Training & Development Policy on Kotek

8/2/2019 Training & Development Policy on Kotek

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KOTAK MAHINDRA LIFE INSURANCE

Training and

Development Policy

in Kotak MahindraInsurance Pvt. Ltd.

For the Partial fulfillment of Requirement for the

Award of Degree of Master of Business Administration

Submitted To: Submitted By:

ASHUTOSH GUPTA NISHA

Marketing Manager Roll No. 115

MBA 3rd SEMESTER


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DECLARATION

I Nisha Rani, hereby declare that this project titled Training and

Development Policy of Kotak Mahindra Life Insurance Ltd., has been

prepared by me, under the guidance of MR.ASHUTOSH GUPTA. This is

after undergoing the training in Kotak Mahindra Life Insurance Ltd., which

is in partial fulfillment of Masters Of Business Administration.

I further declare that this project report has not been submitted earlier to any

other University or Institute for the award of any degree or diploma.

Date-_____________

Nisha Rani


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ACKNOWLEDGEMENTS

The satisfaction and euphoria that accompany the successful completion ofany task would be incomplete without mentioning the people who made it

possible, whose consistent guidance and encouragement crowned the efforts

with success.

I would consider it my privilege to express my gratitude and respect to Mrs.

Ashutosh Guptafor having accorded me the opportunity to learn in their

organization.

I cannot forget the contribution of the staff of Kotak Mahindra Life Insurance

Ltd., as I troubled them through my queries at every stage of their work and I

really appreciate the patience with which they resolved my doubts amidst

their busy schedule, I express my sincere thanks to all of them.

Nisha Rani


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EXECUTIVE SUMMARY

The Indian Life Insurance Company has seen a remarkable shift since the

time of establishment of the first company, Oriental Life Insurance Company

in 1823. At the time of Independence and thereafter, there were more than

200 companies operating in India and not all of them on sound ethical

principles. Many factors combined together to prompt the then Government

to nationalize the life insurance industry in 1956 to form the Life Insurance

Corporation of India.

Insurance sector was once a monopoly, with LIC as the only company, a

public sector enterprise. But nowadays the market opened up and there are

many private players competing in the market. There are thirteen private life

insurance companies who have entered the industry.

The study in the first part gives detail information on the on-job training

provided the competitive analysis of product of Kotak Mahindra Life

Insurance Ltd. with Tata AIG Insurance.

The paper begins by analyzing the current scenario in the industry

characterized by problems with distribution, low investor awareness,

concentration of corporate investors, investor awareness and diversity of

products in order to minimize the risk by adopting risk management

techniques. At last this project also suggests some recommendation that can

help these companies in increasing there market share, awareness, product

diversity and improvement in penetration and distribution. In the end I

recommend certain steps that SEBI and IDRA should take in order to build

investor confidence and trust.


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TABLE OF CONTENTS

Sr. No. PARTICULARS

DECLARATION

PREFACE

ACKNOWLEDGEMENTS

CHAPTER-1 INDUSTRY PROFILE

HISTORY OF INSURANCE

WHAT IS LIFE INSURANCE?

CHAPTER-2 COMPANY PROFILE

Kotak Mahindra Life Insurance

MILE STONE

ORGANIZATION STRUCTURE

CHAPTER-3 RESEARCH METHODOLOGY

DATA COLLECTION

OBJECTIVE OF STUDY

FOCUS OF PROBLEM

SAMPLING

Sampling size

Sampling technique

CHAPTER-4 PRODUCTS

FUND ALLOCATIONRIDERS

MAJOR COMPETITORS

COMPETITIVE ANALYSIS

GROWING OPPORTUNITY


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ON JOB TRAINING

SWOT Analysis

CHAPTER-5 ANALYSIS & INTERPRETATION

CHAPTER-6 FINDINGS

CHAPTER-7 RECOMMENDATIONS

CHAPTER-8 CONCLUSION

CHAPTER-9 ANNEXURE

CHAPTER-10 BIBLIOGRAPHY


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INDUSTRY PROFILE

The insurance industry has faced many challenges over the last decade

including:

Globalization is pushing companies to operate in different continents forcing

them to enter into new partnerships in order to improve efficiencies

Competition between the various players has resulted in increased merger

and acquisition activities driving industry convergence and value chain

decomposition

The customer is more knowledgeable and demanding than ever before and

this is forcing companies to perform process integration, operational

restructuring and technology upgrades

Insurance companies are moving beyond their traditional business models

and are searching for the right combination of technology and processes to

remain profitable. Companies are investing more in information technology

in order to alter their business models and processes.


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HISTORY OF INSURANCE

In some sense we can say that insurance appears simultaneously with

appearance of human society. We know of two types of economies in human

societies: money economies (with markets, money, financial instruments and

so on) and non-money or natural economies (without money, markets,

financial instruments and so on). The second type is a more ancient form

than the first. In such an economy and community, we can see insurance in

the form of people helping each other. For example, if a house burns down,

the members of the community help build a new one. Should the same thing

happen to one's neighbour, the other neighbours must help? Otherwise,neighbours will not receive help in the future. This type of insurance has

survived to the present day in some countries where modern money

economy with its financial instruments is not widespread (for example

countries in the territory of the former Soviet Union).

Achaemenian monarchs were the first to insure their people and made it

official by registering the insuring process in governmental notary offices.

The purpose of registering was that whenever the person who presented the

gift registered by the court was in trouble, the monarch and the court would

help him. Jahez, a historian and writer, writes in one of his books on ancient

Iran: "Whenever the owner of the present is in trouble or wants to construct a

building, set up a feast, have his children married, etc. the one in charge of

this in the court would check the registration. If the registered amountexceeded 10,000 Derrik, he or she would receive an amount of twice as

much."


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The Greeks and Romans introduced the origins of health and life insurance

c. 600 AD when they organized guilds called "benevolent societies" which

cared for the families and paid funeral expenses of members upon death.

Guilds in the Middle Ages served a similar purpose.

Separate insurance contracts were invented in Genoa in the 14th century, as

were insurance pools backed by pledges of landed estates. These new

insurance contracts allowed insurance to be separated from investment, a

separation of roles that first proved useful in marine insurance.

The first insurance company in the United States underwrote fire insurance

and was formed in Charles Town (modern-day Charleston), South Carolina,

in 1732. Company was the first to make contributions toward fire

prevention. Not only did his company warn against certain fire hazards, it

refused to insure certain buildings where the risk of fire was too great, such

as all wooden houses.

In the United States, regulation of the insurance industry is highly

Balkanized, with primary responsibility assumed by individual state

insurance departments. Whereas insurance markets have become centralized

nationally and internationally, state insurance commissioners operate

individually, though at times in concert through a national insurance

commissioners' organization. In recent years, some have called for a dual

state and federal regulatory system for insurance similar to that which

oversees state banks and national banks.


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LIFE INSURANCE

Life insurance is a form of insurance that pays monetary proceeds upon the

death of the insured covered in the policy. Essentially, a life insurance policy

is a contract between the named insured and the insurance company wherein

the insurance company agrees to pay an agreed upon sum of money to the

insured's named beneficiary so long as the insured's premiums are current.

With a large population and the untapped market area of this population

insurance happens to be a very big opportunity in India. Today it stands as a

business growing at the rate of 15-20% annually. Together with banking

services, it adds about 7 percent to the countries GDP. Nearly 80% of Indian

populations are without life insurance cover and the health insurance. This is

an indicator that growth potential for the insurance sector is immense in

India.

Since then the insurance industry has gone through many changes. The

liberalization of the industry the insurance industry has never looked back

and today stand as one of the most competitive and exploring industry in

India. The entry of the private players and the increased use of the new

distribution are in the limelight today. The use of new distribution

techniques and the IT tools has increased the scope of the industry in the

longer run.

Insurance is the business of providing protection against financial aspects of

risk, such as those to property, life health and legal liability. It is one method

of a greater concept known as risk management which is the need to mange

uncertainty on account of exposure to loss, injury, disadvantage or


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destruction.

