pro4iding worldC#lass pragmati#

finan#ial solutions1 with a #onstant fo#us on #ustomi>ation and fle=i.ilit&

I0/ 'nre$enting Customer Focus C A highl& #ommitted sales for#e1 with #ustomer

satisfa#tion as the +e& dri4ing for#e C a ma'or differentiator

0/ Trans4arenc% in Ser#ices C ail& de#laration of fund performan#es1 regular

performan#e .en#hmar+ing1 well regulated asset management1 and monthl&

newsletter on mar+et updates

,EAKNESSES7

Industr& in nas#ent stage/

Rural areas still not #o4ered/

Not 4er& +nown among Indian population/

,a#+ of #redi.ilit& among the people .e#ause *ota+ .eing a pri4ate pla&er/

5remiums are high as #ompared to its #ompetitors/

0er& few .ran#hes in the #ountr&/

5rodu#ts9

» The poli#& doesnGt ha4e the surrender option .efore third &ear/

» 5lan does not offer an& guarantee or assured return/

» 5rodu#t profile is not 4er& #omprehensi4e/

» Mortalit&1 management and administrati4e #harges are s+& s#rapping as

#ompared to its #ompetitors/

O&&ORT'NITIES7

,i.erali>ation of Indian e#onom&/

As the industr& is growing the whole mar+et is 4irgin/

;







To stud& the #ustomer satisfa#tion regarding of +ota+ mahindra life insuran#e/

TITLE >'STIFICATION9

The a.o4e title is self e=planator&/ The stud& deals mainl& with stud&ing the .u&ing pattern

in the insuran#e industr& with a spe#ial fo#us on *ota+ life Insuran#e/ The 4arious segments

of the mar+ets di4ided in terms of Insuran#e Needs1 Age groups 1 Satisfa#tion le4els et# will

also studied/

SI+NIFI+ANCE OF T*E ST'D)7

This is a limited stud& whi#h ta+es into #onsideration the responses of %DD people/ This data

#an .e e=trapolated to ta+e in the trends a#ross the industr&/ The signifi#an#e for the industr&

lies in stud&ing these trends that emerge from the stud&/ It is a rapidl& #hanging and e4ol4ing

se#tor/ 5eople are onl& .eginning to wa+e up to its 4ast possi.ilities/ A stud& li+e this #an

attempt to guide the future of the industr& .ased on #urrent trends/

SCO&E OF T*E ST'D)7

The data for the resear#h was #olle#ted from different >ones of ,udhiana )it&/

&ROD'CT SCO&E7

The resear#h was #ondu#ted to find out a.out the preferen#e and per#eption of the target

population for different insuran#e produ#ts/ The in4estment pattern and strategies were

dis#o4ered through this resear#h/ Also the awareness a.out *ota+ ,ife Insuran#e was also

found out/

TAR+ET &O&'LATION7

The target population in#luded most of the #ategories of people li+e Ser4i#e #lass1 .usiness

#lass1 students1 houseCwi4es et#/

RESEARC* DESI+N7

The resear#h is primaril& .oth e=plorator& as well as des#ripti4e in nature/ The sour#es of

information are .oth primar& 3 se#ondar&/

A wellCstru#tured questionnaire was prepared and personal inter4iews were #ondu#ted to

#olle#t the #ustomerGs per#eption and .u&ing .eha4ior1 through the questionnaire/

2.2Sources of Data

@:



DATA COLLECTION7

&rimar% Data7

In 5rimar& data1 stru#tured questionnaire was made and the target respondents were as+ed to

fill the questionnaire/ Thus a large amount of data was #olle#ted/

Secondar% Data7

Se#ondar& data was #olle#ted from 4arious sour#es su#h as internet1 news papers1

pu.li#ations and finan#ial maga>ines/

@'ESTIONNAIRE DESI+N7

O.'e#ti4e was to ma+e respondents little familiar with the #onte=t of the questions/ This was

also aimed at #olle#ting data a.out the sample profile thatGll .e su.sequentl& anal&>ed so that

the s#ope of the pro'e#t is full& e=plored/ Initiall&1 a rough draft was prepared +eeping in

mind the o.'e#ti4e of the resear#h/ A pilot stud& was done in order to +now the a##ura#& of

the uestionnaire/ The final uestionnaire was arri4ed onl& after #ertain important #hanges

were done/ Thus m& sampling #ame out to .e 'udgmental and #on4enient/

2. Limitations7

Some of the diffi#ulties and limitations fa#ed .& me during m& training are as follows9

