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SUMMER INTERNSHIP PROGRAM
Project Proposal
Name Dattaraj P Borker
Organisation IDBI Federal Life Insurance
Location Bangalore Branch
Project Title Product Mix of IDBI Federal Life (Marketing)
Mobile No 9764709318/7204564352
EmailId [email protected]
Objective
To get Hands-on experience with sales and study the product mix
of IDBI Federal Life and howdifferent it is in comparison with
other insurance companies.Analyze the different products of IDBI
Federal Life.
To offer suggestions to the IDBI Federal Life Insurance for
launching new products
Brief
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI
Bank, Indias premier development andcommercial bank, Federal Bank,
one of Indias leading private sector banks and Ageas, a
multinationalinsurance giant based out of Europe. IDBI Federal aims
to deliver wealth management, protection andretirement solutions
that provide value and convenience to the Indian customer. The
summer internshipis divided into two parts, sales and research
project .In the latter part of project, the different productmix of
IDBI Federal Life Insurance Co. Ltd will be identified. First
company to reach the breakeven in just 5 years where the industry
average is 7-8 years The company offers its services through a vast
nationwide network 2,308 partner bank branches ofIDBI Bank and
Federal Bank in addition to a sizeable network of advisors and
partners Ason 31st December 2013, the company has issued nearly 5.5
lakh policies with a sum assured of
over Rs. 32,110.48 crores
Scope
The scope is to sell the insurance products in the Goa region.
The four products are:
Childsurance Lifesurance Incomesurance Wealthsurance
Also to identify the parameters that will help the organization
to enhance its reach to the customers.
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Functional Areas/Subjects
The following areas will be covered:
Marketing Management
Concepts of Sales
Management Techniques
The following management techniques can be applied:
Need Analysis Selling techniques
Focus Interview techniques
Survey techniques
Project Schedule
S.No. Activity Owner Deadline
1. Project proposal Self 15thMay 14
2. Interim report Self 30thMay 14
3. Pilot study Self 15thJune14
4. Final study Self 28thJune 14
Work Plan Schedule
Deadline
1. Reporting 29thApril 2014
2. Training 29thApril 201430thApril2014
a) Company Overview
b) Insurance Products
Sales Target Schedule
Level Number of
Proposals
Deadline
Quick Starter 1 policy 15K 15thMay 2014
Silver Starter 3 policy-50K 28thMay 2014
Gold Starter 5 policy of 80K 15thJune 2014
Platinum Starter 10 policy of 120k 30thJune 2014
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Limitations
The study will be based on a random population using simple
random sampling andappropriate feedback will be taken
The right to reserve customer identity will be undertaken if
stated
The study would be confined to Goa region only due to place
constraint
Performance Measurement
Project Owner: Mr Dattaraj PBorker
Faculty Guide:Prof. John Ben Company
Guide:C.ShanthiYagyanath.
Date:22-05-2014