Insurance is the method of spreading and transfer of risk. The fortunate

many who are exposed to some or similar risk shares loss of the unfortunate.

Insurance does not protect the assets but only compensates the economic or

financial loss.

In insurance the insured makes payment called premiums to an insurer,

and in return is able to claim a payment from the insurer if the insured

suffers a defined type of loss. This relationship is usually drawn up in a

formal legal contract.

Insurance companies also earn investment profits, because they have the use

of the premium money from the time they receive it until the time they need

it to pay claims. This money is called the float. When the investments of

float are successful they may earn large profits, even if the insurance

company pays out in claims every penny received as premiums.


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CLASSIFICATION OF INSURANCE

The insurance industry in India can broadly classify in two parts. They are.

INSURANCE

WHAT IS LIFE INSURANCE?

A human being is an income generating asset. Ones manual labour,

professional skills and business acumen are the assets. This asset also can be

lost through unexpectedly early death or through sickness and disabilities

caused by accidents. Accidents may or may not happen. Death will happen,

but the timing is uncertain. If it happens around the time of ones retirement,

when it could be expected that the income will normally cease, the person

concerned could have made some other arrangements to meet the continuing

needs. But if it happens much earlier when the alternate arrangements are not

in place, here can be losses to the person and dependents. Insurance isnecessary to help those dependent on the income.

A person, who may have made arrangements for his needs after his

retirement, also would need insurance. This is because the arrangements

LIFE

INSURANCE

GENERAL

INSURANCE


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would have been made on the basis of some expectations like, likely to live

for another 15 years, or that children will look after him. If any of these

expectations do not become true, the original arrangement would become

inadequate and there could be difficulties. Living too long can be as much a

problem as dying too young. Both are risks, which need to be safeguarded

against. Insurance takes care.

BASIC PRINCIPLES OF LIFE INSURANCE

Insurable Interest: Ordinarily, the proposer of a life insurance

contract should have an insurable interest in the life of the life insured.

The law of life insurance on insurable interest in India is in a state of

chaos. Though the roots of the doctrine of insurable interest lie in the

English law but at the same time, various developments taking place

in other parts of the world also have to be looked into and the

changing social conditions have to be taken into account to redefine

the doctrine of insurable interest. Based on these excerpts, it is clear


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that insurable interest depends upon the facts of each case no clear

legal framework exists to define insurable interest. Whether a

relationship as proposer life assured creates an insurable interest

has to be seen viewed whether this familial affection will provide

adequate social and legal safeguards against premeditated homicide by

the proposer to procure substantial life insurance proceeds. That is,

no moral hazard should exist when a life insurance contract is

intended to be purchased.

Examples of relationships where insurable interest exist between proposer

and life assured are: self proposing on his / her life, parent child, husband

wife. Trust trustee, employer employee and creditor debtor.

Utmost Good Faith: A life insured knows about the state of his / her

health better than anyone else. What may not be unraveled in a

medical examination may well be in the know of the life insured.

Hence, life insurance contracts are postulated on the belief that the life

insured will reveal all the relevant particulars in utmost good faith

when applying for an insurance contract. That is, non disclosure of

material facts that may have guided the insurer to decline or offer on

different terms an insurance contract, will give the right to an insurer

to repudiate an insurance claim when the insured event occurs.


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PARTIES TO A LIFE INSURANCE CONTRACT

a) Proposer : The proposer, also known as the premium payer or the

policyholder, pays the premium. For determining whether future

premiums can be paid to keep the contract alive, ability of the

proposer is considered. All tax benefits as well as maturity proceeds

are available to the proposer.

b) Life Assured : The life assured, as known as the life insured, is the

person on whose life the policy is taken. Mortality or risk premium is

charged based on the age of the life assured. As stated above, an

insurable interest should exist between the proposer and life assured.

c) Nominee : Where the proposer and life assured are the same persons,

it is mandatory to nominate a person to receive the benefits of the

insurance policy in the event the proposer deceased before the policy

matures. A nominee has to be a real person, i.e. artificial bodies like

company and trust cant become nominee.

d) Appointee : If the nominee is a minor, an appointee is required to acton behalf of the nominee till he / she attains majority.

e) Assignee : An insurance policy can be assigned to another person

(real persons and artificial bodies are acceptable as assignees) who

then becomes the owner of the policy and is entitled to receive policy

benefits. As a result of an assignment, an assignee supersedes the

policyholder who has assigned the policy.

ADVANTAGES OF LIFE INSURANCE


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Life insurance has no competition from any other business. Many people

think that life insurance is an investment or a means of saving. This is not a

correct view. When a person saves, the amount of funds available at any

time is equal to the amount of money set aside in the past, plus interest. This

is so in a fixed deposit in the bank, in national savings certificates, in mutual

funds and all other savings instruments. If the money is invested in buying

shares and stocks, there is the risk of the money being lost in the fluctuations

of the stock market. Even if there is no loss, the available money at any time

is the amount invested plus appreciation. In life insurance, however, the funs

available is not the total of the savings already made (premiums paid),but the

amount one wished to have at the end of the savings period (which is the

next 20 or 30 years).

Even so, a comparison with other forms of savings will show that life

insurance has the following advantages:-

a) In the event of death, the settlement is easy. The heirs can collect the

moneys quicker, because of the facility of nomination and assignment.

The facility of nomination is now available for some bank accounts.

b) There is a certain amount of compulsion to go though the plans of

savings. In other forms, if one changes the original plan of savings,

this is no loss. In insurance, there is a loss.

c) Creditors cannot claim the life insurance moneys. They can be

protected against attachments by courts.


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COMPANY PROFILE- KotakMahindra Life

Insurance

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture betweenKotakMahindra Bank Ltd.(KMBL), and Old Mutual plc. At Kotak Life

Insurance, we aim to helpcustomers take important financial decisions at

every stage in life by offering them awide range of innovative life insurance

products, to make them financially independent.

MANAGEMENT

Mr.Gaurang Shah (Managing Director)

Mr. Gaurang Shah is the Managing Director of Kotak Mahindra Old Mutual

Life

Insurance Limited.

Mr. Gaurang Shah is a Chartered Accountant and a Cost and Works

Accountant. He has also done his Company Secretary ship from the Institute

of Company Secretaries of India. Mr Gaurang Shah has been with the Kotak

Group for the past eight years where he has held different positions of great

responsibility and juggled multiple tasks effectively. His cumulative

experience, primarily in financial services, stands at over 21 years, several of

those in building the retail finance business.


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Mr.Shah has been previously associated with Kotak Mahindra Primus since

its inception and has contributed towards its growth to become a Rs.2000 Cr

plus business. Before coming to Kotak Life Insurance, Gaurang Shah was

Group Head of Retail Assets for Kotak Mahindra Bank. The Retail Assets

include commercial vehicles, personal loans, structured products, car loans

and loans against shares.

Mr. G Murlidhar (Chief Financial Officer)

Mr. Murlidhar is a Chief Financial Officer and Company Secretary of Kotak

Life Insurance. Mr. Murlidhar is an associate member of the Institute of

Chartered

Accountants of India, an associate member of the Institute Of Company

Secretaries of India, and graduate member of the Institute of Cost & Works

Accountants of India. Mr. Murlidhar possesses over 20-year work

experience and has earlier worked with National Dairy Development Board

(NDDB), MDS Switchgear Limited and Nicholas Piramal India Limited and

Ion Exchange Ltd. Prior to Kotak Life Insurance, he held the position of

VPFinance at Gujarat Glass Ltd.

As Chief Financial Officer at Kotak Life Insurance, he oversees all aspects

of Finance including Operations, Regulatory, Internal Control, Finance,

Accounts and Treasury.


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Mr. Arun Patil (Vice President - Sales & ManagementDevelopment)

Mr. Arun Patil is the Vice President - Sales & Management Development

with Kotak Life Insurance. A post- graduate with Law qualifications, he has

over 25 years' experience in life insurance industry. He joined as a DirectRecruit Officer in L.I.C. and worked in various departments such as Sales,

Marketing, I.T., Publicity, Housing & Branch Administration all across the

country. On foreign deputation to Fiji Islands for 5 years, Mr. Patil

substantially increased the market-share of LIC in competitive environment.