Lac of a;areness among the 4eo4$e K This is the .iggest limitation

found in this se#tor/ Most of the people are not aware a.out the importan#e and the

ne#essit& of the insuran#e in their life/ The& are not aware how useful life insuran#e

#an .e for their famil& mem.ers if something happens to them/

&erce4tion of the 4eo4$e to;ards Insurance sector G 5eople still

#onsider insuran#e 'ust as a Ta= sa4ing de4i#e/ So toda& also there is alwa&s a rush to

@;



.u& an Insuran#e 5oli#& onl& at the end of the finan#ial &ear li+e anuar&1 Fe.ruar&

and Mar#h ma+ing the other months dr& for this .usiness/

Insurance does not gi#e good returns G Still toda& people thin+ that

Insuran#e does not gi4e good returns/ The& are not aware of the modern Unit ,in+ed

Insuran#e 5lans whi#h are offered .& most of the 5ri4ate se#tor pla&ers/ The& are still

under the per#eption that if the& ta+e Insuran#e the& will get onl& CJ returns whi#h

is not true nowada&s/ Nowada&s most of the modern Unit ,in+ed Insuran#e 5lans

gi4es returns whi#h are man& times more than that of .an+ Fi=ed deposits1 National

sa4ing #ertifi#ate1 5ost offi#e deposits and 5u.li# pro4ident fund/

Lac of a;areness a"out the earning o44ortunit% in the Insurance

sector G 5eople still toda& are not aware a.out the earning opportunit& that the

Insuran#e se#tor gi4es/ After the pri4ati>ation of the insuran#e se#tor man& pri4ate

giants ha4e entered the insuran#e se#tor/ These pri4ate #ompanies in order to .eat the

#ompetition and to in#rease their Insuran#e Ad4isors to in#rease their rea#h to the

#ustomers are gi4ing 4er& high #ommission rates .ut people are not aware of that/

Increased com4etition G Toda& the #ompetition in the Insuran#e se#tor

has .e#ame 4er& stiff/ )urrentl& there are %@ ,ife Insuran#e #ompanies wor+ing in

India in#luding the ,I) !life insuran#e )orporation of India$/ Toda& ea#h and e4er&

#ompan& is tr&ing to in#rease their Insuran#e Ad4isors so that the& #an in#rease their

rea#h in the mar+et/ This situation has #reated a s#enario in whi#h to re#ruit ,ife

insuran#e Ad4isors and to sell life Insuran#e 5oli#& has .e#ame 4er& 4er& diffi#ult/

@@



Cha4ter5

Data Ana$%sis and Inter4retation

The sur#e% ;hich ;as conducted 4ro#ided ;ith the fo$$o;ing resu$ts. The sam4$e siHe

;as taen as 011.

Note7 A$$ the resu$ts sho;n in the gra4hs are in 4ercentage.

1. Out of %DD there were J respondents who were emplo&ed in some go4ernment or

pri4ate organi>ation/ Rests of them were engaged in their own .usiness1 profession1 or

edu#ation/

@



2. Out of %DD1 H: respondents were ha4ing at least one insuran#e poli#&/ Rests of them

were either ha4ing no +nowledge a.out the e=isting insuran#e produ#ts in the mar+et or

were least interested in .u&ing an& +ind of insuran#e poli#& for them/

@J



3. Out of %DD1 JH ha4e life insuran#e1 : ha4e nonClife insuran#e and ha4e .oth

life and nonClife insuran#e/ NonClife insuran#e in#luded 4ehi#le insuran#e1 house2offi#e

.uilding insuran#e et#/

4. Out of %DD1 following is the preferen#e of the #ustomers for their insuran#e #ompan&/

The ma=imum #hoi#e was gi4en for ,I) and the reason .eing stated for that was that it is

a go4ernment #ompan& and hen#e people put their faith on it/

@



Preference of Insurance Company

12

11

13

14

16

30

LIC

ICICI Prudential

SBI Life Insurance

Bajaj lian!

"eliance Life Insurance

#ata I$ Life

%t&ers

'. Most of the respondents were ha4ing their insuran#e sin#e last to %D &ears/ The

detailed results are shown .elow/

6. ?hen as+ed a.out the 4arious .enefits of the insuran#e #o4er1 following responses

were re#ei4ed/ Out of %DD1 @H of the respondents agree that insuran#e #o4er pro4ides

