A PRESENTATION ON SUMMER TRAINING LEARNING & EXPERIENCE Presented by : Anu Srivastava MBA/01/015 INTRODUCTION IDBI Federal, a pioneer in product innovations in the life insurance sector in India, offers IDBI Federal Bondsurance Plan with attractive guaranteed returns and life cover. IDBI Federal Bondsurance Plan addresses the needs of those willing to invest for a short to medium term, to earn an attractive guaranteed return along with tax benefits. Investment in the plan is eligible for deduction under Sec 80C and the Guaranteed Maturity Amount is tax-free under Sec 10(10D) of the Income-tax Act. In the unfortunate event of death of the insured person before the maturity date, a death benefit equal to five times the single premium amount is payable to the nominee. The death benefit (which is the Sum Insured) is guaranteed and the plan will terminate up on the payment of the death benefit.
COMPANY PROFILE THE INSURANCE INDUSTRY The insurance sector has gone through a number of phases and changes. Insurance in India used to be tightly regulated and monopolized by state-run insurers. Following the move towards economic reform in the early 1990s, various plans to revamp the sector finally resulted in the passage of the Insurance Regulatory and Development Authority (IRDA) Act of 1999. Significantly, the insurance business was opened on two fronts. Firstly, domestic private- sector companies were permitted to enter both life and non-life insurance business. Secondly, foreign companies were allowed to participate, albeit with a cap on shareholding at 26%. With the introduction of the 1999 IRDA Act, the insurance sector joined a set of other economic sectors on the growth march. During the 2003 financial year, life insurance premiums increased by an estimated 12.3% in real terms to INR 650 billion (USD 14 billion) while non-life insurance premiums rose 12.2% to INR 178 billion (USD 3.8 billion). Growth in insurance premiums has been averaging at 11.3% in real terms over the last decade. There are strong arguments in favor of sustained rapid insurance business growth in the coming years, including Indias robust economic growth prospects and the nations high savings rates.
OBJECTIVE To analysis the satisfaction level of the customers toward IDBI Federal Life Insurance. To analyze the customers view toward the plans of IDBI Federal Life Insurance. To identify the insurance needs of the customer. To study about the insurance policy. To study about the customer perception towards IDBI Federal Life Insurance SURVEY ON CUSTOMERS VIEW TOWARDS INSURANCE POLICIES Name : Gender : Address : Occupation : Contact No. Q.1. HAVE YOU TAKEN ANY INSURANCE POLICY Yes , 81 No, 19 Q.2. IF YES FROM WHICH SOURCE YOU CAME TO KNOW ABOUT IT? 21% 44% 27% 8% Newspaper Television Friends Other source Q.3.IF YOU ARE HOLDING ANY INSURANCE POLICY, PLEASE MENTION THE NAME OF THE COMPANY 0 5 10 15 20 25 30 35 40 45 50 LIC HDFC SBI Birala Sunlife A x i s
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Q.4. WHICH PREMIUM DURATION WOULD YOU PREFER TO PAY? 24% 41% 19% 16% 1 Year 5 Year 10 Year 20 Year Q.5. ARE YOU SATISFIED WITH YOUR PRESENT INSURANCE POLICY? 67% 33% Yes No Q.6. WHICH TYPE OF INSURANCE POLICY YOU ARE HAVING? 0 5 10 15 20 25 30 35 40 Child Insurance Life Insurance Income Insurance Retirement Insurance Others Q.7 HOW LONG WILL YOU REQUIRE THE LIFE INSURANCE BENEFIT? 71% 19% 10% Age 80 Age 100 Beyond 100 Q.8. WHAT PROMPTED YOU TO BUY THE INSURANCE POLICY? Uncertain Future, 47 Inflation, 38 Other reason, 15 Q.9 HOW WOULD YOU RATE YOUR EXPERIENCE AND KNOWLEDGE OF INVESTMENT AND MONEY MANAGEMENT? 0 5 10 15 20 25 30 35 40 45 Very High High Medium Low 16 43 31 10 Q.10 DO YOU TEND TO STICK TO THE SAME BRAND AND REMAIN LOYAL TO THE PARTICULAR INSURANCE COMPANY? 67% 33% Yes No LEARNING & EXPERIENCE The unmarried people are actually not interested to take insurance. They wanted to invest their money in other fields like buying a house, bike, buildings, and real- estate etc. They are even ready to take risk for more earnings. The married peoples are interested in insurance for the benefit of their partner as well as their children and medical expenses. Generally educated people understand easily so most of graduate clearly understand the benefits of insurance policies. So IDBI Federal Life Insurance Corporation Limited can develop a new policy by targeting the unmarried people. IDBI have to increase their promotional activities in such a way that even unskilled persons understand the importance of their Insurance add value to their customer.