After heading LIC's premier Mumbai Division, he joined the then ICICI Ltd.

as a member of the insurance venture team and later worked for Tata AIG

Insurance Company as Head of Sales Development. Widely traveled all over

the country & the world several times for insurance related work, Mr. Patil

presently has responsibilities to enhance the skills, knowledge, productivity,

and professionalism of the sales-force, with special emphasis on developing

all Managers to enhance their competencies, capabilities & managerial

effectiveness.


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MILE STONES

- KOTAK LIFE INSURANCE

Kotak Life Insurance, aim to help customers take important financial

decisions at every stage in life by offering them a wide range of innovative

life Kotak Mahindra Life Insurance Ltd. is a joint venture between Kotak

Mahindra Bank Ltd.(KMBL), and Old insurance products, to make them

financially independent. Jeene Ki Azaadi.

A Lifetime of Value

Kotak Mahindra one of India's leading financial institutions was born in

1985 as Kotak Capital Management Finance Limited. This company was

promoted by Mr. Uday Kotak , Mr. Sidney A. A. Pinto and Kotak &

Company. Industrialists Mr. Harish Mahindra and Mr. Anand Mahindra took

a stake in 1986, and that's when the company changed its name to Kotak

Mahindra Finance Limited.

1986 Kotak Mahindra Finance Limited starts the activity of Bill

Discounting

1987 Kotak Mahindra Finance Limited enters the Lease and Hire

Purchase market

1990 The Auto Finance division is started

1991 The Investment Banking Division is started. Takes over

FICOM, one of Indias largest financial retail marketing

networks

1992 Enters the Funds Syndication sector


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1995 Brokerage and Distribution businesses incorporated into a

separate company - Kotak Securities. Investment Banking

division incorporated into a separate company - Kotak

Mahindra Capital Company1996 The Auto Finance Business is hived off into a separate

company Kotak Mahindra Primus Limited. Kotak Mahindra

takes a significant stake in Ford Credit Kotak Mahindra

Limited, for financing Ford vehicles. The launch of Matrix

Information Services Limited marks the Groups entry into

information distribution.

1998 Enters the mutual fund market with the launch of Kotak

Mahindra Asset Management Company.

2001 Matrix sold to Friday Corporation

Launches Insurance Services

2003 Kotak Mahindra Finance Ltd. converts to bank

Kotak Mahindra is one of India's leading financial institutions, offering

complete financial solutions that encompass every sphere of life. From

commercial banking, to stock broking, to mutual funds, to life insurance, to

investment banking, the group caters to the financial needs of individuals

and corporate.

The group has a net worth of around Rs.1, 700 crore and employs over 4,000

employees in its various businesses. With a presence in 74 cities in India and

offices in New York, London, Dubai and Mauritius, it services a customer

base of over 5, 00,000.


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ORGANISATION STRUCTURE

KOTAK LIFE INSURANCE

The organization of Kotak Life Insurance is divided into 5 categories:-

Finance

Sales

Marketing

Operations

Human Resource

Corporate Structure

The Chairman of Kotak Group is Mr. Uday Kotak and Kotak Insurance is

managed by Mr. Gaurang Shah Managing Director.

MANAGINGDIRECTOR


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FINANCE

The Finance section is operated centrally by Head Office which is Bombay

headed by CFO - Mr. G. Murlidharan and further sub-divided into categories

like Vice Presidents of different departments. These departments are: -

CPC & Group Ops, Internal Control, MIS, Accounts & Compliance,

Underwriting, Branch Operations.

CFO&COOVP-Sales&Mgmt.Dev

SALES

HEAD

MARKETINGHEAD HR&ADMINAPPOINTED

ACTUARYCIO


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SALES

The Sales Department is divided on the basis of region. Each region is

thereafter divided into categories like Alternate Channel, Tied Channel and

Group Business. The Sales dept is headed by Mr. Pankaj Desai, Alternate

CFO

&

COO

Accounts

and

compliance

Internal

control MIS

Underwri

- ting

Branch

operation

MANAGERS MANAGERS MANAGERS MANAGERS MANAGERS

EXEC.FINANCE

EXEC.FINANCE

EXEC.FINANCE

EXEC.FINANCE

EXEC.FINANCE


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Channel Head Mr. Suresh Agarwal, Tied Channel Head MR. Subbaiah K

P, Group Business Head Group Business Head Mr. Sandeep Srikhande.

Subdivided into categories like Regional Managers, Area Managers and

others.

MARKETING

The Marketing Department is headed by Mr. Rahul Sinha from Head Office.

SALES HEAD

ALTERNATE

CHANNEL

HEAD

TIED

CHANNEL RM

GROUP

BUSINESS

HEAD

REGIONAL

MANAGER

AREA

MANAGER

REGIONAL

HEAD

AREAMANAGERS

AGENCY

TEAMMANAGER

& BM

CUSTOMER

RELATIONSHIP

MANAGER

MARKETINGHEAD


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Tata AIG Insurance

Organization structure of ICICI prudential can be shown as follows: -

PRODUCT &BRANDHEAD

CHANNEL

DEVELOPMENT

HEAD

PRODUCTMANAGERSBRAND &PRMANAGERS

REGIONALMARKETINGMANAGER

HOCHANNELDEV. TEAM

TradeMarketingManagers

Asst. TradeMarketingManagers


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RESEARCH METHODOLOGY

RESEARCH

Zonal Manager

Branch Manager

Sales ManagerHR

DepartmentSales Manager

Financial Planning Advisors

(team)

Operations

Department

Tele callers

(Recruiting) GeneralStaff


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RESEARH IS SEARCH FOR KNOWLEDGE

OR

RESEARCH IS SYSTEMATIC EFFORTS TO GAIN

KNOWLEDGE.

RESEARCH DESIGN

A RESEARCH DESIGN IS THE FRAMEWORK OR PLAN FOR A

STUDY WHICH IS USED AS A GUIDE IN COLLECTING AND

ANALYZING THE DATA COLLECTED.

It is the blue print that is followed in completing the study. The basic

objective of research cannot be attained without a proper research design. It

specifies the methods and procedures for acquiring the information needed

to conduct the research effectively. It is the overall operational pattern of the

project that stipulates what information needs to be collected, from which

sources and by what methods.

TYPES OF RESEARCH DESIGN

Research design can be classified into following types:-

Descriptive research design

Exploratory research design


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Experimental research design

In this project I have used descriptive research designbecause it describes

new ideas and events.

TYPE OF DATA COLLECTION

There are two types of data used. They are primary and secondary data.

Primary data is defined as data that is collected from original sources for a

specific purpose. Secondary data is data collected from indirect sources.

PRIMARY SOURCES

These include the survey or questionnaire method, telephonic interview as

well as the personal interview methods of data collection.

In this project I have used questionnaire and telephonic interview as

primary source.

SECONDARY SOURCES

These include books, the internet, company brochures, product brochures,

the company website, competitors websites etc, newspaper articles etc.

In this project I have used internet, company brochures, product

brochures, and the company website as a secondary source.

OBJECTIVES OF STUDY

Title of the study


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"Comparative Analysis of Kotak Mahindra Life Insurance and Tata AIG

Insurance".

Objective:-

To find the market share of Kotak and Tata AIG Insurance

To suggest additions to the current product portfolio

To recognize the popular insurance plans

To suggest ideal policy term and premium for insurance

To showcase the consumers willingness to spend on life insurance

To showcase the factors that motivate purchase of insurancepolicies

To understand the awareness level of consumers about unit linked

insurance plans of Kotak Mahindra Life Insurance.

FOCUS OF THE PROBLEM


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There are following problem associated with this project report:-

To find the market share of Kotak and Tata AIG Insurance

To suggest additions to the current product portfolio

To recognize the popular insurance plans

To suggest ideal policy term and premium for insurance

To showcase the consumers willingness to spend on life insurance

To showcase the factors that motivate purchase of insurance

policies

To understand the awareness level of consumers about unit linked

insurance plans of Kotak Mahindra Life Insurance.