@H



se#urit& for the future/ In #ase of an& un#ertain happening1 life insuran#e will .e of great

help/

(. Features whi#h attra#ted to .u& the poli#& are shown in the graph/ Ma=imum

respondents go for the .rand name/ It shows the ne#essit& of .rand promotion/

@





10. In most of the #ases1 respondents were approa#hed .& the insuran#e #ompan&

to mar+et their produ#ts/ It shows that #ompanies are targeting their #ustomers/

11. ?hen as+ed a.out the satisfa#tion with the poli#& whi#h the respondents were

ha4ing at present1 following were the findings/ Most of them were more or less satisfied

with it/

%



12. A.out J: of all respondents were not satisfied with the ser4i#es of their

insuran#e agent/ The& #omplained that the agent didnGt e=plain them a.out the produ#t in

details/

13. Out of %DD respondents1 H: were the ta= pa&ers/ It shows that Ta= Sa4ingG

.enefit ma& .e#ome the main reason for them to .u& the insuran#e poli#&/

:



14. Most of the respondents ha4e in4ested in 5ro4ident Funds to sa4e ta= followed

.& in Insuran#e 5oli#ies and National Sa4ing )ertifi#ates issued .& 5ost Offi#es/

;



1'. On as+ing a.out the .est form of in4estment at the present time1 respondents

showed the interest in Shares and mutual funds along with in fi=ed assets li+e land1

.uilding et#/

16. Most of the respondents said that the right age to .u& life insuran#e is %H to :

&ears/ It shows that the& were aware of the fa#t that premium is less for &ounger person/

@





1*. A.out J of the total respondents were planning for new in4estments/ The&

agreed that there are lots of new opportunities in the insuran#e industr&/

J



20. Respondents were as+ed that if a ser4i#e pro4ider pro4ides .etter ser4i#es and

impro4ed produ#ts #ustomi>ed to their requirements1 will the& a##ept it and in4est their

mone&/ A.out H respondents were agree to it and showed a great interest in it/



Cha4ter5Cha4ter5

Conc$usion and SuggestionsConc$usion and Suggestions

.0.0 CONCL'SIONCONCL'SION

After o4erhauling the all situation that .oosted a num.er of 54t/ )ompanies asso#iated with

multinational in the Insuran#e Se#tor to gi4e .efitting #ompetition to the esta.lished

.ehemoth *ota+ in pri4ate se#tor1 we #ome at the #on#lusion that

• There are 4er& tough #ompetitions among the pri4ate insuran#e #ompanies on the

le4el of new trend of ad4ertising to lull a ma'or part of )ustomers/

• *ota+ is not left .ehind in the present ra#e of ad4ertisement/

• The entr& of more 54t/ 5la&ers in the Insuran#e Se#tor has e=panded the produ#t

segment to meet the different le4el of the requirement of the #ustomers/ It has .roughta.out greater #hoi#e to the #ustomers/

• *ota+ has 4ast mar+et and 4er& firm grip on its traditional #ustomers and monopol&

of life insuran#e produ#ts/

IRA is also pla&ing 4er& #omprehensi4e role .& regulating norms mandating to pri4ate

pla&ers in this se#tor1 that in#reases the #onfiden#e le4el of the #ustomers to the pri4ate

pla&ers/

H



./ Suggestions

The stud& has pro4ided with the useful data from the respondents/ There has a lot to .e

re#ommended/ Following are the re#ommendations9

• There is a need for .etter promotion for the in4estment produ#ts 3 ser4i#es/ The

.an+ should ad4ertise its produ#ts through tele4ision .e#ause it will rea#h to the

masses/

• More returns should .e pro4ided on Insuran#e plans/

As the .an+ pro4ides the Insuran#e fa#ilit& to its #ustomers/ It should pro4ide this fa#ilit& .&

tie up with the other Insuran#e organi>ations as well/ The main reason is that1 the entire

#ustomers do not want Insuran#e of onl& one #ompan&/ The& should ha4e #hoi#e while

sele#ting a suita.le Insuran#e plans/ This will definitel& add to the goodwill 3 profit for the

.an+/



Cha4ter 53

:i"$iogra4h%7http922www/ilo4eindia/#om2finan#e2insuran#e2irda/html

https922www/itshastra/#om2industr&

http922insuran#e/+ota+/#om/2insuran#eCguide2a.outClifeCinsuran#e/php

http922www/'agoin4estor/#om2:D%D2%:2termCinsuran#eCplansC#omparisionsCindia/html

JD

http://www.iloveindia.com/finance/insurance/irda.html

https://www.itshastra.com/industry

http://insurance.kotak.com./insurance-guide/about-life-insurance.php

http://www.jagoinvestor.com/2010/12/term-insurance-plans-comparisions-india.html

http://www.iloveindia.com/finance/insurance/irda.html

https://www.itshastra.com/industry

http://insurance.kotak.com./insurance-guide/about-life-insurance.php

http://www.jagoinvestor.com/2010/12/term-insurance-plans-comparisions-india.html



Cha4ter5B

A44endi6

B.0 Financia$ Statements7

Form A5&L

&rofit and Loss Account for the %ear ended !arch 20< /10/

Shareholders A##ount !NonCTe#hni#al A##ount$

!Amounts in thousands of Indian Rupees$

&articu$ars 205!ar500 205!ar50/

Amounts transferred from 5oli#&holdersG

A##ount!Te#hni#al A##ount$ %@1;:;

