Summer internship project report on
“A Comparative Analysis Of Insurance Plans Of Kotak Mahindra And Other Life Insurance
Companies”
Kotak Mahindra Life Insurance
Submitted in Summer Internship Project Report
The degree of
PGDM (2013-2015)
INSTITUTE OF TECHNOLOGY& SCIENCE,
MOHAN NAGAR GHAZIABAD (I.T.S)
PRESENTED BY:
UTKARSH SHRIVASTAVA
PGDM-2013-2105
2013142
Introduction To Company
About Kotak Mahindra Old Mutual Life Insurance LtdKotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its
affiliates, and Old Mutual.
About Kotak Mahindra GroupKotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of
financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life
insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate
sector
PRODUCTS OF KOTAK MAHINDRA LIFE INSURANCE
•Term Insurance Policy
•Whole Life Policy
•Endowment Policy
•Money Back Policies
•Unit Linked Insurance Policies
•Annuities and Pension
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Executive Summary
This project has been a great learning experience for me. At the same time it gave me enough scope to implement
my analytical ability. The first part of the project gives the overview of Insurance Companies and its
competitors. Here we talk about the perception of the consumer towards Life Insurance Policies of different
companies. All the topics have been covered in a very systematic way. The language has been kept simple so
that even a layman could understand. The Second part consists of research and their analysis, collected through a
survey done on 60 people. The study was carried out in Bhopal (Madhya Pradesh) at various , Offices,
Restaurants, Canopy, cafes and major client meetings. The data collected have been well organized and
presented. Hope the research findings and conclusions will be of use. The Third part consists of conclusion and
recommendation which is actually drawn apart from the result of survey done on 60 peoples. The basic thing
that i analyzed from data collected is that there is great variation in the perception of consumers towards
relevance of Life Insurance Policy and their importance in Future Protection of Family And Funds.
To determine the market share of different brands.
To determine the market share of different brands available in the market.
There was a tough competition for the brand in the market. Therefore to get establish, company had to make its
competitors analysis and need to determine where do they stand.
To do comparative analysis of insurance plans of Public and Private Sector Insurance (Kotak Mahindra ,SBI
Life Insurance, Life Insurance Corporation of India, Reliance Life Insurance, ICICI Prudential Life Insurance
and Bajaj Allianz Life Insurance)
To compare Tenure, Premium Amount of Term insurance Policies.
To compare Claim Settlement Ratio of Leading Insurance Companies.
OBJECTIVES
There are two types of data collection in my project report.
Data, or facts, may be derived from several sources. Data can be classified as:-
Primary Data
Secondary Data
Primary Data – Questionnaire
Secondary Data- Company Records and Newspaper article
Sample Size – 60
Sample Area – Clients of Kotak Mahindra
Tools used for data collection: Self designed questionnaires were used to evaluate Audience Perception of
Insurance policies of Private and Public sector companies. Data was collected on a ordinal and nominal type
scale, where each questionnaire contains different options and there different perception of consumers
RESEARCH METHODOLOGY
INTERPRETATION
From the above data it is found that 71.88% of respondents have knowledge about all Long Term Saving, Whereas 6.25%
says they have knowledge about Any Other type, 3.13% for Post office savings, 7.81% for Securities, 4.69% for Mutual
Funds, 3.13% for Fixed Deposit, 3.11% For Life Insurance
ANALYSIS OF THE DATA
INTERPRETATION
The majority of Respondents have owned policy of Life Insurance Corporation Of India(LIC) which consist of 62.50% Of total Rest
of three companies have equal share to each other which is 12.50%, Which means the LIC is the leader in the market.
INTERPRETATION
Out of total 64 respondents 56 respondents says that Life insurance is a Must for family Protection and 8 respondents thinks that it
is not important for their family protection. Which means Family persons mostly buy life insurance policy to back up the future of
their family members
INTERPRETATION
62.50% Respondents gets the message of Risk Coverage from the advertisement as the main message and 12.50% Medium agree on
this statement.
INTERPRETATION
50% of respondents finds Brand Image as the Major factor which resulted in buying policy named by them, 12.50%
for both Medium and High, And 12.50% persons disagree this.
FINDINGS
In the survey I found that over 71.88% people interviewed said to be aware about the awareness of all long term
savings options and they have named few major private and public brands
When I asked about the safety of the money in the hands of the private companies, respondents were very sure about
it, 75% said that it will be safe
62.5 % Respondents have owned the policy of LIC, It Means LIC have the largest Market share in Life Insurance
Sector
Most of the Respondents wants Risk Coverage Feature in their Life Insurance Policy
I saw that there are five tier buying decision-makers; there are influencer, decider, buyer and actual user of any
product, so as a marketer I must understand the family structure of the customer and pitch the customized product
according to their needs.
Recommendation for the company
1. Kotak Mahindra must Launch more campaigns to interact with potential customers
2. Must give more Incentives to its agents by which they get motivated
3. Kotak Mahindra Must Update their product range
4. Kotak Mahindra must introduce new plans for childrens as Parents are very much concerned with the future of
their kids