To compare the various insurance plans with Tata AIG.

SAMPLING


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Sampling refers to the method of selecting a sample from a given universe

with a view to draw conclusions about that universe. A sample is a

representative of the universe selected for study.

Convenience sampling is used in exploratory research where the researcher

is interested in getting an inexpensive approximation of the truth. As the

name implies, the sample is selected because they are convenient. This non

probability method is often used during preliminary research efforts to get a

gross estimate of the results, without incurring the cost or time required to

select a random sample

SAMPLE SIZE

The sample size for the survey conducted was 100 respondents.

SAMPLING TECHNIQUE

Convenience sampling technique was used in the survey conducted.

PLAN OF ANALYSIS

Tables were used for the analysis of the collected data. The data is also

neatly presented with the help of statistical tools such as graphs and pie

charts. Percentages and averages have also been used to represent data

clearly and effectively.

PRODUCTS Kotak Life Insurance


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INDIVIDUAL

Kotak Headstart Child Plans

Kotak Sukhi Jeevan Plan

Kotak Privileged Assurance Plan

Kotak Term Plan

Kotak Preferred Term Plan

Kotak Money Back Plan

Kotak Child Advantage Plan

Kotak Endowment Plan

Kotak Capital Multiplier Plan

Kotak Retirement Income Plan

Kotak Retirement Income Plan

Kotak Safe Investment Plan II

Kotak Flexi Plan

Kotak Easy Growth Plan

Kotak Premium Return Plan

Riders

GROUP

Kotak Term Grouplan

Kotak Credit-Term Grouplan

Kotak Complete Cover Grouplan

Kotak Gratuity Grouplan

Kotak Superannuation Grouplan


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1. Kotak Safe Investment Plan II

Kotak Safe Investment Plan II is a unit linked plan that combines the

benefits of insurance and capital market returns into one. This plan from the

stable of Kotak Life Insurance is a true reflection of the companys essence:

innovation that will benefit the investor.

What makes investing in Kotak Safe Investment Plan II truly unique is that

you enjoy a Guaranteed Maturity Value, with varying degrees of equity

exposure depending on your risk appetite. So, if the market value of your

units is higher, you reap the benefits with the peace of mind that whilst in a

bear market your investment is under-pinned by the Guaranteed Maturity

Value. And theres more, the returns are totally tax-free.

2. Kotak Retirement Income Plan

An ideal retirement solution is the one that gives you complete flexibility

and peace of mind, not only while you save for your retirement but also after

you retire. To help you plan towards the golden years of your life, we

present to you the Kotak Retirement Plan (Unit-Linked).

An investment plan designed to secure your future, it assures that even

though you have stopped working, your income does not. It is offered to you

in three versions Regular Premium, With Cover and Without Cover, in

addition to a Single Premium version. The regular premium options come

with the Kotak Seal of Guarantee@. These plans have been designed to

ensure that your money earns you handsome returns, safe from the vagaries

of the capital market, so that you can retire comfortably and securely.


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Step 1: Choose from the Regular Premium With Cover and Without

Cover Options or the Single Premiumplan based on your need for

protection from the harsh uncertainties of life and the investment markets

Step 2: Decide the amount of savings (premiums) you may wish to allocate

to building your retirement kitty and aiming for healthy cash flows in your

golden years

Step 3: Choose the retirement (vesting) agebetween the age of 45 and 75

years.

Step 4: Select the fund options to balance your risk profile and the tenure

of investment.

Step 5: Opt for any of the rider benefits in the regular premium versions to

enhance flexibility and boost benefits.


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3. Kotak Capital Multiplier Plan

What is the Kotak Capital Multiplier Plan?"

The Kotak Capital Multiplier Plan is a participating plan that is built in such

a way that it allows your money to multiply, and gives you the flexibility of

using this money the way you need it, in regular withdrawals. This is an

endowment plan, which is very flexible, and has a lot of other in-built

benefits.

"Who can avail of this plan?"

HOW OLD DO YOU HAVE TO BE TO AVAIL OF

THIS PLAN?

Minimum age - 18

years

Maximum age - 60

years

FOR WHAT TERM CAN YOU CHOOSE TO PAY

THE PREMIUMS

(CALLED THE BUILD-UP PERIOD)?

5 yrs - 30 yrs

FROM WHAT AGE CAN YOU CHOOSE TO

START MAKING WITHDRAWALS

(CALLED THE VESTING AGE)?

Any age upto 65 yrs

WHAT IS THE MINIMUM PREMIUM THAT YOU

NEED TO PAY AND AT WHAT INTERVALS

CAN YOU PAY THEM?

Mode Amount

Quarterly Rs.2620

Half

YearlyRs.5115

Annually Rs.10000

4. Kotak Preferred Term Plan


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What is Kotak Preferred Term Plan?"

The Kotak Preferred Term Plan is designed to provide you with

reduced premium rates for a sum assured of Rs.10 lakhs and above.

"Who is eligible for Kotak Preferred Term Plan?"

1) Males over the age of 18 years, who do not use tobacco in any form.

2) Females over the age of 18 years.

"What value-adds can you opt for?"

You may avail of the following non-participating value-adds for a nominal

premium at the time of taking your policy, subject to aggregate premium on

all value-adds (except Critical Illness Benefit) not exceeding 30% of the

basic Kotak Term Plan premium.

Accidental Death Benefit

Permanent Disability Benefit

Critical Illness Benefit

5. Kotak Money Back Plan


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What is Kotak Money Back Plan?"

The Kotak Money Back Plan not only covers your life, it also assures you a

certain percent of the sum assured as cash payment at regular intervals of

every 5 years. It is a savings plan with the added advantage of life cover and

regular cash inflow. This plan is ideal for planning special moments like a

wedding, your child's education or purchase of an asset etc. This is a

participating plan (with profits).

"Who can avail of this Plan?"

HOW OLD DO YOU HAVE TO BE TO AVAIL OF

THIS PLAN?

Minimum age-

18 years

Maximum age-60 years

FOR WHAT TERM CAN I AVAIL OF THIS

PLAN?

15, 20 & 25

years

WHAT IS THE MAXIMUM AGE THAT THE

PLAN CAN COVER YOU TILL?75 years

"What are the advantages of this plan?"

1. The plan not only covers your life but also provides you with a

survival benefit payout every 5 years.


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2. In the unfortunate event of death of life insured, the beneficiary would

receive the death benefit. The death benefit keeps increases by 7% of

the sum assured every year.

3. On maturity, you would receive the sum of the Survival Benefit,

Bonus addition* and Guaranteed addition**.

4. The amount available in the Accumulation Account is invested in

various financial instruments (as per IRDA regulations) so your

money works hard for you.

5. The Automatic Cover Maintenance facility ensures the policy remains

in force even if you miss premium payments. This facility is available

after the first three years of the term.

6. You have the benefit of a 15-day free look period.

7. You have the option of paying premiums quarterly, half yearly or

yearly.


You may avail of the following value-ads for a nominal premium at the time

of taking the plan, subject to the aggregate premium on all value-ads not

exceeding 30% of the basic Kotak Money Back Plan premium.

Term Benefit/ Preferred Term Benefit



Life Guardian Benefit

6. Kotak Flexi Plan


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Here is Kotak Flexi Plan which is designed to do just this. It comes to you

with the option of investing in six professionally managed funds, allowing

you to allocate your investment in a combination of one or more funds,

switch between them and take charge of your investments. The plan aims to

earn efficient returns over the long term and helps you plan for your

financial goals, with the comfort of a Guaranteed Maturity Value. More

importantly, it ensures that your loved ones are protected, if any unfortunate

events were to take place.a plan that gives you complete control.

"Why should you invest in Kotak Flexi Plan?"

Kotak Flexi Plan is an ideal option if:

You want a comprehensive long term solution for managing your

finances.

You want insurance to be an important part of your portfolio to protect

your loved ones.

You are cautious with investments in the equity markets due to the

fear of loss of capital.