In#ome from In4estments

!a$ Interest1 i4idends and Rent

Net of amorti>ation J1;; J1J@@

.$ 5rofit on sale2redemption of in4estments %J1D: :1@H@

#$ !,oss on sale2redemption of in4estments$ C@D1; C;1H@

Other In#ome !in#luding fund management

fees$

Tota$ 9A8 H1D J@1:@

E=penses other than those dire#tl& related

to the insuran#e .usiness :1;H: @%;

Bad de.ts written off

5ro4isions !other than ta=ation$

a$ For diminution in the 4alue of

J%



in4estments !Net$

.$ 5ro4ision for dou.tful de.ts

!#$ Others

)ontri.ution to the 5oli#&holders Fund %1%1:@ @1:

Total !B$ %1%H:1;DJ DD1:D

5rofit2 !,oss$ .efore ta= C%1DJ1; C@;1%

5ro4ision for ta=ation

)urrent "ear

Earlier "ear H1;:: H1:D

5rofit2!,oss$ after ta= C%1%D@1J C@@@1::%

Appropriations

a$ Balan#e at the .eginning of the &ear C%1@1%: C%1%D1DJ

Add9 Effe#t of first time adoption of Re4ised

ASC% Emplo&ee Benefits C1:% C%1J;1;H

!.$ Interim di4idends paid during the &ear

#$ 5roposed final di4idend

!d$ Ta= on di4idend distri.uted

!e$ Transfer to reser4es2other a##ounts

&rofit9Loss8 carried to the :a$ance Sheet 5/<33<1BB 50<<0/B

J:



Form A5:S

:a$ance Sheet as at !arch 20< /10/

!Amounts in thousands of Indian Rupees$

&articu$ars 205!ar50/ 205!ar500

Sources of Funds

ShareholdersG Funds9

Share )apital ;1;D;1@JJ :1@@;1D%

Reser4es and Surplus :D1;J; :D1;J;

)redit2e.it Fair 0alue )hange A##ount

Su.CTotal ;1H:;1H: :1J@1DJ@

Borrowings

&o$ic%ho$dersJ Funds7

)redit2e.it Fair 0alue )hange A##ount :% %D1@J;

&o$ic% Lia"i$ities

K 5arti#ipating ;1D1:; :1%::1

K NonCparti#ipating D%1; @D@1@@@

K Annuities 5arti#ipating :%1@ %@1J

K Annuities UnitC,in+ed NonC5arti#ipating :;J :

K UnitC,in+ed NonC5arti#ipating %:1@% :1:

Insurance Reser#es

K 5arti#ipating

K NonC5arti#ipating CJ1HD

K Annuities 5arti#ipating ;J1;@ %%1H%

K Annuities1 UnitC,in+ed NonC5arti#ipating @

K UnitC,in+ed NonC5arti#ipating !@DD1:$

,in+ed ,ia.ilities %:1D:1H;

:

J1J1

J;





?e #an easil& understand the a.o4e .alan#e sheet in &ear :D%% #ompan&Gs total .alan#e

%;1D:1HH1 while in &ear :D%: #ompan&Gs total .alan#e in#rease and .e#ome it :D1J1H/

It means #ompan&Gs .alan#e In#rease is 1J;;1/

,ORKIN+ CA&ITAL !ANA+E!ENT

?or+ing #apital refers to that part of the firmGs #apital whi#h is required for finan#ing shortC

term or #urrent assets1 su#h as1 #ash1 mar+eta.le se#urities1 de.tors1 in4entories1 .ills

re#ei4a.le et#/ the assets of this t&pe are relati4el& temporar& in nature/ Unfortunatel&1 there

is mu#h disagreement among finan#iers1 a##ountant1 e#onomi#s and .usinessmen as to the

e=a#t meaning of the team (wor+ing #apital-

6owe4er1 wor+ing #apital is also +nown as #ir#ulating #apital or short term #apital/ ?or+ing