You think that financial concepts require lot of time to grasp and are

probably best left to the experts.

7. Kotak Term Plan

What is Kotak Term Plan?"


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Kotak Term Plan is a pure risk product that aims to cover your life at a

nominal cost. You may want to take this plan to cover your outstanding

debts like a mortgage, a home loan etc. Since this is a pure risk cover

product, there is no maturity benefits payable on survival. This is a non-

participating

"Who can avail of this plan?"

HOW OLD DO YOU HAVE TO BE

TO AVAIL OF THIS PLAN?

Minimum age - 18 years

Maximum age - 60 years

FOR WHAT TERM CAN I AVAILOF THIS PLAN? 10 - 30 years for regular premium5 - 30 years for single premium

WHAT IS THE MINIMUM

PREMIUM THAT I NEED TO PAY

AND AT WHAT INTERVALS CAN

I PAY THEM?

Mode Amount

Quarterly Rs.540

Half Yearly Rs.1055

Annually Rs.2000

Single

PremiumRs.10000

WHAT IS THE MAXIMUM AGE

THAT THE PLAN CAN COVERYOU TILL?

70 years

"What are the advantages of this plan?"

1. It is a low-cost insurance plan.

2. You can choose between a regular premium payment option or a

single premium payment option.

In case you opt for the regular premium payment option, you may pay

your premiums either annually, or in half yearly or quarterly

installments.


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3. Your Kotak Term Plan can be converted into any other plan offered

by Kotak Life Insurance (except for another Term plan) provided

there are at least 5 years before cover ceases*.

4. In case you forget to pay your premium by the due date, you are

entitled to a grace period of 30 days from the date of unpaid

premiums.

5. In case of a financial emergency, you have the option to surrender the

policy provided you have taken the single premium payment option*.


You may avail of the following non-participating value-adds for a nominal

premium at the time of taking your policy, subject to aggregate premium on

all value-adds (except Critical Illness Benefit) not exceeding 30% of the

basic Kotak Term Plan premium.


Permanent Disability Benefit


PRODUCTS Tata AIG insurance


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ICICI Prudentials ultimate promise is financial security. A strong brand

certainly boosts sale, but without customer-friendly, innovative products,

even the best brand would not last long.

ICICI Prudentials product range has been developed on the understanding

that different people have their own sets of needs at various stages of their

lives. It has thus built a flexible portfolio of products that can be customized

to cater to varying needs of people at each stage, and thus ensure protection

in every step of life. The companys philosophy has been to help customers

understand their financial needs and work closely with them to customize a

product that would meet. Advisors can offer a complete range of products Savings plans, Child plans, Market-linked plans, Protection plans, and

Retirement plans and tailor a flexible solution to meet customers changing

needs at every stage of life. In fact, ICICI Prudential was the first to un-

bundle product benefits, pioneering the concept of riders and soon after

introduce comprehensive market-linked and retirement plans.

ICICI Prudential has launched a handful of products that are analyzed below:

ICICI Prudential's life insurance products may be loosely categorized under

three forms: pure life insurance products without an investment angle to

them; a product that is a mix of a cumulative investment scheme and an

insurance product; and, finally, standard products such as money-back and

endowment policies.

SINGLE PREMIUM BOND: The Single Premium Bond is the name of a

policy that combines the features of an investment in a cumulative deposit

scheme with that of an insurance product.


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Policy-holders are required to pay a one-time premium based on a target sum

assured. At maturity, the policy-holder gets the sum assured and guaranteed

additions that work out to a compound return of 4.5 per cent the sum

assured.

The insurance part of the package comes in the form of death benefits that

are paid in the case of the demise of the policy-holder. The size of the death

benefit is linked to the number of years left for the policy to expire. On

maturity date, the maturity value is also paid in addition to the death benefits

that would have been paid earlier.

LIFE GUARD POLICIES: The Company offers two pure life insuranceproducts that have an umbrella name, Life Guard. One of them involves a

one-time premium for which there are no maturity benefits. The other

requires regular premium payments that are returned at the end of the policy.

Life Guard offers absolutely no investment-related return and is suitable for

individuals looking for an unadulterated insurance package.

INSURANCE SOLUTIONS FOR INDIVIDUALS

Tata AIG Insurance offers a range of innovative, customer-centric products

that meet the needs of customers at every life stage. Its products can be

enhanced with up to 5 riders, to create a customized solution for each

policyholder.

SAVINGS SOLUTIONS

Secure Plus is a transparent and feature-packed savings plan that

offers 3 levels of protection.


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Cash Plus is a transparent, feature-packed savings plan that offers 3

levels of protection as well as liquidity options.

Save n Protectis a traditional endowment savings plan that offers

life protection along with adequate returns

CashBak is an anticipated endowment policy ideal for meeting

milestone expenses like a childs marriage, expenses for a childs

higher education or purchase of an asset.

LifeTime and LifeTime IIoffer customers the flexibility and control

to customize the policy to meet the changing needs at different life

stages. Each offer 4 fund options Preserver, Protector, Balancer and

Maximiser.

LifeLink Superis a single premium Unit Linked Insurance Plan which

combines life insurance cover with the opportunity to stay invested in

the stock market.

Premier Life is a limited premium paying plan that offers customers

life insurance cover till age of 75.

InvestShield Life is a Unit Linked plan that provides capital guarantee

on the invested premiums and declared bonus interest.

InvestShield Cash is a Unit Linked plan that provides capital

guarantee on the invested premiums and declares bonus interest along

with flexible liquidity options.

PROTECTION SOLUTIONS


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LifeGuard is a protection plan, which offers life cover at very low

cost. It is available in 3 options level term assurance with return of

premium and single premium.

HomeAssure is a mortgage reducing term assurance plan designedspecifically to help customers cover their home loans in a simple and

cost-effective manner.

CHILD PLANS

SmartKideducation plans provide guaranteed educational benefits to a

child along with life insurance cover for the parent who purchases the

policy. The policy is designed to provide money at importantmilestones in the childs life. SmartKid plans are also available in

unit-linked form both single premium and regular premium.

RETIREMENT SOLUTIONS

ForeverLife is a retirement product targeted at individuals in their

thirties.

SecurePlus Pension is a flexible pension plan that allows one to select

between 3 levels of cover.

Market-linked retirement products

LifeTime Pension IIis a regular premium market-linked pension plan.

LifeLink Pension IIis single premium market linked pension plan.


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InvestShield Pension is a regular premium pension plan with a capital

guarantee on the investible premium and declared bonuses

HEALTH SOLUTIONS

Health Assure and Health Assure Plus: Health Assure is a regular

premium plan which provides long term cover against 6 critical

illnesses by providing policy holder with financial assistance,

irrespective of the actual medical expenses. Health Assure Plus

offers the added advantage of an equivalent life insurance cover

Cancer Care: is a regular premium plan that pays cash benefit on

the diagnosis as well as at different stages in the treatment of

various cancer conditions

.

GROUP INSURANCE SOLUTIONS

ICICI Prudential also offers Group Insurance Solutions for companies

seeking to enhance benefits to their employees.

ICICI PRU GROUP GRATUITY PLAN: ICICI Prus group gratuity

plan helps employers fund their statutory gratuity obligation in a

scientific manner. The plan can also be customized to structure schemes

that can provide benefits beyond the statutory obligations.


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ICICI PRU GROUP SUPERANNUATION PLAN: ICICI Pru

offers a flexible defined contribution superannuation scheme to provide a

retirement kitty for each member of the group. Employees have the

option of choosing from various annuity options or opting for a partial

commutation of the annuity at the time of retirement.

ICICI PRU GROUP TERM PLAN: ICICI Prus flexible group term

solution helps provide affordable cover to members of a group. The cover

could be uniform or based on designation/rank or a multiple of salary.

FLEXIBLE RIDER OPTIONSICICI Pru Life offers flexible riders, which can be added to the basic

policy at a marginal cost, depending on the specific needs of the

customer.

1. Accident and disability benefit: If death occurs as the result of an

accident during the term of the policy, the beneficiary receives an

additional amount equal to the rider sum assured under the policy.