#apital #an .e deri4ed .& the deferen#e .etween #urrent assets and #urrent lia.ilities of the

firm/

+ROSS ,ORKIN+ CA&ITAL TOTAL C'RRENT ASSETS

,ORKIN+ CA&ITAL C'RRENT ASSETS G C'RRENT LIA:ILITIES

?or+ing #apital )urrent Assets K )urrent ,ia.ilities

J

&articu$ar /10/ /100

Current Assets

)ash and Ban+ Balan#es %1:@H1J@@ D1H@

Ad4an#es and Other Assets @@@1%J; ;@;1::

Su.CTotal !A$ %1J:1HD %@1:D

)urrent ,ia.ilities %1%1% H%H1@;

5ro4isions D1J :J1:

Su"5Tota$ 9:8 0<3//<3 <3B/



For &ear :D%:

?or+ing )apital )/A K )/,

%1J:1HDC %@1:D

D1%%

For &ear :D%%

?or+ing )apital )/A K )/,

%@1:D K H@1J:

JH1;

F'T'RE &ROS&ECTS

?ith there .eing intense #ompetition .etween the pri4ate pla&ers in the insuran#e mar+et1

distri.ution strength1 rea#h1 #ost

effe#ti4eness1 produ#t inno4ation1 .rand lo&alt& and #ustomer ser4i#e are the +e& fa#tors that

will determine performan#e in

the mar+etpla#e/"our )ompan& is #on#entrating on these areas so as to ensure superior

performan#e/

uring the #urrent finan#ial &ear1 &our )ompan& plans to e=pand its operations and open

.ran#hes in % additional #ities/

JJ



B./ @'ESTIONNAIRE

%/ ARE )O' E!&LO)ED

"ES NO

:/ DO )O' *A(E AN) INS'RANCE &OLIC)?

"ES !6a4e at least one$ NO !onGt ha4e an&$

;/ ,*IC* INS'RANCE &OLIC) DO )O' *A(E?

,IFE NONC,IFE BOT6

@/ ,*IC* CO!&AN)JS INS'RANCE &OLIC) DO )O' &REFER T*E !OST?

a$ ,I)

.$ I)I)I 5RUENTIA,

#$ SBI ,IFE INSURAN)E

d$ BAA A,,IANV

J





.$ ,AR8ER RIS* )O0ERAN)E

#$ MONE" 8UARANTEE

d$ RE5UTATION OF )OM5AN"

e$ EAS" A))ESS TO A8ENTS

f$ AN" OT6ER 77777777777777777 !5lease Spe#if&$

. )O'R !ONT*L) INCO!E?

a$ W Rs/1DDD

.$ Rs/1DDDCRs/%1DDD

#$ Rs/%1DDDCRs/:1DDD

d$ Rs/:1DDDCRs/D1DDD

e$ XRs/D1DDD 7777777777777!5lease Spe#if&$

. DO )O' T*INK INS'RANCE &OLIC) CO(ER IN TODA)JS SCENARIO IS

ESSENTIAL?

"es No )anGt Sa&

10- *O, DID )O' :') INS'RANCE

a$ )USTOMER A55RO)6E INSURAN)E )OM5AN"

.$ INSURAN)E )OM5AN" A55RO)6E )USTOMER

J



11. ARE )O' SATISFIED ,IT* T*E &OLIC)?

a$ SATISFIE

.$ NOT SATISFIE

#$ )ANGT SA"

12. ARE )O' SATISFIED ,IT* T*E SER(ICE A+ENT?

a$ SATISFIE

.$ NOT SATISFIE

#$ NEUTRA, 0IE?

13. DO )O' &A) TAMES

"ES NO

14. ,*ERE *A(E )O' IN(ESTED FOR TAM SA(IN+? !RAN* T6EM$

a$ Insuran#e

.$ NS)

#$ BONS

d$ 5F

15. ,*IC* IS T*E :EST FOR! OF IN(EST!ENTS? !RAN* T6EM$

D





e$ SATISFA)TOR"

f$ 8OO

g$ EY)E,,ENT

18- WHAT ,O'LD )O' LOOK FOR IN AN INS'RANCE COs? !RAN* T6EM$

a$ A TRUSTE NAME

.$ FRIEN," SER0I)E 3 RES5ONSI0ENESS

#$ 8OO 5,ANS

d$ A))ESSIBI,IT"

1- ARE )O' &LANNIN+ FOR NE, IN(EST!ENTS

5,ANNIN8 NOT 5,ANIN8

20. ,O'LD )O' +O FOR INS'RANCE IF A SER(ICE &RO(IDER OFFERS

:ETTER SER(ICE &ROD'CTS?

a$ "ES

.$ NO

#$ UN)ERTAIN

:



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CONTACT NO.7 ------------------------------OCC'&ATION7

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122308058 Customer Satisfaction Regarding Kotak Mahindra Life Insurance