If the death occurs while traveling in an authorized mass transport

vehicle, the beneficiary will be entitled to twice the sum assured as

additional benefit.

2. Accident Benefit: This rider option pays the sum assured under the

rider on death due to accident.

3. Critical Illness Benefit: Protects the insured against financial loss

in the event of 9 specified critical illnesses. Benefits are payable to

the insured for medical expenses prior to death


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4. Waiver of Premium: In case of total and permanent disability due

to an accident, the premiums are waived till maturity. This rider is

available with Secure Plus and Cash Plus.

FUND ALLOCATION

Tata AIG Insurance

Basically the entire funds collected from customers are distributed in

different funds in order to earn more and to give the better return to investor.

There are following type of funds under which ICICI Pru. Invest:--


50/78



Basically the entire funds collected from customers are distributed in

different funds in order to earn more and to give the better return to investor.

There are following type of funds under which Kotak Life Insurance Invest

there money:--

FUND

SOURCE

MAXIMISER

FLEXI

BALANCERFLEXI

GROWTH

BALANCER PROTECTO

R

PRESERVER

(MAX. 20%)


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RIDERS

RIDERS

The Riders/ Value-adds are additional benefits that can be added to the basic

individual plans at a minimal additional cost. All riders have to be taken at

the time of commencement of the basic plan and the rider term has to be

equal to the term of the basic plan only. There are following type of riders: -

FUND

SOURCE

EQUITYDYNAMICAGGRESSIVE

BALANCERDEBTS

PRESERVER


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1. TERM BENEFIT / PREFERRED TERM BENEFIT

In the event of death during the term of this benefit, the beneficiary would

receive an additional death benefit amount, which is over and above the sum

assured. The maximum term benefit you can avail of is equal to the basic

sum assured. Where the Term Benefit cover applied for is more than Rs.10

lakhs, better rates may apply, subject to meeting eligibility requirements.

2. ACCIDENTAL DEATH BENEFIT:

This benefit provides an additional amount (over and above the basic sum

assured) to the beneficiary in the event of the accidental death of the life

insured. The maximum cover available under this benefit is equal to the

basic sum assured (subject to a maximum of Rs.10 lakhs).

3. PERMANENT DISABILITY BENEFIT:

This benefit provides financial support in case of your permanent disability

due to an accident. The amount payable is over and above the basic sum

assured and would be paid out as an annuity. The maximum Permanent

Disability Benefit that you can avail of is equal to the basic sum assured

(subject to a maximum of Rs.10 lakhs).

4. CRITICAL ILLNESS BENEFIT:

This benefit can be taken with the basic life insurance plan to providefinancial support in the event of medical emergencies. On the first

occurrence of critical illness during the term of the policy, you would receive

a portion of the sum assured to reduce your financial burden in this


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emergency. The maximum Critical Illness Benefit that you can avail of is

equal to half the basic sum assured subject to maximum of Rs. 20 lakhs.

The list of critical illnesses is:

1. Heart attack

2. Cancer

3. Stroke

4. Coronary artery by-pass graft surgery (CABG)

5. Kidney failure

6. Major organ transplants

7. Paralysis8. Loss of limbs

9. Aorta surgery

10.Major burns

11.Heart valve surgery

12.Blindness

5. LIFE GUARDIAN BENEFIT:

This benefit can be availed of, only in a case where the life insured and the

proposer are two different individuals. In case of the unfortunate death of the


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proposer, this benefit keeps the policy alive by waiving all future premiums

on the policy.

6. ACCIDENTAL DISABILITY GUARDIAN BENEFIT:

This benefit can be availed of, only in a case where the life insured and the

proposer are two different individuals. In case the proposer is permanently

disabled as a result of an accident, this benefit keeps the policy alive by

waiving all future premiums on the policy

MAJOR COMPETITORS

Earlier only LIC is present in market. And there is monopoly situation which

is dangerous to insurance fields. But as soon as globalization started the new


55/78


private companies like- kotak, ICICI Pru., HDFC life insurance etc

companies enter in there market and competition increase in the market. The

major competitors in insurance sector are as follows.

Life insurance companies:-

S.NoNAME OF THE

COMPANYLogo

1. ALLIANZ BAJAJ LIFE

INSURANCE CO. LTD .

2. BIRLA SUN LIFE

INSURANCE CO. LTD

3. HDFC STANDARD LIFE

INSURANCE CO. LTD

4. TATA AIG INSURANCE

CO. LTD

5. ING VYSYA LIFE

INSURANCE COMPANY

PVT. LTD.

6. LIFE INSURANCE

CORPORATION OF INDIA
http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.licindia.com/http://www.licindia.com/http://www.licindia.com/http://www.ingvysyalife.com/http://www.iciciprulife.com/http://www.hdfcinsurance.com/http://www.birlasunlife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.licindia.com/http://www.licindia.com/


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7. MAX NEW YORKLIFE

INSURANCE C0. LTD.

8. METLIFE INDIA

INSURANCE COMPANY

PVT. LTD.

9. OM KOTAK MAHINDRA

LIFE INSURANCE CO.

LTD.

10. SBI LIFE INSURANCE CO.

LTD

11. TATA AIG LIFE

INSURANCE COMPANY

LIMITED

12 AMP SANMAR

ASSURANCE COMPANY

LTD.

13 AVIVA LIFE INSURANCE

CO. INDIA PVT. LTD.

Non-life insurance companies:-
http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.metlife.com/http://www.metlife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.ampsanmar.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.omkotakmahindra.com/http://www.metlife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.metlife.com/http://www.metlife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.avivaindia.com/http://www.avivaindia.com/


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S.No. NAME OF THE COMPANY Logo

1.

BAJAJ ALLIANZ GENERAL

INSURANCE CO. LTD.

2.

ICICI LOMBARD GENERAL

INSURANCE CO. LTD.

3.

IFFCO TOKIO GENERAL

INSURANCE CO. LTD.

4.

NATIONAL INSURANCE

CO.LTD.

5.

NEW INDIA ASSURANCE CO.

LTD.

6.

ORIENTAL INSURANCE CO.

LTD.

7.

RELIANCE GENERAL

INSURANCE CO.LTD.

8.

ROYAL SUNDARAM

ALLIANCE INSURANCE CO.

LTD
http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.itgi.co.in/itgi.htmlhttp://www.itgi.co.in/itgi.htmlhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.niacl.com/http://www.niacl.com/http://orientalinsurance.nic.in/http://orientalinsurance.nic.in/http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://orientalinsurance.nic.in/http://www.niacl.com/http://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.itgi.co.in/itgi.htmlhttp://www.icicilombard.com/http://www.allianzbajaj.co.in/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.itgi.co.in/itgi.htmlhttp://www.itgi.co.in/itgi.htmlhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.niacl.com/http://www.niacl.com/http://orientalinsurance.nic.in/http://orientalinsurance.nic.in/http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.royalsunalliance.com/


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9.

TATA AIG GENERAL

INSURANCE CO. LTD.

10.

UNITED INDIA INSURANCECO. LTD.

11.

Cholamandalam General

Insurance Co. Ltd.

12.

HDFC-Chubb General Insurance

COMPETITIVE ANALYSIS

LIFE INSURANCE CORPORATION OF INDIA (LIC)

LIC has an excellent money back policy which provides for periodic

payments of partial survival benefits as long as the policy holder is alive.

20% of the sum assured is payable after 5, 10, 15 and 20 years and the

balance 40% is payable at the 20th year along with accrued bonus.

(www.lic.com)

For a 25 years term , 15% of the sum assured becomes payable after 5,10,15and 20 years and the balance 40% plus the accrued bonus becomes payable

at the 25th year. An important feature of these types of policies is that in the

event of the death of the policy holder at any time within the policy term the

death claim comprises of full sum assured without deducting any of the
http://www.tata-aig.com/http://www.tata-aig.com/http://www.engineerstudies.com/Insurance/http/www.cholainsurance.comhttp://www.engineerstudies.com/Insurance/http/www.cholainsurance.comhttp://www.hdfcinsurance.com/insuranceproducts/HDFC_Chubb_Start.htmhttp://www.hdfcinsurance.com/insuranceproducts/HDFC_Chubb_Start.htmhttp://www.engineerstudies.com/Insurance/http/www.cholainsurance.comhttp://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.engineerstudies.com/Insurance/http/www.cholainsurance.comhttp://www.engineerstudies.com/Insurance/http/www.cholainsurance.comhttp://www.hdfcinsurance.com/insuranceproducts/HDFC_Chubb_Start.htm


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survival benefit amounts which have already been paid. The bonus is also

calculated on the full sum assured.

LIC offers 66 different plans; plans are formulated for specific occasions

whole life plans, term assurance plans, money back plan for women, child

plans, plans for the handicapped individuals, endowment assurance plans,

plans for high worth individuals, pension plans, unit linked plans, special

plans, social security schemes diversified portfolio of products. KOTAK

could diversify its product portfolio. It could add more plans for high worth

individuals and women.

ICICI PRUDENTIAL

ICICI Prudential is a stiff competitor for KOTAK. The company is a merger

between ICICI Bank which is the biggest private bank in India and

Prudential Plc which is a global life insurance company.

The company has an investment plan which is market related Invest Shield

Life. In this plan even if the market falls, the premium will be returned to

investors. It is a guaranteed plan which ensures the company carefully

invests your money. The stock market performance of ICICI Prudential is

much better than KOTAK. The returns on the growth fund were 46.28%

compared to the 39.59% offered by KOTAK. Customers are attracted by

higher returns and this is a plus point for Prudential.


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However the charges are very high in the plans offered by ICICI Prudential.

It is 35% during the first year, 15% in the next year and 3% from the third

year onwards. Also a higher minimum premium of Rs. 8000 is charged.

Hence the policies are not accessible to the lower strata of the society.

TATA AIG

Tata Aig is a joint venture between the Tata group and American

International Group Inc. In one of the plans the company offers hospital cash

benefit wherein it will pay Rs. 2500 per day in case of hospitalization and

Rs.12.5 lakhs in case the person suffers from any critical illness. Annual

premium is much less (about Rs. 6712) to avail such a good benefit. Charges

are relatively low compared to KOTAK for some policies.

The company offers high coverage plans at low cost. There is a plan even for

a policy term of 1 year. Your family can continue to enjoy their current

lifestyle even in the case of something happening to you. These plans are

very flexible and KOTAK could adopt this idea of insuring individuals for


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short periods of time. For example; there is a family of four. The only

earning member is the father.

He has just taken a loan from a bank of 20 lakhs to purchase a new home. He

is able to repay the loan with his current salary in 15 years. The problem

arises if something were to happen to him within these fifteen years. Not

only will the family face the emotional and financial loss of their father but

they will also have to repay the home loan or risk being homeless.

GROWING OPPORTUNITY

ICICI Pru. Life Insurance

U

M

U

M

A

M

SA

M

S

M

PARTNE

R

MANAGIN

G

PARTNER3 months

Stability

period

Goal sheet

9 months9 months

9 months 9 months

9 months

Area

manage

r

Branch

manage

r

9 months

9 months

Regionalmanager

9 months

Zonal

salesmanager

SOURCING

NON

-SOURCING


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NOTE

After Unit Manager it is necessary to complete Goal Sheet. It goal sheet

target is not achieved then next promotion cant be gained. There are

following contents in goal sheet: -

o Waited received premium(WRP)

o No. of cases.

o Active advisers.

o FOS (feet on straight)

ON THE JOB TRAINING

Field Visits:

The company is divided into 3 categories from where it generates business

and functions i.e. Alternate Channels, Tied Channel, Group Business. I

visited the Tied Channel Partners like DBS Chholamandalam along with the

Asst. Managers of the company, had meetings with the tied channel partners

like Mr. Mohan Krishnamurthy & Mr. V S Somsundaram - DBS

Chholamandalam. Apart, also met some Alternate Channel Partners who

visited the office and learnt about their functioning process, marketing

strategy and managing customer relationships.


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Interaction & Calling:

Had meetings with clients like senior manager of an IT company. Also

called up customers to check for their requirements which is based on the

savings primarily, took appointments with them in order to meet them anddiscuss the type of plan he is looking for, whether completely insurance plan

which is a traditional plan or other plans which involves composition of

central govt. issued or assured securities, call money, short term bank

deposits, cash, other debt securities and equities. Finally, succeeded in

satisfying the customers needs and getting good clients for the company as

well, who are the key contributors the business.

SWOT ANALYSIS OF KOTAK LIFE INSURANCE

Strengths

Rich experience of the management.

Stabilized and loyal clients.

Skilled and tactful staff.

Weaknesses

Insufficient office equipments.

Not all employees have his/her cabin.

Work place (back office) is quite congested.

Opportunities


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Stability through increased brand awareness, market penetration and

service offerings across all categories of financial services.

Increase in customers wallet share.

Leveraging the latest technology for providing quality and clientcentric services.

Growth in economy would lead to higher demand for credit.

Threats

Increasing interest rate scenario.

Execution risk.

Competition from local and multinational players.

Rising inflation could reduce savings and investments

Rising crude oil prices

TABLE-1

ANNUAL INCOME

INCOME NO.OF

RESPONDENTS

PERCENTAGE

UP TO 1 LAKH 20 20%

1LAKH TO 3

LAKH

55 55%

3 LAKH TO 5

LAKH

15 15%

5 LAKH &ABOVE

10 10%

TOTAL 100 100%


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0

10

20

30

40

50

60

UP TO 1

LAKH

1LAKH

TO 3

LAKH

3 LAKH

TO 5

LAKH

5 LAKH

&

ABOVE

RS.

resp

onden

NO.OF

RESPONDENTS

PERCENTAGE

Interpretation -

From the survey it was found that 20% of the respondents have an average

annual income up to 1 lakh,, 55% have annual income of 1 lakh to 3

lakh,,15% of the respondents have an average annual income from 3 lakh to

5 lakh and 10% of the respondents have an average annual income above 5

lakh.

TABLE-2

` FAMILY SIZE

NO. OF

MEMBERS

NO. OF

RESPONDENTS

PERCENTAGE

BELOW 3

MEMBERS

55 55%

3-5 MEMBERS 30 30%ABOVE 5

MEMBERS

15 15%

TOTAL 100 100%


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BELOW 3 MEMBERS

3-5 MEMBERS

ABOVE 5 MEMBERS

Interpretation -

From the survey it was found that 55% of the respondents are below 3

members, 30% of the respondents are between 3 to 5 members and 15%

of the respondents are above 5 members.

TABLE-3

ACCORDING TO YOU LIFE INSURANCE IS

PARTICULAR NO OFRESPONDENTS

PERCENTAGE

TAX SAVING

PLAN

20 20%

RISK COVERAGE 25 25%

FINANCIAL

SECURITY

15 15%

ALL THE ABOVE 40 40%

TOTAL 100 100%


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0

5

10

15

20

25

30

35

40

45

TAX SAVING

PLAN

RISK

COVERAGE

FINANCIAL

SECURITY

ALL THE

ABOVE

RESONDENTS

Series1

Interpretation --

From the survey it was found that amongst 100 respondents

25% of the respondents say risk coverage. 20% of the respondents say

tax savings. 15% of the respondents say financial security. and 40% of

the respondents say all of the above.

TABLE-4

HAVE YOU TAKEN THE PRODUCT OF KOTAK LIFE

INSURANCE ?

PARTICULAR NO OFRESPONDENTS PERCENTAGE

YES 65 65%

NO 35 35%

TOTAL 100 100%


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0

10

20

30

40

50

60

70

YES NO

RESPONSE

NOO

FRESPON

DENTS

Interpretation -

From the survey it was found that 65% of the respondents say that they

have taken the Kotak Life Policy and 35% of the respondents say that

they have not taken the Kotak Product.

TABLE-5

WHICH PLAN DO YOU PREFER IN THE KOTAK LIFE

INSURANCE ?

PARTICULAR NO. OF

RESPONDENTS

PERCENTAGE

KSIP PLAN 55 55%

MONEY BACKPLAN

12 12%

CHILDREN

PLAN

25 25%

PENSION PLAN 8 8%

TOTAL 100 100%


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0

10

20

30

40

50

60

KSIP PLAN MONEY

BACK PLAN

CHILDREN

PLAN

PENSION

PLAN

PLANS

RESPONDENTS

Interpretation -

From the survey it was found that 55% of the respondents say KSIP

Plan, 12% of the respondents say Money Back Plan, 25% of the

respondents say Children Plan and rest of the respondents says Pension

Plan.

TABLE-6

IN WHICH OF THE PRIVATE COMPANY DO YOU WANT TO

INVEST YOUR MONEY?

NAME OF

COMPANY

NO OF

RESPONDENTS

PERCENTAGE

ICICI PRUDENTIAL 25 25%

KOTAK LIFE

INSURANCE

40 40%

TATA AIG 7 7%

BAJAJ ALLIANZ 18 18%

OTHER 10 10%


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TOTAL 100 100%

ICICI PRUDENTIAL

KOTAK LIFE

INSURANCE

TATA AIG

BAJAJ ALLIANZ

OTHER

Interpretation -

From the survey it was found that 25% of the respondents say ICICI

Pru., 40% of the respondents say Kotak Life Insurance., 18% of the

respondents say Bajaj Allianz.and rest of the respondents says Other

Insurance Companies.

TABLE-7

WHICH OF THE COMPANY PROVIDE BEST OF THE

SERVICES TO CUSTOMERS ?

NAME OF

COMPANY

NO OF

RESPONDENTS

PERCENTAGE

ICICI

PRUDENTIAL

23 25%

KOTAK LIFE

INSURANCE

37 40%

TATA AIG 8 15%

BAJAJ ALLIANZ 20 20%

TOTAL 100 100%


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0

5

10

15

20

25

30

35

40

ICICI

PRUDENTIAL

KOTAK LIFE

INSURANCE

TA TA A IG B A JA J A LL IA NZ OTHERS

RESPONDENT

S

Interpretation -

From the survey it was found that 25% of the respondents say ICICI

Pru Provide the best service, 40% of the respondents say Kotak Life

Insurance provide the best services to them, 20% of the respondents say

Bajaj Allianz provide best service and rest of the respondents says

Other Insurance Companies provide better services.

FINDINGS

On an analysis and evaluation of the data collected from the

respondents the following findings were found.

a) Kotak Life Insurance provides the best services to its

customer.

b) Most of the people still want to invest there money in ICICI

and Bajaj Allianz.


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c) Kotak Life Insurance Product Provide all benefit to there

customer like tax saving, investment opportunity, pension

plans etc.

d) KSIP Plan is largest selling product of Kotak Life and can bitany company.

e) Insurance provides is tax saving products under sec 80c and

under sec 80 (80)c.

f) Insurance is the boom sector.

g) It provide GMV(Guaranty Maturity Value) in case of loss in

share market

h) It provides the better return to customer.

RECOMMENDATIONS

Since Kotak Life Insurance co. ltd is the largest in terms of FDI

invested, in terms of work force, in terms of market share, in terms of

no. of customers. All these positive stands of the company place at the

number one position. On second aspect whatever amount of money

Kotak life insurance save, can be used to increase the no. of policies,

which will helpful to increase the market share of the company. Since

the customers think about the companies in the industry, when they


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invest money in the life insurance industry. So its necessary to increase

the market share of the company. There are some recommendations.

OPEN SOME MORE BRANCHES IN SEMI URBAN AND

RURAL AREA

Kotak Llife Insurance has almost its branches in urban area or

metros. So in order to increase the no. of customer, Kotak Life

Insurance should increase the approach towards potential

customers. For that it has to increase the branches in the semi

urban cities like C, D grade cities. And the rural marketing is the

best option for Kotak to increase its base in the market

IMPROVE CUSTOMER SERVICES

In order to take the advantage of being industry leader in private

sector, Kotak Life Insurance has to improve its customer services.

According to my experience in the company, a good number of

customers forget to pay their premium at time so it causes a big

loss to the company.

BRING SOME UNIT LINKED LIFE INSURANCE PLANS

IN THE MARKET

Being a market leader doesnt ensure the leadership in the future.

Since after increment in FDI from 26% to 49% all player will


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have the opportunity to capture the market share. So in order to

maintain its position Kotak Life Insurance should

TRAINED THE FINANCIAL ADVISORS MORE

EFFICIENTLY

In the changed scenario, more efficient training will be needed, so

Kotak Life INsurance should provide good and efficient training

to their financial advisors. Because they are the one who interact

directly with the customers. So good training will give them the

right way to deal with the potential customers.

CONCLUSION

Kotak life insurance is one of the worlds largest life insurance companies. It

has businesses spread out across the globe. It currently ranks number 7

amongst the insurers in India (Source: annual premium provided by the

company)

The company faces a large amount of competition. To sustain itself it must

promote its products through advertising and improve its selling techniques.Consumers must be aware of the new plans available at Kotak. The medium

of advertising used could be television since most of its competitors use this

tool to promote their products. The company must be promoted as an Indian


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company since consumers seem to have more trust in investing in Indian

firms.

The unit linked concept must be specifically promoted. The general

perception of life insurance has to change in India before progress is made in

this field. People should not be afraid to invest money in insurance and must

use it as an effective tool for tax planning and long term savings.

Kotak could tap the rural markets with cheaper products and smaller policy

terms. There are individuals who are willing to pay small amounts as

premium but the plans do not accept premiums below a certain amount. It

was usually found that a large number of males were insured compared to

females. Individuals below the age of 30 (mostly male) were interested in

investment plans. This was a general conclusion drawn during prospecting

clients.

ANNEXURE

NAME - ..

DATE - ..

Q: 1 WHAT IS YOUR ANNUAL INCOME?

A UP TO 1 LAKH 1 LAKH TO 3 LAKH

3 LAKH TO 5 LAKH 5 LAKH & MORE

Q: 2 FAMILY SIZES

A BELOW 5 MEMBERS 5-10 MEMBERS


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ABOVE 10 MEMBERS

Q: 3 ACCORDING TO YOU LIFE INSURANCE IS

A: TAX SAVING PLAN RISK COVERAGEFINANCIAL SECURITY ALL THE ABOVE

Q: 4 HAVE YOU TAKEN THE PRODUCT OF KOTAK LIFE

INSURANCE?

A: YES NO

Q: 5 WHICH PLAN DO YOU PREFER IN THE KOTAK LIFE

INSURANCE?

A: INVEST PLAN WHOLE LIFE PLAN

CHILDREN PLAN PENSION PLAN

Q: 6 IN WHICH OF THE PRIVATE COMPANY DO YOU WANT

TO INVEST YOUR MONEY?

A: ICICI PRUDENTIAL KOTAK LIFE INSURANCE

TATA AIG BAJAJ ALLIANG

OTHERS

Q: 7 WHICH OF THE COMPANY PROVIDE BEST OF THE

SERVICES TO CUSTOMERS ?

A: ICICI PRUDENTIAL KOTAK LIFE INSURANCE

TATA AIG BAJAJ ALLIANG


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OTHERS

BIBLIOGRAPHY

BOOKS AND JOURNALS

-MARKETING MANAGEMENT PHILIP KOTLER ,Tata

McGrawHill Publication ,12th EDITION

MARKETING RESEARCH WESTFALL BOYD, Stiffler

Publication,12th EDITION

SALES MANAGEMENT THOMSON ,J.K. Publication, 6th

EDITION.


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WEB SITE

www.icicipru.com

www.kotaklifeinsurance.com

www.google.com

www.yahoo.com
http://www.icicipru.com/http://www.google.com/http://www.yahoo.com/http://www.icicipru.com/http://www.google.com/http://www.yahoo.com/

Date post:	06-Apr-2018
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Training & Development Policy on Kotek

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